Amendment No. 1
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0001498148
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2023-12-12
2023-12-12
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 12, 2023
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
| (Exact
name of registrant as specified in its charter) |
| Nevada |
|
000-55079 |
|
27-2343603 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
10800
Galaxie Avenue
Ferndale,
MI 48220 |
| (Address
of principal executive offices) |
| (877)
787-6268 |
| (Registrant’s
telephone number, including area code) |
| Not
Applicable |
| (Former
name or former address, if changed since last report.) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| N/A |
|
N/A |
|
N/A |
When
used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we”
refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item
8.01 Other Events
Correction to Press
Release
On
December 12, 2023, we will be issuing a corrected press release titled “AITX Q3 FY 2024 Sees 435% Order Growth Year Over
Year”, which corrected press release is attached hereto as Exhibit 99.1. The press
release we issued in the morning of December 12, 2023 inadvertently contained an error by incorrectly disclosing that our Q3 2024
booked revenues were $151,000, when in fact that that statement is incorrect because the $151,000 does not reflect quarterly
revenues, but rather solely refers to additional recurring monthly revenue (“RMR”) contingent upon several factors
included in the newly issued press release.
The
information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1)
is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained
herein.
ITEM
9.01. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| Date:
December 12, 2023 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
| |
|
|
| |
|
/s/
Steven Reinharz |
| |
Name: |
Steven
Reinharz |
| |
Title: |
Chief
Executive Officer |
Exhibit
99.1
CORRECTED
PRESS RELEASE FROM THE DECEMBER 12, 2023 PRESS RELEASE DISTRIBUTED TO THE PUBLIC IN THE MORNING OF DECEMBER 12, 2023.
Explanatory
Note
The
press release we issued in the morning of December 12, 2023 inadvertently contained an error by incorrectly disclosing that Q3 2024 booked
revenues were $151,000, when in fact that press release should have disclosed (as reflected in this new corrected press release below)
that the Company in Q3 FY 2024 experienced 435% Order Growth year over year, which equated to $151,000 in additional recurring monthly
revenue (“RMR”).
AITX
Q3 FY 2024 Sees 435% Order Growth Year Over Year
Detroit,
Michigan, December 12, 2023 — Artificial Intelligence Technology Solutions, Inc.,
(the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions along with its wholly
owned subsidiary, Robotic Assistance Devices, Inc. (RAD), today announced their Q3 FY 2024 order intake results. These results indicate
significant growth in device orders and Recurring Monthly Revenue (RMR) compared to the same period last year. These results also underscore
the Company’s continued progress in the AI-powered, security solutions market.
For
the quarter ended November 30, 2023, RAD booked 144 devices on order, a 435% increase over the number of devices ordered in Q3 of FY2023
(33 units). The Company’s FY 2024 will end February 29, 2024. The company defines an ‘order’ as either a minimum 12-month
contract or a dealer demonstration unit. Pilots, proof of concepts or other types of deployments are not included in this number. Additionally,
the Company has not shared revenues related to deployment fees, training, and monitoring contracts.
The
Company’s FY 2024 Q3 order intake is $151,000 in RMR which, only if fully realized for the contract lengths of 12 months minimum,
will equal over $1.8 million in additional annual revenue, contingent upon several factors, including RAD producing and delivering the
ordered products, customer acceptance of said deliveries, proper operation, client acceptance, client payment and any other issues that
could interfere with these activities. This represents a 484% increase on the same performance over the same period in FY 2023.
“The
two last quarters have been record breaking, and we’re thrilled to share that our production and operations departments are meeting
the challenges of these amazing sales increases,” said Steve Reinharz, CEO of AITX and RAD. “As usual, we won’t rest
for long as we’re now focused on the final quarter of the fiscal year. We’re excited to build on this success, as we further
our drive to becoming cash flow positive results.”
Sales
intake statistics of interest during the quarter include:
| |
● |
ROSA™ and its several varieties (RIO™
360, RIO 180) remains RAD’s breakout success |
| |
○ |
72
ROSA standalone units |
| |
○ |
44
RIO 360 units |
| |
|
RIO
360 is a dual-ROSA configured solar powered security tower |
| |
○ |
28
RIO 180 units |
| |
|
RIO
180 is also a solar powered security tower configured with a single ROSA |
| |
● |
46%
of all units placed on order were facilitated by RAD’s dealer channel |
Reinharz
added, “The anticipated RMR from these 144 units is expected to exceed $150,000 per month once deployed. When combined with the
RMR we currently generate from the several hundred existing units in the field, as this trend continues, it could potentially lead to
the Company achieving a cash flow positive by our target of mid-2024.”
Recurring
Monthly Revenue (RMR) is money earned from customers who pay for a subscription to a service or product. RAD’s solutions are generally
offered as a recurring monthly subscription, typically with a minimum 12-month subscription contract.
ROSA
is a multiple award-winning, compact, self-contained, portable, security and communication solution that can be installed
and activated in about 15 minutes. ROSA’s AI-driven security analytics include human, firearm, vehicle detection, license plate
recognition, responsive digital signage and audio messaging, and complete integration with RAD’s software suite notification and
autonomous response library. Two-way communication is optimized for cellular, including live video from ROSA’s high-resolution,
full-color, always-on cameras. RAD has published five Case Studies detailing how ROSA has helped eliminate instances of theft, trespassing
and loitering at hospital campuses, multi-family communities, car rental locations and construction sites
across the country.
AITX,
through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services
industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed
to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding
and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement,
and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based
analytics and software platforms are developed in-house.
RAD
has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to
attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each
Fortune 500 client has the potential of making numerous reorders over time.
About
Artificial Intelligence Technology Solutions (AITX)
AITX
is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex
challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies
help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics
of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities
of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for
use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn
more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and
www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
CAUTIONARY
DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The
information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence
Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees
of future performance and may involve subjective judgment and analysis. The information provided herein is believed to be accurate and
reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness. The Company
has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted
as any indication whatsoever of the Company’s future revenues, results of operations, or stock price. The realization of the revenue
referenced above is contingent upon several factors, including RAD producing and delivering the ordered products, customer acceptance
of said deliveries, proper operation, client acceptance, client payment and any other issues that could interfere with these activities.
###
Steve
Reinharz
949-636-7060
@SteveReinharz
v3.23.3
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