10-Q Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001161697-15-000438`
Period End Date	20150831
Filing Date	20151015
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	omvs-20150831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 51 Cash Flow Statement 63 Stockholders Equity 11

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`	$11.87K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$21.12K	USD	Point-in-time
Current portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountCurrent`	$151.51K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.18K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.32K	USD	Point-in-time
Current portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountCurrent`	$380.95K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.14K	USD	Point-in-time
Accounts receivable, net of allowance for bad debt of $0 and $0, respectively	`AccountsReceivableNetCurrent`	$6.00K	USD	Point-in-time
Noncurrent portion of convertible notes payable, discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$634.54K	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`	$12.14K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.93K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $21,124 and $11,874, respectively	`PropertyPlantAndEquipmentNet`	$80.13K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $21,124 and $11,874, respectively	`PropertyPlantAndEquipmentNet`	$70.88K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$88.06K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$83.02K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$307.84K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$411.77K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.24M	shares	Point-in-time
Current portion of convertible notes payable, net of discount of $151,515 and $380,949, respectively	`ConvertibleNotesPayableCurrent`	$670.75K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	75,360.00	shares	Point-in-time
Current portion of convertible notes payable, net of discount of $151,515 and $380,949, respectively	`ConvertibleNotesPayableCurrent`	$448.60K	USD	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$5.64K	USD	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$5.92K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.24M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	75,360.00	shares	Point-in-time
Current portion of accrued interest payable	`InterestPayableCurrent`	$162.70K	USD	Point-in-time
Current portion of accrued interest payable	`InterestPayableCurrent`	$124.38K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$886.47K	USD	Point-in-time
Convertible notes payable, net of discount of $634,539 and $500,339, respectively	`ConvertibleLongTermNotesPayable`	$45.43K	USD	Point-in-time
Convertible notes payable, net of discount of $634,539 and $500,339, respectively	`ConvertibleLongTermNotesPayable`	$22.62K	USD	Point-in-time
Convertible note payable to related party	`ConvertibleLongTermNotesPayableRelatedParty`	$164.19K	USD	Point-in-time
Convertible note payable to related party	`ConvertibleLongTermNotesPayableRelatedParty`	-	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$20.20K	USD	Point-in-time
Accrued interest payable	`OtherAccruedLiabilitiesNoncurrent`	$48.21K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	$22.08K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	$19.04K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.12M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.36M	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 20,000,000 shares authorized; 1,000,000 and 1,000,000 shares issued and outstanding at August 31, 2015 and February 28, 2015, respectively	`PreferredStockValue`	$1.00K	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 20,000,000 shares authorized; 1,000,000 and 1,000,000 shares issued and outstanding at August 31, 2015 and February 28, 2015, respectively	`PreferredStockValue`	$1.00K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized; 3,243,060 and 75,360 shares issued and outstanding at August 31, 2015 and February 28, 2015, respectively	`CommonStockValue`	$3.24K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized; 3,243,060 and 75,360 shares issued and outstanding at August 31, 2015 and February 28, 2015, respectively	`CommonStockValue`	$75.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.69M	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`	$-6.97M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.28M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.03M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$83.02K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$88.06K	USD	Point-in-time

Income Statement 51 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`Revenues`	$2.25K	USD	1 Quarter
REVENUE	`Revenues`	$4.50K	USD	2 Qtrs
REVENUE	`Revenues`	$2.25K	USD	1 Quarter
REVENUE	`Revenues`	$2.25K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$4.50K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$2.25K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$2.25K	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$2.25K	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`	-	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	$51.18K	USD	2 Qtrs
Expenses related to joint ventures and other business development agreements	`OtherCostAndExpenseOperating`	$27.39K	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$114.40K	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$266.39K	USD	2 Qtrs
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$334.73K	USD	2 Qtrs
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$135.93K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-161.07K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-383.66K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-112.15K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-261.89K	USD	2 Qtrs
Interest expense	`InterestExpense`	$331.70K	USD	2 Qtrs
Interest expense	`InterestExpense`	$63.07K	USD	1 Quarter
Interest expense	`InterestExpense`	$124.97K	USD	2 Qtrs
Interest expense	`InterestExpense`	$144.06K	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-256.21K	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-224.14K	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-508.63K	USD	2 Qtrs
Income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-593.59K	USD	2 Qtrs
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-21.91K	USD	2 Qtrs
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-7.63K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	2 Qtrs
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-593.59K	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-231.78K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-530.54K	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-256.21K	USD	1 Quarter
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.38	USD	2 Qtrs
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-9.45	USD	2 Qtrs
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-3.83	USD	1 Quarter
Continuing operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.11	USD	1 Quarter
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.13	USD	1 Quarter
Discontinued operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.41	USD	2 Qtrs
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-3.96	USD	1 Quarter
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-9.86	USD	2 Qtrs
Net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.38	USD	2 Qtrs
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.55M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.31M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58,499.00	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	53,808.00	shares	2 Qtrs

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-593.59K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-231.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-530.54K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-256.21K	USD	1 Quarter
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-21.91K	USD	2 Qtrs
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-7.63K	USD	1 Quarter
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	2 Qtrs
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-256.21K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-224.14K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-508.63K	USD	2 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-593.59K	USD	2 Qtrs
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$252.25K	USD	2 Qtrs
Amortization of discount on convertible notes payable	`AmortizationOfDebtDiscountPremium`	$74.23K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$9.25K	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 and accrued revenue	`IncreaseDecreaseInAccountsReceivable`	$750.00	USD	2 Qtrs
Accounts receivable and accrued revenue	`IncreaseDecreaseInAccountsReceivable`	$2.25K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$302.00	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$90.48K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$103.92K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$78.13K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$50.74K	USD	2 Qtrs
Operating assets and liabilities of discontinued operations	`IncreaseDecreaseInOtherOperatingCapitalNet`	-	USD	2 Qtrs
Operating assets and liabilities of discontinued operations	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-32.50K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-225.48K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-150.79K	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`	$157.01K	USD	2 Qtrs
Repayments of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$2.76K	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$154.25K	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$225.62K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.46K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-14.86K	USD	2 Qtrs
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	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`	$15.32K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$6.14K	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`	$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`	$6.14K	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`	$355.65K	USD	2 Qtrs
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$157.01K	USD	2 Qtrs
Beneficial conversion discount on convertible note payable	`DebtInstrumentConvertibleBeneficialConversionFeature`	$157.01K	USD	2 Qtrs
Beneficial conversion discount on convertible note payable	`DebtInstrumentConvertibleBeneficialConversionFeature`	$355.65K	USD	2 Qtrs
Conversion of convertible notes payable	`DebtConversionConvertedInstrumentAmount1`	$183.28K	USD	2 Qtrs
Conversion of convertible notes payable	`DebtConversionConvertedInstrumentAmount1`	$80.80K	USD	2 Qtrs
Automobile acquired under for lease	`CapitalLeaseObligationsIncurred`	-	USD	2 Qtrs
Automobile acquired under for 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

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-1.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.03M	USD	Point-in-time
Shares issued for conversion of notes payable	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$183.28K	USD	2 Qtrs
Discount on issuance of convertible note payable	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$157.01K	USD	2 Qtrs
Share rounding on reincorporation	`StockIssuedDuringPeriodValueShareRoundingOnReincorporation`	-	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-593.59K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-231.78K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-530.54K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-256.21K	USD	1 Quarter
Balance	`StockholdersEquity`	$-1.28M	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.