Company: BSAI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000357
Chunk: 859

Company: BLUSKY AI INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 6
Chunk 859
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2, 2015, the Company consummated a merger with Clavo Rico Ltd. (“Clavo Rico”) through which it acquired companies (including Compañía Minera Cerros del Sur, S.A de C.V.) with principal mining operations in Honduras, Central America. Its workings include several historical underground mining operations dating back to the early Mayan and Spanish occupation.

The Clavo Rico mine operations were divested on January 24, 2023 when the Company sold Compañía Minera Cerros del Sur, S.A de C.V. to Mother Lode Mining, the new owner of the Clavo Rico mine. It also has an ongoing financial interest in the Clavo Rico Mine under the LOI, the obligations of which are being litigated.

Results of Operations

Year ended December 31, 2024 compared to the year ended December 31, 2023

We had a net loss of $949,782 for the year ended December 31, 2024, which was $13,705,441 more than the net income of $12,755,659 for the year ended December 31, 2023. This change in our results over the two periods is primarily the result of an increase in interest expense of $138,191, the change of derivative liabilities of ($3,132,140), a decrease in gain on extinguishment of debt of ($6,326,145) and income from discontinued operations of ($6,732,872). The following table summarizes key items of comparison and their related increase (decrease) for the years ended December 31, 2024 and 2023.

  Years Ended December,  Increase/   2024  2023  (Decrease) General and Administrative $520,378  $1,065,893  $(545,515)Depreciation and Amortization Expenses  727   725   2 Total Operating Expenses  521,105   1,066,618   (545,513)Income (Loss) from Operations  (521,105)  (1,066,618)  545,513 Change in Derivative Liabilities  196,321   3,328,461   (3,132,140)Initial Derivative Expense  (193,582)  (55,065)  (138,517)Bad Debt Expense on Note