10-Q Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001161697-13-000795`
Period End Date	20130831
Filing Date	20131021
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	omvs-20130831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 36 Cash Flow Statement 44

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$34.31K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$26.87K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$9.67K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$7.67K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$19.77K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$-254.23K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$81.51K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	-	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.79K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.10K	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
Inventory	`InventoryNet`	$23.45K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventory	`InventoryNet`	$22.01K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$44.52K	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
Total current assets	`AssetsCurrent`	$106.05K	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $34,308 and $26,871, respectively	`PropertyPlantAndEquipmentNet`	$25.19K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Fixed assets, net of accumulated depreciation of $34,308 and $26,871, respectively	`PropertyPlantAndEquipmentNet`	$32.62K	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
Intangible assets, net of accumulated amortization of $9,667 and $7,667, respectively	`IntangibleAssetsNetExcludingGoodwill`	$12.33K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $9,667 and $7,667, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.33K	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
Common stock, shares issued	`CommonStockSharesIssued`	18.50M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$144.20K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$196.30K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.30M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.30M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$197.20K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$107.20K	USD	Point-in-time
Accounts payable and accrued expenses - related party	`AccountsPayableRelatedPartiesCurrent`	$26.68K	USD	Point-in-time
Accounts payable and accrued expenses - related party	`AccountsPayableRelatedPartiesCurrent`	$27.15K	USD	Point-in-time
Notes payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$38.71K	USD	Point-in-time
Notes payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$32.13K	USD	Point-in-time
Current portion of convertible note payable	`ConvertibleNotesPayableCurrent`	$32.60K	USD	Point-in-time
Current portion of convertible note payable	`ConvertibleNotesPayableCurrent`	$32.60K	USD	Point-in-time
Advances payable and accrued interest payable	`AccountsPayableOtherCurrent`	$273.46K	USD	Point-in-time
Advances payable and accrued interest payable	`AccountsPayableOtherCurrent`	$274.37K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$478.66K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$563.45K	USD	Point-in-time
Convertible notes payable, net of discount of $254,231 and $-, respectively	`ConvertibleLongTermNotesPayable`	$284.58K	USD	Point-in-time
Convertible notes payable, net of discount of $254,231 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
Total liabilities	`Liabilities`	$848.03K	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 August 31, 2013 and February 28, 2013	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at August 31, 2013 and February 28, 2013	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 20,300,000 and 18,500,000 shares issued and outstanding at August 31, 2013 and February 28, 2013, respectively	`CommonStockValue`	$1.85K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 20,300,000 and 18,500,000 shares issued and outstanding at August 31, 2013 and February 28, 2013, respectively	`CommonStockValue`	$2.03K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.88M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.81M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-617.65K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-651.73K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$196.30K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$144.20K	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	$45.01K	USD	2 Qtrs
REVENUE	`Revenues`	$23.16K	USD	1 Quarter
REVENUE	`Revenues`	$37.44K	USD	1 Quarter
REVENUE	`Revenues`	$63.05K	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$21.10K	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$28.89K	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$12.18K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$14.12K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$9.03K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$41.95K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$16.12K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$25.27K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$204.94K	USD	2 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$210.96K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$301.70K	USD	2 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$86.76K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-285.58K	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-61.50K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-162.99K	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-201.93K	USD	1 Quarter
Interest expense	`InterestExpense`	$570.00	USD	1 Quarter
Interest expense	`InterestExpense`	$28.10K	USD	2 Qtrs
Interest expense	`InterestExpense`	$3.29K	USD	2 Qtrs
Interest expense	`InterestExpense`	$21.01K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-313.68K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-166.28K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-62.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-222.94K	USD	1 Quarter
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	2 Qtrs
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.09M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.79M	shares	2 Qtrs

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-313.68K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-166.28K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-62.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-222.94K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.61K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.80K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.16K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.70K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$11.48K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$1.44K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$19.64K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$90.47K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$3.29K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$20.74K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-151.38K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-184.41K	USD	2 Qtrs
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$255.79K	USD	2 Qtrs
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$158.55K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$2.00K	USD	2 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$4.30K	USD	2 Qtrs
Repayments of notes payable to related party	`RepaymentsOfRelatedPartyDebt`	$1.79K	USD	2 Qtrs
Repayments of notes payable to related party	`RepaymentsOfRelatedPartyDebt`	$6.59K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$247.20K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$152.46K	USD	2 Qtrs
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$62.79K	USD	2 Qtrs
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.08K	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$19.77K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$81.51K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$19.77K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$81.51K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
Cash paid during the period for: Interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid during the period for: Interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid during the period for: Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid during the period for: Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Common stock issued for conversion of notes payable	`StockIssued1`	$18.00K	USD	2 Qtrs
Common stock issued for conversion of notes payable	`StockIssued1`	-	USD	2 Qtrs
Conversion of advances to convertible debt	`ConversionOfAdvancesToConvertibleDebt`	$261.60K	USD	2 Qtrs
Conversion of advances to convertible debt	`ConversionOfAdvancesToConvertibleDebt`	-	USD	2 Qtrs
Debt discount due to beneficial conversion feature	`DebtDiscountDueToBeneficialConversionFeature`	$261.60K	USD	2 Qtrs
Debt discount due to beneficial conversion feature	`DebtDiscountDueToBeneficialConversionFeature`	-	USD	2 Qtrs

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