Company: BSAI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000357
Chunk: 121

Company: BLUSKY AI INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 10
Chunk 121
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 recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position. Business Segments – The Company operates in one segment and therefore segment information is not presented. Operating Lease – The Company leases its corporate headquarters and administrative offices in Salt Lake City, Utah. This lease expires in August 2024.

 F-11Table of Contents

The supplemental balance sheet information related to the operating lease for the periods is as follows:   December 31, 2024  December 31, 2023 Operating leases      Long-term right-of-use assets $-  $9,595          Short-term operating lease liabilities $-  $9,595 Long-term operating lease liabilities  -   - Total operating lease liabilities $-  $9,595  The Company made cash payments of $22,484 and $15,772 for the years ended December 31, 2024 and 2023, respectively. The Company incurred rent expense of $22,484 and $15,722 for the years ended December 31, 2024 and 2023, respectively. Non-Controlling Interest Policy – Non-controlling interest (NCI) is the portion of equity ownership in a subsidiary not attributable to the parent company, who has a controlling interest and consolidates the subsidiary’s financial results with its own. The amount of equity relating to the non-controlling interest is separately identified in the equity section of the balance sheet and the amount of the net income (loss) relating to the non-controlling interest is separately identified on the statement of operations. Recently Issued Accounting Pronouncements – From time to time, new accounting pronouncements are issued by FASB that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

3. Derivative Financial Instruments The Company adopted the provisions of ASC subtopic 825-10, Financial Instruments (“ASC 825-10”) on January 1, 2008. ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for