10-K Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001161697-15-000262`
Period End Date	20150228
Filing Date	20150615
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	omvs-20150228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 30 Cash Flow Statement 58 Stockholders Equity 13

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.87K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	-	USD	Point-in-time
Current portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountCurrent`	$380.95K	USD	Point-in-time
Current portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountCurrent`	-	USD	Point-in-time
Noncurrent portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$500.34K	USD	Point-in-time
Noncurrent portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$615.02K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	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`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$5.25K	USD	Point-in-time
Short-term assets of discontinued operation	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	-	USD	Point-in-time
Short-term assets of discontinued operation	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$7.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.93K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.19K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $11,874 and $0, respectively	`PropertyPlantAndEquipmentNet`	$80.13K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $11,874 and $0, respectively	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Long-term assets of discontinued operation	`DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent`	-	USD	Point-in-time
Long-term assets of discontinued operation	`DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent`	$17.75K	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
TOTAL ASSETS	`Assets`	$54.94K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$88.06K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	75,361.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	75,361.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	75,361.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	75,361.00	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$307.84K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$247.67K	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 $380,949 and $0, respectively	`ConvertibleNotesPayableCurrent`	$448.60K	USD	Point-in-time
Current portion of convertible notes payable, net of discount of $380,949 and $0, respectively	`ConvertibleNotesPayableCurrent`	$294.87K	USD	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$5.64K	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`	$124.38K	USD	Point-in-time
Liabilities related to assets held for sale	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	-	USD	Point-in-time
Liabilities related to assets held for sale	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$35.35K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$728.88K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$886.47K	USD	Point-in-time
Convertible notes payable, net of discount of $500,339 and $615,024, respectively	`ConvertibleLongTermNotesPayable`	$22.62K	USD	Point-in-time
Convertible notes payable, net of discount of $500,339 and $615,024, respectively	`ConvertibleLongTermNotesPayable`	$43.53K	USD	Point-in-time
Convertible note payable to related party	`ConvertibleLongTermNotesPayableRelatedParty`	-	USD	Point-in-time
Convertible note payable to related party	`ConvertibleLongTermNotesPayableRelatedParty`	$164.19K	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$20.20K	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$29.35K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	-	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	$22.08K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.12M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$801.77K	USD	Point-in-time
Series E Preferred Stock, $0.0010 stated value; 20,000,000 shares authorized; 1,000,000 and 0 shares issued and outstanding at February 28, 2015 and February 28, 2014, respectively	`PreferredStockValue`	$1.00K	USD	Point-in-time
Series E Preferred Stock, $0.0010 stated value; 20,000,000 shares authorized; 1,000,000 and 0 shares issued and outstanding at February 28, 2015 and February 28, 2014, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.0010 par value; 480,000,000 shares authorized; 75,361 shares issued and outstanding at February 28, 2015 and February 28, 2014, respectively	`CommonStockValue`	$75.00	USD	Point-in-time
Common Stock, $0.0010 par value; 480,000,000 shares authorized; 75,361 shares issued and outstanding at February 28, 2015 and February 28, 2014, respectively	`CommonStockValue`	$46.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.35M	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`	$-6.38M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-746.83K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.03M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-684.71K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$88.06K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$54.94K	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	-	USD	Annual
REVENUE	`Revenues`	$6.75K	USD	Annual
COST OF REVENUE	`CostOfGoodsSold`	-	USD	Annual
COST OF REVENUE	`CostOfGoodsSold`	-	USD	Annual
GROSS PROFIT	`GrossProfit`	-	USD	Annual
GROSS PROFIT	`GrossProfit`	$6.75K	USD	Annual
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	$30.00K	USD	Annual
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	$63.18K	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$595.68K	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$575.33K	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-605.33K	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-652.11K	USD	Annual
Interest expense	`InterestExpense`	$375.41K	USD	Annual
Interest expense	`InterestExpense`	$109.05K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-109.05K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-375.41K	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.03M	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-714.38K	USD	Annual
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-52.29K	USD	Annual
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-21.91K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-766.67K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-1.05M	USD	Annual
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-17.64	USD	Annual
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-16.89	USD	Annual
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-1.29	USD	Annual
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.36	USD	Annual
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-18.93	USD	Annual
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-17.25	USD	Annual
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40,506.00	shares	Annual
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	60,820.00	shares	Annual

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-766.67K	USD	Annual
Net Loss	`NetIncomeLoss`	$-1.05M	USD	Annual
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-52.29K	USD	Annual
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-21.91K	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.03M	USD	Annual
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-714.38K	USD	Annual
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$256.69K	USD	Annual
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$43.53K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	-	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$11.87K	USD	Annual
Preferred stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$100.00K	USD	Annual
Preferred stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Accounts receivable and accrued revenue	`IncreaseDecreaseInAccountsReceivable`	$5.25K	USD	Annual
Accounts receivable and accrued revenue	`IncreaseDecreaseInAccountsReceivable`	-	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$152.85K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$194.36K	USD	Annual
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$65.52K	USD	Annual
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$116.20K	USD	Annual
Cash used in operating activities of discontinued operation	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-25.41K	USD	Annual
Cash used in operating activities of discontinued operation	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-37.74K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-379.05K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-490.22K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.00K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-30.00K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$527.00K	USD	Annual
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$392.92K	USD	Annual
Repayments of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$4.28K	USD	Annual
Repayments of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	Annual
Cash used in financing activities of discontinued operation	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	$-22.27K	USD	Annual
Cash used in financing activities of discontinued operation	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	$-7.10K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$381.55K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$504.73K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-27.50K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$14.51K	USD	Annual
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	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`	$2.68K	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	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
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$658.55K	USD	Annual
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$522.96K	USD	Annual
Beneficial conversion on convertible note payable	`DebtInstrumentConvertibleBeneficialConversionFeature`	$522.96K	USD	Annual
Beneficial conversion on convertible note payable	`DebtInstrumentConvertibleBeneficialConversionFeature`	$658.55K	USD	Annual
Common stock issued for conversion of convertible notes payable and accrued interest	`DebtConversionConvertedInstrumentAmount1`	$145.80K	USD	Annual
Common stock issued for conversion of convertible notes payable and accrued interest	`DebtConversionConvertedInstrumentAmount1`	$46.00K	USD	Annual
Automobile acquired under capital lease	`CapitalLeaseObligationsIncurred`	$32.00K	USD	Annual
Automobile acquired under capital lease	`CapitalLeaseObligationsIncurred`	-	USD	Annual
Convertible note issued for reduction in accounts payable	`NotesAssumed1`	$164.19K	USD	Annual
Convertible note issued for reduction in accounts payable	`NotesAssumed1`	-	USD	Annual
Equipment acquired with accounts payable	`FairValueOfAssetsAcquired`	-	USD	Annual
Equipment acquired with accounts payable	`FairValueOfAssetsAcquired`	$30.00K	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-746.83K	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.03M	USD	Point-in-time
Balance	`StockholdersEquity`	$-684.71K	USD	Point-in-time
Shares issued for conversion of notes payable	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$145.80K	USD	Annual
Shares issued for conversion of notes payable	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$46.00K	USD	Annual
Beneficial conversion discount	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$658.55K	USD	Annual
Beneficial conversion discount	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$522.96K	USD	Annual
Preferred shares issued for compensation	`StockIssuedDuringPeriodValueIssuedForServices`	$100.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-766.67K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.05M	USD	Annual
Balance	`StockholdersEquity`	$-746.83K	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.03M	USD	Point-in-time
Balance	`StockholdersEquity`	$-684.71K	USD	Point-in-time

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