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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): May 29, 2024
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
May 29, 2024, we will be issuing a press release titled “AITX Files FY2024 10-K and Form S-3”, 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
Exhibit
No. |
|
Description |
|
|
|
99.1 |
|
May 29, 2024 Press Release |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
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:
May 29, 2024 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX
Files FY2024 10-K and Form S-3
Company
Reconfirms RMR Run Rate Increase of 505%, Significant Device Deployments, and Strategic Advancements in AI Security Solutions: Positions
for Optimized Capital Raising with Form S-3 Filing
Detroit,
Michigan, May 29, 2024 – Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), a global leader in AI-driven
security and productivity solutions for enterprise clients, filed its annual report on Form 10-K with the Securities and Exchange Commission
(SEC) for its fiscal year 2024 ended February 29, 2024. AITX is a ‘full SEC reporting’ company that files detailed annual
and quarterly reports. Other companies on the OTC often have lower disclosure requirements under ‘Alternate Reporting’ requirements.
The
Company has also filed a Form S-3 with the SEC aimed at optimizing its capital-raising efforts. This filing allows AITX to raise funds
with potentially better share pricing compared to an S-1, resulting in less dilution for shareholders while providing the Company with
the required capital for operations and inventory.
The
S-3 filing provides AITX with the flexibility to manage the number of shares sold over time, enabling more strategic funding based on
market conditions. This also attracts long-term investors looking for registered shares.
Steve
Reinharz, CEO/CTO of AITX, stated, “Our recent market cap increases in May allowed us to be eligible to file the Form S-3. I believe
investors will appreciate that the S-3 gives us the flexibility to fund our operations and growth initiatives at the best possible value
at this stage in our company lifecycle.”
The
Company confirms that there are no changes to the financials that were previously released in its audited financial statements for
FY 2024 on May 10, 2024. Highlights from the financial statement include:
| ● | Recurring
Monthly Revenue: Over $500,000. |
| ● | Gross
Profit Increase: $1,096,457 in FY2024, up 68% from $653,883 in FY2023. |
| ● | Q4
FY2024 Deployment: 104 units deployed, the largest quarterly deployment to date. |
| ● | Production
and Supply Line Efficiencies: Achieved through improved solution designs, production
coordination, and supply chain improvements. |
| ● | RMR
Contribution: RIO™ contributed $143,686 in the final month of FY2024. |
| ● | R&D
Expenses: Reduced from $3,625,468 in FY2023 to $2,878,134 in FY2024. |
| ● | Team
Growth: 97 full-time equivalent members across the U.S., Canada, and overseas as of May
7, 2024. |
Reinharz
continued, “The Company is working as hard as possible to make FY 2025 an incredibly significant year as we project that we will
become operationally profitable this fiscal year. We are building sustainable strong demand, making careful strategic alliances, creating
strong technical innovations, and successfully deploying our solution set. Our goal is to propel AITX into a well-recognized, significant
supplier of AI-driven solutions, enhancing human capabilities and addressing the increasing need for automation as many roles become
harder to fill with human resources.”
RMR
is money earned from customers who pay for a subscription to a service or product. The Company’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.
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-R, 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, becoming cash flow positive, ARR or RMR. 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
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