AI Tech Solutions Files 2024 10-K

TL;DR

AI Tech Solutions filed its annual 10-K for FY24, detailing financials and preferred stock info.

AI Summary

Artificial Intelligence Technology Solutions Inc. filed its 10-K for the fiscal year ending February 29, 2024. The company, formerly known as ON THE MOVE SYSTEMS CORP., is based in Ferndale, MI. The filing covers its financial performance and business operations, with specific details on preferred stock series (G, E, F, B) and common stock as of February 28, 2022, and February 29, 2024.

Why It Matters

This 10-K filing provides investors with a comprehensive overview of Artificial Intelligence Technology Solutions Inc.'s financial health and strategic positioning for the fiscal year ending February 29, 2024.

Risk Assessment

Risk Level: medium — The filing is a standard 10-K, but the company's specific financial performance and market position, not detailed here, would determine the true risk level.

Key Numbers

• 0229 — Fiscal Year End (Indicates the end of the reporting period for the 10-K.)
• 20240229 — Report Period End Date (Specific end date for the fiscal year covered by the 10-K.)
• 2023-02-28 — Prior Year End Date (Provides a comparison point for financial performance.)

Key Players & Entities

• Artificial Intelligence Technology Solutions Inc. (company) — Filer of the 10-K
• ON THE MOVE SYSTEMS CORP. (company) — Former name of the filer
• Ferndale, MI (location) — Business address of the filer
• February 29, 2024 (date) — Fiscal year end
• February 28, 2022 (date) — Prior fiscal year data point

FAQ

Key Financial Figures

• $0.00001 — nge on which registered Common stock, $0.00001 par value OTC PINK Indicate by chec
• $100 billion — s first industry focus is the more than $100 billion global security services market. 1 RAD'
• $30 billion — h the human security guard market (over $30 billion) 2 and "physical security" (video surve
• $20 billion — visitor management, etc.) market (over $20 billion) through its innovative RAD solution ec

Filing Documents

• form10-k.htm (10-K) — 2302KB
• ex21-1.htm (EX-21.1) — 5KB
• ex23-1.htm (EX-23.1) — 6KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-021634.txt ( ) — 10533KB
• aitx-20240229.xsd (EX-101.SCH) — 75KB
• aitx-20240229_cal.xml (EX-101.CAL) — 73KB
• aitx-20240229_def.xml (EX-101.DEF) — 334KB
• aitx-20240229_lab.xml (EX-101.LAB) — 562KB
• aitx-20240229_pre.xml (EX-101.PRE) — 448KB
• form10-k_htm.xml (XML) — 1650KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 10 Item 2.

Properties

Properties 10 Item 3.

Legal Proceedings

Legal Proceedings 10 Item 4. Mine Safety Disclosures 10 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 10 Item 6.

Selected Financial Data

Selected Financial Data 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 36 Item 9A.

Controls and Procedures

Controls and Procedures 36 Item 9B. Other Information 37 PART III Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 40 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 43 Item 14. Principal Accounting Fees and Services 43 PART IV Item 15. Exhibits, Financial Statement Schedules 44

Signatures

Signatures 46 ii Table of Contents CAUTIONARY Certain "anticipate", "believe", "estimate", "should", "expect" and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to secure suitable financing to continue with our existing business or change our business and conclude a merger, acquisition or combination with a business prospect, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Readers should carefully review this report in its entirety, including but not limited to our financial statements and the notes thereto and the risks described in our Annual Report on Form 10-K for the fiscal year ended February 29, 2024. We advise you to carefully review the reports and do

Business

Business Overview Robotic Assistance Devices, LLC was incorporated in the State of Nevada on July 26, 2016, as an LLC and was founded by current President Steve Reinharz. Mr. Reinharz, has 25+ years in various leadership/ownership roles in the security industry and was part of a successful exit to a global multinational security company in 2004. Mr. Reinharz started his first security integration company in 1996, which he grew to 30+ employees before closing that company in 2003. In 2017, Robotic Assistance Devices LLC converted to a C Corporation, Robotic Assistance Devices, Inc. ("RAD"), through the issuance of 10,000 common shares to its sole shareholder. Artificial Intelligence Technology Solutions Inc. (formerly known as On the Move Systems Corp.) ("AITX" or the "Company") was incorporated in Florida on March 25, 2010, and reincorporated in Nevada on February 17, 2015. On August 24, 2018, On the Move Systems Corp. changed its name to Artificial Intelligence Technology Solutions Inc. ("AITX"). In 2017, AITX acquired all the ownership and equity interests in RAD (the "Acquisition"). Before the Acquisition, AITX's business focus had been transportation services, and AITX was exploring the on-demand logistics market by developing a network of logistics partnerships. After the Acquisition, AITX shifted its business focus to align with RAD's mission. Since that time, AITX has been engaged in pursuing the delivery of artificial intelligence (AI) and robotic solutions for operational, security, and monitoring needs. More specifically, the Company is focused on applying advanced AI-driven technologies, paired with multi-use hardware and supported by custom software and cloud services, to intelligently automate and integrate a variety of high-frequency security, concierge, and operational tasks. Since substantially all of AITX's operations were disposed of with the transaction's consummation, the Acquisition was treated as a reverse recapitalization effected by a

View Full Filing

View this 10-K filing on SEC EDGAR