Artificial Intelligence Technology Solutions Corrects Revenue Figures in Recent Investor Presentation

On January 16, 2025, Artificial Intelligence Technology Solutions Inc. (AITX) filed a Form 8-K with the Securities and Exchange Commission to correct an error in the revenue information disclosed during an online Investor Presentation held on January 15, 2025. During the presentation, the Company’s Chief Financial Strategy Officer mistakenly stated that for the quarter ending November 30, 2023, AITX earned $386,000 in revenue, reflecting a 350% growth compared to the quarter ended November 30, 2024.

Upon correction, the Company clarified that the revenue for the quarter ended November 30, 2023, was actually $596,000, not the previously stated $386,000, resulting in a growth rate of 190%, contrasting the earlier misquoted 350%.

The filing further highlighted that the information presented in the Form 8-K, concerning Item 8.01 and the attached press release as Exhibit 99.1, is being provided in compliance with Form 8-K regulations. It specified that this disclosure, including the press release, should not be considered a formal filing or incorporated by reference in future filings under the Securities Act of 1933 or the Exchange Act. The Form 8-K also stated that it does not represent an admission of the materiality of the data contained within.

Additionally, the Company included an exhibit in the Form 8-K, tagged as Exhibit 104, which consists of the Cover Page Interactive Data File embedded within the Inline XBRL document as part of the filing requirements.

In a separate event, attached as Exhibit 99.1, LM Funding America, Inc. (NASDAQ: LMFA) announced its Bitcoin holdings valued at $15.0 million at the end of December 31, 2024, with an anticipated Gain on Fair Value of Mined Bitcoin of approximately $4.0 million for Q4 2024. The company highlighted continued progress and performance in its Bitcoin mining operations, aiming to leverage Bitcoin’s growth potential in 2025.

LM Funding America, Inc. operates as a cryptocurrency mining and specialty finance company, emphasizing operational efficiency in managing Bitcoin assets for sustained growth in the competitive cryptocurrency market. Interested parties can find further details about LM Funding America, Inc. on their website.

This Form 8-K disclosure serves to rectify a revenue misstatement and align the Company’s financial information in compliance with reporting regulations, providing clarity to investors and stakeholders regarding AITX’s financial performance.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Artificial Intelligence Technology Solutions’s 8K filing here.

About Artificial Intelligence Technology Solutions

Artificial Intelligence Technology Solutions Inc focuses on the delivery of artificial intelligence and robotic solutions for operational, security, and monitoring needs. It develops front-end and back-end software solutions. The company also provides RIO, a solar-powered trailer; ROSA-P; RADDOG; ROSS, a video management system;and ROAMEO, an unmanned ground vehicle.