10-KT Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 FY 2016

Filing Information

Form Type	10-KT
Accession Number	`0001161697-18-000118`
Period End Date	20170228
Filing Date	20180312
Fiscal Year	2016
Fiscal Period	FY
XBRL Instance	omvs-20170228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 14 Cash Flow Statement 20 Stockholders Equity 5

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Revenue earning robots, accumulated depreciation	`RevenueEarningRobotsAccumulatedDepreciation`	$3.54K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.65K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$49.60K	USD	Point-in-time
Series E Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare1`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$7.78K	USD	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	4.35M	shares	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	3.35M	shares	Point-in-time
Deposits	`DepositsAssetsCurrent`	$150.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$214.69K	USD	Point-in-time
Series E Preferred Stock, outstanding	`PreferredStockSharesOutstanding1`	3.35M	shares	Point-in-time
Series F Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare2`	$1.00	USD	Point-in-time
Revenue earning robots , net of accumulated depreciation of $3,544	`RevenueEarningRobotsNetOfAccumulatedDepreciation`	$81.51K	USD	Point-in-time
Series F Preferred Stock, authorized	`PreferredStockSharesAuthorized2`	3,450.00	shares	Point-in-time
Fixed assets, net of accumulated depreciation of $2,650	`PropertyPlantAndEquipmentNet`	$45.05K	USD	Point-in-time
Series F Preferred Stock, issued	`PreferredStockSharesIssued2`	2,450.00	shares	Point-in-time
Total assets	`Assets`	$341.24K	USD	Point-in-time
Series F Preferred Stock, outstanding	`PreferredStockSharesOutstanding2`	2,450.00	shares	Point-in-time
Preferred stock, undesignated, authorized	`PreferredStockSharesAuthorized`	15.65M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$12.72K	USD	Point-in-time
Preferred stock, undesignated, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Customer deposits	`CustomerAdvancesAndDeposits`	$20.00K	USD	Point-in-time
Preferred stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Vehicle loan - current portion	`VehicleLoanCurrentPortion`	$7.90K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Shareholder advances	`DueToRelatedPartiesCurrent`	$62.53K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$103.15K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	0.00	shares	Point-in-time
Convertible notes payable	`ConvertibleLongTermNotesPayable`	$365.00K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	0.00	shares	Point-in-time
Vehicle loan	`VehicleLoanNonCurrentPortion`	$38.13K	USD	Point-in-time
Total liabilities	`Liabilities`	$506.28K	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 4,350,000 shares authorized; 3,350,000 shares issued and outstanding	`PreferredStockValue1`	$3.35K	USD	Point-in-time
Series F Convertible Preferred Stock, $1.00 par value per share; 3,450 shares authorized; 2,450 shares issued and outstanding	`PreferredStockValue2`	$2.45K	USD	Point-in-time
Preferred Stock, undesignated; 15,646,550 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 480,000,000 shares authorized; no shares issued and outstanding	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$13.86K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-184.70K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-165.04K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-81.11K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$341.24K	USD	Point-in-time

Income Statement 14 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`SalesRevenueNet`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$20.15K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$54.86K	USD	1 Quarter
Depreciation	`Depreciation`	$6.19K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$81.20K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-81.20K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.66K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$1.93K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.73K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-83.94K	USD	1 Quarter
Net loss per share attributable to common shareholders - basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Net loss per share attributable to common shareholders - diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	-	shares	1 Quarter
Weighted average number of common shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.92M	shares	1 Quarter

Cash Flow Statement 20 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-83.94K	USD	1 Quarter
Depreciation	`Depreciation`	$6.19K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.78K	USD	1 Quarter
Prepaid expenses and advances	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$130.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-9.63K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-225.15K	USD	1 Quarter
Purchase of revenue earning robots	`PurchaseOfRevenueEarningRobots`	$85.05K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-85.05K	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$315.00K	USD	1 Quarter
Proceeds from advances by shareholder	`ProceedsFromShortTermDebt`	$53.86K	USD	1 Quarter
Repayments to shareholder	`RepaymentsOfRelatedPartyDebt`	$50.02K	USD	1 Quarter
Repayment of vehicle loan	`RepaymentOfVehicleLoan`	$1.33K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$317.51K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.31K	USD	1 Quarter
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$49.60K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$49.60K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.06K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 5 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$-165.04K	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-81.11K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-83.94K	USD	1 Quarter
Balance at end	`StockholdersEquity`	$-165.04K	USD	Point-in-time
Balance at end	`StockholdersEquity`	$-81.11K	USD	Point-in-time

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