AITX Files 10-Q for Q3 FY2025

TL;DR

AITX filed its Q3 10-Q, check financials for the period ending Nov 30, 2024.

AI Summary

Artificial Intelligence Technology Solutions Inc. (AITX) filed its 10-Q for the period ending November 30, 2024. The company, formerly known as ON THE MOVE SYSTEMS CORP., is based in Ferndale, MI. This filing covers the third quarter of their fiscal year, which ends on February 28th. The company's SIC code is 7372, indicating services in prepackaged software.

Why It Matters

This filing provides investors with an update on AITX's financial performance and operational status for the third quarter of their fiscal year, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — As a technology solutions company, AITX operates in a dynamic market susceptible to rapid technological changes and competitive pressures.

Key Numbers

• 000-55079 — SEC File Number (Identifies the company's filing history with the SEC.)
• 20250114 — Filing Date (Date the 10-Q was officially submitted to the SEC.)

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
• 20241130 (date) — End of the reporting period
• 0228 (date) — Fiscal year end

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1531KB
• 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) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-25-002128.txt ( ) — 9029KB
• aitx-20241130.xsd (EX-101.SCH) — 62KB
• aitx-20241130_cal.xml (EX-101.CAL) — 66KB
• aitx-20241130_def.xml (EX-101.DEF) — 296KB
• aitx-20241130_lab.xml (EX-101.LAB) — 476KB
• aitx-20241130_pre.xml (EX-101.PRE) — 380KB
• form10-q_htm.xml (XML) — 1664KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of November 30, 2024 and February 28, 2024 (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three Months and Nine Months Ended November 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Nine Months Ended November 30, 2024 and 2023 (Unaudited) 5-6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended November 30, 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 November 30, 2024 (unaudited) February 29, 2024 * ASSETS Current assets: Cash $ 84,231 $ 105,926 Accounts receivable, net 1,249,792 756,084 Share proceeds receivable 352,701 — Device parts inventory, net 1,883,530 2,131,599 Prepaid expenses and deposits 430,159 622,957 Total current assets 4,000,413 3,616,566 Operating lease asset 1,040,862 1,139,188 Revenue earning devices, net of accumulated depreciation of $ 1,881,451 and $ 952,844 , respectively 4,351,750 2,480,002 Fixed assets, net of accumulated depreciation of $ 460,641 and $ 349,878 , respectively 257,189 268,075 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 $ 9,797,318 $ 7,596,791 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued expenses $ 2,495,455 $ 2,034,301 Customer deposits 102,321 73,702 Current operating lease liability 225,348 237,653 Current portion of deferred variable payment obligation 1,599,971 904,377 Loan payable - related party 297,414 257,438 Deferred compensation for CEO 598,635 538,767 Current portion of loans payable, net of discount of $ 58,620 and $ 688,598 25,053,991 13,190,882 Vehicle loan - current portion 38,522 38,522 Current portion of accrued interest payable 10,882,807 4,440,009 Total current liabilities 41,294,464 21,715,651 Non-current operating lease liability 810,513 889,360 Loans payable, net of discount of $ 374,081 and $ 4,118,332 , respectively 7,676,654 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 2,008,308 5,367,8

View Full Filing

View this 10-Q filing on SEC EDGAR