RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
May 31, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS
For both the three months ended May 31, 2025, and May 31, 2024, the Company had no repayments of net advances from its loan payable-related party. At May 31, 2025, the loan payable-related party was $335,065 and $329,365 at February 28, 2025. Included in the balance due to the related party at May 31, 2025, is $258,533 of deferred salary and interest, $190,013 of which bears interest at 12%. As of February 28, 2025, included in the balance due to the related party is $252,833 of deferred salary and interest, $190,013 of which bears interest at 12%. The accrued interest included in the loan at May 31, 2025, and February 28, 2025, was $57,275, and $51,575, respectively.
During the three months ended May 31, 2025, the Company paid out gross payments to the CEO of $1,496,687 offset by a bonus accrual of $250,000, which yields a net change of $1,246,687 relating to deferred compensation for CEO. This was all in accordance with a December 2023 board action allowing for $1 million of annual discretionary compensation as well as a February 28, 2025, board action which provided an additional $1.5 million in compensation. There were no payments or accruals for the three months ended May 31, 2025, relating to deferred compensation for CEO. The balance of deferred compensation for CEO was $955,913 and $2,202,600 at May 31, 2025, and February 28, 2025, respectively
For the three months ended May 31, 2025, the Company accrued $ (three months ended May 31 2024-$) of incentive compensation plan payable to the CEO . This will be payable in Series G Preferred Shares which are redeemable at the Company’s option at $ per share. At May 31, 2025, and February 28, 2025, there was $ and $ of incentive compensation payable.
During the three months ended May 31, 2025, and 2024, the Company was charged $736,875 and $631,584, respectively for fees for research and development from a company partially owned by a principal shareholder. The principal shareholder received no compensation from this partially owned research and development company and the fees were spent on core development projects. As at both May 31, 2025, and February 28, 2025, the balance due to this company was $76,532.
ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |