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Artificial Intelligence Technology Solutions Inc. (AITX) has recently released its condensed consolidated financ ial statements for the quarter ended August 31, 2023. The company reported a net loss of $4.76 million for this period, while its revenue reached $386,363, marking a substantial increase compared to the same quarter the previous year. In this article, we will delve into AITX's financial performance and key highlights from their condensed consolidated balance sheets and statements of operations.
Assets:
1. Current Assets: AITX's current assets have shown significant growth, reaching $4.14 million, up from $3.44 million as of February 28, 2023. Notably, cash reserves saw a remarkable increase from $939,759 to $1,512,112, demonstrating improved liquidity.
2. Revenue Earning Devices: The company's revenue earning devices increased to $1.76 million, up from $1.24 million. This growth indicates an expansion in AITX's revenue-generating capabilities.
3. Fixed Assets: Fixed assets, including net property and equipment, saw a modest increase to $328,591 from $315,888.
4. Total Assets: The total assets of AITX rose to $7.47 million, compared to $6.29 million in February 2023.
1. Current Liabilities: AITX's current liabilities reached $28.75 million, a substantial increase from the $16.05 million reported in February 2023. Notable components include accounts payable and accrued expenses, incentive compensation plan payable, and accrued interest payable.
2. Total Liabilities: The total liabilities stand at $41.42 million, with both current and non-current liabilities contributing to this figure.
3. Stockholders' Deficit: AITX reported a stockholders' deficit of $33.94 million, compared to $31.84 million in February 2023. This figure reflects the company's accumulated deficit and stock issuances.
- Revenues: AITX's revenues for the quarter ending August 31, 2023, surged to $386,363, a substantial improvement from the $267,484 reported for the same quarter in 2022.
- Gross Profit: The company's gross profit amounted to $297,349 for the quarter, indicating a promising upturn from the previous year.
- Loss from Operations: Despite improved revenues and gross profit, AITX reported a loss from operations of $3.05 million in the quarter, slightly lower than the $3.18 million loss from the same period in 2022.
- Net Loss: AITX reported a net loss of $4.76 million for the quarter, compared to a net loss of $4.17 million in the previous year.
Artificial Intelligence Technology Solutions Inc. displayed promising growth in Q2 2023, with a notable increase in revenue. However, the company continues to face challenges, resulting in a net loss. AITX's financial statements reveal a focus on expansion and investment in its operations. Investors and industry observers will be closely monitoring the company's progress as it strives to improve its financial performance and achieve profitability.