Company: BSAI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000357
Chunk: 856

Company: BLUSKY AI INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 5
Chunk 856
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 -   698          INCOME (LOSS) BEFORE INCOME TAXES OF DISCONTINUED OPERATIONS  -   (497,581)Provision for income taxes of discontinued operations  -   - NET INCOME (LOSS) OF DISCONTINUED OPERATIONS $-  $(497,581)

 F-22Table of Contents

The Company recognized a gain on the sale of mine property in discontinued operations of $7,230,453. This gain was comprised of the Company’s investments in the subsidiaries and any inter-company loans that were provided to or from the subsidiaries. This gain was reported as a separate line item in discontinued operations in the consolidated statements of operations and comprehensive loss. In accordance with the provisions of ASC 205-20, the Company has separately reported the cash flow activity of the discontinued operations in the consolidated statements of cash flows. The cash flow activity from discontinued operations for the years ended December 31, 2024 and 2023 have been reflected as discontinued operations in the consolidated statements of cash flows for the years ended December 31, 2024 and 2023, and consist of the following.   Years Ended   December 31, 2024  December 31, 2023 DISCONTINUED OPERATING ACTIVITIES      Net loss $-  $(497,581)Depreciation expense  -   4,259 Changes in operating assets and liabilities:        Trade receivables  -   91 Inventories  -   (12,981)Prepaid expenses and other current assets  -   (34,670)Accounts payable and accrued liabilities  -   (294,243)Accounts payable and accrued liabilities - related parties  -   834,659 Net cash provided by operating activities of discontinued operations $-  $(466)         INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS        Purchase of property, plant and equipment $-  $(652)Net cash provided by (used in) investing activities of discontinued operations $-  $(652)

16. Subsequent Events  Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, “Subsequent Events,” through the date which the consolidated financial statements were available to be issued and there are no material subsequent events, except as noted below. On January