Company: BSAI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000357
Chunk: 1357

Company: BLUSKY AI INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 8
Chunk 1357
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AP 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 December 31, 2024, the gross balance of the note was $60,000 and accrued interest was $129,363.

 F-14Table of Contents

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 was due on December 31, 2023 and requires monthly payments of $10,000 starting July 2023 with any remaining balance paid in full by December 31, 2023. The Company made one payment of $10,000 during the fiscal year ended December 31, 2023. As of December 31, 2024, the gross balance of the note was $65,000 and in default.

8. Notes Payable – Related Parties Notes payable – related parties of continuing operations were comprised of the following as of December 31, 2024 and 2023: Notes Payable - Related Parties Relationship December 31, 2024  December 31, 2023 Cluff-Rich PC 401K Affiliate - Controlled by Director $51,000  $51,000 Whit Cluff Director  15,327   - Debra D'ambrosio Immediate Family Member  531,434   455,513 Francis E. Rich Immediate Family Member  100,000   100,000 Pine Valley Investments Affiliate - Controlled by Director  295,000   295,000 Total Notes Payable - Related Parties    992,761   901,513 Less Short-Term Notes Payable - Related Parties    (992,761)  (32,895) Total Long-Term Notes Payable - Related Parties   $-