10-Q/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q1 2014

Filing Information

Form Type	10-Q/A
Accession Number	`0001161697-13-000525`
Period End Date	20130531
Filing Date	20130726
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	omvs-20130531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 18 Cash Flow Statement 36

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$26.87K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$28.18K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$8.67K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$7.67K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$-261.60K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$28.44K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$37.88K	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$6.94K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.79K	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$22.01K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventory	`InventoryNet`	$22.26K	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
Total current assets	`AssetsCurrent`	$44.52K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$67.08K	USD	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
Fixed assets, net of accumulated depreciation of $28,175 and $26,871, respectively	`PropertyPlantAndEquipmentNet`	$32.62K	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $28,175 and $26,871, respectively	`PropertyPlantAndEquipmentNet`	$31.32K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Intangible assets, net of accumulated amortization of $8,667 and $7,667, respectively	`IntangibleAssetsNetExcludingGoodwill`	$11.33K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $8,667 and $7,667, respectively	`IntangibleAssetsNetExcludingGoodwill`	$12.33K	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
Goodwill	`Goodwill`	$54.72K	USD	Point-in-time
Goodwill	`Goodwill`	$54.72K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$164.46K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.50M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$144.20K	USD	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$107.20K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$141.13K	USD	Point-in-time
Current portion of convertible note payable	`ConvertibleNotesPayableCurrent`	$32.60K	USD	Point-in-time
Current portion of convertible note payable	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Advances payable and accrued interest payable	`AccountsPayableOtherCurrent`	$273.46K	USD	Point-in-time
Advances payable and accrued interest payable	`AccountsPayableOtherCurrent`	$102.91K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$276.64K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$380.66K	USD	Point-in-time
Convertible notes payable, net of discount of $261,595 and $-, respectively	`ConvertibleLongTermNotesPayable`	$313.79K	USD	Point-in-time
Convertible notes payable, net of discount of $261,595 and $-, respectively	`ConvertibleLongTermNotesPayable`	$281.19K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	-	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$2.00K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$53.42K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$65.39K	USD	Point-in-time
Total liabilities	`Liabilities`	$611.25K	USD	Point-in-time
Total liabilities	`Liabilities`	$761.85K	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at May 31, 2013 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, 2013 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, 2013 and February 28, 2013	`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, 2013 and February 28, 2013	`CommonStockValue`	$1.85K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.14M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.59M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-446.79K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-617.65K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$144.20K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$164.46K	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	$25.60K	USD	1 Quarter
REVENUE	`Revenues`	$21.86K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$14.76K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$8.92K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$16.68K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$7.09K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$118.17K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$90.74K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-101.49K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-83.65K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.72K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-104.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-90.74K	USD	1 Quarter
Net loss per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	1 Quarter

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-104.21K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-90.74K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.30K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.30K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.98K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.15K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.61K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$254.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$27.58K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$33.93K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$2.72K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$7.09K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-82.20K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-50.82K	USD	1 Quarter
Proceeds from issuance of loans	`ProceedsFromIssuanceOfDebt`	$83.95K	USD	1 Quarter
Proceeds from issuance of loans	`ProceedsFromIssuanceOfDebt`	$94.15K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$2.00K	USD	1 Quarter
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$11.98K	USD	1 Quarter
Repayments of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$2.20K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$69.97K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$91.95K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.16K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$9.75K	USD	1 Quarter
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$28.44K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$37.88K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$28.44K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$37.88K	USD	Point-in-time
Cash paid during the period for: Interest	`InterestPaid`	-	USD	1 Quarter
Cash paid during the period for: Interest	`InterestPaid`	-	USD	1 Quarter
Cash paid during the period for: Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid during the period for: Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

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