10-Q/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q1 2017

Filing Information

Form Type	10-Q/A
Accession Number	`0001161697-17-000344`
Period End Date	20170531
Filing Date	20170725
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	omvs-20170531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 18 Cash Flow Statement 55 Stockholders Equity 10

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Current portion of convertible notes payable net of unamortized discount	`DebtInstrumentUnamortizedDiscountCurrent`	$435.25K	USD	Point-in-time
Current portion of convertible notes payable net of unamortized discount	`DebtInstrumentUnamortizedDiscountCurrent`	$80.42K	USD	Point-in-time
Convertible notes payable net of unamortized discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$358.16K	USD	Point-in-time
Convertible notes payable net of unamortized discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$379.89K	USD	Point-in-time
Common Stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.73K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.10K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.47K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.22K	USD	Point-in-time
Common Stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Note receivable	`NotesAndLoansReceivableNetCurrent`	-	USD	Point-in-time
Common Stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Note receivable	`NotesAndLoansReceivableNetCurrent`	$190.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.10K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$206.73K	USD	Point-in-time
Common Stock, issued	`CommonStockSharesIssued`	17.66M	shares	Point-in-time
Common Stock, issued	`CommonStockSharesIssued`	39.72M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$3.10K	USD	Point-in-time
Common Stock, outstanding	`CommonStockSharesOutstanding`	17.66M	shares	Point-in-time
Common Stock, outstanding	`CommonStockSharesOutstanding`	39.72M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$206.73K	USD	Point-in-time
Series E Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare1`	$0.00	USD	Point-in-time
Series E Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare1`	$0.00	USD	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	4.35M	shares	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	4.35M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$98.21K	USD	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	1.00M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$110.21K	USD	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	1.00M	shares	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, outstanding	`PreferredStockSharesOutstanding1`	1.00M	shares	Point-in-time
Series E Preferred Stock, outstanding	`PreferredStockSharesOutstanding1`	1.00M	shares	Point-in-time
Series F Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare2`	$0.00	USD	Point-in-time
Series F Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare2`	$0.00	USD	Point-in-time
Current portion of convertible notes payable, net of unamortized discount of $435,254 and $80,420, as of May 31, 2017 and February 28, 2017, respectively	`ConvertibleNotesPayableCurrent`	$1.55M	USD	Point-in-time
Current portion of convertible notes payable, net of unamortized discount of $435,254 and $80,420, as of May 31, 2017 and February 28, 2017, respectively	`ConvertibleNotesPayableCurrent`	$1.61M	USD	Point-in-time
Series F Preferred Stock, authorized	`PreferredStockSharesAuthorized2`	4,350.00	shares	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$85.00K	USD	Point-in-time
Series F Preferred Stock, authorized	`PreferredStockSharesAuthorized2`	4,350.00	shares	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$85.00K	USD	Point-in-time
Series F Preferred Stock, issued	`PreferredStockSharesIssued2`	1,000.00	shares	Point-in-time
Note payable	`NotesPayableCurrent`	$50.00K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	-	USD	Point-in-time
Series F Preferred Stock, issued	`PreferredStockSharesIssued2`	1,000.00	shares	Point-in-time
Series F Preferred Stock, outstanding	`PreferredStockSharesOutstanding2`	1,000.00	shares	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$456.19K	USD	Point-in-time
Series F Preferred Stock, outstanding	`PreferredStockSharesOutstanding2`	1,000.00	shares	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$499.45K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$15.97M	USD	Point-in-time
Preferred Stock, undesignated, authorized	`PreferredStockSharesAuthorized`	15.65M	shares	Point-in-time
Preferred Stock, undesignated, authorized	`PreferredStockSharesAuthorized`	15.65M	shares	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$12.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.18M	USD	Point-in-time
Preferred Stock, undesignated, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred Stock, undesignated, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.27M	USD	Point-in-time
Convertible notes payable, net of unamortized discount of $379,889 and $358,159, as of May 31, 2017 and February 28, 2017, respectively, net of current portion	`ConvertibleLongTermNotesPayable`	$105.25K	USD	Point-in-time
Preferred Stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred Stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Convertible notes payable, net of unamortized discount of $379,889 and $358,159, as of May 31, 2017 and February 28, 2017, respectively, net of current portion	`ConvertibleLongTermNotesPayable`	$41.98K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrentAndNoncurrent`	$41.09K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrentAndNoncurrent`	$50.30K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$18.43M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$15.26M	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized 39,721,804 and 17,656,844 shares issued and outstanding at May 31, 2017 and February 28, 2017, respectively.	`CommonStockValue`	$17.66K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized 39,721,804 and 17,656,844 shares issued and outstanding at May 31, 2017 and February 28, 2017, respectively.	`CommonStockValue`	$39.72K	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 4,350,000 shares authorized; 1,000,000 shares issued and outstanding at May 31, 2017 and February 28, 2017, respectively.	`PreferredStockValue1`	$1.00K	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 4,350,000 shares authorized; 1,000,000 shares issued and outstanding at May 31, 2017 and February 28, 2017, respectively.	`PreferredStockValue1`	$1.00K	USD	Point-in-time
Series F Convertible Preferred Stock, $0.001 par value; 4,350 shares authorized; 1,000 shares issued and outstanding at May 31, 2017 and February 28, 2017, respectively.	`PreferredStockValue2`	$1.00K	USD	Point-in-time
Series F Convertible Preferred Stock, $0.001 par value; 4,350 shares authorized; 1,000 shares issued and outstanding at May 31, 2017 and February 28, 2017, respectively.	`PreferredStockValue2`	$1.00K	USD	Point-in-time
Preferred Stock, undesignated; 15,645,650 shares authorized; no shares issued and outstanding at May 31, 2017 and February 28, 2017, respectively.	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, undesignated; 15,645,650 shares authorized; no shares issued and outstanding at May 31, 2017 and February 28, 2017, respectively.	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$-41.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$-40.68M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$26.20M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$22.42M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-18.22M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-15.26M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$3.10K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$206.73K	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$231.81K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$66.89K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-231.81K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-66.89K	USD	1 Quarter
Interest expense	`InterestExpense`	$138.47K	USD	1 Quarter
Interest expense	`InterestExpense`	$161.68K	USD	1 Quarter
Prepayment penalty and other	`PrepaymentPenaltyAndOther`	-	USD	1 Quarter
Prepayment penalty and other	`PrepaymentPenaltyAndOther`	$40.43K	USD	1 Quarter
Loss on derivative instruments	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Loss on derivative instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$-3.35M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-138.47K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-3.55M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-3.78M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-205.37K	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.10M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.81M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.78M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-205.37K	USD	1 Quarter
Amortization of discount on convertible note payable	`AmortizationOfDebtDiscountPremium`	$128.69K	USD	1 Quarter
Amortization of discount on convertible note payable	`AmortizationOfDebtDiscountPremium`	$89.29K	USD	1 Quarter
Loss on derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Loss on derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$-3.35M	USD	1 Quarter
Depreciation & amortization	`Depreciation`	-	USD	1 Quarter
Depreciation & amortization	`Depreciation`	$330.00	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-951.00	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$37.41K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$12.00K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$49.06K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$58.93K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-234.30K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-28.33K	USD	1 Quarter
Cash paid for notes receivable	`PaymentsToAcquireNotesReceivable`	$190.00K	USD	1 Quarter
Cash paid for notes receivable	`PaymentsToAcquireNotesReceivable`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-190.00K	USD	1 Quarter
Repayment of convertible promissory notes	`RepaymentsOfConvertibleDebt`	$31.32K	USD	1 Quarter
Repayment of note payable	`RepaymentsOfLongTermDebt`	$50.00K	USD	1 Quarter
Repayment of note payable	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Proceeds from convertible promissory notes	`ProceedsFromIssuanceOfDebt`	$33.50K	USD	1 Quarter
Proceeds from convertible promissory notes	`ProceedsFromIssuanceOfDebt`	$519.25K	USD	1 Quarter
Repayment of capital lease	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	1 Quarter
Repayment of capital lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$928.00	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$437.93K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$32.57K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.63K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.24K	USD	1 Quarter
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$16.73K	USD	Point-in-time
CASH, at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.10K	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`	$2.22K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$16.73K	USD	Point-in-time
CASH, at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.10K	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`	$2.22K	USD	Point-in-time
Interest	`InterestPaid`	$1.29K	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`	-	USD	1 Quarter
Beneficial conversion discount on convertible note payable	`BeneficialConversionDiscountOnConvertibleNotePayable`	$35.10K	USD	1 Quarter
Beneficial conversion discount on convertible note payable	`BeneficialConversionDiscountOnConvertibleNotePayable`	-	USD	1 Quarter
Conversion of convertible notes payable and interest	`ConversionOfConvertibleNotesPayableAndAccruedInterest`	$1.90K	USD	1 Quarter
Conversion of convertible notes payable and interest	`ConversionOfConvertibleNotesPayableAndAccruedInterest`	$83.78K	USD	1 Quarter
Derivative liabilities released upon conversion of convertible notes payable	`DerivativeLiabilitiesReclassifiedFromAdditionalPaidinCapital`	$732.93K	USD	1 Quarter
Derivative liabilities released upon conversion of convertible notes payable	`DerivativeLiabilitiesReclassifiedFromAdditionalPaidinCapital`	-	USD	1 Quarter
Debt discount recognized from derivative liability	`DebtDiscountRecognizedFromDerivativeLiabilities`	-	USD	1 Quarter
Debt discount recognized from derivative liability	`DebtDiscountRecognizedFromDerivativeLiabilities`	$414.25K	USD	1 Quarter
Cancelation of common stock for convertible note payable	`CancelationOfCommonStockForConvertibleNotePayable`	-	USD	1 Quarter
Cancelation of common stock for convertible note payable	`CancelationOfCommonStockForConvertibleNotePayable`	$600.00	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$-18.22M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-15.26M	USD	Point-in-time
Common stock issued for debt conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$83.78K	USD	1 Quarter
Common stock issued for debt conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	22.66M	shares	1 Quarter
Common stock canceled	`StockIssuedDuringPeriodValueCancelled`	$-600.00	USD	1 Quarter
Release of derivative liability on conversion of convertible notes payable	`ReleaseOfDerivativeLiabilityOnConversionOfConvertibleNotesPayable`	$732.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.78M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-205.37K	USD	1 Quarter
Balance at ending	`StockholdersEquity`	$-18.22M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-15.26M	USD	Point-in-time

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