10-Q/A Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q2 2017

Filing Information

Form Type	10-Q/A
Accession Number	`0001161697-18-000206`
Period End Date	20170831
Filing Date	20180420
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	omvs-20170831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 102 Income Statement 39 Cash Flow Statement 63

Balance Sheet 102 line items

Line Item	Tag	Value	Unit	Period
Revenue earning robots, accumulated depreciation	`RevenueEarningRobotsAccumulatedDepreciation`	$5.39K	USD	Point-in-time
Revenue earning robots, accumulated depreciation	`RevenueEarningRobotsAccumulatedDepreciation`	$3.54K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.65K	USD	Point-in-time
Fixed assets, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$22.84K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$14.15K	USD	Point-in-time
Current portion of convertible notes payable net of unamortized discount	`DebtInstrumentUnamortizedDiscountCurrent`	$1.18M	USD	Point-in-time
Current portion of convertible notes payable net of unamortized discount	`DebtInstrumentUnamortizedDiscountCurrent`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$250.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$15.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$7.78K	USD	Point-in-time
Convertible notes payable net of discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	-	USD	Point-in-time
Convertible notes payable net of discount	`DebtInstrumentUnamortizedDiscountNoncurrent`	$898.25K	USD	Point-in-time
Common Stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deposits on robots	`DepositsAssetsCurrent`	$150.00K	USD	Point-in-time
Common Stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deposits on robots	`DepositsAssetsCurrent`	$237.40K	USD	Point-in-time
Note receivable	`NotesAndLoansReceivableNetCurrent`	$40.00K	USD	Point-in-time
Common Stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Common Stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Note receivable	`NotesAndLoansReceivableNetCurrent`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$306.55K	USD	Point-in-time
Common Stock, issued	`CommonStockSharesIssued`	101.99M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$214.69K	USD	Point-in-time
Common Stock, issued	`CommonStockSharesIssued`	0.00	shares	Point-in-time
Revenue earning robots, net of accumulated depreciation of $5,390 and $3,544, respectively	`RevenueEarningRobotsNetOfAccumulatedDepreciation`	$27.13K	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
Revenue earning robots, net of accumulated depreciation of $5,390 and $3,544, respectively	`RevenueEarningRobotsNetOfAccumulatedDepreciation`	$81.51K	USD	Point-in-time
Fixed assets, net of accumulated depreciation of $22,838 and $2,650, respectively	`PropertyPlantAndEquipmentNet`	$99.83K	USD	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	4.35M	shares	Point-in-time
Fixed assets, net of accumulated depreciation of $22,838 and $2,650, respectively	`PropertyPlantAndEquipmentNet`	$45.05K	USD	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	4.35M	shares	Point-in-time
Security deposit	`SecurityDeposit`	$25.75K	USD	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	4.35M	shares	Point-in-time
Security deposit	`SecurityDeposit`	-	USD	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	3.35M	shares	Point-in-time
Series E Preferred Stock, outstanding	`PreferredStockSharesOutstanding1`	3.35M	shares	Point-in-time
Total assets	`Assets`	$341.24K	USD	Point-in-time
Series E Preferred Stock, outstanding	`PreferredStockSharesOutstanding1`	4.35M	shares	Point-in-time
Total assets	`Assets`	$459.26K	USD	Point-in-time
Series F Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare2`	$1.00	USD	Point-in-time
Series F Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare2`	$1.00	USD	Point-in-time
Series F Preferred Stock, authorized	`PreferredStockSharesAuthorized2`	4,350.00	shares	Point-in-time
Series F Preferred Stock, authorized	`PreferredStockSharesAuthorized2`	4,350.00	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$135.57K	USD	Point-in-time
Series F Preferred Stock, issued	`PreferredStockSharesIssued2`	2,450.00	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$12.72K	USD	Point-in-time
Series F Preferred Stock, issued	`PreferredStockSharesIssued2`	3,450.00	shares	Point-in-time
Advances payable	`ShortTermBorrowings`	$1.59K	USD	Point-in-time
Advances payable	`ShortTermBorrowings`	-	USD	Point-in-time
Series F Preferred Stock, outstanding	`PreferredStockSharesOutstanding2`	3,450.00	shares	Point-in-time
Series F Preferred Stock, outstanding	`PreferredStockSharesOutstanding2`	2,450.00	shares	Point-in-time
Customer deposits	`CustomerAdvancesAndDepositsCurrent`	$20.00K	USD	Point-in-time
Preferred Stock, undesignated, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred Stock, undesignated, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Customer deposits	`CustomerAdvancesAndDepositsCurrent`	-	USD	Point-in-time
Current portion of convertible notes payable, net of discount of $1,176,073 and $0, respectively	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Current portion of convertible notes payable, net of discount of $1,176,073 and $0, respectively	`ConvertibleNotesPayableCurrent`	$1.61M	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
Preferred Stock, undesignated, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, undesignated, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Loan payable - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$119.79K	USD	Point-in-time
Loan payable - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$62.53K	USD	Point-in-time
Vehicle loan - current portion	`VehicleLoanCurrentPortion`	$8.23K	USD	Point-in-time
Vehicle loan - current portion	`VehicleLoanCurrentPortion`	$7.90K	USD	Point-in-time
Preferred Stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$548.07K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$11.67M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$103.15K	USD	Point-in-time
Convertible notes payable, net of discount of $898,251 and $0, respectively	`ConvertibleLongTermNotesPayable`	$365.00K	USD	Point-in-time
Convertible notes payable, net of discount of $898,251 and $0, respectively	`ConvertibleLongTermNotesPayable`	$66.89K	USD	Point-in-time
Accrued interest payable	`InterestPayableNoncurrent`	$85.26K	USD	Point-in-time
Accrued interest payable	`InterestPayableNoncurrent`	-	USD	Point-in-time
Customer deposits	`CustomerAdvancesOrDepositsNoncurrent`	$10.00K	USD	Point-in-time
Customer deposits	`CustomerAdvancesOrDepositsNoncurrent`	-	USD	Point-in-time
Vehicle loan	`VehicleLoanNonCurrentPortion`	$33.90K	USD	Point-in-time
Vehicle loan	`VehicleLoanNonCurrentPortion`	$38.13K	USD	Point-in-time
Total liabilities	`Liabilities`	$14.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$506.28K	USD	Point-in-time
Preferred Stock, undesignated; 15,645,650 shares authorized; no shares issued and outstanding, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, undesignated; 15,645,650 shares authorized; no shares issued and outstanding, respectively	`PreferredStockValue`	-	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 4,350,000 shares authorized; 4,350,000 and 3,350,000 shares issued and outstanding, respectively	`PreferredStockValue1`	$4.35K	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 4,350,000 shares authorized; 4,350,000 and 3,350,000 shares issued and outstanding, respectively	`PreferredStockValue1`	$3.35K	USD	Point-in-time
Series F Convertible Preferred Stock, $1.00 par value; 4,350 shares authorized; 3,450 and 2,450 shares issued and outstanding, respectively	`PreferredStockValue2`	$3.45K	USD	Point-in-time
Series F Convertible Preferred Stock, $1.00 par value; 4,350 shares authorized; 3,450 and 2,450 shares issued and outstanding, respectively	`PreferredStockValue2`	$2.45K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized 101,987,887 and no shares issued and, respectively	`CommonStockValue`	$101.99K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized 101,987,887 and no shares issued and, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$13.86K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$320.44K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-184.70K	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-13.83M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-165.04K	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$459.26K	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$341.24K	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	-	USD	Point-in-time
Revenues	`SalesRevenueNet`	$35.00K	USD	1 Quarter
Revenues	`SalesRevenueNet`	$35.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	-	USD	Point-in-time
Research and development	`ResearchAndDevelopmentExpense`	$89.63K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$83.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$729.99K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$423.08K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.24K	USD	Point-in-time
Depreciation	`Depreciation`	$33.69K	USD	2 Qtrs
Depreciation	`Depreciation`	-	USD	Point-in-time
Depreciation	`Depreciation`	$14.96K	USD	1 Quarter
Loss on impairment of fixed assets	`GainLossOnSalesOfAssetsAndAssetImpairmentCharges`	$-92.94K	USD	2 Qtrs
Loss on impairment of fixed assets	`GainLossOnSalesOfAssetsAndAssetImpairmentCharges`	-	USD	Point-in-time
Loss on impairment of fixed assets	`GainLossOnSalesOfAssetsAndAssetImpairmentCharges`	$-92.94K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.24K	USD	Point-in-time
Total operating expenses	`OperatingExpenses`	$613.98K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$946.26K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-578.98K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-911.26K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.24K	USD	Point-in-time
Change in fair value of derivative instruments	`UnrealizedGainLossOnDerivatives`	-	USD	Point-in-time
Change in fair value of derivative instruments	`UnrealizedGainLossOnDerivatives`	$751.24K	USD	2 Qtrs
Change in fair value of derivative instruments	`UnrealizedGainLossOnDerivatives`	$751.24K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.85M	USD	2 Qtrs
Interest expense	`InterestExpense`	$2.84M	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	Point-in-time
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.09M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	-	USD	Point-in-time
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.10M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.24K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-3.01M	USD	2 Qtrs
Net loss per common share - basic and diluted (in dollars per shares)	`EarningsPerShareBasicAndDiluted`	-	USD	Point-in-time
Net loss per common share - basic and diluted (in dollars per shares)	`EarningsPerShareBasicAndDiluted`	$-0.60	USD	1 Quarter
Net loss per common share - basic and diluted (in dollars per shares)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	2 Qtrs
Weighted average common share outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.22M	shares	2 Qtrs
Weighted average common share outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.43M	shares	1 Quarter
Weighted average common share outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	-	shares	Point-in-time

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.24K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-3.01M	USD	2 Qtrs
Depreciation	`Depreciation`	$33.69K	USD	2 Qtrs
Depreciation	`Depreciation`	-	USD	Point-in-time
Depreciation	`Depreciation`	$14.96K	USD	1 Quarter
Loss on impairment of fixed assets	`GainLossOnSalesOfAssetsAndAssetImpairmentCharges`	$-92.94K	USD	2 Qtrs
Loss on impairment of fixed assets	`GainLossOnSalesOfAssetsAndAssetImpairmentCharges`	-	USD	Point-in-time
Loss on impairment of fixed assets	`GainLossOnSalesOfAssetsAndAssetImpairmentCharges`	$-92.94K	USD	1 Quarter
Change in fair value of derivative instruments	`UnrealizedGainLossOnDerivatives`	-	USD	Point-in-time
Change in fair value of derivative instruments	`UnrealizedGainLossOnDerivatives`	$751.24K	USD	2 Qtrs
Change in fair value of derivative instruments	`UnrealizedGainLossOnDerivatives`	$751.24K	USD	1 Quarter
Interest expense related to derivative liability in excess of face value of debt	`FinanceLeaseInterestExpense`	-	USD	Point-in-time
Interest expense related to derivative liability in excess of face value of debt	`FinanceLeaseInterestExpense`	$2.82M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	Point-in-time
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.22K	USD	2 Qtrs
Deposits on robots	`DepositsOnRobots`	$150.00K	USD	2 Qtrs
Deposits on robots	`DepositsOnRobots`	-	USD	Point-in-time
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$24.66K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	-	USD	Point-in-time
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	-	USD	Point-in-time
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$26.40K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	-	USD	Point-in-time
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-10.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.24K	USD	Point-in-time
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-926.45K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$64.44K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Point-in-time
Cash paid for security deposit	`CashPaidForSecurityDeposit`	$25.75K	USD	2 Qtrs
Cash paid for security deposit	`CashPaidForSecurityDeposit`	-	USD	Point-in-time
Cash acquired in reverse recapitalization	`CashAcquiredFromAcquisition`	$2.02K	USD	2 Qtrs
Cash acquired in reverse recapitalization	`CashAcquiredFromAcquisition`	-	USD	Point-in-time
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Point-in-time
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-88.16K	USD	2 Qtrs
Proceeds from convertible notes payable, net	`ProceedsFromConvertibleDebt`	$200.00K	USD	2 Qtrs
Proceeds from convertible notes payable, net	`ProceedsFromConvertibleDebt`	-	USD	Point-in-time
Net borrowings on loan payable - related party	`ProceedsFromRelatedPartyDebt`	$23.26K	USD	2 Qtrs
Net borrowings on loan payable - related party	`ProceedsFromRelatedPartyDebt`	$2.49K	USD	Point-in-time
Loan from OMVS to RAD prior to the reverse recapitalization	`LoanFromOmvsToRadPriorToReverseRecapitalization`	-	USD	Point-in-time
Loan from OMVS to RAD prior to the reverse recapitalization	`LoanFromOmvsToRadPriorToReverseRecapitalization`	$752.50K	USD	2 Qtrs
Repayment of vehicle loan	`RepaymentOfVehicleLoan`	-	USD	Point-in-time
Repayment of vehicle loan	`RepaymentOfVehicleLoan`	$3.90K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.49K	USD	Point-in-time
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$971.86K	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-42.75K	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$250.00	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.15K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$250.00	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.15K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$250.00	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	-	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$2.87K	USD	2 Qtrs
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	-	USD	Point-in-time
Transfer of robots from deposits to fixed assets and revenue earning robots	`TransferOfRobotsFromDepositsToFixedAssetsAndRevenueEarningRobots`	$62.60K	USD	2 Qtrs
Transfer of robots from deposits to fixed assets and revenue earning robots	`TransferOfRobotsFromDepositsToFixedAssetsAndRevenueEarningRobots`	-	USD	Point-in-time
Debt discount from derivative liabilities	`DebtDiscountRecognizedFromDerivativeLiabilities`	$565.00K	USD	2 Qtrs
Debt discount from derivative liabilities	`DebtDiscountRecognizedFromDerivativeLiabilities`	$565.00K	USD	1 Quarter
Debt discount from derivative liabilities	`DebtDiscountRecognizedFromDerivativeLiabilities`	-	USD	Point-in-time

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