Company: BSAI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001096906-25-000818
Chunk: 63

Company: BLUSKY AI INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 63
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 gain on forgiveness of debt during the current period. The following table summarizes key items of comparison and their related increase (decrease) for the three-month periods ended March 31, 2025 and 2024:

  Three Months Ended  Increase/   March 31, 2025  March 31, 2024  (Decrease) General and Administrative $146,105  $123,757  $22,348 Depreciation and Amortization Expenses  -   181   (181)Total Operating Expenses  146,105   123,938   22,167 Income (Loss) from Operations  (146,105)  (123,938)  (22,167)Other Income (expense)  96   -   96 Change in Derivative Liabilities  -   (16,258)  16,258 Initial Derivative Expense  -   (57,116)  57,116 Gain on Extinguishment of Debt  338,673   -   338,673 Interest Expense  (17,275)  (59,668)  42,393 Income (Loss) from Operations Before Taxes  175,389   (256,980)  432,369 Provision for Income Taxes  -   -   - Net Income (Loss) $175,389  $(256,980) $432,369 

General and administrative expenses have increased for the three-month period ended March 31, 2025 because of increased legal and travel, compared to the three-month period ended March 31, 2024.

Gain on forgiveness of debt increase by $338,673 in the current period

Interest expense decreased in 2025 because of the 1800 Diagonal Lending, LLC convertible notes payable being settled in early 2025.

Liquidity and Capital Resources

Our balance sheet as of March 31, 2025 reflects assets of $3,531. We had cash in the amount of $0 and working capital deficit in the amount of $3,171,461 as of March 31, 2025. Thus, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

Working Capital

  March 31