10-K Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001161697-12-000493`
Period End Date	20120229
Filing Date	20120613
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	omvs-20120229.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 18 Cash Flow Statement 46 Stockholders Equity 15

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	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
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	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
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$5.70K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Common Stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$17.14K	USD	Point-in-time
Common Stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	-	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
Total current assets	`AssetsCurrent`	$41.53K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$128.76K	USD	Point-in-time
Fixed assets	`PropertyPlantAndEquipmentNet`	$37.84K	USD	Point-in-time
Fixed assets	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	12.50M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	18.50M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$16.33K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	12.50M	shares	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$108.72K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$128.76K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$204.42K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$28.07K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.23K	USD	Point-in-time
Accounts payable and accrued expenses - related party	`DueToRelatedPartiesCurrent`	$10.45K	USD	Point-in-time
Accounts payable and accrued expenses - related party	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Current portion of notes payable and accrued interest payable	`NotesPayableCurrent`	$288.12K	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`	$326.63K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$100.10K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$32.60K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$10.47K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	-	USD	Point-in-time
Notes payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$79.20K	USD	Point-in-time
Notes payable to related party	`NotesPayableRelatedPartiesNoncurrent`	-	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$102.33K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$448.89K	USD	Point-in-time
Preferred stock; $0.0001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock; $0.0001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock: 100,000,000 authorized; $0.0001 par value 18,500,000 shares and 12,500,000 shares issued and outstanding at February 29, 2012 and February 28, 2011, respectively	`CommonStockValue`	$1.25K	USD	Point-in-time
Common stock: 100,000,000 authorized; $0.0001 par value 18,500,000 shares and 12,500,000 shares issued and outstanding at February 29, 2012 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
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.12M	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`	-	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	`StockholdersEquity`	$-244.47K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$204.42K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$128.76K	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	-	USD	Annual
REVENUE	`Revenues`	$72.26K	USD	Annual
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	Annual
COST OF GOODS SOLD	`CostOfGoodsSold`	$32.40K	USD	Annual
GROSS PROFIT	`GrossProfit`	$39.85K	USD	Annual
GROSS PROFIT	`GrossProfit`	-	USD	Annual
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$4.11M	USD	Annual
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$35.06K	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-4.07M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-35.06K	USD	Annual
Interest expense	`InterestExpense`	$14.37K	USD	Annual
Interest expense	`InterestExpense`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-35.06K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.09M	USD	Annual
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	-	USD	Annual
Net loss per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.27	USD	Annual
Weighted average number of common shares outstanding basic and fully diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndFullyDiluted`	9.61M	shares	Annual
Weighted average number of common shares outstanding basic and fully diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndFullyDiluted`	14.99M	shares	Annual

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-35.06K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.09M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.16K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$3.75M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.66K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$16.68K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	-	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$31.17K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.23K	USD	Annual
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$14.37K	USD	Annual
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	-	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-32.84K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-305.04K	USD	Annual
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	Annual
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$7.70K	USD	Annual
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.29K	USD	Annual
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.99K	USD	Annual
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	$284.94K	USD	Annual
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	$100.10K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$61.50K	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable`	$36.97K	USD	Annual
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$22.00K	USD	Annual
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$225.96K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$161.60K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$128.76K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-110.07K	USD	Annual
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
Interest	`InterestPaid`	-	USD	Annual
Interest	`InterestPaid`	-	USD	Annual
Taxes	`IncomeTaxesPaid`	-	USD	Annual
Taxes	`IncomeTaxesPaid`	-	USD	Annual
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	-	USD	Annual
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	$90.00K	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Common stock issued for cash, price per share	`EquityIssuanceDollarAmountPerShare`	$0.00	USD	Point-in-time
Common stock issued for cash, price per share	`EquityIssuanceDollarAmountPerShare`	$0.01	USD	Point-in-time
Balance	`StockholdersEquity`	$26.43K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$-244.47K	USD	Point-in-time
Issuance of stock for cash, March 25, 2010, $0.001 per share	`IssuanceOfStockForCashMarch252010Value`	$9.00K	USD	Annual
Issuance of common stock for cash December 23 through 31, 2010, $0.015 per share	`IssuanceOfStockForCashDecember23Through312010Value`	$30.00K	USD	Annual
Issuance of common stock for cash January 2 through 9, 2011, $0.015 per share	`IssuanceOfStockForCashJanuary2Through92011Value`	$22.50K	USD	Annual
Stock issued for services	`StockIssuedDuringPeriodValueNewIssues`	$3.75M	USD	Annual
Stock issued for conversion of debt	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$67.50K	USD	Annual
Net loss	`NetIncomeLoss`	$-35.06K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.09M	USD	Annual
Balance	`StockholdersEquity`	$26.43K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$-244.47K	USD	Point-in-time

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