2025 Q1 Form 10-Q Financial Statement

#000149315225002128 Filed on January 14, 2025

View on sec.gov

Income Statement

Concept 2025 Q1 2024 Q4 2023 Q4
Revenue $1.751M $597.0K
YoY Change 193.3% 48.36%
Cost Of Revenue $577.1K $135.9K
YoY Change 324.63% 7.9%
Gross Profit $1.174M $461.1K
YoY Change 154.59% 66.79%
Gross Profit Margin 67.04% 77.23%
Selling, General & Admin $2.073M
YoY Change -5.11%
% of Gross Profit 449.64%
Research & Development $579.0K $557.1K
YoY Change 3.93% -31.5%
% of Gross Profit 49.33% 120.83%
Depreciation & Amortization $106.3K $215.8K
YoY Change -50.75% 132.38%
% of Gross Profit 9.05% 46.8%
Operating Expenses $3.477M $2.846M
YoY Change 22.16% -7.92%
Operating Profit -$2.303M -$2.385M
YoY Change -3.44% -15.26%
Interest Expense $1.582M
YoY Change 24.42%
% of Operating Profit
Other Income/Expense, Net -$1.401M -$1.582M
YoY Change -11.41% 24.42%
Pretax Income -$3.966M
YoY Change -2.92%
Income Tax
% Of Pretax Income
Net Earnings -$3.704M -$3.966M
YoY Change -6.62% -2.92%
Net Earnings / Revenue -211.54% -664.42%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 13.31B shares 12.16B shares 7.295B shares
Diluted Shares Outstanding 12.16B shares 7.295B shares

Balance Sheet

Concept 2025 Q1 2024 Q4 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.48K
YoY Change -86.34%
Cash & Equivalents $84.23K $97.48K
Short-Term Investments
Other Short-Term Assets $691.2K
YoY Change 2.74%
Inventory $1.884M $2.220M
Prepaid Expenses $430.2K $691.2K
Receivables $1.250M $505.4K
Other Receivables $0.00
Total Short-Term Assets $4.000M $3.514M
YoY Change 13.83% 2.65%
LONG-TERM ASSETS
Property, Plant & Equipment $257.2K $300.3K
YoY Change -14.36% -3.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $67.38K
YoY Change 217.23%
Other Assets
YoY Change
Total Long-Term Assets $5.797M $3.622M
YoY Change 60.04% 34.37%
TOTAL ASSETS
Total Short-Term Assets $4.000M $3.514M
Total Long-Term Assets $5.797M $3.622M
Total Assets $9.797M $7.136M
YoY Change 37.29% 16.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.540M
YoY Change 32.02%
Accrued Expenses $4.221M
YoY Change 2490.54%
Deferred Revenue $102.3K $78.47K
YoY Change 30.4% 3192.78%
Short-Term Debt $1.594K
YoY Change 0.0%
Long-Term Debt Due $25.11M $8.687M
YoY Change 189.07% 486.16%
Total Short-Term Liabilities $41.29M $16.46M
YoY Change 150.89% 268.18%
LONG-TERM LIABILITIES
Long-Term Debt $18.69M
YoY Change -21.24%
Other Long-Term Liabilities $8.181M
YoY Change -2.78%
Total Long-Term Liabilities $26.87M
YoY Change -16.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.29M $16.46M
Total Long-Term Liabilities $26.87M
Total Liabilities $56.81M $43.33M
YoY Change 31.12% 18.34%
SHAREHOLDERS EQUITY
Retained Earnings -$149.4M -$125.5M
YoY Change 19.0% 17.24%
Common Stock $125.8K $77.15K
YoY Change 63.08% 46.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$47.02M -$36.19M
YoY Change
Total Liabilities & Shareholders Equity $9.797M $7.136M
YoY Change 37.29% 16.62%

Cashflow Statement

Concept 2025 Q1 2024 Q4 2023 Q4
OPERATING ACTIVITIES
Net Income -$3.704M -$3.966M
YoY Change -6.62% -2.92%
Depreciation, Depletion And Amortization $106.3K $215.8K
YoY Change -50.75% 132.38%
Cash From Operating Activities -$3.043M
YoY Change -2.74%
INVESTING ACTIVITIES
Capital Expenditures $10.44K
YoY Change 0.38%
Acquisitions
YoY Change
Other Investing Activities $3.860K
YoY Change
Cash From Investing Activities -$6.580K
YoY Change -36.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.635M
YoY Change -53.14%
NET CHANGE
Cash From Operating Activities -3.043M
Cash From Investing Activities -6.580K
Cash From Financing Activities 1.635M
Net Change In Cash -1.415M
YoY Change -503.7%
FREE CASH FLOW
Cash From Operating Activities -$3.043M
Capital Expenditures $10.44K
Free Cash Flow -$3.054M
YoY Change -2.73%

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389188 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8950457 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8546190 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-21695 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-842281 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
105926 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
939759 usd
CY2024Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
84231 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
97478 usd
us-gaap Interest Paid Net
InterestPaidNet
81040 usd
us-gaap Interest Paid Net
InterestPaidNet
17726 usd
AITX Share Proceeds Receivable
ShareProceedsReceivable
352701 usd
AITX Transfer From Device Parts Inventory To Revenue
TransferFromDevicePartsInventoryToRevenue
-2876508 usd
AITX Transfer From Device Parts Inventory To Revenue
TransferFromDevicePartsInventoryToRevenue
-1421979 usd
AITX Cumulative Effect Adjustment Rfvdiscount Non Cash
CumulativeEffectAdjustmentRfvdiscountNonCash
-4175535 usd
AITX Exchange Of Series F Preferred Stock For Note Payable
ExchangeOfSeriesFPreferredStockForNotePayable
400000 usd
AITX Exchange Of Note Payable For Common Stock
ExchangeOfNotePayableForCommonStock
200000 usd
AITX Series B Preferred Shares Issued As Dividend
SeriesBPreferredSharesIssuedAsDividend
5188 usd
us-gaap Stock Issued1
StockIssued1
44460 usd
AITX Discount Added To Face Value Of Loans
DiscountAddedToFaceValueOfLoans
-200000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8894284 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9378427 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23724 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
4144 usd
AITX Payments To Convertible Notes Receivable
PaymentsToConvertibleNotesReceivable
50000 usd
AITX Reimbursement Of Security Deposit
ReimbursementOfSecurityDeposit
-3859 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-77868 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8894645 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7527190 usd
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
350000 usd
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
1400000 usd
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
183000 usd
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
381000 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
278000 usd
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
389188 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8950457 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8546190 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-21695 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-842281 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
105926 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
939759 usd
CY2024Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
84231 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
97478 usd
us-gaap Interest Paid Net
InterestPaidNet
81040 usd
us-gaap Interest Paid Net
InterestPaidNet
17726 usd
AITX Share Proceeds Receivable
ShareProceedsReceivable
352701 usd
AITX Transfer From Device Parts Inventory To Revenue
TransferFromDevicePartsInventoryToRevenue
-2876508 usd
AITX Transfer From Device Parts Inventory To Revenue
TransferFromDevicePartsInventoryToRevenue
-1421979 usd
AITX Cumulative Effect Adjustment Rfvdiscount Non Cash
CumulativeEffectAdjustmentRfvdiscountNonCash
-4175535 usd
AITX Exchange Of Series F Preferred Stock For Note Payable
ExchangeOfSeriesFPreferredStockForNotePayable
400000 usd
AITX Exchange Of Note Payable For Common Stock
ExchangeOfNotePayableForCommonStock
200000 usd
us-gaap Stock Issued1
StockIssued1
44460 usd
AITX Discount Added To Face Value Of Loans
DiscountAddedToFaceValueOfLoans
-200000 usd
AITX Warrants Issued As Part Of Debt
WarrantsIssuedAsPartOfDebt
-1209206 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_800_eus-gaap--NatureOfOperations_zUN5KLOfU1lg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82A_zdkEaz5WeSP8">GENERAL INFORMATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_901_eus-gaap--CommonStockSharesIssued_iI_c20170725__us-gaap--BusinessAcquisitionAxis__custom--RoboticAssistanceDevicesLLCMember_zCy3bPIuePB" title="Common stock, issued">10,000</span> common shares to its sole shareholder.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_c20170828__20170828__us-gaap--BusinessAcquisitionAxis__custom--RoboticAssistanceDevicesLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesEPreferredStockMember_zA4cSQHeVbc7" title="Number of shares isuued under acquisition">3,350,000</span> shares of AITX Series E Preferred Stock and <span id="xdx_905_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20170828__20170828__us-gaap--BusinessAcquisitionAxis__custom--RoboticAssistanceDevicesLLCMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesFPreferredStockMember_zvms5927i2Ij" 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8894284 usd
CY2024Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-149389994 usd
CY2024Q4 AITX Working Capital
WorkingCapital
-37294051 usd
CY2024Q4 us-gaap Common Stocks Including Additional Paid In Capital Net Of Discount
CommonStocksIncludingAdditionalPaidInCapitalNetOfDiscount
26000000 usd
AITX Warrants Issued As Part Of Debt
WarrantsIssuedAsPartOfDebt
-1209206 usd
CY2024Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-149389994 usd
CY2024Q4 AITX Working Capital
WorkingCapital
-37294051 usd
CY2024Q4 us-gaap Common Stocks Including Additional Paid In Capital Net Of Discount
CommonStocksIncludingAdditionalPaidInCapitalNetOfDiscount
26000000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zcOY12aDvHz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_z5I0qHe23Ak3">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84B_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zjtFjR2pzRB6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zNAgVbEUwCra">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the Company’s consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zcOY12aDvHz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_z5I0qHe23Ak3">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84B_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zjtFjR2pzRB6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zNAgVbEUwCra">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the Company’s consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zOWAVKhkzb7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zo3iqO2V2cz6">Concentrations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loans payable </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At November 30, 2024 there were $<span id="xdx_901_eus-gaap--LoansPayable_iI_pp0p0_c20241130_zwJnSi3QUSZk" title="Loans payable">33,163,345</span> of loans payable, $<span id="xdx_905_eus-gaap--LoanPortfolioExpense_pp0p0_c20240301__20241130__srt--TitleOfIndividualAxis__srt--ControllerMember_zjEZe5Vjup23" title="Loans additions">28,743,506</span> or <span id="xdx_90D_eus-gaap--LoansReceivableBasisSpreadOnVariableRate_iI_pid_dp_c20241130__srt--TitleOfIndividualAxis__srt--ControllerMember_z6jE1nQlxSa2" title="Loans percentage">87</span>% of these loans to companies controlled by one individual. At February 29, 2024 there were $<span id="xdx_90D_eus-gaap--LoansPayable_iI_pp0p0_c20240229_zXZz9m7BDwc8" title="Loans payable">32,796,345</span> of loans payable, $<span id="xdx_909_eus-gaap--LoanPortfolioExpense_pp0p0_c20230301__20240229__srt--TitleOfIndividualAxis__srt--ControllerMember_zEOFgsyHTDY2" title="Loans additions">28,540,506</span> or <span id="xdx_909_eus-gaap--LoansReceivableBasisSpreadOnVariableRate_iI_dp_uPure_c20240229__srt--TitleOfIndividualAxis__srt--ControllerMember_zaTAwvQFNhce" title="Loans percentage">87</span>% of these loans to companies controlled by the same individual.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q4 us-gaap Loans Payable
LoansPayable
33163345 usd
CY2024Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
74000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
68000 usd
CY2024Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1109000 usd
CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
959000 usd
CY2024Q4 us-gaap Intermediate Life Plants Useful Life
IntermediateLifePlantsUsefulLife
P48M
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zOWAVKhkzb7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zo3iqO2V2cz6">Concentrations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loans payable </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At November 30, 2024 there were $<span id="xdx_901_eus-gaap--LoansPayable_iI_pp0p0_c20241130_zwJnSi3QUSZk" title="Loans payable">33,163,345</span> of loans payable, $<span id="xdx_905_eus-gaap--LoanPortfolioExpense_pp0p0_c20240301__20241130__srt--TitleOfIndividualAxis__srt--ControllerMember_zjEZe5Vjup23" title="Loans additions">28,743,506</span> or <span id="xdx_90D_eus-gaap--LoansReceivableBasisSpreadOnVariableRate_iI_pid_dp_c20241130__srt--TitleOfIndividualAxis__srt--ControllerMember_z6jE1nQlxSa2" title="Loans percentage">87</span>% of these loans to companies controlled by one individual. At February 29, 2024 there were $<span id="xdx_90D_eus-gaap--LoansPayable_iI_pp0p0_c20240229_zXZz9m7BDwc8" title="Loans payable">32,796,345</span> of loans payable, $<span id="xdx_909_eus-gaap--LoanPortfolioExpense_pp0p0_c20230301__20240229__srt--TitleOfIndividualAxis__srt--ControllerMember_zEOFgsyHTDY2" title="Loans additions">28,540,506</span> or <span id="xdx_909_eus-gaap--LoansReceivableBasisSpreadOnVariableRate_iI_dp_uPure_c20240229__srt--TitleOfIndividualAxis__srt--ControllerMember_zaTAwvQFNhce" title="Loans percentage">87</span>% of these loans to companies controlled by the same individual.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q4 us-gaap Loans Payable
LoansPayable
33163345 usd
CY2024Q1 us-gaap Loans Payable
LoansPayable
32796345 usd
CY2024Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
74000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
68000 usd
CY2024Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1109000 usd
CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
959000 usd
CY2024Q4 us-gaap Intermediate Life Plants Useful Life
IntermediateLifePlantsUsefulLife
P48M
CY2024Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
0 usd
CY2024Q1 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
0 usd
CY2024Q4 us-gaap Payments For Rent
PaymentsForRent
57875 usd
us-gaap Payments For Rent
PaymentsForRent
182855 usd
CY2023Q4 us-gaap Payments For Rent
PaymentsForRent
64081 usd
us-gaap Payments For Rent
PaymentsForRent
189164 usd
CY2024Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
0 usd
CY2024Q1 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
0 usd
us-gaap Valuation Allowance Deferred Tax Asset Explanation Of Change
ValuationAllowanceDeferredTaxAssetExplanationOfChange
The Company’s gross deferred tax assets were revalued based on the reduction in the federal statutory tax rate from 35% to 21%.
us-gaap Valuation Allowance Deferred Tax Asset Explanation Of Change
ValuationAllowanceDeferredTaxAssetExplanationOfChange
The Company’s gross deferred tax assets were revalued based on the reduction in the federal statutory tax rate from 35% to 21%.
CY2024Q4 AITX Incentives Compensation Plan Payable Revaluation Of Equity
IncentivesCompensationPlanPayableRevaluationOfEquity
2500000 usd
CY2024Q1 AITX Incentives Compensation Plan Payable Revaluation Of Equity
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ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
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0.00001
us-gaap Cost Of Revenue
CostOfRevenue
638808 usd
us-gaap Gross Profit
GrossProfit
2860255 usd
us-gaap Gross Profit
GrossProfit
729743 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1897165 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2243431 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8220564 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
189164 usd
us-gaap Operating Expenses
OperatingExpenses
10610283 usd
us-gaap Operating Expenses
OperatingExpenses
9108923 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-7750028 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-8379180 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
4072108 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
4940965 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-6520 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
38740 usd
us-gaap Net Income Loss
NetIncomeLoss
-11828656 usd
us-gaap Net Income Loss
NetIncomeLoss
-13281405 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11071139695 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6606988956 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11071139695 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6606988956 shares

Files In Submission

Name View Source Status
aitx-20241130_lab.xml Edgar Link unprocessable
0001493152-25-002128-index-headers.html Edgar Link pending
0001493152-25-002128-index.html Edgar Link pending
0001493152-25-002128.txt Edgar Link pending
0001493152-25-002128-xbrl.zip Edgar Link pending
aitx-20241130.xsd Edgar Link pending
ex21-1.htm Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
aitx-20241130_pre.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
aitx-20241130_cal.xml Edgar Link unprocessable
aitx-20241130_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
form10-q_htm.xml Edgar Link completed