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EX-32.1 - CERTIFICATION - Skkynet Cloud Systems, Inc.skkynet_ex321.htm
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EX-31.1 - CERTIFICATION - Skkynet Cloud Systems, Inc.skkynet_ex311.htm
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v2.4.0.6
INCOME TAXES
12 Months Ended
Oct. 31, 2012
Income Tax Disclosure [Abstract]  
NOTE 5 - INCOME TAXES

The Company follows Accounting Standards Codification 740, Accounting for Income Taxes. During 2009, there was a change in control of the Company.

 

Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry forwards. For federal income tax purposes, the Company uses the accrual basis of accounting, the same that is used for financial reporting purposes.

 

The Company’s deferred tax assets consisted of the following as of October 31, 2012 and 2011:

 

    2012     2011  
Net operating loss   $ 519,482     $ 411,155  
Valuation allowance     (519,482 )     (411,155 )
Net deferred tax asset   $ -     $ -  

 

The Company had a net loss of $108,327 and $411,155 for the years ending October 31, 2012 and 2011, respectively. As of October 31, 2012, the Company had a net operating loss carry forward of $519,482 which can be used to offset future taxable income. The carry forwards will begin to expire in 2013 if not used prior to that date.

 

A reconciliation of income taxes at the federal statutory rate to amounts provided for the years ended October 31, 2012 and 2011 is as follows:

 

    2012     2011  
U.S. federal statutory rate     34 %     34 %
Net operating loss     (34 %)     (34 %)
Effective tax rate     - %     - %