Cover
Cover - shares | 6 Months Ended | |
Aug. 31, 2024 | Sep. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Aug. 31, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2025 | |
Current Fiscal Year End Date | --02-28 | |
Entity File Number | 000-55079 | |
Entity Registrant Name | ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. | |
Entity Central Index Key | 0001498148 | |
Entity Tax Identification Number | 27-2343603 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 10800 Galaxie Avenue | |
Entity Address, City or Town | Ferndale | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48220 | |
City Area Code | (877) | |
Local Phone Number | 787-6268 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,911,671,042 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 | [1] |
Current assets: | |||
Cash | $ 543,133 | $ 105,926 | |
Accounts receivable, net | 650,293 | 756,084 | |
Share proceeds receivable | 280,783 | ||
Device parts inventory, net | 2,063,229 | 2,131,599 | |
Prepaid expenses and deposits | 552,667 | 622,957 | |
Total current assets | 4,090,105 | 3,616,566 | |
Operating lease asset | 1,070,511 | 1,139,188 | |
Revenue earning devices, net of accumulated depreciation of $1,513,990 and $952,844, respectively | 3,649,389 | 2,480,002 | |
Fixed assets, net of accumulated depreciation of $434,043 and $349,878, respectively | 258,183 | 268,075 | |
Trademarks | 31,224 | 27,080 | |
Convertible note receivable | 50,000 | ||
Investment at cost | 50,000 | 50,000 | |
Security deposit | 15,880 | 15,880 | |
Total assets | 9,215,292 | 7,596,791 | |
Current liabilities: | |||
Accounts payable and accrued expenses | 1,882,487 | 2,032,707 | |
Advances payable- related party | 1,594 | 1,594 | |
Customer deposits | 363,572 | 73,702 | |
Current operating lease liability | 225,348 | 237,653 | |
Current portion of deferred variable payment obligation | 1,315,264 | 904,377 | |
Loan payable - related party | 279,589 | 257,438 | |
Deferred compensation for CEO | 204,091 | 538,767 | |
Current portion of loans payable, net of discount of $88,993 and $688,598 | 23,373,618 | 13,190,882 | |
Vehicle loan - current portion | 38,522 | 38,522 | |
Current portion of accrued interest payable | 9,396,626 | 4,440,009 | |
Total current liabilities | 37,080,711 | 21,715,651 | |
Non-current operating lease liability | 837,844 | 889,360 | |
Loans payable, net of discount of $413,071 and $4,118,332, respectively | 9,287,664 | 14,798,532 | |
Deferred variable payment obligation | 2,525,000 | 2,525,000 | |
Incentive compensation plan payable | 2,500,000 | 2,500,000 | |
Accrued interest payable | 2,454,436 | 5,367,805 | |
Total liabilities | 54,685,655 | 47,796,348 | |
Commitments and Contingencies | |||
Redeemable Preferred Stock (Temporary Equity): | |||
Series B Convertible, Redeemable Preferred Stock. $0.001 par value; 8% cumulative dividend payable quarterly, $1,200 stated value, 5,000 shares authorized, 0 and 0 shares issued and outstanding at August 31, 2024 and February 29, 2024, respectively | |||
Stockholders’ deficit: | |||
Preferred Stock, value | |||
Common Stock, $0.00001 par value; 15,000,000,000 shares authorized 11,706,671,042 and 9,238,750,958 shares issued, issuable and outstanding, respectively | 117,067 | 92,388 | |
Additional paid-in capital | 99,993,641 | 92,565,513 | |
Preferred stock to be issued | 99,086 | 99,086 | |
Accumulated deficit | (145,686,020) | (132,962,427) | |
Total stockholders’ deficit | (45,470,363) | (40,199,557) | |
Total liabilities and stockholders’ deficit | 9,215,292 | 7,596,791 | |
Series G Preferred Stock [Member] | |||
Stockholders’ deficit: | |||
Preferred Stock, value | |||
Series E Preferred Stock [Member] | |||
Stockholders’ deficit: | |||
Preferred Stock, value | 3,350 | 3,350 | |
Series F Preferred Stock [Member] | |||
Stockholders’ deficit: | |||
Preferred Stock, value | $ 2,513 | $ 2,533 | |
[1]Derived from audited information |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
Accumulated depreciation, revenue earning devices | $ 1,513,990 | $ 952,844 |
Accumulated depreciation, fixed assets | 434,043 | 349,878 |
Discount of current portion of loans payable | 88,993 | 688,598 |
Discount of loans payable | $ 413,071 | $ 4,118,332 |
Preferred stock, shares authorized | 15,535,000 | 15,535,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 15,000,000,000 | 15,000,000,000 |
Common stock, shares issued | 11,706,671,042 | 9,238,750,958 |
Common stock, shares outstanding | 11,706,671,042 | 9,238,750,958 |
Redeemable Preferred Stock [Member] | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Cumulative dividend payable, percentage | 8% | 8% |
Cumulative dividend payable, stated value | $ 1,200 | $ 1,200 |
Temporary equity, shares authorized | 5,000 | 5,000 |
Temporary equity, shares issued | 0 | 0 |
Temporary equity, shares outstanding | 0 | 0 |
Series G Preferred Stock [Member] | ||
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Series E Preferred Stock [Member] | ||
Preferred stock, shares authorized | 4,350,000 | 4,350,000 |
Preferred stock, shares issued | 3,350,000 | 3,350,000 |
Preferred stock, shares outstanding | 3,350,000 | 3,350,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Series F Preferred Stock [Member] | ||
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 2,513 | 2,533 |
Preferred stock, shares outstanding | 2,513 | 2,533 |
Preferred stock, par value | $ 1 | $ 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Revenues | $ 1,344,183 | $ 386,363 | $ 2,526,983 | $ 771,571 |
Cost of Goods Sold | 784,965 | 200,589 | 1,282,431 | 389,064 |
Gross Profit | 559,218 | 185,774 | 1,244,552 | 382,507 |
Operating expenses: | ||||
Research and development (Note 9) | 677,410 | 794,548 | 1,318,120 | 1,686,305 |
General and administrative | 2,324,953 | 2,294,471 | 5,045,144 | 4,414,902 |
Depreciation and amortization | 107,762 | 79,466 | 203,438 | 150,444 |
Operating lease cost and rent | 62,967 | 62,541 | 124,980 | 125,083 |
Total operating expenses | 3,173,092 | 3,231,026 | 6,691,682 | 6,376,734 |
Loss from operations | (2,613,874) | (3,045,252) | (5,447,130) | (5,994,227) |
Other income (expense), net: | ||||
Interest expense | (1,309,929) | (1,753,216) | (2,671,032) | (3,359,432) |
Gain (loss) on settlement of debt | (6,520) | 38,740 | (6,520) | 38,740 |
Total other expense net | (1,316,449) | (1,714,476) | (2,677,552) | (3,320,692) |
Net loss | $ (3,930,323) | $ (4,759,728) | $ (8,124,682) | $ (9,314,919) |
Net loss per share - basic | $ 0 | $ 0 | $ 0 | $ 0 |
Net loss per share - diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common share outstanding - basic | 11,181,863,976 | 6,568,957,612 | 10,531,991,040 | 6,266,833,467 |
Weighted average common share outstanding - diluted | 11,181,863,976 | 6,568,957,612 | 10,531,991,040 | 6,266,833,467 |
Purchases And Overhead [Member] | ||||
Cost of Goods Sold | $ 544,965 | $ 89,014 | $ 840,558 | $ 180,525 |
Depreciation And Amortization [Member] | ||||
Cost of Goods Sold | $ 240,000 | $ 111,575 | $ 441,873 | $ 208,539 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Shareholders' Deficit (Unaudited) - USD ($) | Temporary Equity [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Series E Preferred Stock [Member] | Preferred Stock [Member] Series F Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Beginning balance, value at Feb. 28, 2023 | $ 3,350 | $ 101,619 | $ 58,489 | $ 80,247,252 | $ (112,253,711) | $ (31,843,001) | ||
Beginning balance, shares at Feb. 28, 2023 | 3,350,000 | 2,533 | 5,848,741,599 | |||||
Issuance of shares, net of issuance costs | $ 2,809 | 1,316,100 | 1,318,909 | |||||
Issuance of shares, net of issuance costs, shares | 280,929,190 | |||||||
Relative fair value of Series F warrants issued with debt | 947,447 | 947,447 | ||||||
Stock based compensation | 52,721 | 52,721 | ||||||
Net income | (4,555,193) | (4,555,193) | ||||||
Ending balance, value at May. 31, 2023 | $ 3,350 | $ 101,619 | $ 61,298 | 82,563,520 | (116,808,904) | (34,079,117) | ||
Ending balance, shares at May. 31, 2023 | 3,350,000 | 2,533 | 6,129,670,789 | |||||
Beginning balance, value at Feb. 28, 2023 | $ 3,350 | $ 101,619 | $ 58,489 | 80,247,252 | (112,253,711) | (31,843,001) | ||
Beginning balance, shares at Feb. 28, 2023 | 3,350,000 | 2,533 | 5,848,741,599 | |||||
Net income | (9,314,919) | |||||||
Ending balance, value at Aug. 31, 2023 | $ 3,350 | $ 101,619 | $ 70,399 | 87,445,715 | (121,568,632) | (33,947,549) | ||
Ending balance, shares at Aug. 31, 2023 | 3,350,000 | 2,533 | 7,039,806,793 | |||||
Beginning balance, value at May. 31, 2023 | $ 3,350 | $ 101,619 | $ 61,298 | 82,563,520 | (116,808,904) | (34,079,117) | ||
Beginning balance, shares at May. 31, 2023 | 3,350,000 | 2,533 | 6,129,670,789 | |||||
Issuance of shares, net of issuance costs | $ 9,036 | 4,787,087 | 4,796,123 | |||||
Issuance of shares, net of issuance costs, shares | 903,636,004 | |||||||
Stock based compensation | 50,713 | 50,713 | ||||||
Net income | (4,759,728) | (4,759,728) | ||||||
Shares as payment for services | $ 65 | 44,395 | 44,460 | |||||
Shares as payment for servises, shares | 6,500,000 | |||||||
Ending balance, value at Aug. 31, 2023 | $ 3,350 | $ 101,619 | $ 70,399 | 87,445,715 | (121,568,632) | (33,947,549) | ||
Ending balance, shares at Aug. 31, 2023 | 3,350,000 | 2,533 | 7,039,806,793 | |||||
Beginning balance, value at Feb. 29, 2024 | $ 3,350 | $ 101,619 | $ 92,388 | 92,565,513 | (132,962,427) | (40,199,557) | [1] | |
Beginning balance, shares at Feb. 29, 2024 | 3,350,000 | 2,533 | 9,238,750,958 | |||||
Issuance of shares, net of issuance costs | $ 10,802 | 2,671,791 | 2,682,593 | |||||
Issuance of shares, net of issuance costs, shares | 1,080,166,425 | |||||||
Stock based compensation | 83,323 | 83,323 | ||||||
Net income | (4,194,359) | (4,194,359) | ||||||
Cumulative Effect Adjustment RFV discount per adoption of ASU 2020-06 at March 1, 2024 | (4,175,535) | (4,175,535) | ||||||
Issuance of Series B Preferred Shares | $ 360,000 | (82,000) | (82,000) | |||||
Issuance of Series B Preferred Shares,shares | 300 | |||||||
Series B Preferred Shares issued as commitment fee | $ 24,000 | (24,000) | (24,000) | |||||
Series B Preferred Shares issued as commitment fee, shares | 20 | |||||||
Series B Preferred shares issued as dividend | $ 2,568 | (2,568) | (2,568) | |||||
Series B Preferred shares issued as dividend,shares | 2 | |||||||
Redemption of Series B Preferred shares | $ (128,856) | 28,856 | (28,856) | |||||
Redemption of Series B Preferred shares,shares | (107) | |||||||
Ending balance, value at May. 31, 2024 | $ 257,712 | $ 3,350 | $ 101,619 | $ 103,190 | 95,240,915 | (141,361,177) | (45,912,103) | |
Ending balance, shares at May. 31, 2024 | 215 | 3,350,000 | 2,533 | 10,318,917,383 | ||||
Beginning balance, value at Feb. 29, 2024 | $ 3,350 | $ 101,619 | $ 92,388 | 92,565,513 | (132,962,427) | $ (40,199,557) | [1] | |
Beginning balance, shares at Feb. 29, 2024 | 3,350,000 | 2,533 | 9,238,750,958 | |||||
Issuance of shares, net of issuance costs, shares | 2,410,777,227 | |||||||
Net income | $ (8,124,682) | |||||||
Ending balance, value at Aug. 31, 2024 | $ 3,350 | $ 101,599 | $ 117,067 | 99,993,641 | (145,686,020) | (45,470,363) | ||
Ending balance, shares at Aug. 31, 2024 | 3,350,000 | 2,513 | 11,706,671,042 | |||||
Beginning balance, value at May. 31, 2024 | $ 257,712 | $ 3,350 | $ 101,619 | $ 103,190 | 95,240,915 | (141,361,177) | (45,912,103) | |
Beginning balance, shares at May. 31, 2024 | 215 | 3,350,000 | 2,533 | 10,318,917,383 | ||||
Issuance of shares, net of issuance costs | $ 13,306 | 4,478,054 | 4,491,360 | |||||
Issuance of shares, net of issuance costs, shares | 1,330,610,802 | |||||||
Stock based compensation | 83,323 | 83,323 | ||||||
Net income | (3,930,323) | (3,930,323) | ||||||
Series B Preferred shares issued as dividend | $ 2,620 | (2,620) | (2,620) | |||||
Series B Preferred shares issued as dividend,shares | 2 | |||||||
Redemption of Series B Preferred shares | $ (260,332) | 60,333 | (60,333) | |||||
Redemption of Series B Preferred shares,shares | (217) | |||||||
Debt exchanged for common stock | $ 571 | 199,429 | 200,000 | |||||
Debt exchanged for common stock, shares | 57,142,857 | |||||||
Series F Preferred Shares exchanged for debt | $ (20) | (65,793) | (334,187) | (400,000) | ||||
Series F Preferred Shares exchanged for debt, shares | (20) | |||||||
Ending balance, value at Aug. 31, 2024 | $ 3,350 | $ 101,599 | $ 117,067 | $ 99,993,641 | $ (145,686,020) | $ (45,470,363) | ||
Ending balance, shares at Aug. 31, 2024 | 3,350,000 | 2,513 | 11,706,671,042 | |||||
[1]Derived from audited information |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Deficit (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |||
Aug. 31, 2024 | May 31, 2024 | Aug. 31, 2023 | May 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Issuance cost of shares | $ 195,656 | $ 116,046 | $ 176,672 | $ 81,285 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Aug. 31, 2024 | Aug. 31, 2023 | |
CASH FLOWS USED IN OPERATING ACTIVITIES: | ||
Net loss | $ (8,124,682) | $ (9,314,919) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 645,311 | 358,983 |
Bad debts expense | 11,995 | 24,730 |
Inventory provision | 111,000 | |
Reduction of right of use asset | 63,821 | 58,220 |
Accretion of lease liability | 61,159 | 66,864 |
Stock based compensation | 166,646 | 228,434 |
Amortization of debt discounts | 129,333 | 1,258,198 |
(Gain) loss on settlement of debt | 6,520 | (38,740) |
Increase in related party accrued payroll and interest | 22,151 | 54,230 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 93,796 | (20,377) |
Prepaid expenses | 75,146 | (77,410) |
Device parts inventory | (1,823,713) | (941,261) |
Accounts payable and accrued expenses | 6,989 | 16,775 |
Customer deposits | 289,870 | 24,798 |
Deferred compensation for CEO | (505,000) | |
Operating lease liabilities | (118,383) | (125,083) |
Current portion of deferred variable payment obligation for payments | 410,887 | 125,457 |
Accrued interest payable | 2,043,248 | 1,965,885 |
Net cash used in operating activities | (6,433,906) | (6,335,216) |
CASH FLOWS USED IN INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (23,724) | (3,463) |
Acquisition of trademarks | (4,144) | |
Convertible note receivable | (50,000) | |
Net cash used in investing activities | (77,868) | (3,463) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Share proceeds net of issuance costs | 6,893,169 | 6,115,032 |
Proceeds from loans payable | 350,000 | 1,050,000 |
Repayment of loans payable | (183,000) | (254,000) |
Proceeds on issuance of Series B shares | 278,000 | |
Redemption of Series B shares | (389,188) | |
Net cash provided by financing activities | 6,948,981 | 6,911,032 |
Net change in cash | 437,207 | 572,353 |
Cash, beginning of period | 105,926 | 939,759 |
Cash, end of period | 543,133 | 1,512,112 |
Supplemental disclosure of cash and non-cash transactions: | ||
Cash paid for interest | 185,705 | 9,892 |
Cash paid for income taxes | ||
Noncash investing and financing activities: | ||
Transfer from device parts inventory to revenue earning devices | 1,781,083 | 889,230 |
Cumulative Effect Adjustment RFV discount per adoption of ASU 2020-06 at March 1, 2024 | 4,175,535 | |
Discount applied to face value of loans | 150,000 | |
Exchange of Series F preferred stock for note payable | 400,000 | |
Exchange of note payable for common stock | 200,000 | |
Series B preferred shares issued as dividend | 5,188 | |
Series F warrants issued as part of debt | 947,447 | |
Shares issued for services | $ 44,460 |
GENERAL INFORMATION
GENERAL INFORMATION | 6 Months Ended |
Aug. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL INFORMATION | 1. GENERAL INFORMATION 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”). 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 10,000 On August 28, 2017, AITX completed the acquisition of RAD (the “Acquisition”), whereby AITX acquired all the ownership and equity interest in RAD for 3,350,000 2,450 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. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Aug. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 2. GOING CONCERN The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern. For the six months ended August 31, 2024, the Company had negative cash flow from operating activities of $ 6,433,906 145,686,020 32,990,606 The Company does not have the resources at this time to repay all its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business. At the same time management points to its successful history with maintaining Company operations and reminds all with reasonable confidence this will continue. Management has plans to address the Company’s financial situation as follows: Management is committed to raise either non-dilutive funds or minimally dilutive funds. There is no assurance that these funds will be able to be raised nor can we provide assurance that these possible raises may not have dilutive effects. In July 2024, the Company entered into an equity financing agreement whereby an investor will purchase up to $ 30,000,000 29 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Aug. 31, 2024 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | 3. ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the condensing instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto in the Company’s latest Annual Report filed with the SEC on Form 10-K/A as filed on May 29, 2024. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Robotic Assistance Devices, Inc., Robotic Assistance Devices Group , Inc, Robotic Assistance Devices Mobile, Inc., and Robotic Assistance Devices Residential, Inc.. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements. The results of operations for the six months ended August 31, 2024, are not necessarily indicative of the results that may be expected for the entire year. Use of Estimates 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. Reclassifications 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. Concentrations Loans payable At August 31, 2024 there were $ 33,163,345 28,743,506 87 32,796,345 28,540,506 87 Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market instruments. The Company places its cash and cash equivalents with high-quality, U.S. financial institutions and, to date has not experienced losses on any of its balances. Accounts Receivable Accounts receivable are comprised of balances due from customers, net of estimated allowances for uncollectible accounts. In determining collectability, historical trends are evaluated, and specific customer issues are reviewed on a periodic basis to arrive at appropriate allowances. There was an allowance of $ 48,000 68,000 55 37 Device Parts Inventory Device parts inventory is stated at the lower of cost or net realizable value using the weighted average cost method. The Company records a valuation reserve for obsolete and slow-moving inventory, relying principally on specific identification of such inventory. The Company uses these device parts in the assembly of revenue earning devices (and demo devices) as well as research and development. Depending on use, the Company will transfer the parts to the corresponding asset or expense if used in research and development. A charge to income is taken when factors that would result in a need for an increase in the valuation, such as excess or obsolete inventory, are noted. As of August 31, 2024 and February 29, 2024 there was a valuation reserve of $ 1,070,000 959,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Revenue Earning Devices Revenue earning devices are stated at cost. Depreciation is provided on a straight-line basis over the estimated useful life of 48 Fixed Assets Fixed assets are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from two to five years. Major repairs or improvements are capitalized. Minor replacements and maintenance and repairs which do not improve or extend asset lives are expensed currently. SCHEDULE OF FIXED ASSETS STATED AT COST Computer equipment and software 2 3 Office equipment 4 Manufacturing equipment 7 Warehouse equipment 5 Tooling 2 Demo Devices 4 Vehicles 3 Leasehold improvements 5 The Company periodically evaluates the fair value of fixed assets whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. Upon retirement or other disposition of fixed assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is recognized in income. Research and Development Research and development costs are expensed in the period they are incurred in accordance with ASC 730, Research and Development no Contingencies Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. Sales of Future Revenues The Company has entered into transactions, as more fully described in footnote 8, in which it has received funding from investors in exchange for which it will make payments to those investors based on the level of sales of certain revenue categories, generally based on a percentage of sales for those certain revenues. The Company determines whether these agreements constitute sales of future revenues or are in substance debt based on the facts and circumstances of each agreement, with the following primary criteria determinative of whether the agreement constitutes a sale of future revenues or debt: ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ● Does the agreement purport, in substance, to be a sale ● Does the Company have continuing involvement in the generation of cash flows due the investor ● Is the transaction cancellable by either party through payment of a lump sum or other transfer of assets ● Is the investors rate of return is implicitly limited by the terms of the agreement ● Does the Company’s revenue for a reporting period underlying the agreement have only a minimal impact on the investor’s rate of return ● Does the investor have recourse relating to payments due In the event a transaction is determined to be a sale of future revenues, it is recorded as deferred revenue and amortized using the sum-of-the-revenue method. In the event a transaction is determined to be debt, it is recorded as debt and amortized using the effective interest method. As of the date of these financial statements, the Company has determined that all such agreements are debt. Revenue Recognition ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” Revenue Recognition (Topic 605) 67 33 Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized when items of income and expense are recognized in the financial statements in different periods than when recognized in the tax return. Deferred tax assets arise when expenses are recognized in the financial statements before the tax returns or when income items are recognized in the tax return prior to the financial statements. Deferred tax assets also arise when operating losses or tax credits are available to offset tax payments due in future years. Deferred tax liabilities arise when income items are recognized in the financial statements before the tax returns or when expenses are recognized in the tax return prior to the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law. ASC 740, Accounting for Income Taxes requires companies to recognize the effects of changes in tax laws and rates on deferred tax assets and liabilities and the retroactive effects of changes in tax laws in the period in which the new legislation is enacted. The Company’s gross deferred tax assets were revalued based on the reduction in the federal statutory tax rate from 35% to 21%. Leases Lease agreements are evaluated to determine if they are sales/finance leases meeting any of the following criteria at inception: (a) transfer of ownership of the underlying asset; (b) purchase option that is reasonably certain of being exercised; (c) the lease term is greater than a major part of the remaining estimated economic life of the underlying asset; or (d) if the present value of the sum of lease payments and any residual value guaranteed by the lessee that has not already been included in lease payments in accordance with ASC 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) If at its inception, a lease meets any of the four lease criteria above, the lease is classified by the Company as a sales/finance; and if none of the four criteria are met, the lease is classified by the Company as an operating lease. Operating lease payments are recognized as an expense in the income statement on a straight-line basis over the lease term, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in the later years. The difference between rent expense recognized and actual rental payments is recorded as deferred rent and included in liabilities. Distinguishing Liabilities from Equity The Company relies on the guidance provided by ASC Topic 480, Distinguishing Liabilities from Equity Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the balance sheet (“temporary equity”). The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity. Our Chief Executive Officer/ Chairman holds sufficient shares of the Company’s voting preferred stock that give sufficient voting rights under the articles of incorporation and bylaws of the Company such that the CEO/ Chairman can at any time unilaterally vote to increase the number of authorized shares of common stock of the Company, without the need to call a general meeting of common shareholders of the Company. Initial Measurement The Company records its financial instruments classified as liability, temporary equity or permanent equity at issuance at the fair value, or cash received. Subsequent Measurement – Financial Instruments Classified as Liabilities The Company records the fair value of its financial instruments classified as liabilities at each subsequent measurement date. The changes in fair value of its financial instruments classified as liabilities are recorded as other income (expenses). Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements and Disclosures ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are described as follows: ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. ● Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ● Level 3 – Inputs that are unobservable for the asset or liability. Measured on a Recurring Basis The following table presents information about our liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 August 31, 2024 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 February 29, 2024 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid expenses and advances, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. Earnings (Loss) per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS give effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise of stock options and/or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. Basic loss per common share is computed based on the weighted average number of shares outstanding during the period. Diluted loss per share is computed in a manner similar to the basic loss per share, except the weighted-average number of shares outstanding is increased to include all common shares, including those with the potential to be issued by virtue of convertible debt and other such convertible instruments. Diluted loss per share contemplates a complete conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Recently Issued Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity 4,175,535 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Aug. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 4. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue is earned primarily from two sources: 1) direct sales of goods or services and 2) short-term rentals. Direct sales of goods or services are accounted for under Topic 606, and short-term rentals are accounted for under Topic 842 (which addresses lease accounting and was adopted on March 1, 2019). As disclosed in the revenue recognition section of Note 3 – Accounting Polices, the Company adopted Topic 606 in accordance with the effective date on March 1, 2018. Note 3 includes disclosures regarding the Company’s method of adoption and the impact on the Company’s financial statements. Revenue is recognized on direct sales of goods or services when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. After adopting Topic 842, also referred to above in Note 3, the Company is accounting for revenue earned from rental activities where an identified asset is transferred to the customer and the customer has the ability to control that asset. The Company recognizes revenue from its device rental activities when persuasive evidence of a contract exists, the performance obligations have been satisfied, the transaction price is fixed or determinable and collection is reasonably assured. Performance obligations associated with device rental transactions are satisfied over the rental period. Rental periods are short-term in nature. Therefore, the Company has elected to apply the practical expedient which eliminates the requirement to disclose information about remaining performance obligations. Payments are due from customers at the completion of the rental, except for customers with negotiated payment terms, generally net 30 days or less, which are invoiced and remain as accounts receivable until collected. The following table presents revenues from contracts with customers disaggregated by product/service: SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS Three Months Three Months Six Months Six Months August 31, 2024 August 31, 2023 August 31, 2024 August 31, 2023 Device rental activities $ 1,065,898 $ 343,543 $ 2,046,434 $ 581,692 Direct sales of goods and services 278,285 42,820 480,549 189,879 Revenue $ 1,344,183 $ 386,363 $ 2,526,983 $ 771,571 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
LEASES
LEASES | 6 Months Ended |
Aug. 31, 2024 | |
Leases | |
LEASES | 5. LEASES We lease certain warehouses, and office space. Leases with an initial term of 12 There is no lease renewal. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Below is a summary of our lease assets and liabilities at August 31, 2024 and February 29, 2024. SCHEDULE OF LEASE ASSETS AND LIABILITIES Leases Classification August 31, 2024 February 29, 2024 Assets Operating Operating Lease Assets $ 1,070,511 $ 1,139,188 Liabilities Current Operating Current Operating Lease Liability $ 225,348 $ 237,653 Noncurrent Operating Noncurrent Operating Lease Liabilities 837,844 889,360 Total lease liabilities $ 1,063,192 $ 1,127,013 Note: As most of our leases do not provide an implicit rate, we use our incremental borrowing rate of 10 Rent expense and operating lease cost was $ 62,967 124,980 62,541 125,083 |
REVENUE EARNING DEVICES
REVENUE EARNING DEVICES | 6 Months Ended |
Aug. 31, 2024 | |
Revenue Earning Devices | |
REVENUE EARNING DEVICES | 6. REVENUE EARNING DEVICES Revenue earning devices consisted of the following: SCHEDULE OF REVENUE EARNING DEVICES August 31, 2024 February 29, 2024 Revenue earning devices $ 5,163,379 $ 3,432,846 Less: Accumulated depreciation (1,513,990 ) (952,844 ) Total $ 3,649,389 $ 2,480,002 During the three and six months ended August 31, 2024 the Company made total additions to revenue earning devices of $ 602,358 1,730,533 341,042 785,464 SCHEDULE OF DEPRECIATION AND AMORTIZATION Depreciation and Amortization Three Months Ended August 31, 2024 Three Months Ended August 31 2023 Six Months Ended August 31, 2024 Six Months Ended August 31 2023 Cost of Goods Sold $ 240,000 $ 111,575 $ 441,873 $ 208,539 Operating expenses 64,918 30,039 119,273 55,916 Total Depreciation and Amortization $ 304,918 $ 141,614 $ 561,146 $ 264,455 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
FIXED ASSETS
FIXED ASSETS | 6 Months Ended |
Aug. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | 7. FIXED ASSETS Fixed assets consisted of the following: SCHEDULE OF FIXED ASSETS August 31, 2024 February 29, 2024 Automobile $ 74,237 $ 74,237 Demo devices 244,900 194,352 Tooling 107,020 107,020 Machinery and equipment 8,825 8,825 Computer equipment 157,446 150,387 Office equipment 15,312 15,312 Furniture and fixtures 21,225 21,225 Warehouse equipment 36,305 19,639 Leasehold improvements 26,956 26,956 Fixed assets gross 692,226 617,953 Less: Accumulated depreciation (434,043 ) (349,878 ) Fixed assets, net of accumulated depreciation $ 258,183 $ 268,075 During the three months ended August 31, 2024, the Company made additions of $ 22,097 17,505 4,592 74,274 50,550 23,724 75,057 107,230 103,767 3,463 Depreciation expense was $ 42,844 84,165 49,427 94,528 |
DEFERRED VARIABLE PAYMENT OBLIG
DEFERRED VARIABLE PAYMENT OBLIGATION | 6 Months Ended |
Aug. 31, 2024 | |
Deferred Variable Payment Obligation | |
DEFERRED VARIABLE PAYMENT OBLIGATION | 8. DEFERRED VARIABLE PAYMENT OBLIGATION On February 1, 2019 the Company entered into an agreement with an investor whereby the investor would pay up to $ 900,000 9 February 29, 2020 900,000 On May 9, 2019 the Company entered into two similar arrangements with two investors: (1) The investor would pay up to $ 400,000 4 400,000 (2) The investor would pay up to $ 50,000 1.11 50,000 These variable payments (Payments) are to be made 30 days after the end of each fiscal quarter. If the Payments would deplete RAD’s available cash by more than 30%, the Payments may be deferred for up to 12 months after the quarterly report at an interest rate of 6% per annum on the unpaid amount. In the event that at least 10% of the assets of the Company are sold by the Company, the investors would be entitled to the fair market value (FMV) of all future Payments associated with the assets sold as determined by an independent valuator to be chosen by the investors. The FMV cannot exceed 30% of the total asset disposition price defined as the total price paid for the assets plus all future Payments associated with the assets sold. In the event that the common or preferred shares are sold by the Company to a third party as to effect a change in control, then the investors must be paid the FMV of all future Payments in one lump payment. The FMV cannot exceed 30% of the share disposition price defined as the total price the third party paid for the shares plus the total value of all future Payments. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On November 18, 2019, the Company entered into another similar arrangement with the (February 1, 2019) investor above whereby the investor would advance up to $ 225,000 2.25 109,000 116,000 On December 30, 2019, the Company entered into another similar arrangement with a new investor whereby the investor would advance up to $ 100,000 1.00 50,000 100,000 1.00 On April 22, 2020, the Company entered into another similar arrangement with the (first May 9, 2019) investor above whereby the investor would advance up to $ 100,000 1.00 On July 1, 2020, the Company entered into a similar agreement with the first investor whereby the investor would pay up to $ 800,000 2.75 If the Payments would deplete RAD’s available cash by more than 20%, the payment may be deferred. The investor had agreed to pay $100,000 per month over an 8 month period with the first payment due July 2020 and the final payment no later than February 28, 2021. As at August 31, 2020 the investor had fully funded the $800,000 commitment. On August 27, 2020, the Company and the first investor referred to above consolidated the three separate agreements of February 1, 2019 for $ 900,000 225,000 800,000 1,925,000 14.25 In summary of all agreements mentioned above if in the event that at least 10 The FMV cannot exceed 43.77% of the share disposition price defined as the total price the third party paid for the shares plus the total value of all future Payments. As of March 1, 2021 as a result of the amendment with the first investor noted below. This aggregate asset disposition % was reduced from 43.77 % to 33.77%. The Payments first become payable on June 30, 2019 (unless otherwise indicated) based on the quarterly Revenues for the quarter ended May 31, 2019 and accrue every quarter thereafter. As of August 31, 2024, the Company has accrued $ 1,315,264 667,633 904,377 542,176 On March 1, 2021, the first investor referred to above whose aggregate investment is $ 1,925,000 1) The rate payment was reduced from 14.25 9.65 2) The asset disposition % (see below) was reduced from 31 21 In consideration for the above changes, the investor received 40 367 five 1.00 38 33,015,214 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company retains total involvement in the generation of cash flows from these revenue streams that form the basis of the payments to be made to the investors under this agreement. Because of this, the Company has determined that the agreements constitute debt agreements. As of August 31, 2024, and February 29, 2024, the long-term balances other than Payments already owed is the cash received of $ 2,525,000 2,525,000 For both the three months and six months ended August 31, 2023 and year ended February 28, 2023, the Company has received $ 0 2,525,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Aug. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS For both the three months ended August 31, 2024 and August 31, 2023 , the Company had no repayments of net advances from its loan payable-related party At August 31, 2024 the loan payable-related party was $ 279,589 257,438 203,057 152,513 12 140,013 12 41,549 32,468 Pursuant to the amended Employment Agreement with its Chief Executive Officer, for the three months and six ended August 31, 2023, the Company accrued $ 0 62,000 0 125,000 1,000 2,500,000 2,500,000 At August 31, 2024 deferred compensation for CEO was $ 204,091 334,676 505,000 170,324 538,767 During the three months ended August 31, 2024 and 2023, the Company was charged $ 777,260 777,260 During the six months ended August 31, 2024 and 2023, the Company was charged $ 1,289,830 1,659,275 |
OTHER DEBT _ VEHICLE LOAN
OTHER DEBT – VEHICLE LOAN | 6 Months Ended |
Aug. 31, 2024 | |
Other Debt Vehicle Loan | |
OTHER DEBT – VEHICLE LOAN | 10. OTHER DEBT – VEHICLE LOAN In December 2016, RAD entered into a vehicle loan for $ 47,704 5 1,019 47,661 5 October 24, 2022 923 0 21,907 3,257 21,578 18,766 5,515 13,251 16,944 38,522 38,522 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
LOANS PAYABLE
LOANS PAYABLE | 6 Months Ended |
Aug. 31, 2024 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | 11. LOANS PAYABLE Loans payable at August 31, 2024 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, 2024 Promissory note (4) 165,605 12 % December 14, 2020 March 1, 2027 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, 2025 Promissory note (11) 6,000,000 12 % June 8, 2021 June 8, 2025 Promissory note (12) 2,750,000 12 % July 12, 2021 July 26, 2026 Promissory note (13) 3,740,360 7 % September 14, 2021 September 14, 2025 Promissory note (14) 1,650,000 12 % July 28, 2022 March 1, 2025 Promissory note (15) 170,000 15 % August 30, 2022 August 30,2025 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 April 30, 2025 Purchase Agreement (21) 203,000 35 % March 8, 2024 August 8, 2025 Purchase Agreement (22) 350,000 35 % August 8, 2024 August 8, 2025 Exchange Agreement (23) 200,000 12 % $ 33,163,346 Less: current portion of loans payable (23,462,611 ) Less: discount on non-current loans payable (413,071 ) Non-current loans payable, net of discount $ 9,287,664 Current portion of loans payable $ 23,462,611 Less: discount on current portion of loans payable (88,993 ) Current portion of loans payable, net of discount $ 23,373,618 * In default ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On March 1, 2024 the Company adjusted the relative fair value unamortized discount on the above notes by $ 4,175,535 (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 0.002 550,000 300,000 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 (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 The maturity date was extended from December 10, 2023 to December 10, 2024 on February 29, 2024 and a fee of $ 22,958 (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 65,092 8,399 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 2,439 3,954 4,445 (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 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (9) The note, with an original principal amount of $ 550,000 250,000 50,000,000 0.025 3 380,174 380,174 80,284 10,559 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 3,117 5,053 5,506 (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 3 950,000 497,614 55,585 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 16,759 26,243 29,342 (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 33,547 4,121 1,239 1,339 2,782 (13) This loan, with an original principal balance of $ 4,000,160 184 9,000 36,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (14) The note, with an original principal balance of $ 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 572,549 66,846 14,301 19,928 46,918 (15) Original $ 170,000 20,000 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. This note has been fully amortized (16) A warrant holder exchanged 955,000,000 3,000,000 15 2,960,500 39,500 11,535 (17) Original $ 400,000 50,000 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. This note has been fully amortized (18) Original $ 475,000 75,000 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. This note has been fully amortized (19) Original $ 350,000 50,000 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. This note has been fully amortized (20) On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 October 28, 2022, $ 400,000 50,000 61 1 299,399 286,775 47,892 6,455 7,065 40,827 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (20) November 9, 2022, $ 400,000 50,000 61 299,750 288,513 48,126 6,294 7,097 41,029 November 10, 2022, $ 400,000 50,000 61 302,020 291,694 48,290 6,238 7,119 41,171 November 15, 2022, $ 400,000 50,000 61 299,959 287,814 47,976 6,262 7,076 40,900 January 11, 2023, $ 400,000 50,000 61 299,959 286,813 48,124 6,266 7,096 41,028 February 6, 2023, $ 400,000 50,000 61 299,959 288,342 48,294 6,314 7,130 41,174 April 5, 2023, $ 400,000 50,000 61 296,245 286,821 48,409 6,305 7,135 41,274 April 20, 2023, $ 400,000 50,000 61 302,219 294,824 48,777 6,484 7,186 41,591 May 11, 2023, $ 400,000 50,000 61 348,983 348,831 49,978 7,269 7,350 42,628 October 27 2023, $ 400,000 50,000 61 261,759 254,487 48,611 5,876 7,163 41,448 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (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 15 147,000 53,000 (22) On March 8, 2024, the Company entered into another agreement where the lender will buy pay the Company $ 350,000 thirteen future monthly payments of $36,750 commencing on August 8, 2024 through to August 80, 2025 totaling $ 477,750 35 15 (23) On August 8, 2024, a Series F preferred shareholder exchanged 20 400,000 200,000 57,142,857 200,000 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 6 Months Ended |
Aug. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | 12. STOCKHOLDERS’ EQUITY (DEFICIT) Summary or Preferred Stock Activity Series B Convertible, Redeemable Preferred Stock (Temporary Equity) On April 27, 2024, in connection with a Share Purchase Agreement the Company created a new class Of Series B Convertible Redeemable Preferred Shares with 5,000 300,000 278,000 10,000 12,000 20 24,000 1,200 8 4.32 5,188 324 389,189 89,189 At August 31, 2024 there are 0 Series F Convertible Preferred Shares During the six months ended August 31, 2024, a Series F preferred shareholder exchanged 20 400,000 20 65,793 334,187 Summary of Preferred Stock Warrant Activity SUMMARY OF PREFERRED STOCK WARRANT ACTIVITY Number of Series F Preferred Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2023 939 $ 1.00 9.50 Issued — — — Exercised — — — Forfeited and cancelled — — — Outstanding at August 31, 2024 939 $ 1.00 9.20 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Summary of Common Stock Activity The Company increased authorized common shares from 12,500,000,000 15,000,000,000 For the three months ended August 31, 2024, the Company issued 1,330,610,802 4,687,016 4,491,360 195,656 2,410,777,227 7,485,654 7,173,953 311,701 57,142,857 200,000 The table below represent the common shares issued, issuable and outstanding at August 31, 2024 and February 29, 2024: SUMMARY OF COMMON SHARES ISSUED,ISSUABLE AND OUTSTANDING Common shares August 31, 2024 February 29, 2024 Issued 11,649,528,185 9,238,750,958 Issuable 57,142,857 — Issued, issuable and outstanding 11,706,671,042 9,238,750,958 Summary of Common Stock Warrant Activity For the three months and six months ended August 31, 2024 and August 31, 2023, the Company recorded a total of $ 83,323 50,713 166,646 103,434 SUMMARY OF COMMON STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2024 300,595,661 $ 0.003 1.00 Issued — — — Exercised — — — Forfeited and cancelled — — — Outstanding at August 31, 2024 300,595,661 $ 0.003 0.49 Summary of Common Stock Option Activity -Employee Stock Options SUMMARY OF COMMON STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2024 188,667,035 $ 0.02 4.10 Issued — — — Exercised — — — Forfeited, extinguished and cancelled (3,011,029 ) $ 0.02 ( 4.60 ) Outstanding at August 31, 2024 185,656,006 $ 0.02 4.00 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Aug. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES Litigation Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s condensed consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. The related legal costs are expensed as incurred. Operating Lease On March 10, 2021, the Company entered into a 10 year lease agreement for q manufacturing facility at 10800 Galaxie Avenue, Ferndale, Michigan, 48220, commencing on May 1, 2021 through to April 30, 2031 with a minimum base rent of $ 15,880 15,880 On September 30, 2021, the Company entered into a 3-year lease agreement for a vehicle commencing September 30, 2021 through to April 30, 2031 with a minimum base rent of $ 1,538 18,462 On January 28, 2022, the Company entered into a 2-year lease agreement for office space at 1516 E Edinger, Santa Ana, California, 92705, commencing on February 1, 2022 through to January 31, 2024 with a minimum base rent of $ 1,500 1,500 On February 5, 2024, the Company entered into a 3-year lease agreement for a vehicle commencing February 5, 2024 through to February 5, 2027 with a minimum base rent of $ 1,223 9,357 The Company’s leases are accounted for as operating leases. Rent expense and operating lease cost are recorded over the lease terms on a straight-line basis. Rent expense and operating lease cost was $ 62,967 124,980 62,541 125,083 SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES Maturity of Lease Liabilities Operating August 31, 2025 $ 225,348 August 31, 2026 225,348 August 31, 2027 214,970 August 31, 2028 207,558 August 31, 2029 207,558 August 31, 2030 and after 345,930 Total lease payments 1,426,712 Less: Interest (363,520 ) Present value of lease liabilities $ 1,063,192 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 6 Months Ended |
Aug. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 14. EARNINGS (LOSS) PER SHARE The net income (loss) per common share amounts were determined as follows: SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE 2024 2023 2024 2023 For the Three Months Ended For the Six Months Ended August 31, August 31, 2024 2023 2024 2023 Numerator: Net loss $ (3,930,323 ) $ (4,759,728 ) $ (8,124,682 ) $ (9,314,919 ) Deduct : Dividend on Series B shares (60,833 ) — (89,689 ) — Deduct: Deemed dividend on redemption of Series F shares (334,187 ) — (334,187 ) — Net loss available to common shareholders (4,325,343 ) (4,759,728 ) (8,548,558 ) (9,314,919 ) Denominator: Weighted average shares – basic 11,181,863,976 6,568,957,612 10,531,991,040 6,266,833,467 Net income (loss) per share – basic $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Dilutive effect of common stock equivalents: Convertible notes and accrued interest — — — — Convertible Series F Preferred Shares — — — — Stock options and warrants — — — — Total — — — — Denominator: Weighted average shares – diluted 11,181,863,976 6,568,957,612 10,531,991,040 6,266,833,467 Net income (loss) per share – diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) The anti-dilutive shares of common stock equivalents for the three and six months ended August 31, 2024 and 2032 were as follows: SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS 2024 2023 2024 2023 For the Three Months Ended For the Six Months Ended August 31, August 31, 2024 2023 2024 2023 Convertible notes and accrued interest — — — — Convertible Series F Preferred Shares 40,388,015,095 24,286,988,436 40,388,015,095 24,286,988,436 Stock options and warrants 486,251,667 433,767,451 486,251,667 433,767,451 Total 40,874,266,762 24,720,755,887 40,874,266,762 24,720,755,887 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Aug. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS Subsequent to August 31, 2024: — The Company issued 335,000,000 850,551 37,097 813,454 — The Board of Directors approved to increase authorized common shares from 12,500,000,000 15,000,000,000 — On September 24, 2024 a prospective lender filed a claim against the Company for an alleged breach of a non-binding term sheet entered into on June 7, 2024. The Company and its counsel believe the claim is without merit and will contest it vigorously. Accordingly, the Company has made no accruals. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Aug. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the condensing instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto in the Company’s latest Annual Report filed with the SEC on Form 10-K/A as filed on May 29, 2024. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Robotic Assistance Devices, Inc., Robotic Assistance Devices Group , Inc, Robotic Assistance Devices Mobile, Inc., and Robotic Assistance Devices Residential, Inc.. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements. The results of operations for the six months ended August 31, 2024, are not necessarily indicative of the results that may be expected for the entire year. |
Use of Estimates | Use of Estimates 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. |
Reclassifications | Reclassifications 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. |
Concentrations | Concentrations Loans payable At August 31, 2024 there were $ 33,163,345 28,743,506 87 32,796,345 28,540,506 87 |
Cash | Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market instruments. The Company places its cash and cash equivalents with high-quality, U.S. financial institutions and, to date has not experienced losses on any of its balances. |
Accounts Receivable | Accounts Receivable Accounts receivable are comprised of balances due from customers, net of estimated allowances for uncollectible accounts. In determining collectability, historical trends are evaluated, and specific customer issues are reviewed on a periodic basis to arrive at appropriate allowances. There was an allowance of $ 48,000 68,000 55 37 |
Device Parts Inventory | Device Parts Inventory Device parts inventory is stated at the lower of cost or net realizable value using the weighted average cost method. The Company records a valuation reserve for obsolete and slow-moving inventory, relying principally on specific identification of such inventory. The Company uses these device parts in the assembly of revenue earning devices (and demo devices) as well as research and development. Depending on use, the Company will transfer the parts to the corresponding asset or expense if used in research and development. A charge to income is taken when factors that would result in a need for an increase in the valuation, such as excess or obsolete inventory, are noted. As of August 31, 2024 and February 29, 2024 there was a valuation reserve of $ 1,070,000 959,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Revenue Earning Devices | Revenue Earning Devices Revenue earning devices are stated at cost. Depreciation is provided on a straight-line basis over the estimated useful life of 48 |
Fixed Assets | Fixed Assets Fixed assets are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from two to five years. Major repairs or improvements are capitalized. Minor replacements and maintenance and repairs which do not improve or extend asset lives are expensed currently. SCHEDULE OF FIXED ASSETS STATED AT COST Computer equipment and software 2 3 Office equipment 4 Manufacturing equipment 7 Warehouse equipment 5 Tooling 2 Demo Devices 4 Vehicles 3 Leasehold improvements 5 The Company periodically evaluates the fair value of fixed assets whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. Upon retirement or other disposition of fixed assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is recognized in income. |
Research and Development | Research and Development Research and development costs are expensed in the period they are incurred in accordance with ASC 730, Research and Development no |
Contingencies | Contingencies Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. |
Sales of Future Revenues | Sales of Future Revenues The Company has entered into transactions, as more fully described in footnote 8, in which it has received funding from investors in exchange for which it will make payments to those investors based on the level of sales of certain revenue categories, generally based on a percentage of sales for those certain revenues. The Company determines whether these agreements constitute sales of future revenues or are in substance debt based on the facts and circumstances of each agreement, with the following primary criteria determinative of whether the agreement constitutes a sale of future revenues or debt: ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ● Does the agreement purport, in substance, to be a sale ● Does the Company have continuing involvement in the generation of cash flows due the investor ● Is the transaction cancellable by either party through payment of a lump sum or other transfer of assets ● Is the investors rate of return is implicitly limited by the terms of the agreement ● Does the Company’s revenue for a reporting period underlying the agreement have only a minimal impact on the investor’s rate of return ● Does the investor have recourse relating to payments due In the event a transaction is determined to be a sale of future revenues, it is recorded as deferred revenue and amortized using the sum-of-the-revenue method. In the event a transaction is determined to be debt, it is recorded as debt and amortized using the effective interest method. As of the date of these financial statements, the Company has determined that all such agreements are debt. |
Revenue Recognition | Revenue Recognition ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” Revenue Recognition (Topic 605) 67 33 |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized when items of income and expense are recognized in the financial statements in different periods than when recognized in the tax return. Deferred tax assets arise when expenses are recognized in the financial statements before the tax returns or when income items are recognized in the tax return prior to the financial statements. Deferred tax assets also arise when operating losses or tax credits are available to offset tax payments due in future years. Deferred tax liabilities arise when income items are recognized in the financial statements before the tax returns or when expenses are recognized in the tax return prior to the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law. ASC 740, Accounting for Income Taxes requires companies to recognize the effects of changes in tax laws and rates on deferred tax assets and liabilities and the retroactive effects of changes in tax laws in the period in which the new legislation is enacted. The Company’s gross deferred tax assets were revalued based on the reduction in the federal statutory tax rate from 35% to 21%. |
Leases | Leases Lease agreements are evaluated to determine if they are sales/finance leases meeting any of the following criteria at inception: (a) transfer of ownership of the underlying asset; (b) purchase option that is reasonably certain of being exercised; (c) the lease term is greater than a major part of the remaining estimated economic life of the underlying asset; or (d) if the present value of the sum of lease payments and any residual value guaranteed by the lessee that has not already been included in lease payments in accordance with ASC 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) If at its inception, a lease meets any of the four lease criteria above, the lease is classified by the Company as a sales/finance; and if none of the four criteria are met, the lease is classified by the Company as an operating lease. Operating lease payments are recognized as an expense in the income statement on a straight-line basis over the lease term, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in the later years. The difference between rent expense recognized and actual rental payments is recorded as deferred rent and included in liabilities. |
Distinguishing Liabilities from Equity | Distinguishing Liabilities from Equity The Company relies on the guidance provided by ASC Topic 480, Distinguishing Liabilities from Equity Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the balance sheet (“temporary equity”). The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity. Our Chief Executive Officer/ Chairman holds sufficient shares of the Company’s voting preferred stock that give sufficient voting rights under the articles of incorporation and bylaws of the Company such that the CEO/ Chairman can at any time unilaterally vote to increase the number of authorized shares of common stock of the Company, without the need to call a general meeting of common shareholders of the Company. Initial Measurement The Company records its financial instruments classified as liability, temporary equity or permanent equity at issuance at the fair value, or cash received. Subsequent Measurement – Financial Instruments Classified as Liabilities The Company records the fair value of its financial instruments classified as liabilities at each subsequent measurement date. The changes in fair value of its financial instruments classified as liabilities are recorded as other income (expenses). |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements and Disclosures ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are described as follows: ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. ● Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ● Level 3 – Inputs that are unobservable for the asset or liability. Measured on a Recurring Basis The following table presents information about our liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 August 31, 2024 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 February 29, 2024 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid expenses and advances, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. |
Earnings (Loss) per Share | Earnings (Loss) per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS give effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise of stock options and/or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. Basic loss per common share is computed based on the weighted average number of shares outstanding during the period. Diluted loss per share is computed in a manner similar to the basic loss per share, except the weighted-average number of shares outstanding is increased to include all common shares, including those with the potential to be issued by virtue of convertible debt and other such convertible instruments. Diluted loss per share contemplates a complete conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity 4,175,535 |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FIXED ASSETS STATED AT COST | SCHEDULE OF FIXED ASSETS STATED AT COST Computer equipment and software 2 3 Office equipment 4 Manufacturing equipment 7 Warehouse equipment 5 Tooling 2 Demo Devices 4 Vehicles 3 Leasehold improvements 5 |
SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE | The following table presents information about our liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 August 31, 2024 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 February 29, 2024 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS | The following table presents revenues from contracts with customers disaggregated by product/service: SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS Three Months Three Months Six Months Six Months August 31, 2024 August 31, 2023 August 31, 2024 August 31, 2023 Device rental activities $ 1,065,898 $ 343,543 $ 2,046,434 $ 581,692 Direct sales of goods and services 278,285 42,820 480,549 189,879 Revenue $ 1,344,183 $ 386,363 $ 2,526,983 $ 771,571 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Leases | |
SCHEDULE OF LEASE ASSETS AND LIABILITIES | Below is a summary of our lease assets and liabilities at August 31, 2024 and February 29, 2024. SCHEDULE OF LEASE ASSETS AND LIABILITIES Leases Classification August 31, 2024 February 29, 2024 Assets Operating Operating Lease Assets $ 1,070,511 $ 1,139,188 Liabilities Current Operating Current Operating Lease Liability $ 225,348 $ 237,653 Noncurrent Operating Noncurrent Operating Lease Liabilities 837,844 889,360 Total lease liabilities $ 1,063,192 $ 1,127,013 |
REVENUE EARNING DEVICES (Tables
REVENUE EARNING DEVICES (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Revenue Earning Devices | |
SCHEDULE OF REVENUE EARNING DEVICES | Revenue earning devices consisted of the following: SCHEDULE OF REVENUE EARNING DEVICES August 31, 2024 February 29, 2024 Revenue earning devices $ 5,163,379 $ 3,432,846 Less: Accumulated depreciation (1,513,990 ) (952,844 ) Total $ 3,649,389 $ 2,480,002 |
SCHEDULE OF DEPRECIATION AND AMORTIZATION | SCHEDULE OF DEPRECIATION AND AMORTIZATION Depreciation and Amortization Three Months Ended August 31, 2024 Three Months Ended August 31 2023 Six Months Ended August 31, 2024 Six Months Ended August 31 2023 Cost of Goods Sold $ 240,000 $ 111,575 $ 441,873 $ 208,539 Operating expenses 64,918 30,039 119,273 55,916 Total Depreciation and Amortization $ 304,918 $ 141,614 $ 561,146 $ 264,455 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF FIXED ASSETS | Fixed assets consisted of the following: SCHEDULE OF FIXED ASSETS August 31, 2024 February 29, 2024 Automobile $ 74,237 $ 74,237 Demo devices 244,900 194,352 Tooling 107,020 107,020 Machinery and equipment 8,825 8,825 Computer equipment 157,446 150,387 Office equipment 15,312 15,312 Furniture and fixtures 21,225 21,225 Warehouse equipment 36,305 19,639 Leasehold improvements 26,956 26,956 Fixed assets gross 692,226 617,953 Less: Accumulated depreciation (434,043 ) (349,878 ) Fixed assets, net of accumulated depreciation $ 258,183 $ 268,075 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOANS PAYABLE | Loans payable at August 31, 2024 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, 2024 Promissory note (4) 165,605 12 % December 14, 2020 March 1, 2027 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, 2025 Promissory note (11) 6,000,000 12 % June 8, 2021 June 8, 2025 Promissory note (12) 2,750,000 12 % July 12, 2021 July 26, 2026 Promissory note (13) 3,740,360 7 % September 14, 2021 September 14, 2025 Promissory note (14) 1,650,000 12 % July 28, 2022 March 1, 2025 Promissory note (15) 170,000 15 % August 30, 2022 August 30,2025 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 April 30, 2025 Purchase Agreement (21) 203,000 35 % March 8, 2024 August 8, 2025 Purchase Agreement (22) 350,000 35 % August 8, 2024 August 8, 2025 Exchange Agreement (23) 200,000 12 % $ 33,163,346 Less: current portion of loans payable (23,462,611 ) Less: discount on non-current loans payable (413,071 ) Non-current loans payable, net of discount $ 9,287,664 Current portion of loans payable $ 23,462,611 Less: discount on current portion of loans payable (88,993 ) Current portion of loans payable, net of discount $ 23,373,618 * In default ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On March 1, 2024 the Company adjusted the relative fair value unamortized discount on the above notes by $ 4,175,535 (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 0.002 550,000 300,000 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 (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 The maturity date was extended from December 10, 2023 to December 10, 2024 on February 29, 2024 and a fee of $ 22,958 (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 65,092 8,399 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 2,439 3,954 4,445 (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 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (9) The note, with an original principal amount of $ 550,000 250,000 50,000,000 0.025 3 380,174 380,174 80,284 10,559 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 3,117 5,053 5,506 (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 3 950,000 497,614 55,585 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 16,759 26,243 29,342 (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 33,547 4,121 1,239 1,339 2,782 (13) This loan, with an original principal balance of $ 4,000,160 184 9,000 36,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (14) The note, with an original principal balance of $ 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 572,549 66,846 14,301 19,928 46,918 (15) Original $ 170,000 20,000 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. This note has been fully amortized (16) A warrant holder exchanged 955,000,000 3,000,000 15 2,960,500 39,500 11,535 (17) Original $ 400,000 50,000 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. This note has been fully amortized (18) Original $ 475,000 75,000 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. This note has been fully amortized (19) Original $ 350,000 50,000 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. This note has been fully amortized (20) On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 October 28, 2022, $ 400,000 50,000 61 1 299,399 286,775 47,892 6,455 7,065 40,827 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (20) November 9, 2022, $ 400,000 50,000 61 299,750 288,513 48,126 6,294 7,097 41,029 November 10, 2022, $ 400,000 50,000 61 302,020 291,694 48,290 6,238 7,119 41,171 November 15, 2022, $ 400,000 50,000 61 299,959 287,814 47,976 6,262 7,076 40,900 January 11, 2023, $ 400,000 50,000 61 299,959 286,813 48,124 6,266 7,096 41,028 February 6, 2023, $ 400,000 50,000 61 299,959 288,342 48,294 6,314 7,130 41,174 April 5, 2023, $ 400,000 50,000 61 296,245 286,821 48,409 6,305 7,135 41,274 April 20, 2023, $ 400,000 50,000 61 302,219 294,824 48,777 6,484 7,186 41,591 May 11, 2023, $ 400,000 50,000 61 348,983 348,831 49,978 7,269 7,350 42,628 October 27 2023, $ 400,000 50,000 61 261,759 254,487 48,611 5,876 7,163 41,448 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (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 15 147,000 53,000 (22) On March 8, 2024, the Company entered into another agreement where the lender will buy pay the Company $ 350,000 thirteen future monthly payments of $36,750 commencing on August 8, 2024 through to August 80, 2025 totaling $ 477,750 35 15 (23) On August 8, 2024, a Series F preferred shareholder exchanged 20 400,000 200,000 57,142,857 200,000 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Equity [Abstract] | |
SUMMARY OF PREFERRED STOCK WARRANT ACTIVITY | Summary of Preferred Stock Warrant Activity SUMMARY OF PREFERRED STOCK WARRANT ACTIVITY Number of Series F Preferred Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2023 939 $ 1.00 9.50 Issued — — — Exercised — — — Forfeited and cancelled — — — Outstanding at August 31, 2024 939 $ 1.00 9.20 |
SUMMARY OF COMMON SHARES ISSUED,ISSUABLE AND OUTSTANDING | The table below represent the common shares issued, issuable and outstanding at August 31, 2024 and February 29, 2024: SUMMARY OF COMMON SHARES ISSUED,ISSUABLE AND OUTSTANDING Common shares August 31, 2024 February 29, 2024 Issued 11,649,528,185 9,238,750,958 Issuable 57,142,857 — Issued, issuable and outstanding 11,706,671,042 9,238,750,958 |
SUMMARY OF COMMON STOCK WARRANT ACTIVITY | SUMMARY OF COMMON STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2024 300,595,661 $ 0.003 1.00 Issued — — — Exercised — — — Forfeited and cancelled — — — Outstanding at August 31, 2024 300,595,661 $ 0.003 0.49 |
SUMMARY OF COMMON STOCK OPTION ACTIVITY | Summary of Common Stock Option Activity -Employee Stock Options SUMMARY OF COMMON STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2024 188,667,035 $ 0.02 4.10 Issued — — — Exercised — — — Forfeited, extinguished and cancelled (3,011,029 ) $ 0.02 ( 4.60 ) Outstanding at August 31, 2024 185,656,006 $ 0.02 4.00 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES | SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES Maturity of Lease Liabilities Operating August 31, 2025 $ 225,348 August 31, 2026 225,348 August 31, 2027 214,970 August 31, 2028 207,558 August 31, 2029 207,558 August 31, 2030 and after 345,930 Total lease payments 1,426,712 Less: Interest (363,520 ) Present value of lease liabilities $ 1,063,192 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE | The net income (loss) per common share amounts were determined as follows: SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE 2024 2023 2024 2023 For the Three Months Ended For the Six Months Ended August 31, August 31, 2024 2023 2024 2023 Numerator: Net loss $ (3,930,323 ) $ (4,759,728 ) $ (8,124,682 ) $ (9,314,919 ) Deduct : Dividend on Series B shares (60,833 ) — (89,689 ) — Deduct: Deemed dividend on redemption of Series F shares (334,187 ) — (334,187 ) — Net loss available to common shareholders (4,325,343 ) (4,759,728 ) (8,548,558 ) (9,314,919 ) Denominator: Weighted average shares – basic 11,181,863,976 6,568,957,612 10,531,991,040 6,266,833,467 Net income (loss) per share – basic $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) Dilutive effect of common stock equivalents: Convertible notes and accrued interest — — — — Convertible Series F Preferred Shares — — — — Stock options and warrants — — — — Total — — — — Denominator: Weighted average shares – diluted 11,181,863,976 6,568,957,612 10,531,991,040 6,266,833,467 Net income (loss) per share – diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 ) |
SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS | The anti-dilutive shares of common stock equivalents for the three and six months ended August 31, 2024 and 2032 were as follows: SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS 2024 2023 2024 2023 For the Three Months Ended For the Six Months Ended August 31, August 31, 2024 2023 2024 2023 Convertible notes and accrued interest — — — — Convertible Series F Preferred Shares 40,388,015,095 24,286,988,436 40,388,015,095 24,286,988,436 Stock options and warrants 486,251,667 433,767,451 486,251,667 433,767,451 Total 40,874,266,762 24,720,755,887 40,874,266,762 24,720,755,887 |
GENERAL INFORMATION (Details Na
GENERAL INFORMATION (Details Narrative) - shares | Aug. 28, 2017 | Aug. 31, 2024 | Feb. 29, 2024 | Jul. 25, 2017 |
Restructuring Cost and Reserve [Line Items] | ||||
Common stock, issued | 11,706,671,042 | 9,238,750,958 | ||
Robotic Assistance Devices LLC [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Common stock, issued | 10,000 | |||
Robotic Assistance Devices LLC [Member] | Series E Preferred Stock [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of shares isuued under acquisition | 3,350,000 | |||
Robotic Assistance Devices LLC [Member] | Series F Preferred Stock [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of shares isuued under acquisition | 2,450 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jul. 31, 2024 | Aug. 31, 2024 | May 31, 2024 | Aug. 31, 2023 | May 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Mar. 01, 2024 | Feb. 29, 2024 | [1] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Cash flow from operating activities | $ 6,433,906 | $ 6,335,216 | ||||||||
Accumulated deficit | $ 145,686,020 | 145,686,020 | $ (4,175,535) | $ 132,962,427 | ||||||
Working capital | (32,990,606) | (32,990,606) | ||||||||
Purchase of common stock | 195,656 | $ 116,046 | $ 176,672 | $ 81,285 | ||||||
Common stock net of discount | 29,000,000 | 29,000,000 | ||||||||
Common Stock [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Purchase of common stock | $ 195,656 | $ 311,701 | ||||||||
Common Stock [Member] | Equity Financing Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Purchase of common stock | $ 30,000,000 | |||||||||
[1]Derived from audited information |
SCHEDULE OF FIXED ASSETS STATED
SCHEDULE OF FIXED ASSETS STATED AT COST (Details) | Aug. 31, 2024 |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 2 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 3 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 4 years |
Manufacturing Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 7 years |
Warehouse Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 5 years |
Tooling [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 2 years |
Demo Devices [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 4 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 3 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 5 years |
SCHEDULE OF LIABILITIES MEASURE
SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
Platform Operator, Crypto Asset [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | $ 2,500,000 | $ 2,500,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Platform Operator, Crypto Asset [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | ||
Fair Value, Inputs, Level 2 [Member] | ||
Platform Operator, Crypto Asset [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | ||
Fair Value, Inputs, Level 3 [Member] | ||
Platform Operator, Crypto Asset [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | $ 2,500,000 | $ 2,500,000 |
ACCOUNTING POLICIES (Details Na
ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Feb. 29, 2024 | Mar. 01, 2024 | ||
Product Information [Line Items] | ||||||
Loans payable | $ 33,163,345 | $ 33,163,345 | $ 32,796,345 | |||
Allowance for doubtful accounts receivable | 48,000 | 48,000 | 68,000 | |||
Inventory valuation reserves | $ 1,070,000 | $ 1,070,000 | 959,000 | |||
Depreciation life | 48 months | 48 months | ||||
Deferred development costs | $ 0 | $ 0 | 0 | |||
Description of deferred tax assets and liabilities | The Company’s gross deferred tax assets were revalued based on the reduction in the federal statutory tax rate from 35% to 21%. | |||||
Accumulated deficit | $ (145,686,020) | $ (145,686,020) | (132,962,427) | [1] | $ 4,175,535 | |
Two Customer [Member] | ||||||
Product Information [Line Items] | ||||||
Percentage of revenue | 67% | 33% | 67% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member] | ||||||
Product Information [Line Items] | ||||||
Percentage of accounts receivable | 55% | 37% | ||||
Controller [Member] | ||||||
Product Information [Line Items] | ||||||
Loans additions | $ 28,743,506 | $ 28,540,506 | ||||
Loans percentage | 87% | 87% | 87% | |||
[1]Derived from audited information |
SCHEDULE OF REVENUES FROM CONTR
SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||||
Device rental activities | $ 1,065,898 | $ 343,543 | $ 2,046,434 | $ 581,692 |
Direct sales of goods and services | 278,285 | 42,820 | 480,549 | 189,879 |
Revenue | $ 1,344,183 | $ 386,363 | $ 2,526,983 | $ 771,571 |
SCHEDULE OF LEASE ASSETS AND LI
SCHEDULE OF LEASE ASSETS AND LIABILITIES (Details) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 | |
Leases | |||
Operating Lease Assets | $ 1,070,511 | $ 1,139,188 | |
Current Operating Lease Liability | 225,348 | 237,653 | [1] |
Noncurrent Operating Lease Liabilities | 837,844 | 889,360 | [1] |
Total lease liabilities | $ 1,063,192 | $ 1,127,013 | |
[1]Derived from audited information |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Leases | ||||
Weighted average remaining lease term | 12 months | 12 months | ||
Incremental borrowing rate | 10% | 10% | ||
Rent | $ 62,967 | $ 62,541 | $ 124,980 | $ 125,083 |
SCHEDULE OF REVENUE EARNING DEV
SCHEDULE OF REVENUE EARNING DEVICES (Details) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
Revenue Earning Devices | ||
Revenue earning devices | $ 5,163,379 | $ 3,432,846 |
Less: Accumulated depreciation | (1,513,990) | (952,844) |
Total | $ 3,649,389 | $ 2,480,002 |
SCHEDULE OF DEPRECIATION AND AM
SCHEDULE OF DEPRECIATION AND AMORTIZATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Revenue Earning Devices | ||||
Cost of Goods Sold | $ 240,000 | $ 111,575 | $ 441,873 | $ 208,539 |
Operating expenses | 64,918 | 30,039 | 119,273 | 55,916 |
Total Depreciation and Amortization | $ 304,918 | $ 141,614 | $ 561,146 | $ 264,455 |
REVENUE EARNING DEVICES (Detail
REVENUE EARNING DEVICES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Robotic Assistance Devices LLC [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Revenue earning | $ 602,358 | $ 341,042 | $ 1,730,533 | $ 785,464 |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 | |
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | $ 692,226 | $ 617,953 | |
Less: Accumulated depreciation | (434,043) | (349,878) | |
Fixed assets, net of accumulated depreciation | 258,183 | 268,075 | [1] |
Automobiles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | 74,237 | 74,237 | |
Demo Devices [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | 244,900 | 194,352 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | 107,020 | 107,020 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | 8,825 | 8,825 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | 157,446 | 150,387 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | 15,312 | 15,312 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | 21,225 | 21,225 | |
Warehouse Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | 36,305 | 19,639 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets gross | $ 26,956 | $ 26,956 | |
[1]Derived from audited information |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - Robotic Assistance Devices LLC [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Additions to fixed assets | $ 22,097 | $ 75,057 | $ 74,274 | $ 107,230 |
Assets transfers from inventory | 17,505 | 75,057 | 50,550 | 103,767 |
Remaining additions to fixed assets | 4,592 | 23,724 | 3,463 | |
Depreciation expense | $ 42,844 | $ 49,427 | $ 84,165 | $ 94,528 |
DEFERRED VARIABLE PAYMENT OBL_2
DEFERRED VARIABLE PAYMENT OBLIGATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 01, 2021 | Aug. 27, 2020 | Jul. 01, 2020 | Apr. 22, 2020 | Feb. 29, 2020 | Dec. 30, 2019 | Nov. 18, 2019 | May 09, 2019 | Feb. 01, 2019 | Aug. 31, 2023 | May 31, 2021 | Aug. 31, 2024 | Aug. 31, 2023 | Feb. 28, 2023 | Feb. 29, 2024 | May 31, 2020 | ||
Maximum amount of debt | $ 33,163,346 | ||||||||||||||||
Accrued payment | 1,315,264 | $ 904,377 | |||||||||||||||
Default on payments | 667,633 | 542,176 | |||||||||||||||
Aggregate investment | $ 1,925,000 | ||||||||||||||||
Total payment obligation | $ 2,525,000 | 2,525,000 | [1] | ||||||||||||||
Payment receive | $ 0 | $ 0 | $ 0 | ||||||||||||||
Investors [Member] | |||||||||||||||||
Maximum amount of debt | $ 900,000 | ||||||||||||||||
Percentage of exchange rate | 9% | ||||||||||||||||
Debt instrument, date of first required payment | Feb. 29, 2020 | ||||||||||||||||
Maximum amount of debt | $ 900,000 | ||||||||||||||||
Investor One [Member] | |||||||||||||||||
Maximum amount of debt | 400,000 | $ 400,000 | |||||||||||||||
Percentage of exchange rate | 4% | ||||||||||||||||
Investor Two [Member] | |||||||||||||||||
Maximum amount of debt | 50,000 | $ 50,000 | |||||||||||||||
Percentage of exchange rate | 1.11% | ||||||||||||||||
Investor [Member] | |||||||||||||||||
Maximum amount of debt | $ 800,000 | $ 100,000 | $ 100,000 | ||||||||||||||
Percentage of exchange rate | 14.25% | 2.75% | 1% | 1% | 2.25% | ||||||||||||
Maximum amount of debt | $ 1,925,000 | 109,000 | $ 225,000 | ||||||||||||||
Description of variable payments terms | If the Payments would deplete RAD’s available cash by more than 20%, the payment may be deferred. The investor had agreed to pay $100,000 per month over an 8 month period with the first payment due July 2020 and the final payment no later than February 28, 2021. As at August 31, 2020 the investor had fully funded the $800,000 commitment. | These variable payments (Payments) are to be made 30 days after the end of each fiscal quarter. If the Payments would deplete RAD’s available cash by more than 30%, the Payments may be deferred for up to 12 months after the quarterly report at an interest rate of 6% per annum on the unpaid amount. | |||||||||||||||
Description of disposition price | The FMV cannot exceed 43.77% of the share disposition price defined as the total price the third party paid for the shares plus the total value of all future Payments. As of March 1, 2021 as a result of the amendment with the first investor noted below. This aggregate asset disposition % was reduced from 43.77 % to 33.77%. | the FMV of all future Payments in one lump payment. The FMV cannot exceed 30% of the share disposition price defined as the total price the third party paid for the shares plus the total value of all future Payments. | |||||||||||||||
Advance amount | $ 116,000 | ||||||||||||||||
Investor received advanced | $ 50,000 | ||||||||||||||||
Percentage of exchange rate | 10% | ||||||||||||||||
Total payment obligation | $ 2,525,000 | $ 2,525,000 | |||||||||||||||
Investor [Member] | Series F Preferred Stock [Member] | |||||||||||||||||
Shares issued | 40 | ||||||||||||||||
Warrants issued | 367 | ||||||||||||||||
Warrants term | 5 years | ||||||||||||||||
Exercise price | $ 1 | ||||||||||||||||
Warrants exercised | 38 | ||||||||||||||||
Fair value of warrants | $ 33,015,214 | ||||||||||||||||
Investor [Member] | Maximum [Member] | |||||||||||||||||
Percentage of exchange rate | 14.25% | ||||||||||||||||
Percentage of total asset disposition price | 31% | ||||||||||||||||
Investor [Member] | Minimum [Member] | |||||||||||||||||
Percentage of exchange rate | 9.65% | ||||||||||||||||
Percentage of total asset disposition price | 21% | ||||||||||||||||
Investor [Member] | Agreement One [Member] | |||||||||||||||||
Maximum amount of debt | $ 900,000 | ||||||||||||||||
Investor [Member] | Agreement Two [Member] | |||||||||||||||||
Maximum amount of debt | 225,000 | ||||||||||||||||
Investor [Member] | Agreement Three [Member] | |||||||||||||||||
Maximum amount of debt | $ 800,000 | ||||||||||||||||
[1]Derived from audited information |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Feb. 29, 2024 | ||
Related Party Transaction [Line Items] | ||||||
Loan payable-related party | $ 33,163,345 | $ 33,163,345 | $ 32,796,345 | |||
Interest accrued related party | 41,549 | 32,468 | ||||
Deferred compensation | 204,091 | 204,091 | 538,767 | [1] | ||
Decrease of deferred compensation | (505,000) | |||||
Consulting fees for research and development | 777,260 | $ 777,260 | 1,289,830 | 1,659,275 | ||
Chief Executive Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Incentive compensation plan payable | 2,500,000 | 2,500,000 | ||||
Deferred compensation | $ 204,091 | 204,091 | 538,767 | |||
Decrease of deferred compensation | 334,676 | |||||
Repayment of deferred compensation | 505,000 | |||||
Accruals and adjustments of deferred compensation | $ 170,324 | |||||
Chief Executive Officer [Member] | Series G Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Share price | $ 1,000 | $ 1,000 | ||||
Chief Executive Officer [Member] | Employment Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Incentive compensation plan payable | $ 0 | $ 62,000 | $ 0 | $ 125,000 | ||
Related Party [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loan payable-related party | 279,589 | 279,589 | 257,438 | |||
Balance due to related party | $ 203,057 | 203,057 | $ 140,013 | |||
Interest expenses | $ 152,513 | |||||
Percentage of interest expense due to related party | 12% | 12% | ||||
[1]Derived from audited information |
OTHER DEBT _ VEHICLE LOAN (Deta
OTHER DEBT – VEHICLE LOAN (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |||||
Feb. 29, 2020 | Nov. 30, 2017 | Dec. 31, 2016 | Aug. 31, 2024 | Feb. 29, 2024 | Feb. 28, 2022 | Feb. 28, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Vehicle loan secured by automobile | $ 33,163,346 | ||||||
Fair value of warrants | $ 0 | $ 0 | |||||
Robotic Assistance Devices LLC [Member] | Secured Debt [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Vehicle loan secured by automobile | $ 47,661 | $ 47,704 | |||||
Term of debt | 5 years | 5 years | |||||
Payment of debt interest and principal | $ 923 | $ 1,019 | |||||
Maturity date | Oct. 24, 2022 | ||||||
Outstanding balance of the loan | $ 21,907 | ||||||
Loss on sale of vehicle | 3,257 | ||||||
Current portion vehicle loan | $ 21,578 | 21,578 | |||||
Proceeds of disposal of vehicle offset against vehicle loan | 18,766 | ||||||
Remaining asset value | 5,515 | ||||||
Reclassification of fixed assets to vehicle for disposal | $ 13,251 | ||||||
Long-term vehicle loan | $ 16,944 | $ 16,944 | |||||
Total vehicle loan | $ 38,522 | $ 38,522 |
SCHEDULE OF LOANS PAYABLE (Deta
SCHEDULE OF LOANS PAYABLE (Details) | 6 Months Ended | |
Aug. 31, 2024 USD ($) | ||
Short-Term Debt [Line Items] | ||
Debt instrument, face amount | $ 33,163,346 | |
Less: current portion of loans payable | (23,462,611) | |
Less: discount on non-current loans payable | (413,071) | |
Non-current loans payable, net of discount | 9,287,664 | |
Current portion of loans payable | 23,462,611 | |
Less: discount on current portion of loans payable | (88,993) | |
Current portion of loans payable, net of discount | $ 23,373,618 | |
Promissory Note Payable One [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jul. 18, 2016 | [1],[2] |
Debt Instrument, Maturity Date | Jul. 18, 2017 | [1],[2] |
Debt instrument, face amount | $ 3,500 | [1],[2] |
Annual interest rate | 22% | [1],[2] |
Promissory Note Payable Two [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 10, 2020 | [3] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [3] |
Debt instrument, face amount | $ 3,921,168 | [3] |
Annual interest rate | 12% | [3] |
Promissory Note Payable Three [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 10, 2020 | [4] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [4] |
Debt instrument, face amount | $ 2,754,338 | [4] |
Annual interest rate | 12% | [4] |
Promissory Note Payable Four [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 10, 2020 | [5] |
Debt Instrument, Maturity Date | Dec. 10, 2024 | [5] |
Debt instrument, face amount | $ 165,605 | [5] |
Annual interest rate | 12% | [5] |
Promissory Note Payable Five [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 14, 2020 | [6] |
Debt Instrument, Maturity Date | Mar. 01, 2027 | [6] |
Debt instrument, face amount | $ 310,375 | [6] |
Annual interest rate | 12% | [6] |
Promissory Note Payable Six [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 30, 2020 | [7] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [7] |
Debt instrument, face amount | $ 350,000 | [7] |
Annual interest rate | 12% | [7] |
Promissory Note Payable Seven [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 01, 2021 | [8] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [8] |
Debt instrument, face amount | $ 25,000 | [8] |
Annual interest rate | 12% | [8] |
Promissory Note Payable Eight [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 01, 2021 | [9] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [9] |
Debt instrument, face amount | $ 145,000 | [9] |
Annual interest rate | 12% | [9] |
Promissory Note Payable Nine [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 14, 2021 | [10] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [10] |
Debt instrument, face amount | $ 550,000 | [10] |
Annual interest rate | 12% | [10] |
Promissory Note Payable Ten [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Feb. 22, 2021 | [11] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [11] |
Debt instrument, face amount | $ 1,650,000 | [11] |
Annual interest rate | 12% | [11] |
Promissory Note Payable Eleven [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Mar. 01, 2021 | [12] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [12] |
Debt instrument, face amount | $ 6,000,000 | [12] |
Annual interest rate | 12% | [12] |
Promissory Note Payable Twelve [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jun. 08, 2021 | [13] |
Debt Instrument, Maturity Date | Jun. 08, 2025 | [13] |
Debt instrument, face amount | $ 2,750,000 | [13] |
Annual interest rate | 12% | [13] |
Promissory Note Payable Thirteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jul. 12, 2021 | [14] |
Debt Instrument, Maturity Date | Jul. 26, 2026 | [14] |
Debt instrument, face amount | $ 3,740,360 | [14] |
Annual interest rate | 7% | [14] |
Promissory Note Payable Fourteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Sep. 14, 2021 | [15] |
Debt Instrument, Maturity Date | Sep. 14, 2025 | [15] |
Debt instrument, face amount | $ 1,650,000 | [15] |
Annual interest rate | 12% | [15] |
Promissory Note Payable Fifteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jul. 28, 2022 | [16] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [16] |
Debt instrument, face amount | $ 170,000 | [16] |
Annual interest rate | 15% | [16] |
Promissory Note Payable Sixteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Aug. 30, 2022 | [17] |
Debt Instrument, Maturity Date | Aug. 30, 2025 | [17] |
Debt instrument, face amount | $ 3,000,000 | [17] |
Annual interest rate | 15% | [17] |
Promissory Note Payable Seventeen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Sep. 07, 2022 | [18] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [18] |
Debt instrument, face amount | $ 400,000 | [18] |
Annual interest rate | 15% | [18] |
Promissory Note Payable Eighteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Sep. 08, 2022 | [19] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [19] |
Debt instrument, face amount | $ 475,000 | [19] |
Annual interest rate | 15% | [19] |
Promissory Note Payable Nineteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Oct. 13, 2022 | [20] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [20] |
Debt instrument, face amount | $ 350,000 | [20] |
Annual interest rate | 15% | [20] |
Promissory Note Payable Twenty [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Oct. 28, 2022 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty One [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Nov. 09, 2022 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Two [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Nov. 10, 2022 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Three [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Nov. 15, 2022 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Four [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 11, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Five [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Feb. 06, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Six [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Apr. 05, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Seven [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Apr. 20, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Eight [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | May 11, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Nine [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Oct. 27, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Thirty [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Nov. 30, 2023 | [22] |
Debt Instrument, Maturity Date | Apr. 30, 2025 | [22] |
Debt instrument, face amount | $ 203,000 | [22] |
Annual interest rate | 35% | [22] |
Promissory Note Payable Thirty One [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Mar. 08, 2024 | [23] |
Debt Instrument, Maturity Date | Aug. 08, 2025 | [23] |
Debt instrument, face amount | $ 350,000 | [23] |
Annual interest rate | 35% | [23] |
Promissory Note Payable Thirty Two [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Aug. 08, 2024 | [24] |
Debt Instrument, Maturity Date | Aug. 08, 2025 | [24] |
Debt instrument, face amount | $ 200,000 | [24] |
Annual interest rate | 12% | [24] |
[1]In default[2]This note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed on the lender.[3]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 1,460,794 1,593,544 3,054,338 3,054,338 250,000,000 0.002 550,000 300,000 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 103,180 62,425 165,605 165,605 80,000,000 .002 176,000 The maturity date was extended from December 10, 2023 to December 10, 2024 on February 29, 2024 and a fee of $ 22,958 235,000 75,375 310,375 310,375 25,000,000 .002 182,500 350,000 35,000 50,000,000 0.025 3 271,250 271,250 65,092 8,399 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 2,439 3,954 4,445 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 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 550,000 250,000 50,000,000 0.025 3 380,174 380,174 80,284 10,559 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 3,117 5,053 5,506 1,650,000 150,000 100,000,000 0.135 3 1,342,857 1,342,857 50,000,000 .0164 3 950,000 497,614 55,585 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 16,759 26,243 29,342 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 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 33,547 4,121 1,239 1,339 2,782 4,000,160 184 9,000 36,000 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 572,549 66,846 14,301 19,928 46,918 170,000 20,000 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. This note has been fully amortized 955,000,000 3,000,000 15 2,960,500 39,500 11,535 400,000 50,000 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. This note has been fully amortized 475,000 75,000 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. This note has been fully amortized 350,000 50,000 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. This note has been fully amortized 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 350,000 thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $ 477,750 35 15 147,000 53,000 350,000 thirteen future monthly payments of $36,750 commencing on August 8, 2024 through to August 80, 2025 totaling $ 477,750 35 15 20 400,000 200,000 57,142,857 200,000 |
SCHEDULE OF LOANS PAYABLE (De_2
SCHEDULE OF LOANS PAYABLE (Details) (Parenthetical) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Aug. 22, 2024 | Aug. 08, 2024 | Mar. 08, 2024 | Feb. 29, 2024 | Nov. 30, 2023 | Nov. 29, 2023 | Nov. 28, 2023 | Oct. 28, 2022 | Jul. 31, 2024 | Aug. 31, 2024 | May 31, 2024 | Aug. 31, 2023 | May 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Feb. 29, 2024 | Feb. 28, 2022 | Mar. 01, 2024 | Oct. 27, 2023 | May 11, 2023 | Apr. 20, 2023 | Apr. 05, 2023 | Feb. 06, 2023 | Jan. 11, 2023 | Nov. 15, 2022 | Nov. 10, 2022 | Nov. 09, 2022 | ||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Conversion of convertible securities | $ 200,000 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 129,333 | $ 1,258,198 | ||||||||||||||||||||||||||
Loans payable | $ 32,796,345 | 33,163,345 | 33,163,345 | $ 32,796,345 | ||||||||||||||||||||||||
Number of common stock issued, shares | 4,491,360 | $ 2,682,593 | $ 4,796,123 | $ 1,318,909 | ||||||||||||||||||||||||
Promissory Note Payable Two [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Convertible notes payable | 2,683,357 | 2,683,357 | ||||||||||||||||||||||||||
Accrued interest | 1,237,811 | 1,237,811 | ||||||||||||||||||||||||||
Conversion of convertible securities | 3,921,168 | |||||||||||||||||||||||||||
Notes payable | $ 3,921,168 | $ 3,921,168 | ||||||||||||||||||||||||||
Purchase of warrants | 450,000,000 | 450,000,000 | ||||||||||||||||||||||||||
Exercise price | $ 0.002 | $ 0.002 | ||||||||||||||||||||||||||
Fair value | $ 990,000 | $ 990,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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 | |||||||||||||||||||||||||||
Annual interest rate | [1] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Three [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Convertible notes payable | $ 1,460,794 | $ 1,460,794 | ||||||||||||||||||||||||||
Accrued interest | 1,593,544 | 1,593,544 | ||||||||||||||||||||||||||
Conversion of convertible securities | 3,054,338 | |||||||||||||||||||||||||||
Notes payable | $ 3,054,338 | $ 3,054,338 | ||||||||||||||||||||||||||
Purchase of warrants | 250,000,000 | 250,000,000 | ||||||||||||||||||||||||||
Exercise price | $ 0.002 | $ 0.002 | ||||||||||||||||||||||||||
Fair value | $ 550,000 | $ 550,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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 | |||||||||||||||||||||||||||
Total payments | 300,000 | |||||||||||||||||||||||||||
Annual interest rate | [2] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Four [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Convertible notes payable | $ 103,180 | $ 103,180 | ||||||||||||||||||||||||||
Accrued interest | 62,425 | 62,425 | ||||||||||||||||||||||||||
Conversion of convertible securities | 165,605 | |||||||||||||||||||||||||||
Notes payable | $ 165,605 | $ 165,605 | ||||||||||||||||||||||||||
Purchase of warrants | 80,000,000 | 80,000,000 | ||||||||||||||||||||||||||
Exercise price | $ 0.002 | $ 0.002 | ||||||||||||||||||||||||||
Fair value | $ 176,000 | $ 176,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | The maturity date was extended from December 10, 2023 to December 10, 2024 on February 29, 2024 and a fee of $22,958 was paid and charged to interest expense | |||||||||||||||||||||||||||
Interest expenses | $ 22,958 | |||||||||||||||||||||||||||
Annual interest rate | [3] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Five [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Convertible notes payable | $ 235,000 | $ 235,000 | ||||||||||||||||||||||||||
Accrued interest | 75,375 | 75,375 | ||||||||||||||||||||||||||
Conversion of convertible securities | 310,375 | |||||||||||||||||||||||||||
Notes payable | $ 310,375 | $ 310,375 | ||||||||||||||||||||||||||
Purchase of warrants | 25,000,000 | 25,000,000 | ||||||||||||||||||||||||||
Exercise price | $ 0.002 | $ 0.002 | ||||||||||||||||||||||||||
Fair value | $ 182,500 | $ 182,500 | ||||||||||||||||||||||||||
Annual interest rate | [4] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Six [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 4,445 | $ 4,445 | $ 8,399 | |||||||||||||||||||||||||
Purchase of warrants | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||
Exercise price | $ 0.025 | $ 0.025 | ||||||||||||||||||||||||||
Fair value | $ 271,250 | $ 271,250 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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 | |||||||||||||||||||||||||||
Prepaid expense | 350,000 | 350,000 | ||||||||||||||||||||||||||
Original issue discount | $ 35,000 | $ 35,000 | ||||||||||||||||||||||||||
Warrants term | 3 years | 3 years | ||||||||||||||||||||||||||
Debt discount | $ 271,250 | $ 271,250 | 65,092 | |||||||||||||||||||||||||
Amortization of debt expense | $ 2,439 | $ 3,954 | ||||||||||||||||||||||||||
Annual interest rate | [5] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Seven [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Convertible notes payable | $ 9,200 | $ 9,200 | ||||||||||||||||||||||||||
Accrued interest | 6,944 | 6,944 | ||||||||||||||||||||||||||
Conversion of convertible securities | 16,144 | |||||||||||||||||||||||||||
Notes payable | $ 25,000 | $ 25,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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 | |||||||||||||||||||||||||||
Annual interest rate | [6] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Eight [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Convertible notes payable | $ 79,500 | $ 79,500 | ||||||||||||||||||||||||||
Accrued interest | 28,925 | 28,925 | ||||||||||||||||||||||||||
Conversion of convertible securities | 108,425 | |||||||||||||||||||||||||||
Notes payable | $ 145,000 | $ 145,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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 | |||||||||||||||||||||||||||
Annual interest rate | [7] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Nine [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 5,506 | $ 5,506 | 10,559 | |||||||||||||||||||||||||
Purchase of warrants | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||
Exercise price | $ 0.025 | $ 0.025 | ||||||||||||||||||||||||||
Fair value | $ 380,174 | $ 380,174 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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 | |||||||||||||||||||||||||||
Prepaid expense | 550,000 | 550,000 | ||||||||||||||||||||||||||
Original issue discount | $ 250,000 | $ 250,000 | ||||||||||||||||||||||||||
Warrants term | 3 years | 3 years | ||||||||||||||||||||||||||
Debt discount | $ 380,174 | $ 380,174 | 80,284 | |||||||||||||||||||||||||
Amortization of debt expense | $ 3,117 | $ 5,053 | ||||||||||||||||||||||||||
Annual interest rate | [8] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Ten [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 29,342 | $ 29,342 | 55,585 | |||||||||||||||||||||||||
Purchase of warrants | 100,000,000 | 100,000,000 | 50,000,000 | |||||||||||||||||||||||||
Exercise price | $ 0.135 | $ 0.135 | $ 0.0164 | |||||||||||||||||||||||||
Fair value | $ 1,342,857 | $ 1,342,857 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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 | |||||||||||||||||||||||||||
Interest expenses | $ 950,000 | |||||||||||||||||||||||||||
Prepaid expense | 1,650,000 | 1,650,000 | ||||||||||||||||||||||||||
Original issue discount | $ 150,000 | $ 150,000 | ||||||||||||||||||||||||||
Warrants term | 3 years | 3 years | 3 years | |||||||||||||||||||||||||
Debt discount | $ 1,342,857 | $ 1,342,857 | 497,614 | |||||||||||||||||||||||||
Amortization of debt expense | $ 16,759 | $ 26,243 | ||||||||||||||||||||||||||
Annual interest rate | [9] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Eleven [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Notes payable | $ 6,000,000 | $ 6,000,000 | ||||||||||||||||||||||||||
Purchase of warrants | 300,000,000 | 300,000,000 | 150,000,000 | |||||||||||||||||||||||||
Exercise price | $ 0.135 | $ 0.135 | $ 0.0164 | |||||||||||||||||||||||||
Fair value | $ 4,749,005 | $ 4,749,005 | ||||||||||||||||||||||||||
Interest expenses | $ 2,850,000 | |||||||||||||||||||||||||||
Original issue discount | $ 600,000 | $ 600,000 | ||||||||||||||||||||||||||
Warrants term | 3 years | 3 years | 3 years | |||||||||||||||||||||||||
Debt discount | $ 4,749,005 | $ 4,749,005 | ||||||||||||||||||||||||||
Cash proceeds | $ 5,400,000 | |||||||||||||||||||||||||||
Annual interest rate | [10] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Twelve [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 2,782 | $ 2,782 | 4,121 | |||||||||||||||||||||||||
Purchase of warrants | 170,000,000 | 170,000,000 | 85,000,000 | |||||||||||||||||||||||||
Exercise price | $ 0.064 | $ 0.064 | $ 0.0164 | |||||||||||||||||||||||||
Fair value | $ 2,035,033 | $ 2,035,033 | ||||||||||||||||||||||||||
Interest expenses | $ 1,615,000 | |||||||||||||||||||||||||||
Original issue discount | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||||
Warrants term | 3 years | 3 years | 3 years | |||||||||||||||||||||||||
Debt discount | $ 2,035,033 | $ 2,035,033 | 33,547 | |||||||||||||||||||||||||
Amortization of debt expense | $ 1,239 | 1,339 | ||||||||||||||||||||||||||
Cash proceeds | $ 2,750,000 | |||||||||||||||||||||||||||
Annual interest rate | [11] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Thirteen [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Prepaid expense | $ 4,000,160 | $ 4,000,160 | ||||||||||||||||||||||||||
Repayment of notes | $ 9,000 | $ 36,000 | ||||||||||||||||||||||||||
Annual interest rate | [12] | 7% | 7% | |||||||||||||||||||||||||
Promissory Note Payable Thirteen [Member] | Director [Member] | Series F Preferred Stock [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Conversion of convertible securities, shares | 184 | |||||||||||||||||||||||||||
Promissory Note Payable Fourteen [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 46,918 | $ 46,918 | 66,846 | |||||||||||||||||||||||||
Purchase of warrants | 250,000,000 | 250,000,000 | ||||||||||||||||||||||||||
Exercise price | $ 0.037 | $ 0.037 | ||||||||||||||||||||||||||
Fair value | $ 1,284,783 | $ 1,284,783 | ||||||||||||||||||||||||||
Prepaid expense | 1,650,000 | 1,650,000 | ||||||||||||||||||||||||||
Original issue discount | $ 150,000 | $ 150,000 | ||||||||||||||||||||||||||
Warrants term | 3 years | 3 years | ||||||||||||||||||||||||||
Debt discount | $ 1,284,783 | $ 1,284,783 | 572,549 | |||||||||||||||||||||||||
Amortization of debt expense | $ 14,301 | $ 19,928 | ||||||||||||||||||||||||||
Annual interest rate | [13] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Fifteen [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 20,000 | $ 20,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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. This note has been fully amortized | |||||||||||||||||||||||||||
Prepaid expense | $ 170,000 | $ 170,000 | ||||||||||||||||||||||||||
Annual interest rate | [14] | 15% | 15% | |||||||||||||||||||||||||
Promissory Note Payable Sixteen [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Notes payable | $ 3,000,000 | $ 3,000,000 | ||||||||||||||||||||||||||
Fair value | 2,960,500 | 2,960,500 | ||||||||||||||||||||||||||
Debt discount | $ 39,500 | $ 39,500 | 11,535 | |||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 955,000,000 | 955,000,000 | ||||||||||||||||||||||||||
Annual interest rate | [15] | 15% | 15% | |||||||||||||||||||||||||
Promissory Note Payable Seventeen [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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. This note has been fully amortized | |||||||||||||||||||||||||||
Prepaid expense | $ 400,000 | $ 400,000 | ||||||||||||||||||||||||||
Annual interest rate | [16] | 15% | 15% | |||||||||||||||||||||||||
Promissory Note Payable Eighteen [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 75,000 | $ 75,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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. This note has been fully amortized | |||||||||||||||||||||||||||
Prepaid expense | $ 475,000 | $ 475,000 | ||||||||||||||||||||||||||
Annual interest rate | [17] | 15% | 15% | |||||||||||||||||||||||||
Promissory Note Payable Nineteen [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||||
Debt instrument maturity date description | 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. This note has been fully amortized | |||||||||||||||||||||||||||
Prepaid expense | $ 350,000 | $ 350,000 | ||||||||||||||||||||||||||
Annual interest rate | [18] | 15% | 15% | |||||||||||||||||||||||||
Promissory Note Payable Twenty [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 500,000 | |||||||||||||||||||||||||||
Notes payable | 400,000 | |||||||||||||||||||||||||||
Original issue discount | $ 4,000,000 | 50,000 | $ 4,000,000 | |||||||||||||||||||||||||
Cash proceeds | $ 350,000 | |||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Promissory Note Payable Twenty [Member] | Series F Warrants [Member] | October 31, 2033 [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty [Member] | Lender [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Loans payable | $ 4,000,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty [Member] | Lender [Member] | Series F Preferred Stock [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Shares issued | 329 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty [Member] | Lender [Member] | Warrant [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Shares issued | 1 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty One [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 40,827 | $ 40,827 | 47,892 | |||||||||||||||||||||||||
Fair value | $ 299,399 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 286,775 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 6,455 | $ 7,065 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty One [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty One [Member] | Series F Preferred Shares [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Conversion of convertible securities, shares | 1 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Two [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 41,029 | $ 41,029 | 48,126 | |||||||||||||||||||||||||
Fair value | $ 299,750 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 288,513 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 6,294 | $ 7,097 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Two [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Three [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 41,171 | $ 41,171 | 48,290 | |||||||||||||||||||||||||
Fair value | $ 302,020 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 291,694 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 6,238 | $ 7,119 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Three [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Four [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 40,900 | $ 40,900 | 47,976 | |||||||||||||||||||||||||
Fair value | $ 299,959 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 287,814 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 6,262 | $ 7,076 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Four [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Five [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 41,028 | $ 41,028 | 48,124 | |||||||||||||||||||||||||
Fair value | $ 299,959 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 286,813 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 6,266 | $ 7,096 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Five [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Six [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 41,174 | $ 41,174 | 48,294 | |||||||||||||||||||||||||
Fair value | $ 299,959 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 288,342 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 6,314 | $ 7,130 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Six [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Seven [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 41,274 | $ 41,274 | 48,409 | |||||||||||||||||||||||||
Fair value | $ 296,245 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 286,821 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 6,305 | $ 7,135 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Seven [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Eight [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 41,591 | $ 41,591 | 48,777 | |||||||||||||||||||||||||
Fair value | $ 302,219 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 294,824 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 6,484 | $ 7,186 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Nine [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 42,628 | $ 42,628 | 49,978 | |||||||||||||||||||||||||
Fair value | $ 348,983 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 348,831 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 7,269 | $ 7,350 | ||||||||||||||||||||||||||
Annual interest rate | [19] | 15% | 15% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Twenty Nine [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Thirty [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 41,448 | $ 41,448 | 48,611 | |||||||||||||||||||||||||
Fair value | $ 261,759 | |||||||||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||||||||
Debt discount | 254,487 | |||||||||||||||||||||||||||
Amortization of debt expense | $ 5,876 | $ 7,163 | ||||||||||||||||||||||||||
Annual interest rate | [20] | 35% | 35% | |||||||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||||||||
Promissory Note Payable Thirty [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||||||||
Promissory Note Payable Thirty One [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Annual interest rate | [21] | 35% | 35% | |||||||||||||||||||||||||
Promissory Note Payable Thirty One [Member] | Lender [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Accrued interest | $ 53,000 | |||||||||||||||||||||||||||
Total payments | $ 477,750 | |||||||||||||||||||||||||||
Annual interest rate | 35% | |||||||||||||||||||||||||||
Loans payable | $ 350,000 | |||||||||||||||||||||||||||
Monthly payments | thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $477,750 | |||||||||||||||||||||||||||
Default rate | 15% | |||||||||||||||||||||||||||
Repayment of debt | $ 147,000 | |||||||||||||||||||||||||||
Promissory Note Payable Thirty Two [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Annual interest rate | [22] | 12% | 12% | |||||||||||||||||||||||||
Promissory Note Payable Thirty Two [Member] | Lender [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Total payments | $ 477,750 | |||||||||||||||||||||||||||
Annual interest rate | 35% | |||||||||||||||||||||||||||
Loans payable | $ 350,000 | |||||||||||||||||||||||||||
Monthly payments | thirteen future monthly payments of $36,750 commencing on August 8, 2024 through to August 80, 2025 totaling $477,750 | |||||||||||||||||||||||||||
Default rate | 15% | |||||||||||||||||||||||||||
Promissory Note Payable Thirty Three [Member] | Lender [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Notes payable | $ 400,000 | $ 200,000 | $ 200,000 | |||||||||||||||||||||||||
Conversion of convertible securities, shares | 20 | |||||||||||||||||||||||||||
Outstanding payable | $ 200,000 | |||||||||||||||||||||||||||
Number of common stock issued, shares | $ 57,142,857 | |||||||||||||||||||||||||||
Accounting Standards Update 2020-06 [Member] | ||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||
Unamortized discount | $ 4,175,535 | |||||||||||||||||||||||||||
[1]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 1,460,794 1,593,544 3,054,338 3,054,338 250,000,000 0.002 550,000 300,000 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 103,180 62,425 165,605 165,605 80,000,000 .002 176,000 The maturity date was extended from December 10, 2023 to December 10, 2024 on February 29, 2024 and a fee of $ 22,958 235,000 75,375 310,375 310,375 25,000,000 .002 182,500 350,000 35,000 50,000,000 0.025 3 271,250 271,250 65,092 8,399 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 2,439 3,954 4,445 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 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 550,000 250,000 50,000,000 0.025 3 380,174 380,174 80,284 10,559 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 3,117 5,053 5,506 1,650,000 150,000 100,000,000 0.135 3 1,342,857 1,342,857 50,000,000 .0164 3 950,000 497,614 55,585 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 16,759 26,243 29,342 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 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 33,547 4,121 1,239 1,339 2,782 4,000,160 184 9,000 36,000 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 572,549 66,846 14,301 19,928 46,918 170,000 20,000 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. This note has been fully amortized 955,000,000 3,000,000 15 2,960,500 39,500 11,535 400,000 50,000 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. This note has been fully amortized 475,000 75,000 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. This note has been fully amortized 350,000 50,000 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. This note has been fully amortized 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 350,000 thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $ 477,750 35 15 147,000 53,000 350,000 thirteen future monthly payments of $36,750 commencing on August 8, 2024 through to August 80, 2025 totaling $ 477,750 35 15 20 400,000 200,000 57,142,857 200,000 |
SUMMARY OF PREFERRED STOCK WARR
SUMMARY OF PREFERRED STOCK WARRANT ACTIVITY (Details) - Series F Preferred Warrants [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Aug. 31, 2024 | Feb. 29, 2024 | |
Class of Stock [Line Items] | ||
Number of Series F Preferred Warrants, Outstanding Beginning balance | 939 | |
Weighted Average Exercise Price, Oustanding Beginng balance | $ 1 | |
Weighted Average Remaining Years, Outstanding | 9 years 2 months 12 days | 9 years 6 months |
Number of Series F Preferred Warrants, Issued | ||
Weighted Average Exercise Price, Issued | ||
Number of Series F Preferred Warrants, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Series F Preferred Warrants,Forfieted and cancelled | ||
Weighted Average Exercise Price,Forfieted and cancelled | ||
Number of Series F Preferred Warrants, Outstanding Beginning balance | 939 | 939 |
Weighted Average Exercise Price, Oustanding ending balance | $ 1 | $ 1 |
SUMMARY OF COMMON SHARES ISSUED
SUMMARY OF COMMON SHARES ISSUED,ISSUABLE AND OUTSTANDING (Details) - shares | Aug. 31, 2024 | Feb. 29, 2024 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Issued | 11,706,671,042 | 9,238,750,958 |
Common Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Issued | 11,649,528,185 | 9,238,750,958 |
Issuable | 57,142,857 | |
Issued, issuable and outstanding | 11,706,671,042 | 9,238,750,958 |
SUMMARY OF COMMON STOCK WARRANT
SUMMARY OF COMMON STOCK WARRANT ACTIVITY (Details) - Common Stock Warrant [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Aug. 31, 2024 | Feb. 29, 2024 | |
Class of Stock [Line Items] | ||
Number of Series F Preferred Warrants, Outstanding Beginning balance | 300,595,661 | |
Weighted Average Exercise Price, Oustanding Beginng balance | $ 0.003 | |
Weighted Average Remaining Years, Outstanding | 5 months 26 days | 1 year |
Number of Series F Preferred Warrants, Issued | ||
Weighted Average Exercise Price, Issued | ||
Number of Series F Preferred Warrants, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Series F Preferred Warrants, Forfeited and cancelled | ||
Weighted Average Exercise Price,Forfieted and cancelled | ||
Number of Series F Preferred Warrants, Outstanding Beginning balance | 300,595,661 | 300,595,661 |
Weighted Average Exercise Price, Oustanding ending balance | $ 0.003 | $ 0.003 |
SUMMARY OF COMMON STOCK OPTION
SUMMARY OF COMMON STOCK OPTION ACTIVITY (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Aug. 31, 2024 | Feb. 29, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Stock options, Outstanding, Beginning Balance | 188,667,035 | |
Weighted Average Exercise Price, Beginning Balance | $ 0.02 | |
Weighted Average Remaining Years, Outstanding | 4 years | 4 years 1 month 6 days |
Number of Stock Options, Issued | ||
Weighted Average Exercise Price, Issued | ||
Number of Stock Options, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Stock Options, Forfeited, extinguished and cancelled | (3,011,029) | |
Weighted Average Exercise Price, Forfeited, extinguished and cancelled | $ 0.02 | |
Weighted Average Remaining Contractual Term, Forfeited, extinguished and cancelled | 4 years 7 months 6 days | |
Number of Stock Options, Outstanding, Ending Balance | 185,656,006 | 188,667,035 |
Weighted Average Exercise Price, Ending Balance | $ 0.02 | $ 0.02 |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||||
Jul. 28, 2024 | Jun. 28, 2024 | May 30, 2024 | Apr. 27, 2024 | Aug. 31, 2024 | May 31, 2024 | Aug. 31, 2023 | May 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Oct. 04, 2024 | Oct. 03, 2024 | Feb. 29, 2024 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Preferred stock, shares authorized | 15,535,000 | 15,535,000 | 15,535,000 | ||||||||||
Gross proceeds | $ 278,000 | ||||||||||||
Shares issuable | 2,410,777,227 | ||||||||||||
Preferred stock dividend | $ 5,188 | $ 5,188 | $ 5,188 | ||||||||||
Reedemable preferred stock dividend, shares | 324 | 324 | 324 | ||||||||||
Reedemable preferred stock dividend | $ 389,189 | $ 389,189 | $ 389,189 | ||||||||||
Deemed dividends | $ 89,189 | $ 89,189 | $ 89,189 | ||||||||||
Deeemed dividend on redemption of Series F shares | $ 334,187 | $ 334,187 | |||||||||||
Common stock, authorized | 15,000,000,000 | 15,000,000,000 | 15,000,000,000 | ||||||||||
Net proceeds from issuance of common stock | $ 6,893,169 | 6,115,032 | |||||||||||
Payments of stock issuance costs | $ 195,656 | $ 116,046 | $ 176,672 | $ 81,285 | |||||||||
Share based compensation | $ 166,646 | 228,434 | |||||||||||
Series B Convertible Redeemable Preferred Stock [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Preferred stock dividend rate percentage | 8% | ||||||||||||
Preferred stock dividend | $ 4.32 | $ 4.32 | $ 4.32 | ||||||||||
Temporary shares outstanding | 0 | 0 | |||||||||||
Preferred Stock [Member] | Series B Convertible Redeemable Preferred Stock [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Preferred stock, shares authorized | 5,000 | ||||||||||||
Gross proceeds | $ 300,000 | ||||||||||||
Net proceeds | 278,000 | ||||||||||||
Legal fees | 10,000 | ||||||||||||
Broker fees | $ 12,000 | ||||||||||||
Shares issuable | 20 | ||||||||||||
Fair value charged in paid in capital | $ 24,000 | ||||||||||||
Preferred stock redemption price per share | $ 1,200 | ||||||||||||
Preferred Stock [Member] | Series F Convertible Preferred Stock [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Seies F convertible preferred share | 20 | ||||||||||||
Notes payable | $ 400,000 | $ 400,000 | |||||||||||
Preferred stock par value shares | $ 20 | $ 20 | |||||||||||
Seies F convertible preferred shares | $ 65,793 | ||||||||||||
Common Stock [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Shares issuable | 1,330,610,802 | 1,080,166,425 | 903,636,004 | 280,929,190 | |||||||||
Reedemable preferred stock dividend | |||||||||||||
Gross proceeds from issuance of common stock | 4,687,016 | 7,485,654 | |||||||||||
Net proceeds from issuance of common stock | 4,491,360 | 7,173,953 | |||||||||||
Payments of stock issuance costs | 195,656 | 311,701 | |||||||||||
Debt instrument carrying amount | $ 200,000 | $ 200,000 | |||||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Common stock, authorized | 15,000,000,000 | 12,500,000,000 | |||||||||||
Common Stock Issuable [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Shares issuable | 57,142,857 | 57,142,857 | |||||||||||
Common Stock Warrant [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Share based compensation | $ 83,323 | $ 50,713 | $ 166,646 | $ 103,434 |
SCHEDULE OF MATURITY OF OPERATI
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES (Details) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
Commitments and Contingencies Disclosure [Abstract] | ||
August 31, 2025 | $ 225,348 | |
August 31, 2026 | 225,348 | |
August 31, 2027 | 214,970 | |
August 31, 2028 | 207,558 | |
August 31, 2029 | 207,558 | |
August 31, 2030 and after | 345,930 | |
Total lease payments | 1,426,712 | |
Less: Interest | (363,520) | |
Present value of lease liabilities | $ 1,063,192 | $ 1,127,013 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||
Feb. 05, 2024 | Jan. 28, 2022 | Sep. 30, 2021 | Mar. 10, 2021 | Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Feb. 29, 2024 | [1] | |
Product Liability Contingency [Line Items] | ||||||||||
Minimum base rent | $ 62,967 | $ 62,541 | $ 124,980 | $ 125,083 | ||||||
Security deposit | 15,880 | 15,880 | $ 15,880 | |||||||
Rent expense and operating lease cost | $ 62,967 | $ 62,541 | $ 124,980 | $ 125,083 | ||||||
10 Years Lease Agreement [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Description of operating lease | the Company entered into a 10 year lease agreement for q manufacturing facility at 10800 Galaxie Avenue, Ferndale, Michigan, 48220, commencing on May 1, 2021 through to April 30, 2031 with a minimum base rent of $15,880 per month | |||||||||
10 Years Lease Agreement [Member] | Ferndale, Michigan [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Minimum base rent | $ 15,880 | |||||||||
Security deposit | $ 15,880 | |||||||||
3-Years Lease Agreement [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Description of operating lease | On February 5, 2024, the Company entered into a 3-year lease agreement for a vehicle commencing February 5, 2024 through to February 5, 2027 with a minimum base rent of $1,223 per month. | On September 30, 2021, the Company entered into a 3-year lease agreement for a vehicle commencing September 30, 2021 through to April 30, 2031 with a minimum base rent of $1,538 per month. | ||||||||
Minimum base rent | $ 1,223 | $ 1,538 | ||||||||
Rental down payment | $ 9,357 | $ 18,462 | ||||||||
2-Years Lease Agreement [Member] | Santa Ana, California [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Description of operating lease | On January 28, 2022, the Company entered into a 2-year lease agreement for office space at 1516 E Edinger, Santa Ana, California, 92705, commencing on February 1, 2022 through to January 31, 2024 with a minimum base rent of $1,500 per month. | |||||||||
Minimum base rent | $ 1,500 | |||||||||
Security deposit | $ 1,500 | |||||||||
[1]Derived from audited information |
SCHEDULE OF NET INCOME (LOSS) P
SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Aug. 31, 2024 | May 31, 2024 | Aug. 31, 2023 | May 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Net loss | $ (3,930,323) | $ (4,194,359) | $ (4,759,728) | $ (4,555,193) | $ (8,124,682) | $ (9,314,919) |
Deduct : Dividend on Series B shares | (60,833) | (89,689) | ||||
Deduct: Deemed dividend on redemption of Series F shares | $ (334,187) | $ (334,187) | ||||
Net loss available to common shareholders | $ (4,325,343) | $ (4,759,728) | $ (8,548,558) | $ (9,314,919) | ||
Weighted average shares – basic | 11,181,863,976 | 6,568,957,612 | 10,531,991,040 | 6,266,833,467 | ||
Net income (loss) per share – basic | $ 0 | $ 0 | $ 0 | $ 0 | ||
Total | ||||||
Weighted average shares – diluted | 11,181,863,976 | 6,568,957,612 | 10,531,991,040 | 6,266,833,467 | ||
Net income (loss) per share – diluted | $ 0 | $ 0 | $ 0 | $ 0 | ||
Convertible Notes and Accrued Interest [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total | ||||||
Convertible Series F Preferred Shares [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total | ||||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total |
SCHEDULE OF ANTI-DILUTIVE SHARE
SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 40,874,266,762 | 24,720,755,887 | 40,874,266,762 | 24,720,755,887 |
Convertible Notes and Accrued Interest [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | ||||
Convertible Series F Preferred Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 40,388,015,095 | 24,286,988,436 | 40,388,015,095 | 24,286,988,436 |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 486,251,667 | 433,767,451 | 486,251,667 | 433,767,451 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Oct. 15, 2024 | Aug. 31, 2024 | May 31, 2024 | Aug. 31, 2023 | May 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Oct. 04, 2024 | Oct. 03, 2024 | Feb. 29, 2024 | |
Subsequent Event [Line Items] | ||||||||||
Number of shares issued | 2,410,777,227 | |||||||||
Gross proceeds | $ 6,893,169 | $ 6,115,032 | ||||||||
Issuance cost of shares | $ 195,656 | $ 116,046 | $ 176,672 | $ 81,285 | ||||||
Common stock shares authorized | 15,000,000,000 | 15,000,000,000 | 15,000,000,000 | |||||||
Common Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares issued | 1,330,610,802 | 1,080,166,425 | 903,636,004 | 280,929,190 | ||||||
Gross proceeds | $ 4,491,360 | $ 7,173,953 | ||||||||
Issuance cost of shares | $ 195,656 | $ 311,701 | ||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common stock shares authorized | 15,000,000,000 | 12,500,000,000 | ||||||||
Subsequent Event [Member] | Share Purchase Agreement [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares issued | 335,000,000 | |||||||||
Gross proceeds | $ 850,551 | |||||||||
Issuance cost of shares | 37,097 | |||||||||
Cash proceeds | $ 813,454 |