BLUESKY SYSTEMS CORP

CIK:0001310893|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Income Statement [Abstract]
Rental income	$ 4,265	$ 4,265	$ 12,411	$ 14,016
Total revenue	4,265	4,265	12,411	14,016
Selling, general and administrative expenses	8,192	36,415	46,030	39,613
Depreciation	973	972	2,917	2,916
Total expenses	9,165	37,387	48,947	42,529
Net ordinary income	(4,900)	(33,123)	(36,536)	(28,513)
Other income (expense): Change in fair value of derivative liability	5,422	(59,295)	(1,707)	(59,295)
Interest expense	(2,863)	(9,102)	(81,809)	(15,116)
Total other income (expense)	2,559	(68,397)	(83,516)	(74,411)
Net (loss)	$ (2,341)	$ (101,520)	$ (120,052)	$ (102,924)
Net (loss) per share, basic and fully diluted		$ (0.12)	$ (0.11)	$ (0.12)
Weighted Average Common Shares Outstanding	1,068,318	851,631	1,068,339	851,631

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
Consolidated Statements of Cash Flows (USD $)	Sep. 30, 2011	Sep. 30, 2010
Net (loss)	$ (120,052)	$ (102,924)
Change in fair value of derivative liability	1,707	59,295
Depreciation	2,917	2,916
Amortization of debt discount	73,782	4,737
Prepaid expense	26,469	3,018
Accounts payable and accrued expenses	7,650	1,193
Accrued interest payable	3,375	1,411
NET CASH PROVIDED BY OPERATING ACTIVITIES	(4,152)	(30,353)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributed capital from shareholder	5,000
Borrowing on debt		32,650
Principal repayments of long term notes payable - related party	(1,145)	(2,088)
NET CASH (USED IN) FINANCING ACTIVITIES	3,855	30,562
NET (DECREASE) IN CASH AND CASH EQUIVALENTS	(297)	209
CASH AND CASH EQUIVALENTS:
Beginning of period	297	53
End of period	0	262
Cash paid during the period for interest	4,652	9,128
Cash paid during the period for income taxes	0	0
Derrivative liability	$ 0	$ 90,000

Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
Current assets
Cash		$ 297
Prepaid consulting expense		26,469
Total current assets		26,766
Fixed assets
Property and equipment	105,000	105,000
Accumulated depreciation	(11,343)	(8,426)
Total fixed assets	93,657	96,574
Total assets	93,657	123,340
Current liabilities
Accounts payable and accrued expenses	23,260	15,610
Accounts payable - related party	5,000	5,000
Accrued interest payable	5,911	2,536
Derivative liability	107,127	134,900
Current portion of notes payable - related party	1,645	1,645
Convertible note, net of discounts of $-0- and $73,782, respectively	75,000	16,218
Total current liabilities	217,943	175,909
Long-term notes payable - related party	99,234	100,379
Total liabilities	317,177	276,288
Stockholders' (Deficit)
Common stock, (50,000,000 shares authorized, 1,285,005 shares issued and outstanding, par value $.001 per share)	1,285	852
Additional paid-in capital	1,375,650	1,326,603
Retained deficit	(1,600,455)	(1,480,403)
Total stockholders' (deficit)	(223,520)	(152,948)
Total liabilities and stockholders' (deficit)	$ 93,657	$ 123,340