10-Q/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q1 2015

Filing Information

Form Type	10-Q/A
Accession Number	`0001161697-15-000316`
Period End Date	20150531
Filing Date	20150724
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	omvs-20150531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 28 Cash Flow Statement 54 Stockholders Equity 9

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$16.50K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.87K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.25K	USD	Point-in-time
Current portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountCurrent`	$243.20K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.18K	USD	Point-in-time
Current portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountCurrent`	$380.95K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.15K	USD	Point-in-time
Accounts receivable, net of allowance for bad debt of $0 and $0, respectively	`AccountsReceivableNetCurrent`	$7.50K	USD	Point-in-time
Noncurrent portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$556.37K	USD	Point-in-time
Accounts receivable, net of allowance for bad debt of $0 and $0, respectively	`AccountsReceivableNetCurrent`	$5.25K	USD	Point-in-time
Noncurrent portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$500.34K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.65K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.93K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $16,499 and $11,874, respectively	`PropertyPlantAndEquipmentNet`	$80.13K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $16,499 and $11,874, respectively	`PropertyPlantAndEquipmentNet`	$75.50K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$88.06K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$90.16K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$307.84K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$396.34K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Current portion of convertible notes payable, net of discount of $243,199 and $380,949, respectively	`ConvertibleNotesPayableCurrent`	$586.35K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.37M	shares	Point-in-time
Current portion of convertible notes payable, net of discount of $243,199 and $380,949, respectively	`ConvertibleNotesPayableCurrent`	$448.60K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	75,360.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	75,360.00	shares	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$5.78K	USD	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$5.64K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.37M	shares	Point-in-time
Current portion of accrued interest payable	`InterestPayableCurrent`	$144.37K	USD	Point-in-time
Current portion of accrued interest payable	`InterestPayableCurrent`	$124.38K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$886.47K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.13M	USD	Point-in-time
Convertible notes payable, net of discount of $556,372 and $500,339, respectively.	`ConvertibleLongTermNotesPayable`	$31.97K	USD	Point-in-time
Convertible notes payable, net of discount of $556,372 and $500,339, respectively.	`ConvertibleLongTermNotesPayable`	$22.62K	USD	Point-in-time
Convertible note payable to related party	`ConvertibleLongTermNotesPayableRelatedParty`	$66.89K	USD	Point-in-time
Convertible note payable to related party	`ConvertibleLongTermNotesPayableRelatedParty`	$164.19K	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$34.48K	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$20.20K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	$20.57K	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`	$1.29M	USD	Point-in-time
Series E Preferred Stock, $0.0010 stated value; 20,000,000 shares authorized; 1,000,000 and 1,000,000 shares issued and outstanding at May 31, 2015 and February 28, 2015, 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 1,000,000 shares issued and outstanding at May 31, 2015 and February 28, 2015, respectively	`PreferredStockValue`	$1.00K	USD	Point-in-time
Common Stock, $0.0010 par value; 480,000,000 shares authorized; 1,365,593 and 75,360 shares issued and outstanding at May 31, 2015 and February 28, 2015, respectively	`CommonStockValue`	$75.00	USD	Point-in-time
Common Stock, $0.0010 par value; 480,000,000 shares authorized; 1,365,593 and 75,360 shares issued and outstanding at May 31, 2015 and February 28, 2015, respectively	`CommonStockValue`	$1.37K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.72M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.20M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.03M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$90.16K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$88.06K	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	-	USD	1 Quarter
REVENUE	`Revenues`	$2.25K	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	-	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$2.25K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	-	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`	$198.80K	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$151.99K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-149.74K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-222.59K	USD	1 Quarter
Interest expense	`InterestExpense`	$187.64K	USD	1 Quarter
Interest expense	`InterestExpense`	$61.90K	USD	1 Quarter
Income from Continuing Operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-284.49K	USD	1 Quarter
Income from Continuing Operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-337.38K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-14.28K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-298.76K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-337.38K	USD	1 Quarter
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.43	USD	1 Quarter
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-5.79	USD	1 Quarter
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.29	USD	1 Quarter
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.43	USD	1 Quarter
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-6.08	USD	1 Quarter
COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	791,944.00	shares	1 Quarter
COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49,117.00	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-298.76K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-337.38K	USD	1 Quarter
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-14.28K	USD	1 Quarter
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-284.49K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-337.38K	USD	1 Quarter
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$147.10K	USD	1 Quarter
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$36.34K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$544.00	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$4.62K	USD	1 Quarter
Preferred stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$100.00K	USD	1 Quarter
Preferred stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Accounts receivable and accrued revenue	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts receivable and accrued revenue	`IncreaseDecreaseInAccountsReceivable`	$2.25K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$11.47K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$88.50K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$44.20K	USD	1 Quarter
Accounts payable to related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$3.42K	USD	1 Quarter
Accounts payable to related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$25.30K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$39.87K	USD	1 Quarter
Operating assets and liabilities of discontinued operations	`IncreaseDecreaseInOtherOperatingCapitalNet`	-	USD	1 Quarter
Operating assets and liabilities of discontinued operations	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-15.00K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-59.53K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-101.15K	USD	1 Quarter
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$105.63K	USD	1 Quarter
Proceeds from advances	`ProceedsFromIssuanceOfDebt`	$65.38K	USD	1 Quarter
Repayments of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$416.00	USD	1 Quarter
Repayments of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$1.38K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$105.21K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$64.01K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.47K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.06K	USD	1 Quarter
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$34.25K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$30.18K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$7.15K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$34.25K	USD	Point-in-time
CASH, at the end 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`	$7.15K	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
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$65.38K	USD	1 Quarter
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	-	USD	1 Quarter
Beneficial conversion on convertible note payable	`DebtInstrumentConvertibleBeneficialConversionFeature`	-	USD	1 Quarter
Beneficial conversion on convertible note payable	`DebtInstrumentConvertibleBeneficialConversionFeature`	$65.38K	USD	1 Quarter
Conversion of convertible notes payable	`DebtConversionConvertedInstrumentAmount1`	$102.90K	USD	1 Quarter
Conversion of convertible notes payable	`DebtConversionConvertedInstrumentAmount1`	$34.80K	USD	1 Quarter
Automobile acquired under for lease	`CapitalLeaseObligationsIncurred`	-	USD	1 Quarter
Automobile acquired under for lease	`CapitalLeaseObligationsIncurred`	$32.00K	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-1.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.03M	USD	Point-in-time
Shares issued for conversion of notes payable	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$102.90K	USD	1 Quarter
Discount on issuance of convertible note payable	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$65.38K	USD	1 Quarter
Share rounding on reincorporation	`StockIssuedDuringPeriodValueShareRoundingOnReincorporation`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-298.76K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-337.38K	USD	1 Quarter
Balance	`StockholdersEquity`	$-1.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.03M	USD	Point-in-time

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