Notably, the lender did not seek additional compensation for this extension, which AITX interprets as a sign of confidence in its financial health and future prospects. RAD, a subsidiary of AITX, operates on a Solutions-as-a-Service business model and aims to provide cost-effective alternatives to traditional security services. In addition to revenue growth, AITX achieved a 9  decrease in Selling, General, and Administrative  SG&A  expenses for the nine-month period ending November 30, 2023, bringing the total to $9,038,313, down from $9,928,144 for the same period in 2022. Furthermore, AITX successfully restructured approximately $10.8 million of its debt, extending the maturity date by about two years. The RMR, which is a critical metric for AITX's business model, saw a significant rise to $416,062 for the three months ended November 30, 2023, marking a 2.7-fold increase from the $154,628 reported in the same period the previous year. DETROIT - Artificial Intelligence Technology Solutions, Inc.  OTCPK AITX , along with its subsidiary Robotic Assistance Devices, Inc.  RAD , has reported a notable increase in its Recurring Monthly Revenue  RMR  and a reduction in operating expenses in its latest financial results for the quarter ending November 30, 2023. Steve Reinharz, CEO of AITX, expressed satisfaction with the company's performance, citing the growth in RMR, reduction in SG&A expenses, and the support from their key lender as indicators of the company's strong market position and operational efficiency. AITX plans to sustain this momentum by improving its sales funnel and hiring two additional sales personnel.
AITX reported a 2.7-fold increase in RMR to $416,062 for the quarter ending November 30, 2023, and a 9% decrease in SG&A expenses to $9,038,313.