10-Q/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q2 2012

Filing Information

Form Type	10-Q/A
Accession Number	`0001161697-12-000837`
Period End Date	20120831
Filing Date	20121109
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	omvs-20130831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 36 Cash Flow Statement 48 Stockholders Equity 8

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$21.66K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$24.26K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$3.67K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$5.67K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$19.77K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$65.12K	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`	$128.76K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$6.86K	USD	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$28.61K	USD	Point-in-time
Inventory	`InventoryNet`	$17.14K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$41.53K	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`	$55.24K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $24,264 and $21,657, respectively	`PropertyPlantAndEquipmentNet`	$35.23K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $24,264 and $21,657, respectively	`PropertyPlantAndEquipmentNet`	$37.84K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $5,667 and $3,667, respectively	`IntangibleAssetsNetExcludingGoodwill`	$14.33K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $5,667 and $3,667, respectively	`IntangibleAssetsNetExcludingGoodwill`	$16.33K	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
Goodwill	`Goodwill`	$108.72K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$213.53K	USD	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
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$28.07K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$37.30K	USD	Point-in-time
Accounts payable and accrued liabilities - related party	`DueToRelatedPartiesCurrent`	$20.86K	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`	$449.96K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$508.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$326.63K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$32.60K	USD	Point-in-time
Convertible note payable	`ConvertibleDebtNoncurrent`	$32.60K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$6.17K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$10.47K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$77.40K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$79.20K	USD	Point-in-time
Total liabilities	`Liabilities`	$624.29K	USD	Point-in-time
Total liabilities	`Liabilities`	$448.89K	USD	Point-in-time
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at August 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 August 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 August 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 August 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`	$-4.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.12M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-244.47K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-410.75K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$204.42K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$213.53K	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`Revenues`	$21.12K	USD	1 Quarter
REVENUES	`Revenues`	$37.44K	USD	1 Quarter
REVENUES	`Revenues`	$63.05K	USD	2 Qtrs
REVENUES	`Revenues`	$42.03K	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$12.18K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$11.08K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$22.49K	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$21.10K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$19.55K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$10.04K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$25.27K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$41.95K	USD	2 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$3.87M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$204.94K	USD	2 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$86.76K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$3.93M	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-61.50K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-3.91M	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-162.99K	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-3.86M	USD	1 Quarter
Interest expense	`InterestExpense`	$7.17K	USD	2 Qtrs
Interest expense	`InterestExpense`	$570.00	USD	1 Quarter
Interest expense	`InterestExpense`	$3.81K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.29K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-62.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.87M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-166.28K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.92M	USD	2 Qtrs
Net loss per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.30	USD	2 Qtrs
Net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.28	USD	1 Quarter
Net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.66M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.08M	shares	2 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-62.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.87M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-166.28K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.92M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.61K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.92K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$3.75M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.16K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-829.00	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$11.48K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$13.19K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$19.64K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$8.32K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$7.17K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$3.29K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-151.38K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-162.36K	USD	2 Qtrs
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	2 Qtrs
Acquisition of Crawford Mobile, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$7.70K	USD	2 Qtrs
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.29K	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.99K	USD	2 Qtrs
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	$158.55K	USD	2 Qtrs
Proceeds from issuance of loans	`ProceedsFromIssuanceOfLongTermDebt`	$172.48K	USD	2 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$32.77K	USD	2 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$4.30K	USD	2 Qtrs
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$10.00K	USD	2 Qtrs
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$1.79K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$152.46K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$129.71K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.08K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-63.64K	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$19.77K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$65.12K	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`	$19.77K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$65.12K	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	2 Qtrs
Interest	`InterestPaid`	-	USD	2 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	-	USD	2 Qtrs
Acquisition of Crawford Mobile Installation for note payable	`NotesIssued1`	$90.00K	USD	2 Qtrs

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-244.47K	USD	Point-in-time
Balance	`StockholdersEquity`	$-410.75K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-62.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.87M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-166.28K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.92M	USD	2 Qtrs
Balance	`StockholdersEquity`	$-244.47K	USD	Point-in-time
Balance	`StockholdersEquity`	$-410.75K	USD	Point-in-time

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