Batch file code meaning

Hi EE,

A query for a legacy coder :) what does the following mean in a batch file:

rem ** Set Variables **
set mydate=%date:~10,4%%date:~7,2%%date:~4,2%
set mytime=%time:~0,2%%time:~3,2%%time:~6,2%
set /a myErrorCntr=0

rem ** Set Current Date/Time variables **
FOR /f "tokens=2-7 delims=.:/, " %%q IN ("%date% %time%") DO (
   set cDay=%%q&set cMnth=%%r&set cYear=%%s&set cHour=%%t&set cMin=%%u&set cSec=%%v
)

Can someone break down the functionality of this lingo in detail?

Thank you.