AITX Files 10-Q for Period Ending Aug 31, 2024
Ticker: AITXD · Form: 10-Q · Filed: Oct 15, 2024 · CIK: 1498148
| Field | Detail |
|---|---|
| Company | Artificial Intelligence Technology Solutions INC. (AITXD) |
| Form Type | 10-Q |
| Filed Date | Oct 15, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
AITX 10-Q filed. Financials for Aug 31, 2024 period are in. Check it.
AI Summary
Artificial Intelligence Technology Solutions Inc. (AITX) filed a 10-Q for the period ending August 31, 2024. The company, formerly known as ON THE MOVE SYSTEMS CORP., is based in Ferndale, MI. Key financial data and operational details for the second quarter and year-to-date periods are presented in this filing.
Why It Matters
This filing provides investors with the latest financial performance and operational status of Artificial Intelligence Technology Solutions Inc., crucial for understanding the company's trajectory.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal significant risks or opportunities, but without specific financial performance data, the risk level is assessed as medium.
Key Numbers
- 0228 — Fiscal Year End (Indicates the end of the company's annual accounting period.)
- 2024-08-31 — Period of Report (The specific date range covered by this 10-Q filing.)
- 2024-02-29 — Previous Fiscal Year End (Provides a comparison point to the current reporting period.)
Key Players & Entities
- Artificial Intelligence Technology Solutions Inc. (company) — Filer
- ON THE MOVE SYSTEMS CORP. (company) — Former Company Name
- Ferndale, MI (location) — Business Address
- 20240831 (date) — Reporting Period End Date
- 20241015 (date) — Filing Date
FAQ
What is the company's former name?
The company's former name was ON THE MOVE SYSTEMS CORP., with a date of name change on 20100803.
What is the fiscal year end for Artificial Intelligence Technology Solutions Inc.?
The fiscal year end for Artificial Intelligence Technology Solutions Inc. is 0228.
What is the filing date of this 10-Q report?
This 10-Q report was filed on 20241015.
What is the primary business address of the company?
The business address is 10800 GALAXIE AVENUE, FERNDALE, MI 48220.
What is the SEC file number for this company?
The SEC file number is 000-55079.
Filing Stats: 4,538 words · 18 min read · ~15 pages · Grade level 17.2 · Accepted 2024-10-15 16:08:49
Filing Documents
- form10-q.htm (10-Q) — 1461KB
- ex21-1.htm (EX-21.1) — 5KB
- ex31-1.htm (EX-31.1) — 12KB
- ex31-2.htm (EX-31.2) — 12KB
- ex32-1.htm (EX-32.1) — 7KB
- ex32-2.htm (EX-32.2) — 7KB
- 0001493152-24-041126.txt ( ) — 8872KB
- aitx-20240831.xsd (EX-101.SCH) — 62KB
- aitx-20240831_cal.xml (EX-101.CAL) — 61KB
- aitx-20240831_def.xml (EX-101.DEF) — 300KB
- aitx-20240831_lab.xml (EX-101.LAB) — 475KB
- aitx-20240831_pre.xml (EX-101.PRE) — 381KB
- form10-q_htm.xml (XML) — 1616KB
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets as of August 31, 2024 and February 28, 2024 (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three Months and Six Months Ended August 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Six Months Ended August 31, 2024 and 2023 (Unaudited) 5-6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended August 31, 2024 and 2023 (Unaudited) 7 Notes to the Consolidated Financial Statements (Unaudited) 8-27 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 28 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 33 ITEM 4.
Controls and Procedures
Controls and Procedures 33 PART II OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 34 ITEM 1A.
Risk Factors
Risk Factors 34 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 ITEM 3. Defaults Upon Senior Securities 34 ITEM 4. Mine Safety Disclosures 34 ITEM 5. Other Information 34 ITEM 6. Exhibits 35
SIGNATURES
SIGNATURES 36 - 2 - Table of Contents PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS August 31, 2024 (unaudited) February 29, 2024 * ASSETS Current assets: Cash $ 543,133 $ 105,926 Accounts receivable, net 650,293 756,084 Share proceeds receivable 280,783 — Device parts inventory, net 2,063,229 2,131,599 Prepaid expenses and deposits 552,667 622,957 Total current assets 4,090,105 3,616,566 Operating lease asset 1,070,511 1,139,188 Revenue earning devices, net of accumulated depreciation of $ 1,513,990 and $ 952,844 , respectively 3,649,389 2,480,002 Fixed assets, net of accumulated depreciation of $ 434,043 and $ 349,878 , respectively 258,183 268,075 Trademarks 31,224 27,080 Convertible note receivable 50,000 — Investment at cost 50,000 50,000 Security deposit 15,880 15,880 Total assets $ 9,215,292 $ 7,596,791 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued expenses $ 1,882,487 $ 2,032,707 Advances payable- related party 1,594 1,594 Customer deposits 363,572 73,702 Current operating lease liability 225,348 237,653 Current portion of deferred variable payment obligation 1,315,264 904,377 Loan payable - related party 279,589 257,438 Deferred compensation for CEO 204,091 538,767 Current portion of loans payable, net of discount of $ 88,993 and $ 688,598 23,373,618 13,190,882 Vehicle loan - current portion 38,522 38,522 Current portion of accrued interest payable 9,396,626 4,440,009 Total current liabilities 37,080,711 21,715,651 Non-current operating lease liability 837,844 889,360 Loans payable, net of discount of $ 413,071 and $ 4,118,332 , respectively 9,287,664 14,798,532 Deferred variable payment obligation 2,525,000 2,525,000 Incentive compensation plan payable 2,500,000 2,500,000