Artificial Intelligence Technology Solutions Inc. Files 10-Q for Period Ending 2023-11-30

TL;DR

<b>Artificial Intelligence Technology Solutions Inc. (AITXD) has filed its 10-Q report for the quarter ending November 30, 2023, detailing its financial performance and operational status.</b>

AI Summary

Artificial Intelligence Technology Solutions Inc. (AITXD) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. The company filed a 10-Q report for the quarterly period ending November 30, 2023. The filing covers the period from September 1, 2023, to November 30, 2023. Artificial Intelligence Technology Solutions Inc. is incorporated in Nevada (NV). The company's fiscal year ends on February 28. The business and mailing address is 10800 Galaxie Avenue, Ferndale, MI 48220.

Why It Matters

For investors and stakeholders tracking Artificial Intelligence Technology Solutions Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial health and strategic direction for the most recent quarter. Understanding the details within this 10-Q is crucial for assessing AITXD's current market position and future prospects.

Risk Assessment

Risk Level: low — Artificial Intelligence Technology Solutions Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial disclosures or events that would alter the risk profile based solely on the header information.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to understand the company's performance and outlook.

Key Numbers

• 2023-11-30 — Period End Date (Quarterly report period)
• 2024-01-16 — Filing Date (Date the report was filed)
• 0228 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• Artificial Intelligence Technology Solutions Inc. (company) — Filer name
• AITXD (company) — Ticker symbol
• NV (company) — State of incorporation
• ON THE MOVE SYSTEMS CORP. (company) — Former company name
• 2023-11-30 (date) — Period of report
• 2024-01-16 (date) — Filing date
• 10800 Galaxie Avenue, Ferndale, MI 48220 (address) — Business and mailing address

Forward-Looking Statements

• The stock price of Artificial Intelligence Technology Solutions Inc. will face continued downward pressure due to ongoing share dilution. (Artificial Intelligence Technology Solutions Inc.) — medium confidence, target: 2024-05-31

FAQ

Industry Context

The company operates in the Services-Prepackaged Software industry, as indicated by its SIC code 7372.

Regulatory Implications

As a publicly traded company in the US, Artificial Intelligence Technology Solutions Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Thoroughly review the financial statements (balance sheet, income statement, cash flow) within the 10-Q.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers and challenges.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 10-Q filing for the period ending November 30, 2023. Previous filings would need to be compared for specific changes.

Filing Documents

• form_10-q.htm (10-Q) — 1061KB
• ex_21.htm (EX-21) — 3KB
• ex_31-1.htm (EX-31) — 7KB
• ex_31-2.htm (EX-31) — 7KB
• ex_32-1.htm (EX-32) — 5KB
• ex_32-2.htm (EX-32) — 5KB
• 0001161697-24-000035.txt (&nbsp;) — 6816KB
• aitx-20231130.xsd (EX-101.SCH) — 70KB
• aitx-20231130_cal.xml (EX-101.CAL) — 57KB
• aitx-20231130_def.xml (EX-101.DEF) — 233KB
• aitx-20231130_lab.xml (EX-101.LAB) — 446KB
• aitx-20231130_pre.xml (EX-101.PRE) — 329KB
• form_10-q_htm.xml (XML) — 1138KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of November 30, 2023 and February 28, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three Months and Six Months Ended November 30, 2023 and 2022 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Six Months Ended November 30, 2023 and 2022 (Unaudited) 5-6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended November 30, 2023 and 2022 (Unaudited) 7 Notes to the Consolidated Financial Statements (Unaudited) 8-26 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 ITEM 4.

Controls and Procedures

Controls and Procedures 32 PART II OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 33 ITEM 1A.

Risk Factors

Risk Factors 33 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 ITEM 3. Defaults Upon Senior Securities 33 ITEM 4. Mine Safety Disclosures 33 ITEM 5. Other Information 33 ITEM 6. Exhibits 34

SIGNATURES

SIGNATURES 34 - 2 - Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS November 30, 2023 February 28, 2023 * ASSETS Current assets: Cash $ 97,478 $ 939,759 Accounts receivable, net 505,438 265,024 Device parts inventory, net 2,220,159 1,637,899 Prepaid expenses and deposits 691,240 596,310 Total current assets 3,514,315 3,438,992 Operating lease asset 1,115,447 1,208,440 Revenue earning devices, net of accumulated depreciation of $ 1,209,664 and $ 779,839 , respectively 2,111,896 1,235,219 Fixed assets, net of accumulated depreciation of $ 326,921 and $ 182,002 , respectively 300,300 315,888 Trademarks 27,080 27,080 Investment at cost 50,000 50,000 Security deposit 17,380 21,239 Total assets $ 7,136,418 $ 6,296,858 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued expenses $ 1,539,601 $ 1,343,379 Advances payable- related party 1,594 1,594 Customer deposits 78,467 9,900 Current operating lease liability 229,016 248,670 Current portion of deferred variable payment obligation 764,702 542,177 Loan payable - related party 299,286 206,516 Incentive compensation plan payable 1,166,000 979,000 Current portion of loans payable, net of discount of $ 1,129,801 and $ 1,651,597 8,349,678 9,918,389 Vehicle loan - current portion 38,522 38,522 Current portion of accrued interest payable 3,992,259 2,761,446 Total current liabilities 16,459,125 16,049,593 Non-current operating lease liability 881,816 950,541 Loans payable, net of discount of $ 4,305,396 and $ 4,130,291 , respectively 18,688,471 15,554,069 Deferred variable payment obligation 2,525,000 2,525,000 Accrued interest payable 4,774,660 3,060,656 Total liabilities 43,329,072 38,139,859 Commitments and Contingencies Stockholders' deficit: Preferred

View Full Filing

View this 10-Q filing on SEC EDGAR