Company: BSAI
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000357
Chunk: 224

Company: BLUSKY AI INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 12
Chunk 224
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, 2015, the Company entered into a new convertible note with Phil Zobrist that originally matured on December 31, 2016 and bears 18% per annum interest. The Company agreed to accrue interest from inception of these Notes in the amount of $29,412 and charged this amount to interest expense during the year ended December 31, 2015. The Note is convertible into common stock, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP 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