AITX Files Q1 2025 10-Q with Financial Updates
Ticker: AITXD · Form: 10-Q · Filed: Jul 15, 2024 · CIK: 1498148
| Field | Detail |
|---|---|
| Company | Artificial Intelligence Technology Solutions INC. (AITXD) |
| Form Type | 10-Q |
| Filed Date | Jul 15, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
**AITX Q1 2025 10-Q filed. Financials and operations updated.**
AI Summary
Artificial Intelligence Technology Solutions Inc. (AITX) filed its 10-Q for the period ending May 31, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. The company, formerly known as ON THE MOVE SYSTEMS CORP., is based in Ferndale, MI.
Why It Matters
This filing provides investors with the latest financial health and operational status of Artificial Intelligence Technology Solutions Inc., crucial for understanding its current performance and future prospects.
Risk Assessment
Risk Level: medium — As a technology solutions company, AITX operates in a dynamic market with potential for rapid obsolescence and competitive pressures, warranting a medium risk assessment.
Key Numbers
- Q1 --02-28 2025 — Fiscal Quarter End (Reporting period for the 10-Q filing)
- 2024-03-01 to 2024-05-31 — Reporting Period (Specific dates covered by the financial statements)
Key Players & Entities
- Artificial Intelligence Technology Solutions Inc. (company) — Filer of the 10-Q
- ON THE MOVE SYSTEMS CORP. (company) — Former name of the filer
- Ferndale, MI (location) — Business and mailing address
- 20240531 (date) — End of reporting period
- 20240715 (date) — Filing date
FAQ
What was the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing was from March 1, 2024, to May 31, 2024.
What is the company's current name?
The company's current name is Artificial Intelligence Technology Solutions Inc.
What was the company's former name?
The company's former name was ON THE MOVE SYSTEMS CORP.
Where is the company headquartered?
The company's business and mailing address is 10800 GALAXIE AVENUE, FERNDALE, MI 48220.
When was this 10-Q form filed with the SEC?
This 10-Q form was filed with the SEC on July 15, 2024.
Filing Stats: 4,498 words · 18 min read · ~15 pages · Grade level 17.1 · Accepted 2024-07-15 16:00:52
Filing Documents
- form10-q.htm (10-Q) — 1227KB
- ex21-1.htm (EX-21.1) — 5KB
- ex31-1.htm (EX-31.1) — 11KB
- ex31-2.htm (EX-31.2) — 11KB
- ex32-1.htm (EX-32.1) — 5KB
- ex32-2.htm (EX-32.2) — 7KB
- 0001493152-24-027824.txt ( ) — 8036KB
- aitx-20240531.xsd (EX-101.SCH) — 59KB
- aitx-20240531_cal.xml (EX-101.CAL) — 60KB
- aitx-20240531_def.xml (EX-101.DEF) — 271KB
- aitx-20240531_lab.xml (EX-101.LAB) — 445KB
- aitx-20240531_pre.xml (EX-101.PRE) — 356KB
- form10-q_htm.xml (XML) — 1436KB
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets as of May 31, 2024 and February 29, 2024 (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three Months Ended May 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended May 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended May 31, 2024 and 2023 (Unaudited) 6 Notes to the Consolidated Financial Statements (Unaudited) 7-25 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 26 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 30 ITEM 4.
Controls and Procedures
Controls and Procedures 30 PART II OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 31 ITEM 1A.
Risk Factors
Risk Factors 31 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 ITEM 3. Defaults Upon Senior Securities 31 ITEM 4. Mine Safety Disclosures 31 ITEM 5. Other Information 31 ITEM 6. Exhibits 32
SIGNATURES
SIGNATURES 33 - 2 - Table of Contents PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS May 31, 2024 (unaudited) February 29, 2024 * ASSETS Current assets: Cash $ 193,103 $ 105,926 Accounts receivable, net 616,464 756,084 Device parts inventory, net 1,830,467 2,131,599 Prepaid expenses and deposits 454,158 622,957 Total current assets 3,094,192 3,616,566 Operating lease asset 1,105,225 1,139,188 Revenue earning devices, net of accumulated depreciation of $ 1,209,072 and $ 952,844 , respectively 3,351,949 2,480,002 Fixed assets, net of accumulated depreciation of $ 391,199 and $ 349,878 , respectively 278,931 268,075 Trademarks 29,676 27,080 Investment at cost 50,000 50,000 Security deposit 15,880 15,880 Total assets $ 7,925,853 $ 7,596,791 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued expenses $ 2,011,624 $ 2,032,707 Advances payable- related party 1,594 1,594 Customer deposits 62,233 73,702 Current operating lease liability 231,141 237,653 Current portion of deferred variable payment obligation 1,096,700 904,377 Loan payable - related party 275,013 257,438 Deferred compensation for CEO 538,767 538,767 Current portion of loans payable, net of discount of $ 65,629 and $ 688,598 17,554,356 13,190,882 Vehicle loan - current portion 38,522 38,522 Current portion of accrued interest payable 6,939,788 4,440,009 Total current liabilities 28,749,738 21,715,651 Non-current operating lease liability 864,447 889,360 Loans payable, net of discount of $ 538,143 and $ 4,118,332 , respectively 14,961,218 14,798,532 Deferred variable payment obligation 2,525,000 2,525,000 Incentive compensation plan payable 2,500,000 2,500,000 Accrued interest payable 3,979,841 5,367,805 Total liabilities 53,580,244 47,7