10-Q/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q1 2014

Filing Information

Form Type	10-Q/A
Accession Number	`0001161697-14-000375`
Period End Date	20140531
Filing Date	20140730
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	omvs-20140531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 22 Cash Flow Statement 56

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.64K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.64K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$44.14K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$41.74K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.31K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$615.02K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.88K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.62K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$578.69K	USD	Point-in-time
Accounts receivable, net of allowance for bad debt of $1,642	`AccountsReceivableNetCurrent`	$755.00	USD	Point-in-time
Accounts receivable, net of allowance for bad debt of $1,642	`AccountsReceivableNetCurrent`	$2.58K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$11.47K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Inventory	`InventoryNet`	$3.81K	USD	Point-in-time
Inventory	`InventoryNet`	$4.69K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$54.04K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.19K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $44,144 and $41,745, respectively	`PropertyPlantAndEquipmentNet`	$46.78K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Fixed assets net of accumulated depreciation of $44,144 and $41,745, respectively	`PropertyPlantAndEquipmentNet`	$17.75K	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
TOTAL ASSETS	`Assets`	$54.94K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$100.82K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.58M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.10M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.58M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.10M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$300.81K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$251.34K	USD	Point-in-time
Related party accounts payable and accrued expenses	`AccountsPayableRelatedPartiesCurrent`	$16.65K	USD	Point-in-time
Related party accounts payable and accrued expenses	`AccountsPayableRelatedPartiesCurrent`	$13.23K	USD	Point-in-time
Advances payable	`AccountsPayableOtherCurrent`	$130.04K	USD	Point-in-time
Advances payable	`AccountsPayableOtherCurrent`	$235.67K	USD	Point-in-time
Current portion of convertible notes payable	`ConvertibleNotesPayableCurrent`	$268.04K	USD	Point-in-time
Current portion of convertible notes payable	`ConvertibleNotesPayableCurrent`	$294.87K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$11.35K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$18.45K	USD	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	-	USD	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$5.19K	USD	Point-in-time
Current portion of accrued interest payable	`InterestPayableCurrent`	$20.95K	USD	Point-in-time
Current portion of accrued interest payable	`InterestPayableCurrent`	$21.68K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$728.88K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$859.39K	USD	Point-in-time
Convertible notes payable, net of discount of $578,687 and $615,024, respectively	`ConvertibleLongTermNotesPayable`	$79.87K	USD	Point-in-time
Convertible notes payable, net of discount of $578,687 and $615,024, respectively	`ConvertibleLongTermNotesPayable`	$43.53K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	$26.39K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	-	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$29.35K	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$45.95K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.01M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$801.77K	USD	Point-in-time
Common Stock, $0.0001 par value; 100,000,000 shares authorized; 26,580,000 and 23,100,000 shares issued and outstanding at May 31, 2014 and February 28, 2014, respectively	`CommonStockValue`	$2.31K	USD	Point-in-time
Common Stock, $0.0001 par value; 100,000,000 shares authorized; 26,580,000 and 23,100,000 shares issued and outstanding at May 31, 2014 and February 28, 2014, respectively	`CommonStockValue`	$2.66K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.58M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.63M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-746.83K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-910.79K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$54.94K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$100.82K	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	$25.53K	USD	1 Quarter
REVENUE	`Revenues`	$21.86K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$17.73K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$14.76K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$7.80K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$7.09K	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	$23.79K	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	-	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$89.74K	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$220.88K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-82.65K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-236.86K	USD	1 Quarter
Interest expense	`InterestExpense`	$61.90K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.09K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-7.09K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-61.90K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-298.76K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-89.74K	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	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`	24.56M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-298.76K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-89.74K	USD	1 Quarter
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$36.34K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$1.30K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$2.97K	USD	1 Quarter
Preferred stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Preferred stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$100.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.82K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.15K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$872.00	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$254.00	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$11.47K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$33.93K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$49.46K	USD	1 Quarter
Related party accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Related party accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableRelatedParties`	$3.42K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$7.09K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$25.30K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-50.82K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-95.43K	USD	1 Quarter
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$105.63K	USD	1 Quarter
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Repayments of capital lease payable	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	1 Quarter
Repayments of capital lease payable	`RepaymentsOfLongTermCapitalLeaseObligations`	$416.00	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$83.95K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$2.00K	USD	1 Quarter
Repayments of related party notes payable	`RepaymentsOfRelatedPartyDebt`	$11.98K	USD	1 Quarter
Repayments of related party notes payable	`RepaymentsOfRelatedPartyDebt`	$7.10K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$98.12K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$69.97K	USD	1 Quarter
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.16K	USD	1 Quarter
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.69K	USD	1 Quarter
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$35.31K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$37.88K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$32.62K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$18.72K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$35.31K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$37.88K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$32.62K	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
Refinance of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	-	USD	1 Quarter
Refinance of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$261.60K	USD	1 Quarter
Beneficial conversion on convertible note payable	`BeneficialConversionFeatureOnIssuanceOfConvertibleNotePayable`	-	USD	1 Quarter
Beneficial conversion on convertible note payable	`BeneficialConversionFeatureOnIssuanceOfConvertibleNotePayable`	$261.60K	USD	1 Quarter
Common stock issued for conversion of convertible notes payable	`DebtConversionConvertedInstrumentAmount1`	-	USD	1 Quarter
Common stock issued for conversion of convertible notes payable	`DebtConversionConvertedInstrumentAmount1`	$34.80K	USD	1 Quarter
Automobile acquired under capital lease	`CapitalLeaseObligationsIncurred`	$32.00K	USD	1 Quarter
Automobile acquired under capital lease	`CapitalLeaseObligationsIncurred`	-	USD	1 Quarter

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