Skkynet Cloud Systems Inc

Previous wording

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.

Current wording

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 gives 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.

Previous wording

For the three and six month periods ended April 30, 2024, revenue was $601,806 and $1,232,342 compared to $625,4654 and $1,117,583 for the same periods in 2023. Revenue increased for the six months period ended April 30, 2024 over the same period in 2023 by 10.2%. The increase in revenue for the six months period is attributed to higher sales by Cogent. The Company is benefiting from its prior investment in sales and marketing and market recognition which has contributed to the increase in Cogent’s sales.

Current wording

For the three and nine-month periods ended July 31, 2024, revenue was $665,359 and $1,898,701 compared to $630,040 and $1,747,623 for the same periods in 2023. Revenue increased for the nine months period ended July 31, 2024 over the same period in 2023 by 8.6%. The increase in revenue for the nine months period is attributed to higher sales by Cogent. The Company is benefiting from its prior investment in sales and marketing which has contributed to the increase in Cogent’s sales.

Previous wording

Operating expenses were $803,998 and $1,396,168 for the three and six months periods ended April 30, 2024 compared to $742,977 and $1,368,941 for the same periods in 2023. The increase in operating expenses for the three and six month periods ended April 30, 2024 over the same periods in 2023, resulted mostly from increase in salaries and wages.

Current wording

Operating expenses were $556,274 and $1,952,333 for the three and nine-month periods ended July 31, 2024 compared to $564,157 and $1,933,227 for the same periods in 2023. The increase in operating expenses for the three and nine-month periods ended July 31, 2024 over the same periods in 2023, resulted mostly from increases in salaries and wages.

Previous wording

For the three and six months periods ended April 30, 2024, the Company reported an operating loss of $202,182 and $163,826 compared to an operating loss of $117,513 and $251,358 for the same periods in 2023. The lower operating loss for the six month period ended April 30, 2024 can be attributed to increase sales versus the same period in 2023.

Current wording

For the three and nine-month periods ended July 31, 2024, the Company reported an operating profit before tax considerations of $121,718 and net operating loss of $51,675 compared to an operating profit of $65,618 and net operating loss of $195,371 for the same periods in 2023. The lower operating loss for the nine-month period ended July 31, 2024 can be attributed to increased revenues versus the same period in 2023.

Previous wording

Other income or expense for the three and six months periods ended April 30, 2024 was income of $7,296 and a loss of $9,676. The three months period in 2024 include other income of $5,008 and currency exchange of $2,288 while the six months period include other income of $7,995 and currency loss of $17,671. This is compared to other income of $3,859 and other loss of $9,502 for the three and six months in 2023. The three and six months periods in 2023 consisted of other income of $50 and currency gain of $3,809 in three months period and other income of $60 and currency loss of $$9,562 in the six months period.

Current wording

Other income for the three and nine-month periods ended July 31, 2024 was income of $11,633 and $1,957. The three month period in 2024 includes other income of $6,464 and currency exchange of $5,169 while the nine month period includes other income of $14,459 and currency loss of $12,502. This is compared to other loss of $265 and $9,767 for the three and nine- month in 2023. The three-and nine-month periods in 2023 consisted of other income of $14,000 and currency loss $15,165 in the three month period and other income of $14,960 and currency loss of $24,727 in the nine- month period.

Previous wording

Net loss for the three and six months periods ended April 30, 2024 was $166,503 and $145,119 compared to a net loss of $83,815 and $231,021 for the same periods in 2023. The increase in sales was the most significant contributor to the reduction in the six months losses in 2024 over 2023.

Current wording

For the three and nine-month periods ended July 31, 2024 net income after tax was $121,718 and net loss of $23,401 compared to a net income of $65,618 and net loss of $165,403 for the same periods in 2023. The increase in revenues was the most significant contributor to the reduction in the nine- month losses in 2024 over 2023.

Previous wording

Net loss to the common stockholders was $169,408 and $150,929 for the three and six months periods ended April 30, 2024, compared to net loss of $86,720 and $236,831 for the same periods in 2023. The reduced amounts includes the expense of dividend for preferred stockholders of $2,905 and $5,810 being accrued for the three and six months period ended April 30, 2024.

Current wording

Net income to common shareholder was $118,813 and net loss was $32,116 for the three and nine-month periods ended July 31, 2024, compared to net income of $62,713 and a loss of $174,118 for the same periods in 2023. The reduced amounts include the expense of dividends for preferred stockholders of $2,905 and $8,715 being accrued for the three and nine-months period ended July 31, 2024.

Previous wording

The Company reported comprehensive loss of $174,713 and $161,706 for the three and six months periods ended April 30, 2024 compared to a comprehensive loss of $90,740 and $235,367 for the same periods in 2023. The comprehensive loss is an adjustment to net loss with foreign currency translation adjustments.

Current wording

The Company reported comprehensive income of $118,634 and loss of $21,160 for the three and nine-months periods ended July 31, 2024 compared to a comprehensive income of $55,746 and loss of $165,687 for the same periods in 2023. Comprehensive income and loss reflects the net change with foreign currency translation adjustments.

Previous wording

At April 30, 2024, Skkynet had current assets of $1,326,748 and current liabilities of $711,482, resulting in working capital of $615,266. Accumulated deficit, as of April 30, 2024, was $6,709,706 with total stockholders’ equity of $615,266.

Current wording

At July 31, 2024, Skkynet had current assets of $1,370,597 and current liabilities of $616,450, resulting in working capital of $754,147. Accumulated deficit, as of July 31, 2024, was $6,590,893 with total stockholders’ equity of $754,147.

Previous wording

Net cash provided by operating activities for the six months period ended April 30, 204 was $107,487 compared to net cash provided by operating activities of $43,806 for the same period in 2023. The net cash provided by operating activities increase in the six months period in 2024 over 2023 resulted principally from a change in accounts payable and accrued liabilities.

Current wording

Net cash provided by operating activities for the nine-months period ended July 31, 2024 was $199,502 compared to net cash provided by operating activities of $139,270 for the same period in 2023. The net cash provided by operating activities increase in the nine-months period in 2024 over 2023 resulted principally from a reduction of net loss of $89,302 from the previous year along with change in accounts payable and accrued liabilities.

Previous wording

Net cash provided by financing activities for the six month period ending April 30, 2024 was zero compared to net used in financing activities of $4,350 for the same period in 2023. The repayment of loans during the six months ended April 30, 2023 accounted for the use of funds during that period.

Current wording

Net cash provided by financing activities for the nine-month period ending July 31, 2024 was zero compared to net cash used in financing activities of $19,106 for the same period in 2023. The repayment of loans during the nine months ended July 31, 2023 accounted for the use of funds during that period.