| FIXED ASSETS |
8.
FIXED ASSETS
Fixed
assets consisted of the following:
SCHEDULE OF FIXED ASSETS
| | |
May
31, 2026 | | |
February
28, 2026 | |
| Automobile | |
$ | 74,237 | | |
$ | 74,237 | |
| Demo devices | |
| 265,421 | | |
| 265,421 | |
| Tooling | |
| 122,620 | | |
| 107,020 | |
| Machinery and equipment | |
| 17,246 | | |
| 17,246 | |
| Computer equipment | |
| 157,448 | | |
| 157,448 | |
| Office equipment | |
| 15,312 | | |
| 15,312 | |
| Furniture and fixtures | |
| 21,225 | | |
| 21,225 | |
| Warehouse equipment | |
| 38,746 | | |
| 38,746 | |
| Leasehold improvements | |
| 26,956 | | |
| 26,956 | |
| Fixed assets gross | |
| 739,211 | | |
| 723,611 | |
| Less: Accumulated depreciation | |
| (562,268 | ) | |
| (540,426 | ) |
| Fixed assets, net of
accumulated depreciation | |
$ | 176,943 | | |
$ | 183,185 | |
During
the three months ending May 31, 2026, the Company made additions of $15,600. During the three months ending May 31, 2025, the Company
made additions of $46,071 of which $22,347 were transfers from inventory with remaining additions of $23,724.
Depreciation
and amortization for the years ended May 31, 2026, and May 31, 2025, are as follows:
SCHEDULE OF DEPRECIATION AND AMORTIZATION IN OPERATING EXPENSES
| Depreciation
and Amortization | |
Three
Months Ended May
31 2026 | | |
Three
Months Ended
May 31, 2025 | |
| | |
| | |
| |
| Fixed assets | |
$ | 21,842 | | |
$ | 30,017 | |
| Revenue earning devices | |
| 10,804 | | |
| 4,104 | |
| Total Depreciation and
Amortization included in operating expenses | |
$ | 32,646 | | |
$ | 34,121 | |
|
7.
FIXED ASSETS
Fixed
assets consisted of the following:
SCHEDULE OF FIXED ASSETS
| | |
February
28,
2026 | | |
February
28,
2025 | |
| Automobile | |
$ | 74,237 | | |
$ | 74,237 | |
| Demo devices | |
| 265,421 | | |
| 302,186 | |
| Tooling | |
| 107,020 | | |
| 107,020 | |
| Machinery and equipment | |
| 17,246 | | |
| 8,825 | |
| Computer equipment | |
| 157,448 | | |
| 157,448 | |
| Office equipment | |
| 15,312 | | |
| 15,312 | |
| Furniture and fixtures | |
| 21,225 | | |
| 21,225 | |
| Warehouse equipment | |
| 38,746 | | |
| 36,305 | |
| Leasehold improvements | |
| 26,956 | | |
| 26,956 | |
| Fixed assets gross | |
| 723,611 | | |
| 749,514 | |
| Less: Accumulated depreciation | |
| (540,426 | ) | |
| (491,186 | ) |
| Fixed assets, net of
accumulated depreciation | |
$ | 183,185 | | |
$ | 258,328 | |
During
the year ended February 28, 2026, the Company made additions to fixed assets of $10,863 and also additions through inventory transfers
of $55,701. For the year ended February 28, 2026, the Company disposed of assets with a value $92,466 and related accumulated depreciation
$70,154 with a net book value of $22,312 for zero net proceeds.
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.
Depreciation
and amortization for the years ended February 28, 2026, and February 28, 2025, are as follows:
SCHEDULE OF DEPRECIATION AND AMORTIZATION IN OPERATING EXPENSES
| Depreciation
and Amortization | |
Year
Ended
February 28,
2026 | | |
Year
Ended
February 28,
2025 | |
| | |
| | |
| |
| Fixed assets | |
$ | 49,240 | | |
$ | 141,309 | |
| Revenue earning devices | |
| 91,811 | | |
| 287,830 | |
| Total Depreciation and
Amortization included in operating expenses | |
$ | 141,051 | | |
$ | 429,139 | |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
|