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Skkynet Cloud Systems Inc (SKKY0.00%). has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in revenue to $828,052 from $630,536 in the same quarter the previous year. The increase is attributed to higher sales by Cogent, a subsidiary of Skkynet.
Operating expenses for the quarter were $629,815, compared to $592,180 in the same quarter of the previous year. The increase in expenses is primarily due to higher advertising costs.
The company reported an operating income of $198,237 for the quarter, compared to $38,356 in the previous year, with the improvement attributed to increased revenues.
Other income for the quarter was $30,826, consisting of other income of $9,752 and a currency gain of $21,074. This compares to an other expense of $16,972 in the previous year.
Net income for the quarter was $229,063, up from $21,384 in the previous year. After preferred dividends, net income attributable to common stockholders was $226,158, compared to $18,479 in the previous year.
Cash provided by operating activities was $157,268, compared to net cash used in operating activities of $12 in the previous year.
Skkynet had a working capital of $1,141,603 as of January 31, 2025. The company reported total stockholders’ equity of $1,143,113.
The filing also discusses related party transactions, including an intellectual property agreement with Real Innovations International LLC, and notes that no payments have been made as of January 31, 2025.
Skkynet identified material weaknesses in its internal controls over financial reporting due to a lack of sufficient technical expertise and personnel in accounting and financial staff.
The company continues to focus on expanding its cloud-based systems and software services to enhance its market position in the Industrial Internet of Things sector.
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 quarterly 10-Q report dated March 17, 2025. To report an error, please email earnings@qz.com.