10-Q Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001161697-11-000923`
Period End Date	20110831
Filing Date	20111017
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	omvs-20110831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 28 Cash Flow Statement 32 Stockholders Equity 9

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.41K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$1.67K	USD	Point-in-time
Preferred Stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$65.12K	USD	Point-in-time
Preferred Stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.88K	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.21K	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$13.64K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$79.97K	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$128.76K	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common Stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $19,408 and $-, respectively	`PropertyPlantAndEquipmentNet`	$40.09K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $1,667 and $-, respectively	`IntangibleAssetsNetExcludingGoodwill`	$18.33K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	12.50M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	14.00M	shares	Point-in-time
Goodwill	`Goodwill`	$108.72K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	14.00M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	12.50M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$128.76K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$247.12K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.23K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$14.63K	USD	Point-in-time
Accounts payable and accrued liabilities - related party	`DueToRelatedPartiesCurrent`	$1.03K	USD	Point-in-time
Current portion of notes payable and accrued interest payable	`NotesPayableCurrent`	$172.78K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$188.45K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.23K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$100.10K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$100.10K	USD	Point-in-time
Note payable	`LongTermNotesPayable`	$14.67K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$86.87K	USD	Point-in-time
Total liabilities	`Liabilities`	$102.33K	USD	Point-in-time
Total liabilities	`Liabilities`	$390.08K	USD	Point-in-time
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at August 31, 2011 and February 28, 2011	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 14,000,000 and 12,500,000 shares issued and outstanding at August 31, 2011 and February 28, 2011, respectively	`CommonStockValue`	$1.25K	USD	Point-in-time
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 14,000,000 and 12,500,000 shares issued and outstanding at August 31, 2011 and February 28, 2011, respectively	`CommonStockValue`	$1.40K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.81M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$60.25K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.06K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$26.43K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-142.97K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$247.12K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$128.76K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	$42.03K	USD	2 Qtrs
REVENUE	`Revenues`	$21.12K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$22.49K	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$11.08K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$19.55K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$10.04K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$3.87M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$7.12K	USD	2 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$3.93M	USD	2 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$7.12K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-7.12K	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-3.91M	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-7.12K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-3.86M	USD	1 Quarter
Interest expense	`InterestExpense`	$7.17K	USD	2 Qtrs
Interest expense	`InterestExpense`	$3.81K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.92M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.12K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.87M	USD	1 Quarter
Net loss per share	`EarningsPerShareBasic`	$-0.30	USD	2 Qtrs
Net loss per share	`EarningsPerShareBasic`	-	USD	2 Qtrs
Net loss per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Net loss per share	`EarningsPerShareBasic`	$-0.28	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	9.00M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	9.00M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.08M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.66M	shares	1 Quarter

Cash Flow Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.92M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.12K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.87M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.92K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$3.75M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-829.00	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$13.19K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$8.32K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$7.17K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.12K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-162.36K	USD	2 Qtrs
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$7.70K	USD	2 Qtrs
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.29K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.99K	USD	2 Qtrs
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	$172.48K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$9.00K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$32.77K	USD	2 Qtrs
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$10.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$129.71K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.00K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.88K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-63.64K	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$65.12K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.88K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$65.12K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.88K	USD	Point-in-time
Interest	`InterestPaid`	-	USD	2 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	$90.00K	USD	2 Qtrs

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$26.43K	USD	Point-in-time
Balance	`StockholdersEquity`	$-142.97K	USD	Point-in-time
Stock issued for services	`StockIssuedDuringPeriodValueNewIssues`	$3.75M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.92M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.12K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.87M	USD	1 Quarter
Balance	`StockholdersEquity`	$26.43K	USD	Point-in-time
Balance	`StockholdersEquity`	$-142.97K	USD	Point-in-time

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