10-Q Filing

BLUSKY AI INC. CIK: 1416090 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001493152-15-000977`
Period End Date	20150131
Filing Date	20150324
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	imii-20150131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 56 Cash Flow Statement 59

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Convertible note payable related party debt discount net	`ConvertibleNotePayableRelatedPartyDebtDiscountNet`	$238.62K	USD	Point-in-time
Convertible note payable related party debt discount net	`ConvertibleNotePayableRelatedPartyDebtDiscountNet`	-	USD	Point-in-time
Convertible notes, debt discount	`DebtInstrumentUnamortizedDiscount`	$124.10K	USD	Point-in-time
Convertible notes, debt discount	`DebtInstrumentUnamortizedDiscount`	$166.73K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$31.12K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$5.26K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$296.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$5.70K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.05M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$135.09K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.05M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$140.78K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Land and mineral rights	`MineralRights`	$950.16K	USD	Point-in-time
Land and mineral rights	`MineralRights`	$950.16K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Total Assets	`Assets`	$1.09M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Total Assets	`Assets`	$2.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	21.77M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.17M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$285.03K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$158.50K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.17M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.77M	shares	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$26.18K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$39.98K	USD	Point-in-time
Advances, related party	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Advances, related party	`DueToRelatedPartiesCurrent`	$286.45K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$18.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	-	USD	Point-in-time
Convertible note payable - related party, net of debt discount of $238,617 and $0 as of January 31, 2015 and July 31, 2014, respectively	`ConvertibleNotePayableToRelatedPartyCurrent`	$233.59K	USD	Point-in-time
Convertible note payable - related party, net of debt discount of $238,617 and $0 as of January 31, 2015 and July 31, 2014, respectively	`ConvertibleNotePayableToRelatedPartyCurrent`	-	USD	Point-in-time
Convertible notes payable, net of debt discount of $166,729 and $124,103 as of January 31, 2015 and July 31, 2014, respectively	`ConvertibleNotesPayableCurrent`	$558.40K	USD	Point-in-time
Convertible notes payable, net of debt discount of $166,729 and $124,103 as of January 31, 2015 and July 31, 2014, respectively	`ConvertibleNotesPayableCurrent`	$199.77K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$687.25K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$112.85K	USD	Point-in-time
Warrant liability	`WarrantLiabilities`	$30.63K	USD	Point-in-time
Warrant liability	`WarrantLiabilities`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.48M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.16M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.16M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.48M	USD	Point-in-time
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 500,000,000 shares authorized, 20,171,710 and 21,770,681 shares issued and outstanding as of January 31, 2015 and July 31, 2014, respectively	`CommonStockValue`	$218.00	USD	Point-in-time
Common stock, $0.00001 par value; 500,000,000 shares authorized, 20,171,710 and 21,770,681 shares issued and outstanding as of January 31, 2015 and July 31, 2014, respectively	`CommonStockValue`	$202.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.97M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.78M	USD	Point-in-time
Stockholder subscriptions	`StockholderSubscriptions`	$44.84K	USD	Point-in-time
Stockholder subscriptions	`StockholderSubscriptions`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.08M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$-69.43K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$523.83K	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$1.09M	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$2.00M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	2 Qtrs
Revenues	`Revenues`	-	USD	2 Qtrs
Exploration costs	`ExplorationCosts`	$182.73K	USD	2 Qtrs
Exploration costs	`ExplorationCosts`	$39.00K	USD	2 Qtrs
Exploration costs	`ExplorationCosts`	$30.98K	USD	1 Quarter
Exploration costs	`ExplorationCosts`	$43.95K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$200.82K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.74M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$136.04K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$816.75K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$239.82K	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$860.70K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.92M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$167.02K	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-860.70K	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-1.92M	USD	2 Qtrs
Loss from Operations	`OperatingIncomeLoss`	$-239.82K	USD	2 Qtrs
Loss from Operations	`OperatingIncomeLoss`	$-167.02K	USD	1 Quarter
Change in derivative liability	`DerivativeGainLossOnDerivativeNet`	-	USD	2 Qtrs
Change in derivative liability	`DerivativeGainLossOnDerivativeNet`	$337.84K	USD	2 Qtrs
Change in derivative liability	`DerivativeGainLossOnDerivativeNet`	-	USD	1 Quarter
Change in derivative liability	`DerivativeGainLossOnDerivativeNet`	$189.77K	USD	1 Quarter
Gain (loss) on forgiveness of debt	`GainOnForgivenessOfDebt`	$161.75K	USD	2 Qtrs
Gain (loss) on forgiveness of debt	`GainOnForgivenessOfDebt`	-	USD	1 Quarter
Gain (loss) on forgiveness of debt	`GainOnForgivenessOfDebt`	$161.75K	USD	1 Quarter
Gain (loss) on forgiveness of debt	`GainOnForgivenessOfDebt`	$-147.78K	USD	2 Qtrs
Interest expense	`InterestExpenseOther`	$751.49K	USD	2 Qtrs
Interest expense	`InterestExpenseOther`	$261.13K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$367.87K	USD	2 Qtrs
Interest expense	`InterestExpenseOther`	$358.35K	USD	1 Quarter
Total Other Income/(Expenses)	`OtherNonoperatingIncomeExpense`	$-358.35K	USD	1 Quarter
Total Other Income/(Expenses)	`OtherNonoperatingIncomeExpense`	$-515.65K	USD	2 Qtrs
Total Other Income/(Expenses)	`OtherNonoperatingIncomeExpense`	$-251.90K	USD	2 Qtrs
Total Other Income/(Expenses)	`OtherNonoperatingIncomeExpense`	$90.39K	USD	1 Quarter
Loss from Operations before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.17M	USD	2 Qtrs
Loss from Operations before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-525.37K	USD	1 Quarter
Loss from Operations before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-770.31K	USD	1 Quarter
Loss from Operations before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-755.46K	USD	2 Qtrs
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-525.37K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-755.46K	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-2.17M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-770.31K	USD	1 Quarter
Net loss per share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Net loss per share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	2 Qtrs
Net loss per share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Net loss per share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	2 Qtrs
Weighted average number of shares outstanding during the period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.77M	shares	1 Quarter
Weighted average number of shares outstanding during the period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.68M	shares	1 Quarter
Weighted average number of shares outstanding during the period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.56M	shares	2 Qtrs
Weighted average number of shares outstanding during the period - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.43M	shares	2 Qtrs

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-525.37K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-755.46K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-2.17M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-770.31K	USD	1 Quarter
Stock issued for services	`StockIssuedForServices`	-	USD	2 Qtrs
Stock issued for services	`StockIssuedForServices`	$-119.00K	USD	2 Qtrs
Change in derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$287.19K	USD	2 Qtrs
Change in derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	2 Qtrs
Change in warrant liability	`IncreaseDecreaseInWarrantLiabilities`	-	USD	2 Qtrs
Change in warrant liability	`IncreaseDecreaseInWarrantLiabilities`	$-50.65K	USD	2 Qtrs
Loss on settlement of accounts payable	`LossOnSettlementOfAccountsPayable`	-	USD	2 Qtrs
Loss on settlement of accounts payable	`LossOnSettlementOfAccountsPayable`	$147.78K	USD	2 Qtrs
Gain on forgiveness of debt	`DebtInstrumentDecreaseForgiveness`	-	USD	2 Qtrs
Gain on forgiveness of debt	`DebtInstrumentDecreaseForgiveness`	$-161.75K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$306.17K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$349.16K	USD	2 Qtrs
Initial value of derivative liabilities	`ValueOfDerivativeLiabilities`	$383.52K	USD	2 Qtrs
Initial value of derivative liabilities	`ValueOfDerivativeLiabilities`	-	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-31.96K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.46M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$126.53K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.44K	USD	2 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$8.71K	USD	2 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$13.80K	USD	2 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-385.16K	USD	2 Qtrs
Net Cash Used In Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-102.30K	USD	2 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Repayment of convertible note payable	`RepaymentsOfConvertibleDebt`	$50.00K	USD	2 Qtrs
Repayment of convertible note payable	`RepaymentsOfConvertibleDebt`	-	USD	2 Qtrs
Repayment of note payable	`ProceedsFromRepaymentsOfNotesPayable`	$-35.00K	USD	2 Qtrs
Repayment of note payable	`ProceedsFromRepaymentsOfNotesPayable`	$-71.00K	USD	2 Qtrs
Proceeds from notes payable-related party	`ProceedsFromRelatedPartyDebt`	$80.93K	USD	2 Qtrs
Proceeds from notes payable-related party	`ProceedsFromRelatedPartyDebt`	$185.76K	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	$229.00K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$116.50K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$76.43K	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$379.76K	USD	2 Qtrs
Net Increase / (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-25.87K	USD	2 Qtrs
Net Increase / (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.40K	USD	2 Qtrs
Cash at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$31.12K	USD	Point-in-time
Cash at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.26K	USD	Point-in-time
Cash at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$296.00	USD	Point-in-time
Cash at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.70K	USD	Point-in-time
Cash at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$31.12K	USD	Point-in-time
Cash at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.26K	USD	Point-in-time
Cash at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$296.00	USD	Point-in-time
Cash at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.70K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$23.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Common stock issued for payment of accounts payable	`CommonStockIssuedForPaymentOfAccountsPayable`	-	USD	2 Qtrs
Common stock issued for payment of accounts payable	`CommonStockIssuedForPaymentOfAccountsPayable`	$95.00K	USD	2 Qtrs
Common stock issued for prepaid expenses	`CommonStockIssuedForPrepaidExpenses`	$2.41M	USD	2 Qtrs
Conversion of debt in common stock	`ConversionOfDebtInCommonStock`	-	USD	2 Qtrs
Conversion of debt in common stock	`ConversionOfDebtInCommonStock`	$394.31K	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.