10-Q Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001161697-14-000036`
Period End Date	20131130
Filing Date	20140121
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	omvs-20131130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 36 Cash Flow Statement 46

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$35.61K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$26.87K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$7.67K	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$10.67K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$-640.82K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$21.39K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$24.33K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	-	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$9.93K	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
Inventory	`InventoryNet`	$10.90K	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$45.16K	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
Fixed assets, net of accumulated depreciation of $35,612 and $26,871, respectively	`PropertyPlantAndEquipmentNet`	$23.88K	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $35,612 and $26,871, respectively	`PropertyPlantAndEquipmentNet`	$32.62K	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
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Intangible assets, net of accumulated amortization of $10,667 and $7,667 respectively	`IntangibleAssetsNetExcludingGoodwill`	$9.33K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $10,667 and $7,667 respectively	`IntangibleAssetsNetExcludingGoodwill`	$12.33K	USD	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 authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.10M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$133.11K	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 outstanding	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.10M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$214.54K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$107.20K	USD	Point-in-time
Accounts payable and accrued expenses - related party	`AccountsPayableRelatedPartiesCurrent`	$25.07K	USD	Point-in-time
Accounts payable and accrued expenses - related party	`AccountsPayableRelatedPartiesCurrent`	$26.68K	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`	$24.07K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$38.71K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$25.38K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$478.66K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$321.65K	USD	Point-in-time
Convertible notes payable, net of discount of $640,815 and $0, respectively	`ConvertibleLongTermNotesPayable`	$284.81K	USD	Point-in-time
Convertible notes payable, net of discount of $640,815 and $0, respectively	`ConvertibleLongTermNotesPayable`	$281.19K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$2.00K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$761.85K	USD	Point-in-time
Total liabilities	`Liabilities`	$606.47K	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 November 30, 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 November 30, 2013 and February 28, 2013	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 22,100,000 and 18,500,000 shares issued and outstanding at November 30, 2013 and February 28, 2013, respectively	`CommonStockValue`	$1.85K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized, 22,100,000 and 18,500,000 shares issued and outstanding at November 30, 2013 and February 28, 2013, respectively	`CommonStockValue`	$2.21K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.05M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-473.36K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-617.65K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$133.11K	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
REVENUES	`Revenues`	$20.92K	USD	1 Quarter
REVENUES	`Revenues`	$83.03K	USD	3 Qtrs
REVENUES	`Revenues`	$19.98K	USD	1 Quarter
REVENUES	`Revenues`	$65.93K	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$41.76K	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$8.29K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$12.87K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$29.39K	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	$8.04K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$53.63K	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	$24.17K	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	$11.69K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$522.61K	USD	3 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$62.15K	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$267.09K	USD	3 Qtrs
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$220.91K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-213.46K	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-498.44K	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-212.86K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-50.47K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.87K	USD	3 Qtrs
Interest expense	`InterestExpense`	$51.82K	USD	3 Qtrs
Interest expense	`InterestExpense`	$571.00	USD	1 Quarter
Interest expense	`InterestExpense`	$23.72K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-51.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-236.59K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-217.32K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-550.27K	USD	3 Qtrs
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	3 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
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.00M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.53M	shares	3 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	3 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-51.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-236.59K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-217.32K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-550.27K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.91K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.74K	USD	3 Qtrs
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$17.74K	USD	3 Qtrs
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	-	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.08K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.14K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-11.11K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$11.42K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$105.73K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$18.72K	USD	3 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$34.09K	USD	3 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$3.87K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-376.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-202.33K	USD	3 Qtrs
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$396.96K	USD	3 Qtrs
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$211.44K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$2.00K	USD	3 Qtrs
Repayments of notes payable	`RepaymentsOfNotesPayable`	$6.40K	USD	3 Qtrs
Repayments of notes payable to related party	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Repayments of notes payable to related party	`RepaymentsOfRelatedPartyDebt`	$13.34K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$205.03K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$381.62K	USD	3 Qtrs
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.62K	USD	3 Qtrs
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.70K	USD	3 Qtrs
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$21.39K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$24.33K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$21.39K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$24.33K	USD	Point-in-time
Cash paid during the period for: Interest	`InterestPaid`	-	USD	3 Qtrs
Cash paid during the period for: Interest	`InterestPaid`	-	USD	3 Qtrs
Cash paid during the period for: Income Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Cash paid during the period for: Income Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Common stock issued for conversion of notes payable	`StockIssued1`	$36.00K	USD	3 Qtrs
Common stock issued for conversion of notes payable	`StockIssued1`	-	USD	3 Qtrs
Conversion of advances to convertible debt	`ConversionOfAdvancesToConvertibleDebt`	$658.55K	USD	3 Qtrs
Conversion of advances to convertible debt	`ConversionOfAdvancesToConvertibleDebt`	-	USD	3 Qtrs
Debt discount due to beneficial conversion feature	`DebtDiscountDueToBeneficialConversionFeature`	$658.55K	USD	3 Qtrs
Debt discount due to beneficial conversion feature	`DebtDiscountDueToBeneficialConversionFeature`	-	USD	3 Qtrs

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