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Skkynet Cloud Systems Inc (SKKY0.00%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing details Skkynet's operations through its subsidiaries, including Cogent Real-Time Systems, Inc., and highlights its focus on integrating cloud-based systems and delivering Software-as-a-Service products targeting the Industrial Internet of Things market.
Skkynet reported revenues of $2,561,745 for the year ended October 31, 2024, an increase from $2,374,216 in the previous year. This increase is attributed to higher sales in the Cogent subsidiary.
Operating expenses, excluding depreciation, were $2,500,623, slightly up from $2,487,967 in the previous year. The company reported a net income of $99,090 for the year, compared to a net loss of $97,872 in the prior year.
The company outlined its business strategy focusing on three primary areas: expanding its real-time data software for industrial automation, deploying cloud-based SaaS products, and applying its products to new business lines such as AI-focused providers.
Skkynet's liquidity and capital resources are primarily dependent on revenue generated by its subsidiaries, loans from officers and directors, and deferral of accrued salaries. The company is seeking additional capital to support business expansion.
The filing also discusses Skkynet's intellectual property, including nine U.S. patents and several pending applications, and its competition in the industrial automation space.
Skkynet's stock is traded on the OTC.BB market under the ticker symbol SKKY. As of October 31, 2024, the company had 53,143,822 shares of common stock issued and outstanding.
The company does not anticipate paying cash dividends on its common stock in the foreseeable future, as it intends to retain future earnings to finance business expansion.
Skkynet identified a material weakness in its internal control over financial reporting due to limited accounting and financial staff, which it plans to address as resources permit.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Skkynet Cloud Systems Inc annual 10-K report dated January 31, 2025. To report an error, please email earnings@qz.com.