10-Q Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001161697-12-000549`
Period End Date	20120531
Filing Date	20120716
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	omvs-20120531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 18 Cash Flow Statement 44 Stockholders Equity 6

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$22.96K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$21.66K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$4.67K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$3.67K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$75.08K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$28.44K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$13.68K	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$5.70K	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`	$19.75K	USD	Point-in-time
Inventory	`InventoryNet`	$17.14K	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$61.87K	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$41.53K	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
Fixed assets, net of accumulated depreciation of $22,961 and $21,657, respectively	`PropertyPlantAndEquipmentNet`	$36.53K	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $22,961 and $21,657, respectively	`PropertyPlantAndEquipmentNet`	$37.84K	USD	Point-in-time
Common Stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $4,667 and $3,667, respectively	`IntangibleAssetsNetExcludingGoodwill`	$15.33K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $4,667 and $3,667, respectively	`IntangibleAssetsNetExcludingGoodwill`	$16.33K	USD	Point-in-time
Goodwill	`Goodwill`	$108.72K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	18.50M	shares	Point-in-time
Goodwill	`Goodwill`	$108.72K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	18.50M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$204.42K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$222.46K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$34.45K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$28.07K	USD	Point-in-time
Accounts payable and accrued liabilities - related party	`DueToRelatedPartiesCurrent`	$31.64K	USD	Point-in-time
Accounts payable and accrued liabilities - related party	`DueToRelatedPartiesCurrent`	$10.45K	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`	$384.99K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$326.63K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$451.08K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$32.60K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$32.60K	USD	Point-in-time
Note payable	`LongTermNotesPayable`	$10.47K	USD	Point-in-time
Note payable	`LongTermNotesPayable`	$8.27K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$79.20K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$79.20K	USD	Point-in-time
Total liabilities	`Liabilities`	$448.89K	USD	Point-in-time
Total liabilities	`Liabilities`	$571.15K	USD	Point-in-time
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at May 31, 2012 and February 29, 2012	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at May 31, 2012 and February 29, 2012	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 18,500,000 shares issued and outstanding at May 31, 2012 and February 29, 2012	`CommonStockValue`	$1.85K	USD	Point-in-time
Common Stock, $0.0001 par value, 100,000,000 shares authorized, 18,500,000 shares issued and outstanding at May 31, 2012 and February 29, 2012	`CommonStockValue`	$1.85K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.88M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.12M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-348.69K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-244.47K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$222.46K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$204.42K	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	$25.60K	USD	1 Quarter
REVENUE	`Revenues`	$20.92K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$11.40K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$8.92K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$16.68K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$9.51K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$118.17K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$59.13K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-101.49K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-49.62K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.36K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.72K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-104.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-52.98K	USD	1 Quarter
Net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndFullyDiluted`	18.50M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndFullyDiluted`	12.50M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-104.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-52.98K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.79K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.30K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.98K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.61K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$9.45K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$25.72K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$27.58K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$2.72K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$3.36K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-32.55K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-82.20K	USD	1 Quarter
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$7.70K	USD	1 Quarter
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.87K	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-28.57K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	$43.83K	USD	1 Quarter
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	$94.15K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$31.39K	USD	1 Quarter
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$5.00K	USD	1 Quarter
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$2.20K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.43K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$91.95K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$9.75K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-53.69K	USD	1 Quarter
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$75.08K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$28.44K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$75.08K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$128.76K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$28.44K	USD	Point-in-time
Interest	`InterestPaid`	-	USD	1 Quarter
Interest	`InterestPaid`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	-	USD	1 Quarter
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	$90.00K	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-348.69K	USD	Point-in-time
Balance	`StockholdersEquity`	$-244.47K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-104.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-52.98K	USD	1 Quarter
Balance	`StockholdersEquity`	$-348.69K	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.