A method of monitoring depletion of a coolant in a cooling system associated with imaging modality is disclosed. The method includes receiving set of signal values from sensing unit, wherein set of signal values correspond to parameters of cooling system, determining class associated with set of signal values using an artificial intelligence model, selecting prediction model capable of predicting depletion rate of the coolant based on class associated with set of signal values, computing depletion rate of coolant in cooling system based on set of signal values using the selected prediction model, determining number of days remaining to refill the coolant in cooling system based on the depletion rate of the coolant in cooling system, and generating warning signal on graphical user interface, warning signal indicative of number of days remaining to refill coolant in cooling system.