Fri, Jun 14, 8:02 PM (85 days ago)
For the quarter ended April 30, 2024, Skkynet Cloud Systems, Inc. reported revenue of $601,806, a slight decrease from $625,464 in the same period in 2023. For the six months ended April 30, 2024, revenue increased by 10.2% to $1,232,342 from $1,117,583 in the prior year, attributed to higher sales by subsidiary Cogent. Operating expenses for the quarter rose to $803,998 from $742,977 in Q2 2023, primarily due to increased salaries and wages. The company reported an operating loss of $202,182 for the quarter and $163,826 for the six months, showing improvement from losses of $117,513 and $251,358, respectively, in 2023. The net loss for the quarter was $166,503, compared to $83,815 in Q2 2023. Cash and cash equivalents increased to $1,034,972 from $916,780 at the start of the period. Working capital stood at $615,266 with an accumulated deficit of $6,709,706. The company continues to face material weaknesses in internal control over financial reporting due to limited accounting personnel.