SecProbe.io

Filing text and metadata
Intelligence Terminal Search Probe Scores Topics IPO Watchlist Monthly Activity About API

SEC Comment Letter for Artificial Intelligence Technology Solutions Inc. (AITX) (CIK 0001498148) (AITX) — Jun 18, 2014

Artificial Intelligence Technology Solutions Inc. (AITX) (CIK 0001498148)
Date: June 18, 2014 · CIK: 0001498148 · Accession: 0000000000-14-030956

AI Filing Summary & Sentiment

Sentiment
Urgency
Document Type
Confidence
SEC Posture
Company Posture

Summary

Reasoning

File numbers found in text: 333-168530

Date
June 18, 2014
Author
/s/ Heather Clark
Form
UPLOAD
Company
Artificial Intelligence Technology Solutions Inc. (AITX) (CIK 0001498148)

Letter

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DIVISION OF CORPORATION FINANCE June 1 8, 2014 Via E-mail Robert Wilson Chief Executive Officer On the Move Systems Corp . 3001 North Rocky Point Drive East, Suite 200 Tampa, Florida 33607

Re: On the Move Systems Corp . Item 4.02 Form 8-K Filed June 1 6, 2014 File No. 333-168530

Dear Mr. Wilson :

We have reviewed your filing and have the following comment s. In some of our comment s, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter within ten business days by amending your filing . If you do not believe our comment s apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your filing we may have additional comments.

1. Please amend your filing to state whether the audit committee, or the board of directors in the absence of an audit committee, or authorized officer or officers, discussed with the independent accountant the matters disclosed in the f iling regarding the error and restatement.

2. Please tell us whether you intend to file restated financial statements. Tell us how, and when, you will do so. In this regard, it would be appropriate to amend your fiscal 2013 10-K with the restated fiscal 20 13 and fiscal 2012 financial statements.

3. We note from the second paragraph that you continue to believe your internal controls over financial reporting and disclosure controls and procedures are effective despite this error in your financial statements. Given the significance of the error, we believe you should revise the conclusion in your fiscal 2013 10 -K to state that your internal controls over financial reporting and disclosure controls and procedures were not effective. If you have since remediat ed the weaknesses in controls, you may disclose the remediations in your fiscal 2014 10 -K.

Robert Wilson On the Move Systems Corp . June 18, 2014 Page 2

We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the information the Securities Exchange Act of 1934 and all applicable Exchange Act rules require . Since the company and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures th ey have made.

In connection with responding to our comments, please provide, in writing, a statement from the company acknowledging that:

 the company is responsible for the adequacy and accuracy of the disclosure in the filing;

 staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and

 the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person u nder the federal securities laws of the United States.

If you have any questions, please call me at (202) 551 -3624 .

Sincerely,
/s/ Heather Clark

Show Raw Text
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

       DIVISION OF
CORPORATION FINANCE

        June 1 8, 2014

Via E-mail
Robert Wilson
Chief Executive  Officer
On the Move Systems Corp .
3001 North Rocky Point Drive East, Suite 200
Tampa, Florida 33607

Re: On the Move Systems Corp .
 Item 4.02  Form 8-K
Filed  June 1 6, 2014
 File No.  333-168530

Dear  Mr. Wilson :

We have reviewed your filing and have the following comment s.  In some of our comment s,
we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter within ten business days by amending your filing .  If you do not
believe our comment s apply to your facts and circumstances or do not believe an amendment is
appropriate, please tell us why in your response.

After reviewing any amendment to your filing we may have additional comments.

1. Please amend your filing to state whether the audit committee, or the board of directors in
the absence of an audit committee, or authorized officer or officers, discussed with the
independent accountant the matters disclosed in the f iling regarding the error and
restatement.

2. Please tell us whether you intend to file restated financial statements.  Tell us how, and
when, you will do so.  In this regard, it would be appropriate to amend your fiscal 2013
10-K with the restated fiscal 20 13 and fiscal 2012 financial statements.

3. We note from the second paragraph that you continue to believe your internal controls
over financial reporting and disclosure controls and procedures are effective despite this
error in your financial statements.   Given the significance of the error, we believe you
should revise the conclusion in your fiscal 2013 10 -K to state that your internal controls
over financial reporting and disclosure controls and procedures were not effective.  If you
have since remediat ed the weaknesses in controls, you may disclose the remediations in
your fiscal 2014 10 -K.

Robert Wilson
On the Move Systems Corp .
June 18, 2014
Page 2

 We urge all persons who are responsible for the accuracy and adequacy of the disclosure in
the filing to be certain that the filing includes the information the Securities Exchange Act of 1934
and all applicable Exchange Act rules require .  Since the company and its management are in
possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and
adequacy of the disclosures th ey have made.

 In connection with responding to our comments, please provide, in writing, a statement
from the company acknowledging that:

 the company is responsible for the adequacy and accuracy of the disclosure in the filing;

 staff comments or changes to disclosure in response to staff comments do not foreclose the
Commission from taking any action with respect to the filing; and

 the company may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person u nder the federal securities laws of the United States.

 If you have any questions, please call me at (202) 551 -3624 .

Sincerely,

 /s/ Heather Clark

Heather Clark
Staff Accountant