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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): October 13, 2023
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
000-55079 |
|
27-2343603 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
10800
Galaxie Avenue
Ferndale,
MI 48220
(Address
of principal executive offices)
(877)
787-6268
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
When
used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we”
refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item
2.02 Results of Operations and Financial Condition
On
October 13, 2023, we will be issuing a press release titled “AITX Reports 2nd Quarter Revenue Increase of 44% Over Previous Year”,
which press release is attached hereto as Exhibit 99.1.
Item
8.01 Other Events
The
information set forth under Item 2.02 of this Current Report on Form 8-K is incorporated by reference herein.
The
information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1)
is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained
herein.
ITEM
9.01. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
October 13, 2023 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit 99.1
AITX Reports 2nd Quarter
Revenue Increase of 44% Over Previous Year
Gross Profit Increases
27%, Operating Expenses Down
Detroit, Michigan, October 13, 2023 — Artificial
Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity
solutions for enterprise clients, filed its quarterly report on Form 10-Q for the 3 months ended August 31, 2023 with the Securities
and Exchange Commission for its Q2 of fiscal year 2024. AITX is a fully reporting company with the SEC, filing annual and quarterly reports
with audited and unaudited financial statements, respectively.
For the quarter ending August 31, 2023, the Company
reported revenues of $386,363, a strong 44% increase from the $267,484 generated in the same quarter of the previous fiscal year. This
growth primarily stems from an uptick in Recurring Monthly Revenue (RMR) as the deployment of devices strengthens and increases.
“This solid trajectory is a testament to our
relentless dedication and innovative approach,” said Steve Reinharz, CEO of AITX and wholly owned subsidiary, Robotic Assistance
Devices, Inc. (RAD). “The numbers speak for themselves. Our strategy of growing RMR through the deployment of more, higher valued
units is reaping dividends.”
Highlights from Q2 of Fiscal Year 2024:
Gross Profit Increase:
The three-month period ending August 31, 2023, saw
a gross profit of $297,349. This represents a 27% increase compared to the gross profit of $233,270 during the same period in the prior
fiscal year. This gain is attributed to the Company’s significant increase in the number of deployed and activated devices.
Operating Costs Decrease:
Despite the significant growth in revenue, gross profit
and units deployed, the Company successfully managed to reduce its operating costs by 2% compared to the same timeframe in FY 2023. The
full impact of several cost-saving initiatives enacted by the Company are expected to be realized in the Q4 2024 results.
Q2 Order Intake Results & Expected Revenue
Results
As reported on September 6, 2023, AITX’s
primary subsidiary, RAD, recorded a significant increase in order intake.
Additional Cost Cutting Initiatives:
AITX is presently implementing additional strategies
projected to reduce monthly expenses by approximately $150,000. While this move positions the Company closer to realizing positive cash
flow, it will decelerate the development and rollout of planned mobile solutions.
Shedding light on the Company’s short-term strategies,
Reinharz noted, “Our increasingly strong financial position allows us to make these strategic decisions. The current cost-reducing
initiatives align with our broader vision, and while this means a slight delay in the release of a few of our mobile solutions, it underscores
our commitment to delivering value to our stakeholders.”
Additional Noteworthy Highlights:
Robust Sales Funnel:
The RAD sales funnel currently holds the greatest
depth, breadth, and quality of revenue-generating opportunities, suggesting a positive outlook for the near future.
Independent Contractor Program:
Stepping into 2024, RAD’s newly launched Independent
Contractor program has organically attracted a variety of respected security industry leaders and influencers to advocate and promote
RAD solutions on a strictly commission-based framework. The Company maintains an optimistic stance, foreseeing that this program will
yield significant revenue generating opportunities.
In conclusion, Reinharz stated, “The Company’s
future looks as bright as ever. With the strongest RAD sales funnel in history, plus the addition of industry veterans as part of our
Independent Contractor program, we’re poised for continued, transformative growth. Here’s to AITX and RAD redefining AI-driven
security and productivity solutions!”
Recurring Monthly Revenue (RMR) is money earned from
customers who pay for a subscription to a service or product. RAD’s solutions are generally offered as a recurring monthly subscription,
typically with a minimum 12-month subscription contract.
AITX, through its subsidiary, Robotic Assistance
Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative,
AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between
35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers these tremendous
cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human
personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.
RAD has a prospective sales pipeline of over 35 Fortune
500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales
opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous
reorders over time.
About Artificial Intelligence Technology Solutions
(AITX)
AITX is an innovator in the delivery of artificial
intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through
its next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies help organizations streamline operations,
increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows
experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of
situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises,
government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.radsecurity.com,
www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and www.radlightmyway.com, or follow Steve Reinharz on
Twitter @SteveReinharz.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The information contained in this publication does
not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence Technology Solutions, Inc. (the “Company”).
This publication contains forward-looking statements, which are not guarantees of future performance and may involve subjective judgment
and analysis. As such, there are no assurances that the Company will meet its expectations with respect to its future sales volume or
becoming cash flow positive. The information provided herein is believed to be accurate and reliable, however the Company makes no representations
or warranties, expressed or implied, as to its accuracy or completeness. The Company has no obligation to provide the recipient with additional
updated information. No information in this publication should be interpreted as any indication whatsoever of the Company’s future
revenues, results of operations, or stock price.
###
Steve Reinharz
949-636-7060
@SteveReinharz
v3.23.3
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