SCHEDULE OF LOANS PAYABLE | Loans payable at November 30, 2023 consisted of the following: SCHEDULE OF LOANS PAYABLE Annual Date Maturity Description Principal Interest Rate July 18, 2016 July 18, 2017 Promissory note (1)* $ 3,500 22 % December 10, 2020 March 1, 2025 Promissory note (2) 3,921,168 12 % December 10, 2020 March 1, 2025 Promissory note (3) 2,754,338 12 % December 10, 2020 December 10, 2023 Promissory note (4) 165,605 12 % December 14, 2020 December 14, 2023 Promissory note (5) 310,375 12 % December 30, 2020 March 1, 2025 Promissory note (6) 350,000 12 % January 1, 2021 March 1, 2025 Promissory note (7) 25,000 12 % January 1, 2021 March 1, 2025 Promissory note (8) 145,000 12 % January 14, 2021 March 1, 2025 Promissory note (9) 550,000 12 % February 22, 2021 March 1, 2025 Promissory note (10) 1,650,000 12 % March 1, 2021 March 1, 2024 Promissory note (11) 6,000,000 12 % June 8, 2021 June 8, 2024 Promissory note (12) 2,750,000 12 % July 12, 2021 July 26, 2026 Promissory note (13) 3,803,360 7 % September 14, 2021 September 14, 2024 Promissory note (14) 1,650,000 12 % July 28, 2022 March 1, 2025 Promissory note (15) 170,000 15 % August 30, 2022 August 30,2024 Promissory note (16) 3,000,000 15 % September 7, 2022 March 1, 2025 Promissory note (17) 400,000 15 % September 8, 2022 March 1, 2025 Promissory note (18) 475,000 15 % October 13, 2022 March 1, 2025 Promissory note (19) 350,000 15 % October 28, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 9, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 10, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 15, 2022 October 31, 2026 Promissory note (20) 400,000 15 % January 11, 2023 October 31, 2026 Promissory note (20) 400,000 15 % February 6, 2023 October 31, 2026 Promissory note (20) 400,000 15 % April 5. 2023 October 31, 2026 Promissory note (20) 400,000 15 % April 20, 23 October 31, 2026 Promissory note (20) 400,000 15 % May 11, 2023 October 31, 2026 Promissory note (20) 400,000 15 % October 27, 2023 October 31, 2026 Promissory note (20) 400,000 15 % November 30, 2023 October 31, 2025 Purchase Agreement (21)** — 35 % $ 32,473,346 Less: current portion of loans payable (9,479,479 ) Less: discount on non-current loans payable (4,305,396 ) Non-current loans payable, net of discount $ 18,688,471 Current portion of loans payable $ 9,479,479 Less: discount on current portion of loans payable 1,129,801 Current portion of loans payable, net of discount $ 8,349,678 * In default ** Funds received December 1 , 2023, after reporting period. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (1) This note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed on the lender. (2) This promissory note was issued as part of a debt settlement whereby $ 2,683,357 1,237,811 3,921,168 3,921,168 450,000,000 .002 990,000 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (3) This promissory note was issued as part of a debt settlement whereby $ 1,460,794 1,593,544 3,054,338 3,054,338 250,000,000 .002 550,000 100,000 300,000 2,754,338 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same (4) This promissory note was issued as part of a debt settlement whereby $ 103,180 62,425 165,605 165,605 80,000,000 .002 176,000 (5) This promissory note was issued as part of a debt settlement whereby $ 235,000 75,375 310,375 310,375 25,000,000 .002 182,500 (6) The note, with an original principal amount of $ 350,000 35,000 50,000,000 0.025 3 271,250 271,250 12,878 105,538 31,106 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same (7) This promissory note was issued as part of a debt settlement whereby $ 9,200 6,944 16,144 25,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same (8) This promissory note was issued as part of a debt settlement whereby $ 79,500 28,925 108,425 145,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same (9) The note, with an original principal amount of $ 550,000 250,000 50,000,000 0.025 3 380,174 380,174 16,718 129,906 50,493 On November 28, 2023, the parties extended the maturity date from January 14, 2024 to March 1, 2025 with all other terms and conditions remaining the same ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (10) The note, with an original principal balance of $ 1,650,000 150,000 100,000,000 0.135 3 1,342,857 1,342,857 50,000,000 .0164 3 950,000 82,499 462,320 426,061 On November 28, 2023, the parties extended the maturity date from February 22, 2024 to March 1, 2025 with all other terms and conditions remaining the same (11) The unsecured note may be pre-payable at any time. Cash proceeds of $ 5,400,000 6,000,000 600,000 300,000,000 0.135 3 4,749,005 4,749,005 150,000,000 .0164 3 2,850,000 (12) The note, with an original principal balance of $ 2,750,000 50,000 170,000,000 0.064 3 2,035,033 2,035,033 85,000,000 .0164 3 1,615,000 199,482 530,181 264,037 (13) This loan, with an original principal balance of $ 4,000,160 184 27,000 81,000 (14) The note, with an original principal balance of $ 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 146,393 348,667 865,764 (15) Original $ 170,000 20,000 0 9,026 0 On November 29, 2023, the parties extended the maturity date from July 28, 2023 to March 1, 2025 with all other terms and conditions remaining the same ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (16) A warrant holder exchanged 955,000,000 3,000,000 15 2,960,500 39,500 4,923 14,216 16,552 (17) Original $ 400,000 50,000 0 27,821 0 On November 29, 2023, the parties extended the maturity date from September 7, 2023 to March 1, 2025 with all other terms and conditions remaining the same (18) Original $ 475,000 75,000 0 36,729 0 On November 29, 2023, the parties extended the maturity date from September 8, 2023 to March 1, 2025 with all other terms and conditions remaining the same (19) Original $ 350,000 50,000 13,295 25,585 0 On November 29, 2023, the parties extended the maturity date from October 13, 2023 to March 1, 2025 with all other terms and conditions remaining the same ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (20) On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 329 400,000 350,000 50,000 61 October 28, 2022, $ 400,000 50,000 61 1 299,399 3,274 7,613 340,411 November 9, 2022, $ 400,000 50,000 61 299,750 3,234 7,510 340,929 November 10, 2022, $ 400,000 50,000 61 302,020 2,991 6,891 343,990 November 15, 2022, $ 400,000 50,000 61 299,959 3,295 7,665 340,151 January 11, 2023, $ 400,000 50,000 61 299,959 3,355 7,821 339,368 February 6, 2023, $ 400,000 50,000 61 299,959 3,231 7,503 340,923 April 5, 2023, $ 400,000 50,000 61 296,245 3,335 6,608 339,637 April 20, 2023, $ 400,000 50,000 61 302,219 2,723 4,930 347,290 May 11, 2023, $ 400,000 50,000 61 348,983 0 0 398,983 October 27 2023, $ 400,000 50,000 61 261,759 2,044 2,044 309,715 (21) On November 30, 2023 , the Company entered into an agreement where the lender will buy pay the Company $ 350,000 thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $ 477,750 35 15 | Loans payable at February 28, 2023 consisted of the following: SCHEDULE OF LOANS PAYABLE Annual Date Maturity Description Principal Interest Rate July 18, 2016 July 18, 2017 Promissory note (35)* $ 3,500 22 % June 11, 2018 June 11, 2019 Promissory note (2)(#) — 25 % January 31, 2019 June 30, 2019 Promissory note (1)(#) — 15 % May 9, 2019 June 30, 2019 Promissory note (3)(#) — 15 % May 31, 2019 June 30, 2019 Promissory note (4)(#) — 15 % June 26, 2019 June 26, 2020 Promissory note (5)(#) — 15 % September 24, 2019 June 24, 2020 Promissory note (6)(#) — 15 % January 30, 2020 January 30, 2021 Promissory note (7)(#) — 15 % February 27, 2020 February 27, 2021 Promissory note (8)(#) — 15 % April 16, 2020 April 16, 2021 Promissory note (9)(#) — 15 % May 12, 2020 May 12, 2021 Promissory note (11)(#) — 15 % May 22, 2020 May 22, 2021 Promissory note (12)(#) — 15 % June 2, 2020 June 2, 2021 Promissory note (13)(#) — 15 % June 9, 2020 June 9, 2021 Promissory note (14)(#) — 15 % June 12, 2020 June 12, 2021 Promissory note (15)(#) — 15 % June 16, 2020 June 16, 2021 Promissory note (16)(#) — 15 % September 15, 2020 September 15, 2022 Promissory note (17)(#) — 10 % October 6, 2020 March 6, 2023 Promissory note (18)(#) — 12 % November 12, 2020 November 12, 2023 Promissory note (19)(#) — 12 % November 23, 2020 October 23, 2022 Promissory note (20)(#) — 15.5 % November 23, 2020 November 23, 2023 Promissory note (21)(#) — 15 % December 10, 2020 December 10, 2023 Promissory note (22)(#) — 12 % December 10, 2020 December 10, 2023 Promissory note (23) 3,921,168 12 % December 10, 2020 December 10, 2023 Promissory note (24) 3,054,338 12 % December 10, 2020 December 10, 2023 Promissory note (25) 165,605 12 % December 14, 2020 December 14, 2023 Promissory note (26) 310,375 12 % December 30, 2020 December 30, 2023 Promissory note (27) 350,000 12 % December 31, 2021 December 31, 2024 Promissory note (28) 25,000 12 % December 31, 2021 December 31, 2024 Promissory note (29) 145,000 12 % January 14, 2021 January 14, 2024 Promissory note (30) 550,000 12 % February 22, 2021 February 22, 2024 Promissory note (31) 1,650,000 12 % March 1, 2021 March 1, 2024 Promissory note (10) 6,000,000 12 % June 8, 2021 June 8, 2024 Promissory note (32) 2,750,000 12 % July 12, 2021 July 26, 2026 Promissory note (33) 3,884,360 7 % September 14, 2021 September 14, 2024 Promissory note (34) 1,650,000 12 % July 28, 2022 July 28, 2023 Promissory note (36) 170,000 15 % August 30, 2022 August 30,2024 Promissory note (38) 3,000,000 15 % September 7, 2022 September 7, 2023 Promissory note (37) 400,000 15 % September 8, 2022 September 8, 2023 Promissory note (39) 475,000 15 % October 13, 2022 October 13, 2023 Promissory note (40) 350,000 15 % October 28, 2022 October 31, 2026 Promissory note (41) 400,000 15 % November 9, 2022 October 31, 2026 Promissory note (41) 400,000 15 % November 10, 2022 October 31, 2026 Promissory note (41) 400,000 15 % November 15, 2022 October 31, 2026 Promissory note (41) 400,000 15 % January 11, 2023 October 31,2026 Promissory note (41) 400,000 15 % February 6, 2023 October 31,2026 Promissory note (41) 400,000 15 % $ 31,254,346 Less: current portion of loans payable (11,569,986 ) Less: discount on non-current loans payable (4,130,291 ) Non-current loans payable, net of discount $ 15,554,069 Current portion of loans payable $ 11,569,986 Less: discount on current portion of loans payable (1,651,597 ) Current portion of loans payable, net of discount $ 9,918,389 * In default. Default interest rate 22% (#) Loans with a principal balance of $ 1,661,953 342,138 2,004,091 62,979 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (1) Original $ 78,432 33% 25,882 (2) Repayable in 12 monthly instalments of $ 4,562 48,000 (3) Original $ 7,850 33 2,590 (4) Original $ 86,567 33 28,567 (5) Original $ 79,104 33 26,104 (6) Original $ 12,000 3,000 (7) Original $ 11,000 2,450 (8) Original $ 5,000 1,200 (9) Original $ 13,000 3,850 (10) The unsecured note may be pre-payable at any time. Cash proceeds of $ 5,400,000 6,000,000 600,000 300,000,000 0.135 3 4,749,005 4,749,005 0 0 150,000,000 .0164 3 2,850,000 (11) Original $ 43,500 8,000 (12) Original $ 85,000 15,000 (13) Original $ 62,000 12,000 (14) Original $ 31,000 6,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (15) Original $ 50,000 10,000 (16) Original $ 42,000 7,000 (17) Original $ 300,000 50,000 (18) Original principal of $ 150,000 2,000 8,500 (19) Original $ 110,000 10,000 70,000,000 0.00165 3 41,176 41,176 (20) Original principal of $ 65,000 4,060 (21) Original $ 300,000 25,000 230,000,000 0.00165 3 125,814 125,814 (22) Original $ 82,500 7,500 100,000,000 0.002 3 54,545 54,545 (23) This promissory note was issued as part of a debt settlement whereby $ 2,683,357 1,237,811 3,921,168 3,921,168 450,000,000 .002 990,000 (24) This promissory note was issued as part of a debt settlement whereby $ 1,460,794 1,593,544 3,054,338 3,054,338 250,000,000 .002 550,000 (25) This promissory note was issued as part of a debt settlement whereby $ 103,180 62,425 165,605 165,605 80,000,000 .002 176,000 (26) This promissory note was issued as part of a debt settlement whereby $ 235,000 75,375 310,375 310,375 25,000,000 .002 182,500 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (27) The note, with an original principal amount of $ 350,000 35,000 50,000,000 0.025 3 271,250 271,250 83,338 193,515 (28) This promissory note was issued as part of a debt settlement whereby $ 9,200 6,944 16,144 25,000 (29) This promissory note was issued as part of a debt settlement whereby $ 79,500 28,925 108,425 145,000 (30) The note, with an original principal amount of $ 550,000 250,000 50,000,000 0.025 3 380,174 380,174 127,897 239,336 (31) The note, with an original principal balance of $ 1,650,000 150,000 100,000,000 0.135 3 1,342,857 1,342,857 2,995,719 1,112,261 50,000,000 .0164 3 950,000 (32) The note, with an original principal balance of $ 2,750,000 50,000 170,000,000 0.064 3 2,035,033 2,035,033 455,527 794,218 85,000,000 .0164 3 1,615,000 (33) This loan, with an original principal balance of $ 4,000,160 184 115,800 (34) The note, with an original principal balance of $ 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 188,002 1,214,431 (35) This note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed on the lender. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (36) Original $ 170,000 20,000 10,974 9,026 (37) Original $ 400,000 50,000 22,179 27,821 (38) A warrant holder exchanged 955,000,000 3,000,000 15% 2,960,500 39,500 8,632 30,868 (39) Original $ 475,000 75,000 38,271 32,909 (40) Original $ 350,000 50,000 17,091 46,407 (41) On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 329 400,000 350,000 50,000 61 October 28, 2022, $ 400,000 50,000 61 1 299,399 1,375 348,024 November 9, 2022, $ 400,000 50,000 61 299,750 1,312 348,438 November 10, 2022, $ 400,000 50,000 61 302,020 1,139 350,881 November 15, 2022, $ 400,000 50,000 61 299,959 2,143 347,815 January 11, 2023, $ 400,000 50,000 61 299,959 802 347,189 February 6, 2023, $ 400,000 50,000 61 299,959 100 348,426 |