10-Q Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q3 2015

Filing Information

Form Type	10-Q
Accession Number	`0001161697-16-000614`
Period End Date	20151130
Filing Date	20160112
Fiscal Year	2015
Fiscal Period	Q3
XBRL Instance	omvs-20151130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 48 Cash Flow Statement 60 Stockholders Equity 13

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.59K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.18K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.33K	USD	Point-in-time
Accounts receivable, net of allowance for bad debt of $0 and $0, respectively	`AccountsReceivableNetCurrent`	$5.25K	USD	Point-in-time
Accounts receivable, net of allowance for bad debt of $0 and $0, respectively	`AccountsReceivableNetCurrent`	$6.75K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.93K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.34K	USD	Point-in-time
Accounts receivable, allowance for bad debt	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Fixed assets net of accumulated depreciation of $25,699 and $11,874, respectively	`PropertyPlantAndEquipmentNet`	$66.31K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $25,699 and $11,874, respectively	`PropertyPlantAndEquipmentNet`	$80.13K	USD	Point-in-time
Accounts receivable, allowance for bad debt	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$88.06K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$25.70K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$11.87K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$74.65K	USD	Point-in-time
Current convertible notes payable, unamortized discount	`DebtInstrumentUnamortizedDiscount`	$-380.95K	USD	Point-in-time
Current convertible notes payable, unamortized discount	`DebtInstrumentUnamortizedDiscount`	$-401.15K	USD	Point-in-time
Convertible notes payable, unamortized discount	`DebtInstrumentUnamortizedDiscount1`	$-500.34K	USD	Point-in-time
Convertible notes payable, unamortized discount	`DebtInstrumentUnamortizedDiscount1`	$-477.62K	USD	Point-in-time
Common Stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$307.84K	USD	Point-in-time
Common Stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$285.17K	USD	Point-in-time
Common Stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Common Stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Advances payable	`ShortTermBorrowings`	-	USD	Point-in-time
Advances payable	`ShortTermBorrowings`	$1.59K	USD	Point-in-time
Common Stock, issued	`CommonStockSharesIssued`	4.21M	shares	Point-in-time
Current portion of convertible notes payable, net of unamortized discount of $401,147 and $380,949, respectively	`ConvertibleNotesPayableCurrent`	$448.60K	USD	Point-in-time
Current portion of convertible notes payable, net of unamortized discount of $401,147 and $380,949, respectively	`ConvertibleNotesPayableCurrent`	$872.84K	USD	Point-in-time
Common Stock, issued	`CommonStockSharesIssued`	75,360.00	shares	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$6.07K	USD	Point-in-time
Common Stock, outstanding	`CommonStockSharesOutstanding`	75,360.00	shares	Point-in-time
Current portion of capital lease obligation	`CapitalLeaseObligationsCurrent`	$5.64K	USD	Point-in-time
Common Stock, outstanding	`CommonStockSharesOutstanding`	4.21M	shares	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$238.29K	USD	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$124.38K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$886.47K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.40M	USD	Point-in-time
Convertible notes payable, net of unamortized discount of $477,618 and $500,339, respectively	`ConvertibleLongTermNotesPayable`	$22.62K	USD	Point-in-time
Convertible notes payable, net of unamortized discount of $477,618 and $500,339, respectively	`ConvertibleLongTermNotesPayable`	$12.54K	USD	Point-in-time
Convertible note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	$164.19K	USD	Point-in-time
Convertible note payable to related party	`NotesPayableRelatedPartiesNoncurrent`	-	USD	Point-in-time
Accrued interest payable	`AccruedIncomeTaxesNoncurrent`	$20.20K	USD	Point-in-time
Accrued interest payable	`AccruedIncomeTaxesNoncurrent`	$10.34K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	$22.08K	USD	Point-in-time
Capital lease obligation	`CapitalLeaseObligationsNoncurrent`	$17.46K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.12M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.44M	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized; 4,214,960 and 75,360 shares issued and outstanding at November 30, 2015 and February 28, 2015, respectively	`CommonStockValue`	$4.21K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized; 4,214,960 and 75,360 shares issued and outstanding at November 30, 2015 and February 28, 2015, respectively	`CommonStockValue`	$75.00	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 November 30, 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 November 30, 2015 and February 28, 2015, respectively	`PreferredStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.34M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.03M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.37M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$88.06K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$74.65K	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`SalesRevenueNet`	$6.75K	USD	3 Qtrs
REVENUE	`SalesRevenueNet`	$4.50K	USD	3 Qtrs
REVENUE	`SalesRevenueNet`	$2.25K	USD	1 Quarter
REVENUE	`SalesRevenueNet`	$2.25K	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty`	-	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty`	$12.00K	USD	1 Quarter
Expenses related to joint ventures and other business development agreements	`RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty`	$63.18K	USD	3 Qtrs
Expenses related to joint ventures and other business development agreements	`RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty`	-	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$448.58K	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$419.76K	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$153.37K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$113.85K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-507.26K	USD	3 Qtrs
Operating Loss	`OperatingIncomeLoss`	$-151.12K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-123.60K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-413.01K	USD	3 Qtrs
Interest expense	`InterestExpense`	$104.43K	USD	1 Quarter
Interest expense	`InterestExpense`	$548.95K	USD	3 Qtrs
Interest expense	`InterestExpense`	$217.25K	USD	1 Quarter
Interest expense	`InterestExpense`	$229.40K	USD	3 Qtrs
Income from Continuing Operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-368.37K	USD	1 Quarter
Income from Continuing Operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-961.97K	USD	3 Qtrs
Income from Continuing Operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-228.03K	USD	1 Quarter
Income from Continuing Operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-736.66K	USD	3 Qtrs
Loss from discontinued operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax`	$-21.91K	USD	3 Qtrs
Loss from discontinued operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax`	-	USD	1 Quarter
Loss from discontinued operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax`	-	USD	3 Qtrs
Loss from discontinued operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax`	-	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-228.03K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-368.37K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-758.57K	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-961.97K	USD	3 Qtrs
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-12.84	USD	3 Qtrs
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-3.53	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.10	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.41	USD	3 Qtrs
Discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicAndDilutedShare`	$-0.38	USD	3 Qtrs
Discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicAndDilutedShare`	-	USD	3 Qtrs
Discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Discontinued operations (in dollars per share)	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.41	USD	3 Qtrs
Net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-3.53	USD	1 Quarter
Net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	1 Quarter
Net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-13.22	USD	3 Qtrs
COMMON SHARES OUTSTANDING - Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	57,369.00	shares	3 Qtrs
COMMON SHARES OUTSTANDING - Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	64,569.00	shares	1 Quarter
COMMON SHARES OUTSTANDING - Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.87M	shares	1 Quarter
COMMON SHARES OUTSTANDING - Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.32M	shares	3 Qtrs

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-228.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-368.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-758.57K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-961.97K	USD	3 Qtrs
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$21.91K	USD	3 Qtrs
Add: loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	3 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-736.66K	USD	3 Qtrs
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-961.97K	USD	3 Qtrs
Amortization of discount on convertible note payable	`AmortizationOfDebtDiscountPremium`	$429.33K	USD	3 Qtrs
Amortization of discount on convertible note payable	`AmortizationOfDebtDiscountPremium`	$145.46K	USD	3 Qtrs
Depreciation	`Depreciation`	$7.34K	USD	3 Qtrs
Depreciation	`Depreciation`	$13.82K	USD	3 Qtrs
Preferred stock issued for services	`OtherNoncashExpense`	-	USD	3 Qtrs
Preferred stock issued for services	`OtherNoncashExpense`	$100.00K	USD	3 Qtrs
Accounts receivable and accrued revenue	`IncreaseDecreaseInAccountsAndOtherReceivables`	$3.00K	USD	3 Qtrs
Accounts receivable and accrued revenue	`IncreaseDecreaseInAccountsAndOtherReceivables`	$1.50K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$123.77K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-22.67K	USD	3 Qtrs
Accrued interest payable	`IncreaseDecreaseInAccruedTaxesPayable`	$82.14K	USD	3 Qtrs
Accrued interest payable	`IncreaseDecreaseInAccruedTaxesPayable`	$117.69K	USD	3 Qtrs
Operating assets and liabilities of discontinued operations	`IncreaseDecreaseInOperatingAssetsAndLiabilitiesOfDiscontinuedOperations`	-	USD	3 Qtrs
Operating assets and liabilities of discontinued operations	`IncreaseDecreaseInOperatingAssetsAndLiabilitiesOfDiscontinuedOperations`	$-25.41K	USD	3 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-425.30K	USD	3 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-306.36K	USD	3 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.00K	USD	3 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-30.00K	USD	3 Qtrs
Proceeds from advances	`RepaymentsOfShortTermDebt`	$-428.40K	USD	3 Qtrs
Proceeds from advances	`RepaymentsOfShortTermDebt`	$-329.56K	USD	3 Qtrs
Repayments of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$2.96K	USD	3 Qtrs
Repayments of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$4.19K	USD	3 Qtrs
Cash used in financing of discontinued operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	$-7.10K	USD	3 Qtrs
Cash used in financing of discontinued operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	-	USD	3 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$319.51K	USD	3 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$424.21K	USD	3 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.09K	USD	3 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-16.85K	USD	3 Qtrs
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.59K	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`	$13.33K	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`	$1.59K	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`	$13.33K	USD	Point-in-time
Interest	`InterestPaid`	$1.93K	USD	3 Qtrs
Interest	`InterestPaid`	$1.79K	USD	3 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$459.60K	USD	3 Qtrs
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$426.80K	USD	3 Qtrs
Beneficial conversion discount on convertible note payable	`ConversionOfStockAmountIssued1`	$459.60K	USD	3 Qtrs
Beneficial conversion discount on convertible note payable	`ConversionOfStockAmountIssued1`	$426.80K	USD	3 Qtrs
Conversion of convertible notes payable and accrued interest payable into common stock	`ConversionOfConvertibleNotesPayableAndAccruedInterestPayableIntoCommonStock`	$95.80K	USD	3 Qtrs
Conversion of convertible notes payable and accrued interest payable into common stock	`ConversionOfConvertibleNotesPayableAndAccruedInterestPayableIntoCommonStock`	$193.00K	USD	3 Qtrs
Automobile acquired under capital lease	`CapitalLeaseObligationsIncurred`	-	USD	3 Qtrs
Automobile acquired under capital lease	`CapitalLeaseObligationsIncurred`	$32.00K	USD	3 Qtrs
Equipment acquired with accounts payable	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$30.00K	USD	3 Qtrs
Equipment acquired with accounts payable	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	-	USD	3 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance at Beginning	`StockholdersEquity`	$-1.03M	USD	Point-in-time
Balance at Beginning	`StockholdersEquity`	$-1.37M	USD	Point-in-time
Balance at Beginning (in shares)	`SharesOutstanding`	-	shares	Point-in-time
Shares issued for conversion of notes payable	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$193.00K	USD	3 Qtrs
Beneficial conversion discount on issuance of convertible note payable	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$426.80K	USD	3 Qtrs
Share rounding on reincorporation	`StockIssuedDuringPeriodSharesNewIssues`	-	shares	3 Qtrs
Net loss	`NetIncomeLoss`	$-228.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-368.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-758.57K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-961.97K	USD	3 Qtrs
Balance at Ending	`StockholdersEquity`	$-1.03M	USD	Point-in-time
Balance at Ending	`StockholdersEquity`	$-1.37M	USD	Point-in-time
Balance at Ending (in shares)	`SharesOutstanding`	-	shares	Point-in-time

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