10-Q Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0001161697-12-000022`
Period End Date	20111130
Filing Date	20120117
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	omvs-20111130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 36 Cash Flow Statement 50 Stockholders Equity 10

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.53K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	-	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	-	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$2.67K	USD	Point-in-time
Preferred Stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.12K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$25.37K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
Preferred Stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$4.40K	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
Inventory	`InventoryNet`	-	USD	Point-in-time
Inventory	`InventoryNet`	$14.26K	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	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
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$44.02K	USD	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 $20,532 and $-, respectively	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $20,532 and $-, respectively	`PropertyPlantAndEquipmentNet`	$38.96K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $2,667 and $-, respectively	`IntangibleAssetsNetExcludingGoodwill`	$17.33K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $2,667 and $-, respectively	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Goodwill	`Goodwill`	$108.72K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	18.50M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	12.50M	shares	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$128.76K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	12.50M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$209.05K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$21.58K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.23K	USD	Point-in-time
Accounts payable and accrued liabilities - related party	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Accounts payable and accrued liabilities - related party	`DueToRelatedPartiesCurrent`	$1.84K	USD	Point-in-time
Current portion of notes payable and accrued interest payable	`NotesPayableCurrent`	$209.14K	USD	Point-in-time
Current portion of notes payable and accrued interest payable	`NotesPayableCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.23K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$232.56K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$100.10K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$32.60K	USD	Point-in-time
Note payable	`LongTermNotesPayable`	-	USD	Point-in-time
Note payable	`LongTermNotesPayable`	$11.87K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	-	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$83.70K	USD	Point-in-time
Total liabilities	`Liabilities`	$102.33K	USD	Point-in-time
Total liabilities	`Liabilities`	$360.73K	USD	Point-in-time
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at November 30, 2011 and February 28, 2011	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at November 30, 2011 and February 28, 2011	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 18,500,000 and 12,500,000 shares issued and outstanding at November 30, 2011 and February 28, 2011, respectively	`CommonStockValue`	$1.25K	USD	Point-in-time
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 18,500,000 and 12,500,000 shares issued and outstanding at November 30, 2011 and February 28, 2011, respectively	`CommonStockValue`	$1.85K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$60.25K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.88M	USD	Point-in-time
Deficit accumulated during the development stage	`RetainedEarningsAccumulatedDeficit`	$-35.06K	USD	Point-in-time
Deficit accumulated during the development stage	`RetainedEarningsAccumulatedDeficit`	$-4.03M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-151.68K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$26.43K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$128.76K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$209.05K	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	-	USD	3 Qtrs
REVENUE	`Revenues`	$58.08K	USD	3 Qtrs
REVENUE	`Revenues`	-	USD	1 Quarter
REVENUE	`Revenues`	$16.04K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$7.09K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$29.58K	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	-	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	-	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$8.95K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$28.50K	USD	3 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$4.01M	USD	3 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$7.88K	USD	3 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$765.00	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$81.49K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-7.88K	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-765.00	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-72.54K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-3.98M	USD	3 Qtrs
Interest expense	`InterestExpense`	$10.84K	USD	3 Qtrs
Interest expense	`InterestExpense`	$3.67K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	3 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-76.22K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.00M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-765.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.88K	USD	3 Qtrs
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	3 Qtrs
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Weighted average number of common shares outstanding basic and fully diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndFullyDiluted`	9.00M	shares	3 Qtrs
Weighted average number of common shares outstanding basic and fully diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndFullyDiluted`	13.83M	shares	3 Qtrs
Weighted average number of common shares outstanding basic and fully diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndFullyDiluted`	15.34M	shares	1 Quarter
Weighted average number of common shares outstanding basic and fully diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndFullyDiluted`	9.00M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-76.22K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.00M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-765.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.88K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	-	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.04K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$3.75M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.35K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$13.81K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	-	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	-	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$16.08K	USD	3 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	-	USD	3 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$10.84K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.88K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-228.82K	USD	3 Qtrs
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	3 Qtrs
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$7.70K	USD	3 Qtrs
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.29K	USD	3 Qtrs
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.99K	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	$209.49K	USD	3 Qtrs
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$9.00K	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$35.57K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	3 Qtrs
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$17.50K	USD	3 Qtrs
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$156.42K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.00K	USD	3 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-103.39K	USD	3 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.12K	USD	3 Qtrs
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.12K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$25.37K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.12K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$25.37K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
Interest	`InterestPaid`	-	USD	3 Qtrs
Interest	`InterestPaid`	-	USD	3 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	-	USD	3 Qtrs
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	$90.00K	USD	3 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-151.68K	USD	Point-in-time
Balance	`StockholdersEquity`	$26.43K	USD	Point-in-time
Stock issued for services	`StockIssuedDuringPeriodValueNewIssues`	$3.75M	USD	3 Qtrs
Stock issued for conversion of debt	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$67.50K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-76.22K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.00M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-765.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.88K	USD	3 Qtrs
Balance	`StockholdersEquity`	$-151.68K	USD	Point-in-time
Balance	`StockholdersEquity`	$26.43K	USD	Point-in-time

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