$AITX
Artificial Intelligence Technology Solutions Inc.

2015 Q3 Form 10-Q Financial Statement

#000116169715000438 Filed on October 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q1 2014 Q3
Revenue $2.250K $2.250K
YoY Change 0.0% -90.28%
Cost Of Revenue
YoY Change
Gross Profit $2.250K $2.250K
YoY Change 0.0% -75.09%
Gross Profit Margin 100.0% 100.0%
Selling, General & Admin $114.4K $135.9K
YoY Change -15.84% -35.57%
% of Gross Profit 5084.4% 6041.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $114.4K $135.9K
YoY Change -15.84% -35.57%
Operating Profit -$112.1K -$161.1K
YoY Change -30.37% -20.23%
Interest Expense $144.1K $63.07K
YoY Change 128.4% 200.17%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$256.2K -$231.8K
YoY Change 10.54% 3.96%
Net Earnings / Revenue -11387.02% -10301.16%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 3.683M shares 34.28M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q1 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $6.142K $2.679K $15.32K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $6.000K $5.250K
Other Receivables
Total Short-Term Assets $12.14K $7.929K
YoY Change -78.68%
LONG-TERM ASSETS
Property, Plant & Equipment $70.88K $80.13K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $70.88K $80.13K
YoY Change 351.41%
TOTAL ASSETS
Total Short-Term Assets $12.14K $7.929K
Total Long-Term Assets $70.88K $80.13K
Total Assets $83.02K $88.06K
YoY Change 60.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.251M $886.5K
YoY Change 21.62%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.251M $886.5K
Total Long-Term Liabilities
Total Liabilities $1.364M $1.116M
YoY Change 39.14%
SHAREHOLDERS EQUITY
Retained Earnings -$6.973M -$6.380M
YoY Change 19.69%
Common Stock $3.243K $75.00
YoY Change 63.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.281M -$1.027M
YoY Change
Total Liabilities & Shareholders Equity $83.02K $88.06K
YoY Change 60.29%

Cashflow Statement

Concept 2015 Q3 2015 Q1 2014 Q3
OPERATING ACTIVITIES
Net Income -$256.2K -$231.8K
YoY Change 10.54% 3.96%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">On March 5, 2015, the Company effected a one-for-500 reverse split. All share and per share amounts have been restated to reflect the reverse split.</div>
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dei Entity Registrant Name
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="width: 720px; margin: 0px;"> <p style="margin: 0px; font-family: 'times new roman'; font-size: 10pt;"><strong>Note 1.&#160;<b>General Organization and Business</b></strong></p> <p style="margin: 0px; text-align: justify; font-family: 'times new roman'; font-size: 10pt;"><br/></p> <div style="width: 720px;"> <p style="margin: 0px; text-align: justify;"><font style="font-size: 10pt;">On the Move Systems Corp. (&#147;we&#148;, &#147;us&#148;, &#147;our&#148;, &#147;OMVS&#148;, or the &#147;Company&#148;) was incorporated in Nevada on March 25, 2010. We reincorporated into Nevada on February 17, 2015. Our business focus is transportation services. We are currently exploring the on-demand logistics market by developing a network of logistics partnerships. Our year-end is February 28. The company is located at 701 North Green Valley Parkway, Suite 200, Henderson, Nevada 89074. Our telephone number is 702-990-3271.</font></p> <p style="margin: 0px; text-align: justify;"><br/></p> <p style="margin: 0px; text-align: justify;"><font style="font-size: 10pt;">Our business focus is transportation-related technology services. &#160;We are currently exploring the online, on-demand logistics market by developing a shared economy network of trucking partnerships. &#160;OMVS is in the process of building a shared economy app designed to put independent drivers and brokers together for more efficient pricing and booking, optimized operations and quick delivery turnarounds.&#160; The company has signed a letter of intent with a Houston-area software design firm regarding development of such a platform.&#160; This app, when released, will revolutionize the trucking industry by connecting national and local carriers, enabling each to maximize revenues and reduce costs.</font></p> <p style="margin: 0px;"><font style="font-size: 10pt;"></font><b><br/><font style="font-size: 10pt;">Joint Ventures</font></b></p> <p style="margin: 0px; text-align: justify;"><br/></p> <p style="margin: 0px; text-align: justify;"><font style="font-size: 10pt;">On February 11, 2014, the Company signed a joint venture agreement with The Xperience to offer fantasy travel packages beginning with auto racing events. OMVS has committed to fund up to $<font>30,000</font> of the cash flow requirements of the joint venture at its discretion and to assist with creating the travel packages. OMVS will be allocated <font>40</font> percent of the earnings (losses) from this joint venture. During the six months ended August 31, 2015, we have provided no additional funding to this joint venture.</font></p> <p style="margin: 0px; text-align: justify;"><br/></p> <p style="margin: 0px; text-align: justify;"><font style="font-size: 10pt;">In June 2014, the Xperience joint venture began generating revenue by selling advertising space on its racecar.</font></p> </div> </div> </div>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="width: 720px; margin: 0px;"> <p style="margin: 0px; font-family: 'times new roman'; font-size: 10pt;"><strong>Use of Estimates</strong></p> <p style="margin: 0px; text-align: justify; font-family: 'times new roman'; font-size: 10pt;">&#160;</p> <p style="margin: 0px; text-align: justify; font-family: 'times new roman'; font-size: 10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> </div> </div>
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2311368 shares
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2250 USD
CY2015Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21124 USD
CY2015Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
20200 USD
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
1000 USD
CY2015Q3 us-gaap Common Stock Value
CommonStockValue
3243 USD
CY2015Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
5351237 USD
CY2014Q3 us-gaap Revenues
Revenues
2250 USD
CY2014Q3 us-gaap Gross Profit
GrossProfit
2250 USD

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0001161697-15-000438-index-headers.html Edgar Link pending
0001161697-15-000438-index.html Edgar Link pending
0001161697-15-000438.txt Edgar Link pending
0001161697-15-000438-xbrl.zip Edgar Link pending
ex_21.htm Edgar Link pending
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ex_32-1.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
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form_10-q.htm Edgar Link pending
omvs-20150831.xml Edgar Link completed
omvs-20150831.xsd Edgar Link pending
omvs-20150831_cal.xml Edgar Link unprocessable
omvs-20150831_def.xml Edgar Link unprocessable
omvs-20150831_lab.xml Edgar Link unprocessable
omvs-20150831_pre.xml Edgar Link unprocessable
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