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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
EX-31.2 - CERTIFICATION - Skkynet Cloud Systems, Inc.skkynet_ex312.htm
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v2.4.0.6
NATURE OF BUSINESS
12 Months Ended
Oct. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NOTE 1 - NATURE OF BUSINESS

Skkynet is a newly-formed Nevada corporation headquartered in Toronto, Canada. Skkynet operates two different lines of business through its wholly-owned subsidiary Cogent Real-Time Systems, Inc. (Cogent). Skkynet was formed primarily for the purpose of taking the existing business lines of Cogent and its current and future customers and integrating these businesses with Cloud based systems. We also intend to expand the areas of business activity to which the kinds of products and services we provide are applied.

 

In March 2012, we completed the acquisition of all of the issued and outstanding shares of common stock of Cogent from Sakura Software Inc. and Benford Consultancy Inc. in exchange for a total of thirty million (30,000,000) restricted shares of our common stock, as a result of which Cogent became our wholly-owned subsidiary. As part of the exchange transaction we also issued 5,000 Series A Preferred shares to Sakura Software and Benford Consultancy Prior to the closing of the exchange transaction, we did not have any operating revenues. At the acquisition closing, Cogent’s business consisted primarily of providing connectivity and data acquisition to a wide variety of industrial and office hardware and software products, and then making that data available over a network using industry-standard protocols. Cogent currently markets its products and services primarily to manufacturers in industrial processes and financial services companies. Cogent had approximately $730,000 in annual revenues from its operations for its fiscal year ended October 31, 2012.