Artificial Intelligence Technology Solutions Inc 8-K, filed Dec 4, 2023
Artificial Intelligence Technology Solutions Inc. (AITX)
About this 8-K
Artificial Intelligence Technology Solutions Inc filed this 8-K on December 4, 2023.
Items reported
- Item 2.02: Financial results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
| (Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| (Address of principal executive offices) |
| ( |
| (Registrant’s telephone number, including area code) |
| (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| N/A | N/A | N/A |
When used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we” refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item 2.02 Results of Operations and Financial Condition
On December 4, 2023, we will be issuing a press release titled “AITX Secures $2 Million Commitment in Non-Dilutive Funding”, which press release is attached hereto as Exhibit 99.1.
Item 8.01 Other Events
The information set forth under Item 2.02 of this Current Report on Form 8-K is incorporated by reference herein.
The information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1) is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act. This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained herein.
ITEM 9.01. EXHIBITS
| Exhibit No. | Description | |
| 99.1 | December 4, 2023 Press Release | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: December 4, 2023 | ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. | |
| /s/ Steven Reinharz | ||
| Name: | Steven Reinharz | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
AITX Secures $2 Million Commitment in Non-Dilutive Funding
Detroit, Michigan, December 4, 2023 — Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX), a global leader in AI-driven security and productivity solutions, proudly announces a significant financial milestone. The Company has secured a flexible line of credit up to $2 million, backed by early investors from its initial friends & family raise in 2016 and 2017.
The specifically tailored financing arrangement offers AITX materials purchasing flexibility, with a 5-month grace period between fund receipt and repayment commencement so that future cashflows will be split between loan repayment and contribution to operating expenses. This custom timing was designed to synchronize seamlessly with the Company’s manufacturing, deployment, invoicing, and collection average timelines, ensuring debt payments are covered by new potential revenue streams.
The initial installment of $350,000 was received on Friday, December 1, 2023.
Anthony (Tony) Brenz, CFO of AITX, stated, “This is an important moment that proves our early investors’ support and confidence in our vision and business model. This type of tailored financing by early investors is unprecedented in my career and I couldn’t be more thrilled to share this news with our community.”
This non-dilutive financial instrument allows AITX to pay off each loan portion in approximately 17 months, assuming planned payments. There are no commitment shares, warrants, options, or conversion options included in this arrangement making it wholly non-dilutive.
“This line of credit is a key enabler in our growth strategy without putting additional stress on dilution,” Reinharz added. “It allows us to fulfill our current commitments by completing the delivery of contracted but unbuilt devices as of November 17, 2023. This financial flexibility is crucial for our ongoing success and positions us strongly for future growth.”
This announcement demonstrates AITX’s robust financial planning and commitment to sustainable growth, showcasing its innovation not only in technology but also in its approach to business and financial management.
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.
###
Steve Reinharz
949-636-7060
@SteveReinharz