Blusky AI Inc. 10-Q: Shift to Energy & Transportation

TL;DR

BLUSKY AI (formerly mining co) pivots to energy/transport. Q2 2025 10-Q filed.

AI Summary

Blusky AI Inc. (formerly Inception Mining Inc.) filed its 10-Q for the period ending June 30, 2025. The company, previously focused on gold and silver ores, is now operating in the energy and transportation sector. Key events include a subsequent event on July 11, 2025, related to Camp Verdi Arizona, and another on July 7, 2025. The filing also references related party transactions as of June 30, 2025.

Why It Matters

This filing indicates a significant pivot for Blusky AI Inc. from mining to energy and transportation, which could signal new strategic directions and market focus.

Risk Assessment

Risk Level: medium — The company has undergone significant name and industry changes, suggesting potential strategic shifts and associated business risks.

Key Numbers

• 0.00001 — Share Price (Indicates a very low share price for the reporting period.)
• 10000000 — Number of Shares (Represents a significant number of shares.)
• 10300000000 — Total Assets (Represents the total assets of the company.)

Key Players & Entities

• BLUSKY AI INC. (company) — Filer
• INCEPTION MINING INC. (company) — Former company name
• 20250630 (date) — Reporting period end date
• 20250819 (date) — Filing date
• 0001416090 (company) — Central Index Key
• GOLD & SILVER ORES (industry) — Former SIC code
• Energy & Transportation (industry) — Current industry
• Camp Verdi Arizona (location) — Subsequent event reference

FAQ

Key Financial Figures

• $0.00001 — Common stock Additional Total ($0.00001 Par) ($0.00001 Par) Paid-in Accum
• $950,000 — on of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty.

Filing Documents

• imii_10q.htm (10-Q) — 654KB
• imii_ex311.htm (EX-31.1) — 13KB
• imii_ex312.htm (EX-31.2) — 13KB
• imii_ex321.htm (EX-32.1) — 5KB
• imii_ex322.htm (EX-32.2) — 5KB
• 0001096906-25-001383.txt ( ) — 3606KB
• imii-20250630.xsd (EX-101.SCH) — 38KB
• imii-20250630_lab.xml (EX-101.LAB) — 232KB
• imii-20250630_cal.xml (EX-101.CAL) — 39KB
• imii-20250630_pre.xml (EX-101.PRE) — 211KB
• imii-20250630_def.xml (EX-101.DEF) — 128KB
• imii_10q_htm.xml (XML) — 406KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION F-1 Item 1.

Financial Statements

Financial Statements F-1 Condensed Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024 F-1 Condensed Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) F-2 Condensed Statements of Stockholders' Deficit for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) F-3 Condensed Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited) F-4 Notes to Condensed Consolidated Financial Statements (Unaudited) F-5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 7 Item 4.

Controls and Procedures

Controls and Procedures 7

– OTHER INFORMATION

PART II – OTHER INFORMATION 8 Item 1.

Legal Proceedings

Legal Proceedings 8 Item 1A.

Risk Factors

Risk Factors 8 Item 2. Unregistered Sales of Equity Securities and Use of Protocols 8 Item 3. Defaults Upon Senior Securities 9 Item 4. Mine Safety Disclosures 9 Item 5. Other Information 9 Item 6. Exhibits 10 Signature Page 11 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements

Financial Statements

Item 1. Financial Statements BluSky AI, Inc. (FKA Inception Mining, Inc.) Condensed Balance Sheets June 30, 2025 D ecember 31, 2024 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 889 $ - Prepaid expenses and other current assets 31,382 - Total Current Assets 32,271 - Other assets 531 531 Total Assets $ 32,802 $ 531 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 2,014,925 $ 1,745,787 Accrued interest - related parties 57,960 30,310 Note payable 125,000 125,000 Notes payable - related parties 1,219,667 992,761 Convertible notes payable - net of discount - 266,450 Derivative liabilities - 186,542 Total Current Liabilities 3,417,552 3,346,850 Total Liabilities 3,417,552 3,346,850 Commitments and Contingencies - - Stockholders' Deficit Preferred stock, $ 0.00001 par value; 10,000,000 shares authorized, 51 shares issued and outstanding 1 1 Common stock, $ 0.00001 par value; 10,300,000,000 shares authorized, 4,465,205 and 2,659,773 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 45 27 Additional paid-in capital 27,860,099 26,517,017 Accumulated deficit ( 31,244,895 ) ( 29,863,364 ) Total Stockholders' Deficit ( 3,384,750 ) ( 3,346,319 ) Total Liabilities and Stockholders' Deficit $ 32,802 $ 531 See accompanying notes to the unaudited condensed financial statements. F-1 Table of Contents BluSky AI, Inc. (FKA Inception Mining, Inc.) Condensed Statements of Operations (Unaudited) For the Three Months Ended For the Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Operating Expenses General and administrative $ 1,541,189 $ 136,438 $ 1,687,294 $ 260,175 Depreciation and amortization - 181 - 362 Total Operating Expenses 1,541,189 136,619 1,687,294 260,537 Loss from Operations ( 1,541,18

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