Company: BSAI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000357
Chunk: 124

Company: BLUSKY AI INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 10
Chunk 124
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 payments totaling $480,558, leaving an outstanding balance of $2,219,442 as of December 31, 2024. MLM is currently $298,642 behind on payments. Outstanding balances and missed Monthly Payments will be secured by a 10% net smelter royalty (NSR) on the Clavo Rico mine production until the Monthly Payments are delivered and the purchase price is paid in full. In addition to the Monthly Payments, the Company will receive a carried forward net profits interest royalty (“NPI”) of 5% on the Clavo Rico mine production until the total NPI paid to the Company is $1,000,000, subject to limited conditions. However, the Company has elected to create an allowance for doubtful collection of this note for the full outstanding balance of $2,219,442 as of December 31, 2024 and recognized a bad debt expense of $2,219,442 during the year ended December 31, 2023. The following table summarizes the note receivable of the Company as of December 31, 2024 and 2023:   December 31, 2024  December 31, 2023 Note Receivable from Mother Load Mining, Inc. pursuant to a Letter of Intent dated effective January 12, 2023, in the original principal amount of $5,700,000, accruing no interest, with monthly payments beginning on March 31, 2023, maturing February 1, 2025.  $2,219,442  $2,700,000 Less: Payments received  -   (480,558)Total Note Receivable outstanding  2,219,442   2,219,442 Less: Allowance for Doubtful Note Receivable  (2,219,442)  (2,219,442)Total Note Receivable $-  $- 

 F-13Table of Contents

5. Properties, Plant and Equipment, Net Properties, plant and equipment of continuing operations at December 31, 2024 and 2023 consisted of the following:   December 31, 2024  December 31, 2023 Machinery and Equipment $25,368  $25,368 Office Equipment and Furniture  1,627   1,627    26,995   26,995 Less Accumulated