Wed, May 29, 7:14 PM (58 days ago)
Artificial Intelligence Technology Solutions Inc. (AITX) filed an amended 10-K for the fiscal year ending February 29, 2024. The amendment addresses corrections in authorized shares and subsequent events. Key financial highlights include: - **Revenue**: Increased by 67% to $2.23M, driven by a 116% rise in device rental activities. - **Gross Profit**: Improved by 68% to $1.1M, with a stable gross profit margin of 49%. - **Operating Expenses**: Rose by 13% to $15.1M, primarily due to higher general and administrative costs and impairment on revenue-earning devices. - **Net Loss**: Expanded by 14% to $20.7M, attributed to increased operating expenses and interest costs. - **Cash Flow**: Negative operating cash flow of $12.95M, with cash reserves at $105.9K. - **Debt**: Significant debt with total liabilities at $47.8M, including $14.8M in loans payable and $5.4M in accrued interest. Strategically, AITX focuses on AI-driven security solutions, with plans to achieve positive cash flow by the end of fiscal 2025. Risk factors include substantial doubt about the company's ability to continue as a going concern due to its financial condition and negative cash flow.