2022 Q4 Form 10-Q Financial Statement

#000116169722000515 Filed on October 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $402.4K $267.5K $141.6K
YoY Change 7.62% 88.94% 86.08%
Cost Of Revenue $126.0K $34.21K $41.95K
YoY Change -12.17% -18.44% 16.5%
Gross Profit $276.4K $233.3K $99.62K
YoY Change 19.94% 134.16% 148.61%
Gross Profit Margin 68.7% 87.21% 70.37%
Selling, General & Admin $2.185M $2.302M $2.666M
YoY Change -46.29% -13.65% 369.08%
% of Gross Profit 790.33% 986.89% 2676.3%
Research & Development $813.3K $963.8K $699.3K
YoY Change -17.22% 37.82% 543.44%
% of Gross Profit 294.21% 413.16% 701.96%
Depreciation & Amortization $92.85K $145.8K $47.69K
YoY Change 36.68% 205.71% 57.08%
% of Gross Profit 33.59% 62.5% 47.87%
Operating Expenses $3.091M $3.412M $3.413M
YoY Change -39.61% -0.04% 382.47%
Operating Profit -$2.815M -$3.178M -$3.314M
YoY Change -42.41% -4.08% 396.52%
Interest Expense $1.271M $1.002M -$1.621M
YoY Change -162.0% -161.83% -80.59%
% of Operating Profit
Other Income/Expense, Net -$1.271M -$994.4K -$1.548M
YoY Change -42.4% -35.76%
Pretax Income -$4.086M -$4.173M -$4.832M
YoY Change -42.41% -13.65% -46.42%
Income Tax
% Of Pretax Income
Net Earnings -$4.086M -$4.173M -$4.832M
YoY Change -42.41% -13.65% -46.42%
Net Earnings / Revenue -1015.33% -1560.04% -3413.41%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$1.242K
COMMON SHARES
Basic Shares Outstanding 5.146B shares 4.946B shares 3.890B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $713.5K $363.1K $2.395M
YoY Change -82.61% -84.84% 1195.86%
Cash & Equivalents $713.5K $363.1K $2.395M
Short-Term Investments
Other Short-Term Assets $672.8K $568.8K $269.6K
YoY Change 71.28% 110.95%
Inventory $1.573M $1.641M $488.3K
Prepaid Expenses $672.8K $568.8K
Receivables $464.0K $442.7K $186.4K
Other Receivables $0.00 $281.2K $278.4K
Total Short-Term Assets $3.424M $3.297M $3.618M
YoY Change -51.91% -8.89% 1282.45%
LONG-TERM ASSETS
Property, Plant & Equipment $312.3K $319.4K $1.814M
YoY Change -85.19% -82.39% 633.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.24K $21.24K $19.74K
YoY Change 7.6% 7.6%
Other Assets
YoY Change
Total Long-Term Assets $2.696M $2.586M $1.834M
YoY Change 25.11% 41.01% 641.93%
TOTAL ASSETS
Total Short-Term Assets $3.424M $3.297M $3.618M
Total Long-Term Assets $2.696M $2.586M $1.834M
Total Assets $6.119M $5.882M $5.452M
YoY Change -34.02% 7.89% 971.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.166M $1.416M $841.4K
YoY Change -33.77% 68.32% -21.69%
Accrued Expenses $163.0K $289.7K $611.0K
YoY Change -85.49% -52.58% -81.23%
Deferred Revenue $2.383K $1.872K
YoY Change
Short-Term Debt $1.594K $1.594K $3.500K
YoY Change -54.46% -54.46% -99.94%
Long-Term Debt Due $1.482M $393.5K $3.507M
YoY Change -60.66% -88.78% 45.03%
Total Short-Term Liabilities $4.470M $3.466M $6.250M
YoY Change -39.74% -44.54% -72.02%
LONG-TERM LIABILITIES
Long-Term Debt $23.73M $23.58M $12.58M
YoY Change 84.42% 87.5%
Other Long-Term Liabilities $8.415M $7.554M $4.883M
YoY Change 65.36% 54.69% 93.4%
Total Long-Term Liabilities $32.14M $31.14M $17.46M
YoY Change 79.02% 78.32% 591.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.470M $3.466M $6.250M
Total Long-Term Liabilities $32.14M $31.14M $17.46M
Total Liabilities $36.61M $34.60M $23.71M
YoY Change 44.3% 45.94% -4.62%
SHAREHOLDERS EQUITY
Retained Earnings -$107.1M -$103.0M
YoY Change 34.21%
Common Stock $52.61K $50.64K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$30.50M -$28.72M -$18.26M
YoY Change
Total Liabilities & Shareholders Equity $6.119M $5.882M $5.452M
YoY Change -34.02% 7.89% 971.37%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$4.086M -$4.173M -$4.832M
YoY Change -42.41% -13.65% -46.42%
Depreciation, Depletion And Amortization $92.85K $145.8K $47.69K
YoY Change 36.68% 205.71% 57.08%
Cash From Operating Activities -$3.129M -$3.133M -$3.056M
YoY Change -27.87% 2.51% 383.93%
INVESTING ACTIVITIES
Capital Expenditures $10.40K -$119.0K -$16.80K
YoY Change -136.24% 608.27% -64.32%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $30.00K
YoY Change -100.0% 2900.0%
Cash From Investing Activities -$10.40K -$119.0K $13.20K
YoY Change -63.76% -1001.44% -128.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.490M 2.693M 2.490M
YoY Change -42.56% 8.16% 192.05%
NET CHANGE
Cash From Operating Activities -3.129M -3.133M -3.056M
Cash From Investing Activities -10.40K -119.0K 13.20K
Cash From Financing Activities 3.490M 2.693M 2.490M
Net Change In Cash 350.4K -558.6K -552.8K
YoY Change -79.49% 1.04% -415.84%
FREE CASH FLOW
Cash From Operating Activities -$3.129M -$3.133M -$3.056M
Capital Expenditures $10.40K -$119.0K -$16.80K
Free Cash Flow -$3.139M -$3.014M -$3.039M
YoY Change -27.15% -0.84% 420.04%

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<p id="xdx_808_eus-gaap--NatureOfOperations_zG0inOVihwle" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>1. <span id="xdx_827_zpsogbSJc8qa">GENERAL INFORMATION</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Artificial Intelligence Technology Solutions Inc. (“AITX” or the “Company”) was incorporated in Florida on March 25, 2010 and reincorporated in Nevada on February 17, 2015. On August 24, 2018, Artificial Intelligence Technology Solutions Inc., changed its name from On the Move Systems Corp (“OMVS”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Robotic Assistance Devices, LLC (“RAD”), was incorporated in the State of Nevada on July 26, 2016 as a Limited Liability Company. On July 25, 2017, Robotic Assistance Devices LLC converted to a C Corporation, Robotic Assistance Devices, Inc., through the issuance of <span id="xdx_903_eus-gaap--CommonStockSharesIssued_iI_pid_uShares_c20170725__us-gaap--BusinessAcquisitionAxis__custom--RoboticAssistanceDevicesLLCMember_z584DFlz3Em" title="Common stock, issued">10,000</span> common shares to its sole shareholder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 28, 2017, AITX completed the acquisition of RAD (the “Acquisition”), whereby AITX acquired all the ownership and equity interest in RAD for <span id="xdx_906_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20170827__20170828__us-gaap--BusinessAcquisitionAxis__custom--RoboticAssistanceDevicesLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesEPreferredStockMember_zxoYKbbAlAJ2" title="Number of shares isuued under acquisition">3,350,000</span> shares of AITX Series E Preferred Stock and <span id="xdx_902_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_uShares_c20170827__20170828__us-gaap--BusinessAcquisitionAxis__custom--RoboticAssistanceDevicesLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesFPreferredStockMember_zj7TbzIx5Ro4" title="Number of shares isuued under acquisition">2,450</span> shares of Series F Convertible Preferred Stock. AITX’s prior business focus was transportation services, and was exploring the on-demand logistics market by developing a network of logistics partnerships. As a result of the closing of the Acquisition, AITX has succeeded to the business of RAD, and AITX’s business going forward will consist of one segment activity, which is the delivery of artificial intelligence and robotic solutions for operational, security and monitoring needs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Acquisition was treated as a reverse recapitalization effected by a share exchange for financial accounting and reporting purposes since substantially all of AITX’s operations were disposed of as part of the consummation of the transaction. Therefore, no goodwill or other intangible assets were recorded by AITX as a result of the Acquisition. RAD is treated as the accounting acquirer as its stockholders control the Company after the Acquisition, even though AITX was the legal acquirer.  As a result, the assets and liabilities and the historical operations that are reflected in these financial statements are those of RAD as if RAD had always been the reporting company.</p>
CY2022Q3 aitx Net Cash Provided By Used In Operating Activities1
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<p id="xdx_84B_eus-gaap--UseOfEstimates_zS0JFF5pCD1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86F_z9xgEjgvPnRe">Use of Estimates</span> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to prepare financial statements in conformity with accounting principles generally accepted in the United States, management must make estimates, judgements and assumptions that affect the amounts reported in the financial statements and determine whether contingent assets and liabilities, if any, are disclosed in the financial statements. The ultimate resolution of issues requiring these estimates and assumptions could differ significantly from resolution currently anticipated by management and on which the financial statements are based. The most significant estimates included in these consolidated financial statements are those associated with the assumptions used to value preferred stock and derivative liabilities.</p>
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aitx New Accounting Pronouncements Policy Policy Text Block1
NewAccountingPronouncementsPolicyPolicyTextBlock1
<p id="xdx_841_ecustom--NewAccountingPronouncementsPolicyPolicyTextBlock1_zOzpigX5meBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86F_z9SeJJGbT64a">Recently Issued Accounting Pronouncements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Recently Adopted Accounting Standards </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i> </i>In December 2019, the Financial Accounting Standards Board (FASB) issued amended guidance on the accounting and reporting of income taxes. The guidance is intended to simplify the accounting for income taxes by removing exceptions related to certain intraperiod tax allocations and deferred tax liabilities; clarifying guidance primarily related to evaluating the step-up tax basis for goodwill in a business combination; and reflecting enacted changes in tax laws or rates in the annual effective tax rate. The Company adopted the new guidance effective February 1, 2021. There was no impact to the Company’s consolidated financial statements upon adoption.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">In January 2020, the FASB issued new guidance intended to clarify certain interactions between accounting standards related to equity securities, equity method investments and certain derivatives. The guidance addresses accounting for the transition into and out of the equity method of accounting and measuring certain purchased options and forward contracts to acquire investments. The Company adopted the new guidance effective February 1, 2021. There was no impact to the Company’s consolidated financial statements upon adoption.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">In August 2020, the FASB issued amended guidance on the accounting for convertible instruments and contracts in an entity’s own equity. The guidance removes the separation model for convertible debt instruments and preferred stock, amends requirements for conversion options to be classified in equity as well as amends diluted earnings per share (EPS) calculations for certain convertible debt instruments. The amended guidance is effective for interim and annual periods in 2022. The application of the amendments in the new guidance are to be applied either on a modified retrospective or a retrospective basis. We are currently assessing the effect that the adoption of this standard will have on the Company’s consolidated financial statements upon adoption.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Recently Issued Accounting Standards Not Yet Adopted</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">In March 2020, the FASB issued optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting and subsequently issued clarifying amendments. The guidance provides optional expedients and exceptions for accounting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The optional guidance is effective upon issuance and can be applied on a prospective basis at any time between January 1, 2020 through December 31, 2022. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">In October 2021, the FASB issued amended guidance that requires acquiring entities to recognize and measure contract assets and liabilities in a business combination in accordance with existing revenue recognition guidance. The amended guidance is effective for interim and annual periods in 2023 and is to be applied prospectively. Early adoption is permitted on a retrospective basis to the beginning of the fiscal year of adoption. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements for prior acquisitions; however, the impact in future periods will be dependent upon the contract assets and contract liabilities acquired in future business combinations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In November 2021, the FASB issued new guidance to increase the transparency of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The guidance requires annual disclosures of such transactions to include the nature of the transactions and the significant terms and conditions, the accounting treatment and the impact to the company’s financial statements. The guidance is effective for annual periods beginning in 2022 and is to be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</p>
CY2022Q3 aitx Revenue From Device Rental Activities
RevenueFromDeviceRentalActivities
228214 usd
CY2021Q3 aitx Revenue From Device Rental Activities
RevenueFromDeviceRentalActivities
123375 usd
aitx Revenue From Device Rental Activities
RevenueFromDeviceRentalActivities
468019 usd
aitx Revenue From Device Rental Activities
RevenueFromDeviceRentalActivities
218081 usd
CY2022Q3 aitx Revenue From Direct Sales Of Goods And Services
RevenueFromDirectSalesOfGoodsAndServices
39270 usd
CY2021Q3 aitx Revenue From Direct Sales Of Goods And Services
RevenueFromDirectSalesOfGoodsAndServices
18197 usd
aitx Revenue From Direct Sales Of Goods And Services
RevenueFromDirectSalesOfGoodsAndServices
184622 usd
aitx Revenue From Direct Sales Of Goods And Services
RevenueFromDirectSalesOfGoodsAndServices
483825 usd
CY2022Q3 us-gaap Revenues
Revenues
267484 usd
CY2021Q3 us-gaap Revenues
Revenues
141572 usd
us-gaap Revenues
Revenues
652641 usd
CY2022Q3 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
1569771 usd
CY2022Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
1143724 usd
CY2022Q3 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
622200 usd
CY2022Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
434661 usd
CY2022Q3 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
947571 usd
CY2022Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
709063 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
420693 usd
us-gaap Proceeds From Sale Of Other Assets1
ProceedsFromSaleOfOtherAssets1
30000 usd
aitx Gain Loss Related To Litigation Settlement1
GainLossRelatedToLitigationSettlement1
29125 usd
CY2021Q1 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
1925000 usd
CY2022Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
431720 usd
CY2022Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
325600 usd
CY2022Q3 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
204430 usd
CY2022Q2 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
90300 usd
CY2022Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
750000 usd
CY2022Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
3500 usd
CY2022Q3 aitx Debt Instrument Unamortized Discount Two
DebtInstrumentUnamortizedDiscountTwo
-750000 usd
CY2022Q1 aitx Debt Instrument Unamortized Discount Two
DebtInstrumentUnamortizedDiscountTwo
-3500 usd
CY2022Q3 aitx Convertible Note Payable Current Portion Gross
ConvertibleNotePayableCurrentPortionGross
750000 usd
CY2022Q1 aitx Convertible Note Payable Current Portion Gross
ConvertibleNotePayableCurrentPortionGross
3500 usd
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
522505 usd
CY2022Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
227495 usd
CY2022Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
3500 usd
CY2022Q3 aitx Discount On Long Term Notes Payable Current
DiscountOnLongTermNotesPayableCurrent
-18541 usd
aitx Description Of Business Activity
DescriptionOfBusinessActivity
The Company transferred the above July 18, 2016 $3,500 note to loans payable as the note was no longer convertible. This was a result of an SEC action against the debt holder who was also a common stockholder.
aitx Description Of Business Activity One
DescriptionOfBusinessActivityOne
On August 9, 2022 the Company entered into a new convertible note for $750,000 with a one year maturity, interest rate of 12%, with a warrant (Warrant 1) to purchase 47,000,000 common shares with a five year maturity and an exercise price of $0.01, and an additional warrant (Warrant 2) to purchase 47,000,000 common shares with a five year maturity and an exercise price of $0.008 to be cancelled and extinguished if the note balance is $375,000 or less by February 9. 2023. The Company received $619,250 in cash proceeds, recorded an original issue discount of $75,000, recognized $404,373 based on a relative fair value calculation as debt discount with a corresponding adjustment to paid-in capital for the attached warrants, and transaction fees of $55,750. The discount is amortized over the term of the loan. This Note shall have priority over all unsecured indebtedness of the Company. The note has certain default provisions such as failure to pay any principal or interest when due and failure to maintain a minimum market capitalization of $30 million. In the event of these or any other default provisions, the note becomes due and payable at 125%.
aitx Description Of Business Activity Two
DescriptionOfBusinessActivityTwo
The Company amended the January 27, 2021 agreement with the lender whereby the conversion rate was changed from $0.10 to $0.03 as a result of a dilutive issuance; this resulted a derivative discount of $438,835 and a loss on extinguishment of $360,125.
aitx Description Of Business Activity Three
DescriptionOfBusinessActivityThree
Holders of certain convertible notes payable elected to convert a total of $825,000 of principal and $71,955 accrued interest, and $1,750 of fees into 31,042,436 shares of common stock; no gain or loss was recognized on conversions as these conversions occurred within the terms of the agreement that provided for conversion.
aitx Description Of Business Activity Four
DescriptionOfBusinessActivityFour
The conversion rate of the January 19, 2021 note included above was reduced to $0.027 due to the dilutive issuance provision in the January 19, 2021 agreement.
CY2021Q2 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
118342 usd
CY2022Q3 aitx Loan Payable Related Party1
LoanPayableRelatedParty1
200036 usd
CY2022Q1 aitx Loan Payable Related Party1
LoanPayableRelatedParty1
193556 usd
CY2022Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
123504 usd
aitx Deferred Salary Payable Related Party
DeferredSalaryPayableRelatedParty
108000 usd
aitx Percentage Of Interest Expense Due To Related Party
PercentageOfInterestExpenseDueToRelatedParty
0.12 pure
CY2022Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
110700 usd
CY2022 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
90000 usd
CY2022 aitx Percentage Of Interest Expense Due To Related Party
PercentageOfInterestExpenseDueToRelatedParty
0.12 pure
aitx Interest Accrued Related Party
InterestAccruedRelatedParty
9180 usd
CY2021Q2 aitx Interest Accrued Related Party
InterestAccruedRelatedParty
160536 usd
CY2022Q3 aitx Incentive Compensation Plan Payable1
IncentiveCompensationPlanPayable1
704000 usd
CY2022Q1 aitx Incentive Compensation Plan Payable1
IncentiveCompensationPlanPayable1
479500 usd
CY2022Q3 us-gaap Professional Fees
ProfessionalFees
957395 usd
CY2021Q3 us-gaap Professional Fees
ProfessionalFees
562837 usd
us-gaap Professional Fees
ProfessionalFees
1959129 usd
us-gaap Professional Fees
ProfessionalFees
1041788 usd
CY2022Q1 aitx Proceeds Of Disposal Of Vehicle Offset Against Vehicle Loan
ProceedsOfDisposalOfVehicleOffsetAgainstVehicleLoan
18766 usd
CY2022Q1 aitx Remaining Asset Value
RemainingAssetValue
5515 usd
us-gaap Debt Conversion Original Debt Issuance Date Of Debt Day Month And Year
DebtConversionOriginalDebtIssuanceDateOfDebtDayMonthAndYear
2020-05-22
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
28109146 usd
CY2022Q3 aitx Long Term Notes Payable Non Current
LongTermNotesPayableNonCurrent
-173500 usd
CY2022Q3 aitx Discount On Long Term Notes Payable Non Current
DiscountOnLongTermNotesPayableNonCurrent
-4351804 usd
CY2022Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
23583842 usd
CY2022Q3 aitx Long Term Notes Payable Current
LongTermNotesPayableCurrent
173500 usd
CY2022Q3 aitx Debt Instrument Accrued Interest
DebtInstrumentAccruedInterest
342138 usd
CY2022Q3 aitx Total Debt Instrument Face Amount
TotalDebtInstrumentFaceAmount
2004091 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
2960500 usd
CY2022Q3 aitx Derivative Liabilities Current1
DerivativeLiabilitiesCurrent1
0 usd
CY2022Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
7587 usd
CY2022Q3 aitx Fair Value Of Derivative Liabilities Current
FairValueOfDerivativeLiabilitiesCurrent
3595 usd
aitx Fair Value Of Derivative Liabilities Current
FairValueOfDerivativeLiabilitiesCurrent
3595 usd
CY2022Q3 us-gaap Debt Securities Gain Loss
DebtSecuritiesGainLoss
3992 usd
us-gaap Debt Securities Gain Loss
DebtSecuritiesGainLoss
3992 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2022Q3 aitx Common Stock Shares Issued1
CommonStockSharesIssued1
6000000000 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
325572711 shares
aitx Proceeds From Issuance Of Debt Gross
ProceedsFromIssuanceOfDebtGross
3748939 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
3536489 usd
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
212450 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1873558 usd
CY2022Q3 aitx Lessor Operating Lease Payments To Be Received Less Interest
LessorOperatingLeasePaymentsToBeReceivedLessInterest
618805 usd
CY2022Q3 aitx Operating Lease Right Of Use Asset1
OperatingLeaseRightOfUseAsset1
1254753 usd
aitx Share Based Compensation2
ShareBasedCompensation2
0 usd
aitx Share Based Compensation2
ShareBasedCompensation2
0 usd
CY2022Q3 us-gaap Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
955000000 shares
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
3000000 usd
CY2022Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.15 pure
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2960500 shares
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
39500 usd
aitx Operating Lease Description
OperatingLeaseDescription
the Company entered into a 15-month lease agreement for office space at 18009 Sky Park Circle Suite E, Irvine CA, 92614, commencing on December 18, 2020 through to March 31, 2022
CY2020Q4 us-gaap Payments For Rent
PaymentsForRent
3859 usd
CY2020Q4 us-gaap Security Deposit
SecurityDeposit
3859 usd
aitx Operating Lease Description1
OperatingLeaseDescription1
the Company entered into a 10 year lease agreement for q manufacturing facility at 10800 Galaxie Avenue, Ferndale, Michigan, 48220, commencing on May 1, 2021 through to April 30, 2031
CY2021Q1 us-gaap Payments For Rent
PaymentsForRent
15880 usd
CY2021Q1 us-gaap Security Deposit
SecurityDeposit
15880 usd
aitx Operating Lease Description2
OperatingLeaseDescription2
the Company entered into a 3-year lease agreement for a vehicle commencing September 30, 2021 through to April 30, 2031 with a minimum base rent of $1,538 per month. The Company paid a down payment of $18,462
aitx Operating Lease Description3
OperatingLeaseDescription3
the Company entered into a 2-year lease agreement for office space at 1516 E Edinger, Santa Ana, California, 92705, commencing on February 1, 2022 through to January 31, 2024
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
1500 usd
CY2022Q1 us-gaap Security Deposit
SecurityDeposit
1500 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Rolling Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths
250169 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Two
LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo
239669 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Three
LessorOperatingLeasePaymentsToBeReceivedRollingYearThree
207558 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Four
LessorOperatingLeasePaymentsToBeReceivedRollingYearFour
207558 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Five
LessorOperatingLeasePaymentsToBeReceivedRollingYearFive
207558 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received After Rolling Year Five
LessorOperatingLeasePaymentsToBeReceivedAfterRollingYearFive
761046 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-4172865 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-4832373 usd
us-gaap Net Income Loss
NetIncomeLoss
-8844551 usd
us-gaap Net Income Loss
NetIncomeLoss
-40737291 usd
CY2022Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
8543 usd
CY2021Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
38345 usd
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
8737 usd
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
63299 usd
CY2022Q3 aitx Tax Effect Of Increase Decrease Interest Expense
TaxEffectOfIncreaseDecreaseInterestExpense
-3992 usd
aitx Tax Effect Of Increase Decrease Interest Expense
TaxEffectOfIncreaseDecreaseInterestExpense
-3992 usd
CY2022Q3 aitx Tax Effect Of Increase Decrease Interest Expense Debt
TaxEffectOfIncreaseDecreaseInterestExpenseDebt
-3595 usd
CY2021Q3 aitx Tax Effect Of Increase Decrease Interest Expense Debt
TaxEffectOfIncreaseDecreaseInterestExpenseDebt
193063 usd
aitx Tax Effect Of Increase Decrease Interest Expense Debt
TaxEffectOfIncreaseDecreaseInterestExpenseDebt
-3595 usd
aitx Tax Effect Of Increase Decrease Interest Expense Debt
TaxEffectOfIncreaseDecreaseInterestExpenseDebt
372502 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-4171909 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-4600965 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8843401 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-40301490 usd
CY2022Q3 aitx Weighted Average Number Of Shares Outstanding Basic1
WeightedAverageNumberOfSharesOutstandingBasic1
4970040852 shares
CY2021Q3 aitx Weighted Average Number Of Shares Outstanding Basic1
WeightedAverageNumberOfSharesOutstandingBasic1
3890435903 shares
aitx Weighted Average Number Of Shares Outstanding Basic1
WeightedAverageNumberOfSharesOutstandingBasic1
4884349362 shares
aitx Weighted Average Number Of Shares Outstanding Basic1
WeightedAverageNumberOfSharesOutstandingBasic1
3689985692 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1237643136 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14604991439 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1237643136 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14604991439 shares

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