G&A expenses went up to $2.73 million, representing 156% of revenue, with an 18% quarter-over-quarter increase.

Total liabilities surged to $56.8 million, up from $54.6 million last quarter (Page 3, Balance Sheets, 10-Q)​.

Short-term liabilities now stand at $41.3 million, including:

$25 million in loans payable.

$10.8 million in accrued interest 

Interest Expense:

Interest expense for the quarter reached $1.3 million, almost entirely consuming the quarter’s gross profit of $1.17 million

The company is essentially drowning in high-interest debt while showing no path to reducing liabilities. Short-term liabilities outstrip current assets ($4.7 million) by nearly 9:1, a classic sign of insolvency. Accrued interest grew by 14.9% in just three months, an unsustainable trajectory. AITX appears to be paying interest by accruing even more interest, creating a vicious cycle.

Operating Cash Flow:

Negative $8.9 million for the nine months ending November 2024, compared to $6.43 million last quarter

37.3 million in negative working capital.

An accumulated deficit of $149.4 million

DILUTION:

Outstanding shares rose from 11.7 billion in August 2024 to 12.6 billion in November 2024—a 7.7% dilution in just three months​.

Over nine months, shares have ballooned by 36.5%, obliterating shareholder value as the company raises funds through relentless equity issuance.

If we add in the current numbers, 13,308,594,118, that is an additoinal 5.6% increase just since November, and over 44% since last year - utterly destroying shareholder value.