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EX-32.1 - CERTIFICATION - Skkynet Cloud Systems, Inc.skkynet_ex321.htm
EX-32.2 - CERTIFICATION - Skkynet Cloud Systems, Inc.skkynet_ex322.htm
EX-31.1 - CERTIFICATION - Skkynet Cloud Systems, Inc.skkynet_ex311.htm
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v2.4.0.6
RELATED PARTY TRANSACTIONS
12 Months Ended
Oct. 31, 2012
Related Party Transactions [Abstract]  
NOTE 8 - RELATED PARTY TRANSACTIONS

On April 30, 2012, Andrew Thomas, Shizuka Thomas and Paul Benford converted the salary they had accrued through our subsidiary through January 31, 2012 to notes payable due from that subsidiary. The notes mature on April 29, 2015 and bear an interest rate of 6% per annum on the outstanding balance. Interest payments are due quarterly commencing October 30, 2012. The balance of the notes and accrued interest for each person is as described in the table below: 

 

As of: October 31, 2012

Related Party

  Note Balance    

Accrued

Interest

    Total  
Andrew Thomas   $ 66,409     $ 1,993     $ 68,402  
Paul Benford   $ 102,601     $ 3,078     $ 105,679  
Shizuka Thomas   $ 41,647     $ 1,249     $ 42,896  
  Total   $ 210,657     $ 6,320     $ 216,977  

 

 

On March 31, 2012 the Company issued 5,000 shares of Series A preferred stock at $0.001 per share with a value of $5 as founders to two related parties. The preferred shares contain certain voting rights allowing the holders of the shares to elect a majority of the Board of Directors until December 31, 2016.

 

On March 31, 2012 the Company issued 30,000,000 shares of common stock at $0.001 per share with a value of $30,000 for the acquisition of the subsidiary.