v3.25.1
FIXED ASSETS
 12 Months Ended
Feb. 28, 2025
Property, Plant and Equipment [Abstract]  
FIXED ASSETS

7. FIXED ASSETS

 

Fixed assets consisted of the following:

  

   February 28, 2025  February 29, 2024
Automobile  $74,237   $74,237 
Demo devices   302,186    194,350 
Tooling   107,020    107,020 
Machinery and equipment   8,825    8,825 
Computer equipment   157,448    150,389 
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   749,514    617,953 
Less: Accumulated depreciation   (491,186)   (349,878)
Fixed assets, net of accumulated depreciation  $258,328   $268,075 

 

During the year ended February 28, 2025, the Company made additions to fixed assets of $23,724 and also additions through inventory transfers of $107,836.

 

During the year ended February 29, 2024, the Company made additions to fixed assets of $22,165 and also additions through inventory transfers of $125,340 and the Company sold a vehicle having a net book value of $4,574 for fair value proceeds of $21,000 and recorded a gain on disposal of fixed assets of $16,426. The $21,000 proceeds were applied to loan payable -related party.

 

Depreciation and amortization for the years ended February 28, 2025, and February 29, 2024, are as follows:

 

Depreciation and Amortization 

Year Ended

February 28, 2025

 

Year Ended

February 29, 2024

       
Fixed assets  $141,309   $190,747 
Revenue earning devices   287,830    132,660 
Total Depreciation and Amortization included in operating expenses  $429,139   $323,407 

  

  

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS