This report contains forward looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended and Section 21E of the Securities
Exchange Act of 1934, as amended. Skkynet's actual results could differ
materially from those set forth on the forward-looking statements as a result of
the risks set forth in Skkynet's filings with the
making such forward looking statements.
Skkynet is a
operates three different lines of business through its wholly-owned subsidiaries
existing business lines through the integration of Cloud-based systems, and to
deliver a Software-as-a-Service ("SaaS") product targeting the Industrial
Internet of Things ("IoT") market, now referred to by the terms "Industry 4.0"
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
customers (to the extent relevant) 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.
RESULTS OF OPERATIONS
For the three and six months periods ended
Revenue increased for the six month period ended
period in 2020 by 5.67%. The increase in revenue for the six months period ended
benefiting from its prior investment in sales and marketing and market
recognition, which has contributed to the increase in Cogent's sales.
General and administrative expense, including depreciation, was
administrative expenses for the three and six month periods ended
resulted from increased employment expenditures over the same period in 2020.
For the three and six month periods ended
an operating income of
income during the three and six month periods ended
periods in 2020 is attributable to higher revenue in 2021 compared to 2020.
Other income and expense for the three and six month periods ended
was due to the effect of currency exchange.
Net income before and after income taxes of
the three and six month periods ended
before and after income taxes of
periods in 2021. The higher net loss for the three month period in 2021 can be
attributed primarily to the change in currency from a gain of
The Company reported comprehensive income of
and six month periods ended
comprehensive loss is an adjustment to net loss with accrued preferred stock
dividends and foreign currency translation adjustments along with taxes taken
Table of Contents
LIQUIDITY AND CAPITAL RESOURCES
ratio of 2.56 to 1. Accumulated deficit, as of
with total shareholders' equity of
Net cash provided from operating activities for the six months period ended
The increase in cash used in operating activities for the six months period
increase in accounts receivable of
accrued expenses of
liabilities to related parties.
OFF-BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that are material to stockholders.
© Edgar Online, source