10-Q/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q2 2014

Filing Information

Form Type	10-Q/A
Accession Number	`0001161697-14-000582`
Period End Date	20140831
Filing Date	20141125
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	omvs-20140831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 60 Cash Flow Statement 62

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	-	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.75K	USD	Point-in-time
Current portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountCurrent`	$191.05K	USD	Point-in-time
Current portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountCurrent`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.32K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$73.98K	USD	Point-in-time
Noncurrent portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$705.39K	USD	Point-in-time
Noncurrent portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$615.02K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.67K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.18K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.25K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$302.00	USD	Point-in-time
Assets of discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$7.00K	USD	Point-in-time
Assets of discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$1.87K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.19K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.74K	USD	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
Long-term assets of discontinued operations	`DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent`	$17.75K	USD	Point-in-time
Long-term assets of discontinued operations	`DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent`	$12.26K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Fixed assets, net of accumulated depreciation of $2,749 and $0, respectively	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Fixed assets, net of accumulated depreciation of $2,749 and $0, respectively	`PropertyPlantAndEquipmentNet`	$89.25K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.18M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.10M	shares	Point-in-time
Investment in joint venture	`InvestmentsAndOtherNoncurrentAssets`	-	USD	Point-in-time
Investment in joint venture	`InvestmentsAndOtherNoncurrentAssets`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.18M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$54.94K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.10M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$121.26K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$247.67K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$383.16K	USD	Point-in-time
Advances payable	`AccountsPayableOtherCurrent`	$130.04K	USD	Point-in-time
Advances payable	`AccountsPayableOtherCurrent`	-	USD	Point-in-time
Current portion of convertible notes payable, net of discount of $191,048 and $0, respectively	`ConvertibleNotesPayableCurrent`	$294.87K	USD	Point-in-time
Current portion of convertible notes payable, net of discount of $191,048 and $0, respectively	`ConvertibleNotesPayableCurrent`	$297.99K	USD	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$6.91K	USD	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	-	USD	Point-in-time
Current portion of accrued interest payable	`InterestPayableCurrent`	$20.95K	USD	Point-in-time
Current portion of accrued interest payable	`InterestPayableCurrent`	$57.88K	USD	Point-in-time
Liabilities of discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$35.35K	USD	Point-in-time
Liabilities of discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$14.13K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$728.88K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$760.06K	USD	Point-in-time
Convertible notes payable, net of discount of $705,395 and $615,024, respectively	`ConvertibleLongTermNotesPayable`	$47.22K	USD	Point-in-time
Convertible notes payable, net of discount of $705,395 and $615,024, respectively	`ConvertibleLongTermNotesPayable`	$43.53K	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$29.35K	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$29.80K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	-	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	$25.10K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$862.17K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$801.77K	USD	Point-in-time
Series E Preferred Stock, $0.001 stated value; 1,000,000 shares authorized; 1,000,000 and 0 shares issued and outstanding at August 31, 2014 and at February 28, 2014, respectively	`PreferredStockValue`	-	USD	Point-in-time
Series E Preferred Stock, $0.001 stated value; 1,000,000 shares authorized; 1,000,000 and 0 shares issued and outstanding at August 31, 2014 and at February 28, 2014, respectively	`PreferredStockValue`	$1.00K	USD	Point-in-time
Common Stock, $0.0001 par value; 100,000,000 shares authorized; 31,180,000 and 23,100,000 shares issued and outstanding at August 31, 2014 and at February 28, 2014, respectively	`CommonStockValue`	$2.31K	USD	Point-in-time
Common Stock, $0.0001 par value; 100,000,000 shares authorized; 31,180,000 and 23,100,000 shares issued and outstanding at August 31, 2014 and at February 28, 2014, respectively	`CommonStockValue`	$3.12K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.58M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.33M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-740.91K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-746.83K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$54.94K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$121.26K	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
ADVERTISING REVENUE	`Revenues`	$2.25K	USD	2 Qtrs
ADVERTISING REVENUE	`Revenues`	-	USD	2 Qtrs
ADVERTISING REVENUE	`Revenues`	$2.25K	USD	1 Quarter
ADVERTISING REVENUE	`Revenues`	-	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$2.25K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	-	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	-	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$2.25K	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	-	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	$27.39K	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	-	USD	2 Qtrs
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	$51.18K	USD	2 Qtrs
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$266.86K	USD	2 Qtrs
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$194.84K	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$135.93K	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$334.73K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$194.84K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$163.32K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$385.91K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$266.86K	USD	2 Qtrs
Net operating loss	`OperatingIncomeLoss`	$-383.66K	USD	2 Qtrs
Net operating loss	`OperatingIncomeLoss`	$-194.84K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-161.07K	USD	1 Quarter
Net operating loss	`OperatingIncomeLoss`	$-266.86K	USD	2 Qtrs
Interest expense	`InterestExpense`	$63.07K	USD	1 Quarter
Interest expense	`InterestExpense`	$28.10K	USD	2 Qtrs
Interest expense	`InterestExpense`	$21.01K	USD	1 Quarter
Interest expense	`InterestExpense`	$124.97K	USD	2 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-215.85K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-294.96K	USD	2 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-508.63K	USD	2 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-224.14K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-5.99K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-7.63K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-16.72K	USD	2 Qtrs
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-21.91K	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-311.68K	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-221.84K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-231.78K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-530.54K	USD	2 Qtrs
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.02	USD	2 Qtrs
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.02	USD	2 Qtrs
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	2 Qtrs
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	2 Qtrs
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.79M	shares	2 Qtrs
COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.90M	shares	2 Qtrs
COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.25M	shares	1 Quarter
COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.09M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-311.68K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-221.84K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-231.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-530.54K	USD	2 Qtrs
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-5.99K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-7.63K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-16.72K	USD	2 Qtrs
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-21.91K	USD	2 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-215.85K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-294.96K	USD	2 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-508.63K	USD	2 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-224.14K	USD	1 Quarter
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$74.23K	USD	2 Qtrs
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$7.36K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	-	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$2.75K	USD	2 Qtrs
Preferred stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$100.00K	USD	2 Qtrs
Preferred stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.25K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$302.00	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$96.31K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$90.48K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$20.74K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$50.74K	USD	2 Qtrs
Assets and liabilities of discontinued operations	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-26.93K	USD	2 Qtrs
Assets and liabilities of discontinued operations	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-32.50K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-197.48K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-225.48K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.00K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-15.00K	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$225.62K	USD	2 Qtrs
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$255.79K	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$255.79K	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$225.62K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$58.31K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-14.86K	USD	2 Qtrs
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$15.32K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$73.98K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$15.67K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$30.18K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$15.32K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$73.98K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$15.67K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$30.18K	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
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$261.60K	USD	2 Qtrs
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$355.65K	USD	2 Qtrs
Beneficial conversion on convertible note payable	`DebtInstrumentConvertibleBeneficialConversionFeature`	$261.60K	USD	2 Qtrs
Beneficial conversion on convertible note payable	`DebtInstrumentConvertibleBeneficialConversionFeature`	$355.65K	USD	2 Qtrs
Common stock issued for conversion of convertible notes payable and accrued interest	`DebtConversionConvertedInstrumentAmount1`	$80.80K	USD	2 Qtrs
Common stock issued for conversion of convertible notes payable and accrued interest	`DebtConversionConvertedInstrumentAmount1`	$18.00K	USD	2 Qtrs
Automobile acquired under capital lease	`CapitalLeaseObligationsIncurred`	-	USD	2 Qtrs
Automobile acquired under capital lease	`CapitalLeaseObligationsIncurred`	$32.00K	USD	2 Qtrs
Equipment acquired with accounts payable	`FairValueOfAssetsAcquired`	$45.00K	USD	2 Qtrs
Equipment acquired with accounts payable	`FairValueOfAssetsAcquired`	-	USD	2 Qtrs

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