Skkynet Cloud Systems, Inc.
For the period ended Jan 31, 2025. Filed Mar 17, 2025.
View on SEC.govAbout 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, 2025 · Filed Mar 17, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-07-31; filed 2024-09-13.
0001477932-24-005698
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-01-31; filed 2025-03-17.
0001477932-25-001769
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 19 previous paragraphs and 18 current paragraphs.
8 unchanged; 6 reworded; 4 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Operating expense was $629,815 for the three month periods ended January 31, 2025 compared to $592,180 for the same periods in 2024. The decrease in general and administrative expenses offset by an increase in advertising for the three months periods ended January 31, 2025 over the same periods in 2024, resulted in an increase in expenses in 2025 over the same period in 2024.
Current report
For the three months periods ended January 31, 2025, the Company reported an operating income of $198,237 compared to operating income of $38,356 for the same period in 2024. The operating income during the three months period ended January 31, 2025 over the operating income for same period in 2024 is attributable to higher revenues along with minimal change in expenses in the three months period ended January 31, 2025, versus the same period in 2024.
Current report
Other income for the three months period ended January 31, 2025 was $30,826, consisting of other income of $9,752 and a currency gain of $21,074. This compared to other expense of $16,972 consisting of other income of $2,987 and a currency loss of $19,959 for the same periods in 2024. The amount of change in both periods was due mostly to the effect of currency exchange.
Current report
Net income, after income taxes of $229,063, was reported for the three months period ended January 31, 2025, compared to net income after income taxes of $21,384 for the same period in 2024. The net income for the three month period in 2025 can be attributed to an increase in revenue of 31.3% more than during the same period in 2024. Additionally, the operating expenses for the three months period ended January 31, 2025 was only $30,929 more than the same period in 2024.
Removed paragraphs (5)
Previous report
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 report
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 report
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 report
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 report
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.
Reworded paragraphs (6)
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 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.
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; 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 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.
Current wording
For the three month period ended January 31, 2025, revenue was $828,052 compared to $630,536 for the same period in 2024. Revenue increased for the three months period ended January 31, 2024 over the same period in 2024 by 31.3%. The increase in revenue for the three 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
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.
Current wording
Net income to common stockholders was $226,158 for the three months period ended January 31, 2025, compared to net income of $18,479 for the same period in 2024. Net income to common shareholders includes the expense of dividend for preferred stockholders of $2,905 being accrued for the three months period ended January 31, 2025 and 2024.
Previous 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.
Current wording
The Company reported comprehensive income of $230,831 for the three months period ended January 31, 2025 compared to a comprehensive income of $23,951 for the same period in 2024. The comprehensive income is an adjustment to net gain or loss with foreign currency translation adjustments.
Previous 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.
Current wording
At January 31, 2025, the Company had current assets of $1,846,834 and current liabilities of $705,231, resulting in working capital of $1,141,603. Accumulated deficit, as of January 31, 2025, was $6,245,149 with total stockholders’ equity of $1,143,113.
Previous 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.
Current wording
Net cash provided by operating activities for the three months period ended January 31, 2025, was $157,268 compared to net cash used in operating activities of $12 for the same period in 2024. The cash provided by operating activities for the three months period ended January 31, 2025 compared to the cash used in operating activities over the same period in 2024 was primarily due an increase in revenue in 2025 over 2024 of $197,500.