Company: BSAI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000357
Chunk: 983

Company: BLUSKY AI INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 7
Chunk 983
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30, 2012 through December 31, 2024 generally remain open to examination by the Internal Revenue Service until its net operating loss carry-forwards are utilized and the applicable statutes of limitation have expired.

 F-20Table of Contents

12. Related Party Transactions  Consulting Agreement – In February 2014, the Company entered into a consulting agreement with the Company’s chief executive officer, stockholder and director. The Company agreed to pay $18,000 per month for twelve months. This agreement was renegotiated in October 2017 and the Company agreed to pay the stockholder/director $25,000 per month starting in October 2017. This agreement was superseded by an Employment Agreement as of July 1, 2018 (see Employment Agreements below). As of December 31, 2022, the Company owed $1,035,000 to the stockholder/director in accrued consulting fees. The accrued consulting fees were converted to equity on February 1, 2023. As of December 31, 2024, the balance of accrued consulting fees was $0.  Employment Agreements – Mr. Cluff currently serves as a director of the Company and has a separate agreement as a consultant of the Company effective as of October 2, 2015. The Company has an employment agreement with its chief executive officer, Trent D’Ambrosio. The employment agreement was effective as of April 1, 2019 and provides for compensation of $300,000 annually. This agreement is effective for 60 months. Additionally, the employment agreement provides for benefits and an optional annual bonus to be determined by the Board of Directors. Notes Payable – The Company took six short-term notes payable from Debra D’ambrosio, an immediate family member related party during the year ended December 31, 2024. The Company received $174,396 in cash from related parties and paid out $98,475 in cash to related parties on notes payable. The Company also took one short-term note payable form Whit Cluff, a director, during the year ended December 31, 2024. Mr. Cluff paid expenses of the Company in the amount of $15,327 (See Note 8 for more details). Accounts Payable – Two officers/directors of the Company have been paying expenses for the Company on their personal credit cards. The Company has recorded these expenses and accrued the amounts in accounts payable to