10-Q Filing

BLUSKY AI INC. CIK: 1416090 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001493152-17-005521`
Period End Date	20170331
Filing Date	20170516
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	imii-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 50 Cash Flow Statement 66

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.64K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	51.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.59K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$40.89K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	51.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$194.65K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	51.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	51.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$20.55K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$4.71K	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedPartiesCurrent`	$6.38K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Inventories	`InventoryNet`	$1.48M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Inventories	`InventoryNet`	$1.97M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$24.75K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.57K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.23M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.24M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.24M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.23M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.71M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.06M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$808.58K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.24M	USD	Point-in-time
Other assets	`OtherAssets`	$25.71K	USD	Point-in-time
Other assets	`OtherAssets`	$26.04K	USD	Point-in-time
Total Assets	`Assets`	$2.90M	USD	Point-in-time
Total Assets	`Assets`	$2.98M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.19M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.08M	USD	Point-in-time
Accrued interest - related parties	`InterestPayableRelatedPartiesCurrent`	$4.68M	USD	Point-in-time
Accrued interest - related parties	`InterestPayableRelatedPartiesCurrent`	$4.87M	USD	Point-in-time
Secured borrowings, net	`SecuredDebtCurrent`	$99.79K	USD	Point-in-time
Secured borrowings, net	`SecuredDebtCurrent`	$135.74K	USD	Point-in-time
Notes payable, net of debt discounts	`NotesPayableCurrent`	$160.00K	USD	Point-in-time
Notes payable, net of debt discounts	`NotesPayableCurrent`	$317.71K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$6.60M	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$6.71M	USD	Point-in-time
Convertible notes payable, net of debt discounts	`ConvertibleNotesPayableCurrent`	$10.00K	USD	Point-in-time
Convertible notes payable, net of debt discounts	`ConvertibleNotesPayableCurrent`	$10.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$13.19M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$12.67M	USD	Point-in-time
Mine reclamation obligation	`MineReclamationObligationNoncurrent`	$298.15K	USD	Point-in-time
Mine reclamation obligation	`MineReclamationObligationNoncurrent`	$256.07K	USD	Point-in-time
Total Liabilities	`Liabilities`	$13.49M	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.93M	USD	Point-in-time
Commitments and Contingencies (See Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (See Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, 51 shares issued and outstanding as of March 31, 2017 and December 31, 2016	`PreferredStockValue`	$1.00	USD	Point-in-time
Preferred stock, $0.00001 par value; 10,000,000 shares authorized, 51 shares issued and outstanding as of March 31, 2017 and December 31, 2016	`PreferredStockValue`	$1.00	USD	Point-in-time
Common stock, $0.00001 par value; 500,000,000 shares authorized, 51,241,470 and 51,229,590 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$512.00	USD	Point-in-time
Common stock, $0.00001 par value; 500,000,000 shares authorized, 51,241,470 and 51,229,590 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$512.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.61M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-13.00M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-13.69M	USD	Point-in-time
Other comprehensive income - foreign currency translation	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-543.20K	USD	Point-in-time
Other comprehensive income - foreign currency translation	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-549.67K	USD	Point-in-time
Total Controlling Interest	`StockholdersEquity`	$-9.94M	USD	Point-in-time
Total Controlling Interest	`StockholdersEquity`	$-10.59M	USD	Point-in-time
Non-Controlling Interest	`MinorityInterest`	$-7.75K	USD	Point-in-time
Non-Controlling Interest	`MinorityInterest`	$-7.51K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-9.95M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-10.59M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$2.98M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$2.90M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Precious Metals Income	`RevenueMineralSales`	$1.15M	USD	1 Quarter
Precious Metals Income	`RevenueMineralSales`	$979.63K	USD	1 Quarter
Cost of sales	`CostOfSalesOperatingExpense`	$895.64K	USD	1 Quarter
Cost of sales	`CostOfSalesOperatingExpense`	$605.73K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$326.99K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$302.10K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$12.36K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$100.56K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$920.19K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.32M	USD	1 Quarter
Income (Loss) from Operations	`OperatingIncomeLoss`	$231.84K	USD	1 Quarter
Income (Loss) from Operations	`OperatingIncomeLoss`	$-343.55K	USD	1 Quarter
Other income (expense)	`OtherIncome`	$831.00	USD	1 Quarter
Other income (expense)	`OtherIncome`	$2.85K	USD	1 Quarter
Change in derivative liability	`DerivativeGainLossOnDerivativeNet`	-	USD	1 Quarter
Change in derivative liability	`DerivativeGainLossOnDerivativeNet`	$1.96M	USD	1 Quarter
Change in gold purchase fund	`GainLossOnSaleOfTrustAssetsToPayExpenses`	-	USD	1 Quarter
Change in gold purchase fund	`GainLossOnSaleOfTrustAssetsToPayExpenses`	$14.42K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-14.53K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-3.33K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$356.90K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$1.52M	USD	1 Quarter
Total Other Income/(Expenses)	`OtherNonoperatingIncomeExpense`	$420.10K	USD	1 Quarter
Total Other Income/(Expenses)	`OtherNonoperatingIncomeExpense`	$-342.96K	USD	1 Quarter
Net Income (Loss) from Operations before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-686.81K	USD	1 Quarter
Net Income (Loss) from Operations before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$651.95K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$651.95K	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$-686.51K	USD	1 Quarter
NET INCOME (LOSS) - Non-Controlling Interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-234.00	USD	1 Quarter
NET INCOME (LOSS) - Non-Controlling Interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$213.00	USD	1 Quarter
NET INCOME (LOSS) - Controlling Interest	`NetIncomeLoss`	$651.73K	USD	1 Quarter
NET INCOME (LOSS) - Controlling Interest	`NetIncomeLoss`	$-686.28K	USD	1 Quarter
Net income (loss) per share - Basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income (loss) per share - Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per share - Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Net income (loss) per share - Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Weighted average number of shares outstanding during the period - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.27M	shares	1 Quarter
Weighted average number of shares outstanding during the period - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	48.22M	shares	1 Quarter
Weighted average number of shares outstanding during the period - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.27M	shares	1 Quarter
Weighted average number of shares outstanding during the period - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.82M	shares	1 Quarter
Exchange differences arising on translating foreign operations	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$6.48K	USD	1 Quarter
Exchange differences arising on translating foreign operations	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-122.46K	USD	1 Quarter
Total Comprehensive Income (Loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-680.03K	USD	1 Quarter
Total Comprehensive Income (Loss)	`OtherComprehensiveIncomeLossNetOfTax`	$529.49K	USD	1 Quarter
Total Comprehensive Income (Loss) - Non-Controlling Interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-229.00	USD	1 Quarter
Total Comprehensive Income (Loss) - Non-Controlling Interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-250.00	USD	1 Quarter
Total Comprehensive Income(Loss) - Controlling Interest	`ComprehensiveIncomeNetOfTax`	$529.24K	USD	1 Quarter
Total Comprehensive Income(Loss) - Controlling Interest	`ComprehensiveIncomeNetOfTax`	$-680.26K	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`ProfitLoss`	$651.95K	USD	1 Quarter
Net Income (Loss)	`ProfitLoss`	$-686.51K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$72.82K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$557.67K	USD	1 Quarter
Common stock issued for services	`CommonStockIssuedForServices`	$40.00K	USD	1 Quarter
Common stock issued for services	`CommonStockIssuedForServices`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-14.53K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-3.33K	USD	1 Quarter
Change in derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$1.92M	USD	1 Quarter
Change in derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Change in warrant liability	`IncreaseDecreaseInWarrantLiabilities`	-	USD	1 Quarter
Change in warrant liability	`IncreaseDecreaseInWarrantLiabilities`	$-35.31K	USD	1 Quarter
Change in consignment gold	`GainLossOnSaleOfTrustAssetsToPayExpenses`	-	USD	1 Quarter
Change in consignment gold	`GainLossOnSaleOfTrustAssetsToPayExpenses`	$14.42K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$9.96K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.16M	USD	1 Quarter
Decr (incr) in trade receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$15.58K	USD	1 Quarter
Decr (incr) in trade receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-267.00	USD	1 Quarter
Decr (incr) inventories	`IncreaseDecreaseInInventories`	$-57.87K	USD	1 Quarter
Decr (incr) inventories	`IncreaseDecreaseInInventories`	$453.36K	USD	1 Quarter
Decr (incr) prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$128.72K	USD	1 Quarter
Decr (incr) prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$29.49K	USD	1 Quarter
Incr (decr) accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$610.59K	USD	1 Quarter
Incr (decr) accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$366.49K	USD	1 Quarter
Incr (decr) accrued liabilities - related parties	`IncreaseDecreaseInAccruedLiabilitiesRelatedParties`	-	USD	1 Quarter
Incr (decr) accrued liabilities - related parties	`IncreaseDecreaseInAccruedLiabilitiesRelatedParties`	$240.96K	USD	1 Quarter
Incr (decr) secured borrowings	`IncreaseDecreaseInSecuredBorrowings`	$-46.72K	USD	1 Quarter
Incr (decr) secured borrowings	`IncreaseDecreaseInSecuredBorrowings`	-	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-166.91K	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$622.37K	USD	1 Quarter
Advances payable - related parties	`PaymentsForAdvanceToAffiliate`	$27.13K	USD	1 Quarter
Advances payable - related parties	`PaymentsForAdvanceToAffiliate`	$501.91K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$255.49K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.08K	USD	1 Quarter
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-757.39K	USD	1 Quarter
Net Cash Used In Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-28.21K	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfNotesPayable`	$150.00K	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfNotesPayable`	$343.88K	USD	1 Quarter
Repayment of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$578.75K	USD	1 Quarter
Repayment of notes payable-related parties	`RepaymentsOfRelatedPartyDebt`	$168.99K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$324.00K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$355.00K	USD	1 Quarter
Proceeds from notes payable-related parties	`ProceedsFromRelatedPartyDebt`	$289.51K	USD	1 Quarter
Proceeds from notes payable-related parties	`ProceedsFromRelatedPartyDebt`	$446.00K	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$41.25K	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$131.65K	USD	1 Quarter
Effects of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$106.00	USD	1 Quarter
Effects of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-682.00	USD	1 Quarter
Net Increase / (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.05K	USD	1 Quarter
Net Increase / (Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-153.76K	USD	1 Quarter
Cash at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$137.64K	USD	Point-in-time
Cash at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$133.59K	USD	Point-in-time
Cash at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$40.89K	USD	Point-in-time
Cash at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$194.65K	USD	Point-in-time
Cash at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$137.64K	USD	Point-in-time
Cash at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$133.59K	USD	Point-in-time
Cash at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$40.89K	USD	Point-in-time
Cash at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$194.65K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$115.30K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$86.66K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Common stock issued for extinguishment of debt	`DebtConversionConvertedInstrumentAmount1`	$8.32K	USD	1 Quarter
Common stock issued for extinguishment of debt	`DebtConversionConvertedInstrumentAmount1`	-	USD	1 Quarter
Assets held to satisfy secured borrowings	`AssetsHeldToSatisfySecuredBorrowings`	$177.39K	USD	1 Quarter
Assets held to satisfy secured borrowings	`AssetsHeldToSatisfySecuredBorrowings`	-	USD	1 Quarter

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