Company: BSAI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000357
Chunk: 461

Company: BLUSKY AI INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1B
Chunk 461
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442) for bad debt expense on note receivable, $6,313,102 for gain on extinguishment of debt and ($277,651) for interest expense.

Net Income (Loss)

Net loss for the year ended December 31, 2024 was $949,782 while the net income for the year ended December 31, 2023 was $12,755,659.

Liquidity and Capital Resources

Our balance sheet as of December 31, 2024, reflects current assets of $0. As we had cash in the amount of $0 and a working capital deficit in the amount of $3,346,850 as of December 31, 2024, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

Working Capital

  December 31, 2024  December 31, 2023 Current assets $-  $10,002 Current liabilities  3,346,850   1,576,379 Working capital deficit $(3,346,850) $(1,566,347)

We anticipate generating losses and, therefore, may be unable to continue operations in the future. If we require additional capital, we will have to issue debt or equity or enter into a strategic arrangement with a third party. 

Going Concern Consideration

As reflected in the accompanying financial statements, the Company has an accumulated deficit of $29,863,364. In addition, there is a working capital deficiency of $3,346,850 and a stockholder’s deficiency of $3,346,319 the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

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Cash Flows

  Years Ended December 31,    2024  2023 Net Cash Provided by (Used in) Operating Activities $(127,139) $1,327,675 Net Cash Provided by (Used in) Investing Activities  -   (652)Net Cash Provided by (Used in) Financing Activities  127,137   (1,328,126)Effects of Exchange Rate Changes on Cash  -   1,105 Net Increase (Decrease) in Cash $(2) $2