Company: BSAI
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001096906-25-001383
Chunk: 47

Company: BLUSKY AI INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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: Notes Payable June 30, 2025  December 31, 2024 Phil Zobrist $60,000  $60,000 Antczak Polich Law LLC  65,000   65,000 Total Notes Payable  125,000   125,000 Less Short-Term Notes Payable  (125,000 )  (125,000 )Total Long-Term Notes Payable $-  $- 

 F-10Table of Contents

 Phil Zobrist – On January 11, 2013, the Company issued an unsecured Promissory Note to Phil Zobrist in the principal amount of $60,000 (the “Note”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $60,000. On October 2, 2015, the Company entered into a new convertible note with Phil Zobrist that matures on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $29,412 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20-trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed, and the note was extended until December 31, 2024. The Company recognized a gain on the extinguishment of debt of $121,337 for the remaining derivative liability and of $11,842 for the remaining debt discount. As of June 30, 2025, the gross balance of the note was $60,000 and accrued interest was $134,719. Antczak Polich Law, LLC – On March 21, 2023, the Company issued an unsecured Promissory Note (“Note”) to Antczak Polich Law, LLC (“Antczak”), in the principal amount of $75,000 (the “Note”) and does not accrue interest. This note is due on December 31, 2023 and requires monthly payments of $10,