10-K/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 FY 2013

Filing Information

Form Type	10-K/A
Accession Number	`0001161697-14-000295`
Period End Date	20140228
Filing Date	20140703
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	omvs-20140228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 22 Cash Flow Statement 40 Stockholders Equity 14

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.61K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.64K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$26.87K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$41.74K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.62K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$-615.02K	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
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,642 and $3,608, respectively	`AccountsReceivableNetCurrent`	$3.79K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,642 and $3,608, respectively	`AccountsReceivableNetCurrent`	$755.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$22.01K	USD	Point-in-time
Inventory, net	`InventoryNet`	$3.81K	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`	$44.52K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.19K	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
Fixed assets net of accumulated depreciation of $41,745 and $26,871, respectively	`PropertyPlantAndEquipmentNet`	$17.75K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Fixed assets net of accumulated depreciation of $41,745 and $26,871, respectively	`PropertyPlantAndEquipmentNet`	$32.62K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
TOTAL ASSETS	`Assets`	$54.94K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
TOTAL ASSETS	`Assets`	$77.15K	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`	18.50M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.10M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.10M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$272.30K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$107.20K	USD	Point-in-time
Accounts payable and accrued expenses - related parties	`AccountsPayableRelatedPartiesCurrent`	$13.23K	USD	Point-in-time
Accounts payable and accrued expenses - related parties	`AccountsPayableRelatedPartiesCurrent`	$26.68K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$38.71K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$18.45K	USD	Point-in-time
Current portion of convertible notes payable	`ConvertibleNotesPayableCurrent`	$32.60K	USD	Point-in-time
Current portion of convertible notes payable	`ConvertibleNotesPayableCurrent`	$294.87K	USD	Point-in-time
Advances payable	`AccountsPayableOtherCurrent`	$273.46K	USD	Point-in-time
Advances payable	`AccountsPayableOtherCurrent`	$130.04K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$728.88K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$478.66K	USD	Point-in-time
Convertible notes payable, net of discount of $615,024 and $0, respectively	`ConvertibleLongTermNotesPayable`	$281.19K	USD	Point-in-time
Convertible notes payable, net of discount of $615,024 and $0, respectively	`ConvertibleLongTermNotesPayable`	$43.53K	USD	Point-in-time
Note payable	`LongTermNotesPayable`	$2.00K	USD	Point-in-time
Note payable	`LongTermNotesPayable`	-	USD	Point-in-time
Accrued interest liability	`OtherAccruedLiabilitiesNoncurrent`	$29.35K	USD	Point-in-time
Accrued interest liability	`OtherAccruedLiabilitiesNoncurrent`	-	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$801.77K	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; none issued and outstanding.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding.	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized; 23,100,000 and 18,500,000 shares issued and outstanding at February 28, 2014 and February 28, 2013, respectively.	`CommonStockValue`	$2.31K	USD	Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized; 23,100,000 and 18,500,000 shares issued and outstanding at February 28, 2014 and February 28, 2013, respectively.	`CommonStockValue`	$1.85K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.56M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-746.83K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-369.53K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-684.71K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$54.94K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$77.15K	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	$87.39K	USD	Annual
REVENUE	`Revenues`	$114.02K	USD	Annual
COST OF GOODS SOLD	`CostOfGoodsSold`	$68.32K	USD	Annual
COST OF GOODS SOLD	`CostOfGoodsSold`	$69.81K	USD	Annual
GROSS PROFIT	`GrossProfit`	$44.22K	USD	Annual
GROSS PROFIT	`GrossProfit`	$19.06K	USD	Annual
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	-	USD	Annual
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	$30.00K	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$646.69K	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$348.79K	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-657.63K	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-304.58K	USD	Annual
Interest expense	`InterestExpense`	$109.05K	USD	Annual
Interest expense	`InterestExpense`	$10.60K	USD	Annual
Total Other Expense	`NonoperatingIncomeExpense`	$-10.60K	USD	Annual
Total Other Expense	`NonoperatingIncomeExpense`	$-109.05K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-766.67K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-315.18K	USD	Annual
NET LOSS PER COMMON SHARE - Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	Annual
NET LOSS PER COMMON SHARE - Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	Annual
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.50M	shares	Annual
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	20.25M	shares	Annual

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-766.67K	USD	Annual
Net Loss	`NetIncomeLoss`	$-315.18K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.21K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.87K	USD	Annual
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$43.53K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.91K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.04K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-18.20K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$4.88K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$79.28K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$196.21K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-490.83K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-233.65K	USD	Annual
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$255.94K	USD	Annual
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$527.00K	USD	Annual
Repayment of note payable	`RepaymentsOfNotesPayable`	$2.00K	USD	Annual
Repayment of note payable	`RepaymentsOfNotesPayable`	$8.46K	USD	Annual
Repayment of note payable to related parties	`RepaymentsOfRelatedPartyDebt`	$13.80K	USD	Annual
Repayment of note payable to related parties	`RepaymentsOfRelatedPartyDebt`	$20.26K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$504.73K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$233.68K	USD	Annual
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$28.00	USD	Annual
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.90K	USD	Annual
CASH, at the beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$32.62K	USD	Point-in-time
CASH, at the beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, at the beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, at the end of the year	`CashAndCashEquivalentsAtCarryingValue`	$32.62K	USD	Point-in-time
CASH, at the end of the year	`CashAndCashEquivalentsAtCarryingValue`	$18.69K	USD	Point-in-time
CASH, at the end of the year	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
Cash paid during the period for: Interest	`InterestPaid`	-	USD	Annual
Cash paid during the period for: Interest	`InterestPaid`	-	USD	Annual
Cash paid during the period for: Taxes	`IncomeTaxesPaid`	-	USD	Annual
Cash paid during the period for: Taxes	`IncomeTaxesPaid`	-	USD	Annual
Shares issued for conversion of notes payable and accrued interest	`StockIssued1`	$46.00K	USD	Annual
Shares issued for conversion of notes payable and accrued interest	`StockIssued1`	$115.60K	USD	Annual
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$658.55K	USD	Annual
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$329.05K	USD	Annual
Beneficial conversion feature on issuance of convertible note payable	`BeneficialConversionFeatureOnIssuanceOfConvertibleNotePayable`	$658.35K	USD	Annual
Beneficial conversion feature on issuance of convertible note payable	`BeneficialConversionFeatureOnIssuanceOfConvertibleNotePayable`	$329.05K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-746.83K	USD	Point-in-time
Balance	`StockholdersEquity`	$-369.53K	USD	Point-in-time
Balance	`StockholdersEquity`	$-684.71K	USD	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	23.10M	shares	Point-in-time
Shares issued for conversion of notes payable and accrued interest	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$46.00K	USD	Annual
Beneficial conversion feature on issuance of convertible notes payable	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$658.55K	USD	Annual
Net loss	`NetIncomeLoss`	$-766.67K	USD	Annual
Net loss	`NetIncomeLoss`	$-315.18K	USD	Annual
Balance	`StockholdersEquity`	$-746.83K	USD	Point-in-time
Balance	`StockholdersEquity`	$-369.53K	USD	Point-in-time
Balance	`StockholdersEquity`	$-684.71K	USD	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	18.50M	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	23.10M	shares	Point-in-time

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