10-Q/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q1 2016

Filing Information

Form Type	10-Q/A
Accession Number	`0001161697-17-000062`
Period End Date	20160531
Filing Date	20170123
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	omvs-20160531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 12 Cash Flow Statement 45 Stockholders Equity 8

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$512.00	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$182.00	USD	Point-in-time
Current convertible notes payable, discount	`DebtInstrumentUnamortizedDiscount`	$409.73K	USD	Point-in-time
Current convertible notes payable, discount	`DebtInstrumentUnamortizedDiscount`	$422.30K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.22K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.47K	USD	Point-in-time
Short-term convertible notes payable, discount	`DebtInstrumentUnamortizedDiscount2`	$7.33K	USD	Point-in-time
Short-term convertible notes payable, discount	`DebtInstrumentUnamortizedDiscount2`	$11.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.15K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscount1`	$500.49K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.48K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.53K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscount1`	$461.69K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.71K	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Fixed assets net of accumulated depreciation of $512 and $182, respectively	`PropertyPlantAndEquipmentNet`	$3.74K	USD	Point-in-time
Fixed assets net of accumulated depreciation of $512 and $182, respectively	`PropertyPlantAndEquipmentNet`	$3.41K	USD	Point-in-time
Common Stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Common Stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Common Stock, issued	`CommonStockSharesIssued`	4.91M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$9.45K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$12.41K	USD	Point-in-time
Common Stock, issued	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Common Stock, outstanding	`CommonStockSharesOutstanding`	5.10M	shares	Point-in-time
Common Stock, outstanding	`CommonStockSharesOutstanding`	4.91M	shares	Point-in-time
Series E Preferred Stock, par value (in dollars per shares)	`PreferredStockParOrStatedValuePerShare1`	$0.00	USD	Point-in-time
Series E Preferred Stock, par value (in dollars per shares)	`PreferredStockParOrStatedValuePerShare1`	$0.00	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$304.44K	USD	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	1.00M	shares	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	1.00M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$302.14K	USD	Point-in-time
Advances payable	`ShortTermBorrowings`	$1.59K	USD	Point-in-time
Advances payable	`ShortTermBorrowings`	$1.59K	USD	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	1.00M	shares	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	1.00M	shares	Point-in-time
Current portion of convertible notes payable, net of discount of $409,732 and $422,298, respectively	`ConvertibleNotesPayableCurrent`	$591.90K	USD	Point-in-time
Series E Preferred Stock, outstanding	`PreferredStockSharesOutstanding1`	1.00M	shares	Point-in-time
Series E Preferred Stock, outstanding	`PreferredStockSharesOutstanding1`	1.00M	shares	Point-in-time
Current portion of convertible notes payable, net of discount of $409,732 and $422,298, respectively	`ConvertibleNotesPayableCurrent`	$515.42K	USD	Point-in-time
Preferred Stock, undesignated, authorized	`PreferredStockSharesAuthorized`	19.00M	shares	Point-in-time
Preferred Stock, undesignated, authorized	`PreferredStockSharesAuthorized`	19.00M	shares	Point-in-time
Short-term convertible notes payable, net of discount of $11,000 and $7,333, respectively	`ConvertibleNotesPayableCurrent1`	$38.67K	USD	Point-in-time
Short-term convertible notes payable, net of discount of $11,000 and $7,333, respectively	`ConvertibleNotesPayableCurrent1`	$75.00K	USD	Point-in-time
Short-term accrued interest payable	`ShorttermAccruedInterestPayable`	-	USD	Point-in-time
Preferred Stock, undesignated, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, undesignated, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term accrued interest payable	`ShorttermAccruedInterestPayable`	$1.13K	USD	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$185.45K	USD	Point-in-time
Preferred Stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$217.54K	USD	Point-in-time
Preferred Stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Current portion of capital lease	`CapitalLeaseObligationsCurrent`	$3.77K	USD	Point-in-time
Current portion of capital lease	`CapitalLeaseObligationsCurrent`	$3.82K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.05M	USD	Point-in-time
Convertible notes payable, net of discount of $461,692 and $500,485, respectively, net of current portion.	`ConvertibleLongTermNotesPayable`	$418.52K	USD	Point-in-time
Convertible notes payable, net of discount of $461,692 and $500,485, respectively, net of current portion.	`ConvertibleLongTermNotesPayable`	$427.03K	USD	Point-in-time
Accrued interest payable	`AccruedIncomeTaxesNoncurrent`	$105.49K	USD	Point-in-time
Accrued interest payable	`AccruedIncomeTaxesNoncurrent`	$120.90K	USD	Point-in-time
Capital lease obligation, net of current portion	`CapitalLeaseObligationsNoncurrent`	$6.41K	USD	Point-in-time
Capital lease obligation, net of current portion	`CapitalLeaseObligationsNoncurrent`	$7.38K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.58M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.75M	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized 5,098,816 and 4,908,816 shares issued and outstanding at May 31, 2016 and February 29, 2016, respectively.	`CommonStockValue`	$4.91K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized 5,098,816 and 4,908,816 shares issued and outstanding at May 31, 2016 and February 29, 2016, respectively.	`CommonStockValue`	$5.10K	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 1,000,000 shares authorized; 1,000,000 shares issued and outstanding at May 31, 2016 and February 29, 2016, respectively.	`PreferredStockValue1`	$1.00K	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 1,000,000 shares authorized; 1,000,000 shares issued and outstanding at May 31, 2016 and February 29, 2016, respectively.	`PreferredStockValue1`	$1.00K	USD	Point-in-time
Preferred Stock, undesignated; 19,000,000 shares authorized; no shares issued and outstanding at May 31, 2016 and February 29, 2016, respectively.	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, undesignated; 19,000,000 shares authorized; no shares issued and outstanding at May 31, 2016 and February 29, 2016, respectively.	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.11M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$6.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.85M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.74M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.57M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$12.41K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$9.45K	USD	Point-in-time

Income Statement 12 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$66.89K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$151.99K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-66.89K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-151.99K	USD	1 Quarter
Interest expense	`InterestExpense`	$187.64K	USD	1 Quarter
Interest expense	`InterestExpense`	$138.47K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-205.37K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-339.63K	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.43	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	791,944.00	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.10M	shares	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-205.37K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-339.63K	USD	1 Quarter
Amortization of discount on convertible note payable	`AmortizationOfDebtDiscountPremium`	$89.29K	USD	1 Quarter
Amortization of discount on convertible note payable	`AmortizationOfDebtDiscountPremium`	$147.10K	USD	1 Quarter
Depreciation & amortization	`DepreciationDepletionAndAmortization`	$4.62K	USD	1 Quarter
Depreciation & amortization	`DepreciationDepletionAndAmortization`	$330.00	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-951.00	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$37.41K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$88.50K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$49.06K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$39.87K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-59.53K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-28.33K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	-	USD	1 Quarter
Proceeds from advances	`ProceedsFromShortTermDebt`	-	USD	1 Quarter
Proceeds from advances	`ProceedsFromShortTermDebt`	$65.38K	USD	1 Quarter
Proceeds from convertible promissory note	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from convertible promissory note	`ProceedsFromConvertibleDebt`	$33.50K	USD	1 Quarter
Repayment of capital lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$928.00	USD	1 Quarter
Repayment of capital lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$1.38K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$32.57K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$64.01K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.47K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.24K	USD	1 Quarter
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.22K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$6.47K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$7.15K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.22K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$6.47K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$7.15K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
Interest	`InterestPaid`	-	USD	1 Quarter
Interest	`InterestPaid`	$122.00	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$35.10K	USD	1 Quarter
Refinancing of advances into convertible notes payable	`RefinancingOfAdvancesIntoConvertibleNotesPayable`	$65.38K	USD	1 Quarter
Beneficial conversion on convertible note payable	`BeneficialConversionOnConvertibleNotePayable`	$65.38K	USD	1 Quarter
Beneficial conversion on convertible note payable	`BeneficialConversionOnConvertibleNotePayable`	$35.10K	USD	1 Quarter
Conversion of convertible notes payable and interest	`ConversionOfConvertibleNotesPayableAndInterest`	$1.90K	USD	1 Quarter
Conversion of convertible notes payable and interest	`ConversionOfConvertibleNotesPayableAndInterest`	$102.90K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance at Beginning	`StockholdersEquity`	$-1.74M	USD	Point-in-time
Balance at Beginning	`StockholdersEquity`	$-1.57M	USD	Point-in-time
Common stock issued for debt and interest conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.90K	USD	1 Quarter
Beneficial conversion feature on issuance of convertible note payable	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$35.10K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-205.37K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-339.63K	USD	1 Quarter
Balance at Ending	`StockholdersEquity`	$-1.74M	USD	Point-in-time
Balance at Ending	`StockholdersEquity`	$-1.57M	USD	Point-in-time

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