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Short-seller report (Grizzly is a short-biased research shop); classified as research_note per schema guidance. Complements Aurelius Value's prior INS short report — Grizzly explicitly positions its findings as non-overlapping corroboration. No DCF/multiples shown for the $5 price target — asserted as consequence of fraud, not valuation math (valuation_frameworks='not_shown'). Document is Word-style prose with a bear-logo header; charts are vendor-generated (YCharts) rather than custom visx. Key visual asset is the p.23 stick-figure relationship diagram and p.26 appendix relationship map — genuine craft highlights in an otherwise text-heavy note.", "kpisCited": [ { "detail": "$5 vs. $33.94 spot price (5/29/2019) — projected downside 85%", "metric": "Price target" }, { "detail": "$5.415M latest quarter, up from ~$2M before 2018 — triple-digit YoY growth", "metric": "Quarterly revenue (INS)" }, { "detail": "$1.912M latest quarter, swung from near-zero to 30%+ EBIT margin post-2018", "metric": "Quarterly EBITDA (INS)" }, { "detail": "~100% on last three quarters of growth — implausibly high", "metric": "Incremental contribution margin" }, { "detail": "$235,000 on 1/12/2018 (option +$200K); processing agreement signed 2/5/2018", "metric": "Flexopt convertible loan from CoreCard" }, { "detail": "INR 15,070,069 (~$240K) per Indian MCA filing FY17", "metric": "Flexopt long-term borrowings from CoreCard" }, { "detail": "INR 3,006,263 to another INS-employee-owned entity", "metric": "Flexopt payable to New Vision Softcom" }, { "detail": "Nichols, Cauley & Associates — only 2 Form AP filings, INS the sole public-company client", "metric": "Auditor size" }, { "detail": "<$100K/year paid by a >$200M market-cap company", "metric": "Audit fees" }, { "detail": "8.95m; daily volume 161,891", "metric": "Shares outstanding" } ], "closingAsk": "Sell or avoid INS; Grizzly deems the common stock uninvestable because undisclosed related-party transactions cast doubt on the integrity of its financial statements.", "extraction": { "at": "2026-04-22 23:17:08+00", "model": "unknown-legacy", "runId": null, "seconds": 143.67886, "promptVersion": null }, "scqaReward": "Grizzly assigns INS a price target of $5, implying roughly 85% downside from the $33.94 share price as of May 29, 2019, once the scheme is recognized by the market.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "INS loaned $235K to a startup run by its own employees, then bought services back", "Flexopt used INS's loan to pay another shell (New Vision) also owned by INS staff", "Auditor Nichols Cauley has only one public client; board includes MiMedx fraud figure Parker Petit" ], "scqaSituation": "Intelligent Systems Corp is a small-cap NYSE payments company whose CoreCard subsidiary saw revenues grow triple-digits YOY and EBIT margins swing from negative to 30%+ over three quarters starting early 2018, quintupling the stock.", "thesisSummary": "Grizzly Research argues that Intelligent Systems Corp's parabolic 2018 revenue and EBITDA surge — which management attributed to organic demand — was achieved through undisclosed related-party transactions with a web of Indian shell companies controlled by INS employees and their business partners. The firm documents a $235,000 convertible loan from CoreCard (INS's subsidiary) to Flexopt Technology, a startup founded by INS India director Anupam Pathak and partner Kapil Godani, immediately followed by Flexopt signing a processing agreement with CoreCard — a textbook round-trip. The relationship map extends to New Vision, Globe Teleservices, and UTS, all tied back to INS employees. Secondary red flags include a tiny auditor (Nichols, Cauley) whose only public client is INS, and board member Parker Petit, implicated in the MiMedx fraud. Price target: $5, roughly 85% downside from $33.94.", "primaryDemands": [ "Avoid or sell INS common stock", "Disclose related-party transactions with Indian shell network", "Subject INS revenue recognition to auditor/SEC scrutiny" ], "scqaResolution": "Avoid or short the stock: related-party transactions were never disclosed, the auditor is a two-client shop, and board member Parker Petit is already implicated in the MiMedx fraud; Grizzly deems the equity uninvestable.", "thesisOneLiner": "Grizzly argues INS's sudden 2018 revenue surge is a round-trip scheme via undisclosed related-party shells in India run by employees; fair value is ~$5, 85% below $34.", "precedentsCited": [ "MiMedx (MDXG) fraud involving Parker Petit", "Aurelius Value short report on INS" ], "scqaComplication": "Grizzly's forensic research shows the growth coincided with a $235K loan to Flexopt — an Indian FinTech founded by INS employees — that promptly round-tripped cash back via a processing agreement, with a wider related-party network uncovered.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 4, 23, 26 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses a classic short-seller report format, combining a narrative of corporate malfeasance with a summary table of company metrics.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/zglSrRen6gg1ahnBORXd1CVJylClyYFXsdvNASqy0WE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82MmE2ODBiYTExN2UvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 901, "nDataPoints": 4, "notes": "The slide uses a classic short-seller report format, combining a narrative of corporate malfeasance with a summary table of company metrics.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:57.982+00", "seconds": 7.466, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-00022307dd7d/1", "deck": "/decks/019dd923-622c-750b-8b9b-00022307dd7d", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-00022307dd7d#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9b-00022307dd7d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that these material undisclosed related party transactions cast doubt on the integrity of INS’s financial statements. 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(INS) has its employees set up or take control of undisclosed shell companies in Asia, who then partake in undisclosed related party transactions with INS intended to either round-trip revenue back to INS or siphon money out of the company.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:57.982+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "949c0bba-2e05-4cfc-9982-ec55d8e1a3ea", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Projected Downside: 85%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:32:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94dd-b1ec066d18bc", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.25, "x": 0.68, "y": 0.22 }, "kind": "table", "text": "Company: Intelligent Systems Corp; Ticker: INS; Industry: Software - Infrastructure; Exchange: NYSE; Price: $33.94; Shares Outstanding: 8.95m; Daily Volume: 161,891; Projected Downside: 85%; Publication Date: May 30, 2019", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:57.982+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b70594a-659a-4dea-a319-ced198968c1e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "title", "text": "Intelligent Systems Corp: Material Undisclosed Related Party Transactions Cast Doubt on the Integrity of Financial Statements", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:57.982+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd7ed03e-9a1d-4672-aa88-7364c170e075", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "edaa55a3-8f10-46c5-a10e-1412faf04dd6", "matchId": "b41ebd44-be74-4229-b48d-d75cc92ebd61", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Introduction to INS and the issue of undisclosed related party transactions.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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"slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 2153, "nDataPoints": 0, "notes": "The slide uses a 'villain' framing, characterizing the subject as a 'low-quality payments provider masquerading as the next big thing'.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:59.184+00", "seconds": 8.391, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-00022307dd7d/2", "deck": "/decks/019dd923-622c-750b-8b9b-00022307dd7d", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-00022307dd7d#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9b-00022307dd7d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Specifically, we have found definitive evidence of INS lending money to startups controlled by INS employees in India, then slowly funneling that initial investment back to INS through a network of related Indian and Asian companies, allowing INS to book it as revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null 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"Notable short publishing outfit Aurelius Value has recently published a damning report on INS that we invite readers to view here. Our report includes minimal overlap with Aurelius’s research. We believe that our findings of undisclosed related party transactions further corroborate the presence of significant wrongdoing on INS’s part. We note that none of the undisclosed related party transactions that we detail in this report are also discussed in the Aurelius report.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:59.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2799d87d-951a-4c69-a5c5-b31e9f07e8bc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "Intelligent Systems is a low-quality payments provider masquerading as the “next big thing”. While its financial statements and share price have recently gone parabolic, we see evidence that some of this growth may have been achieved through undisclosed related party transactions between INS and a network of Indian and Asian companies, rather than through true business prowess.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:59.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "308ddd27-b90c-4687-a0d0-8ccd650dd67b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "Specifically, we have found definitive evidence of INS lending money to startups controlled by INS employees in India, then slowly funneling that initial investment back to INS through a network of related Indian and Asian companies, allowing INS to book it as revenue. Wall Street appears to take INS’s management at its word, mindlessly extrapolating continued hyper-growth without questioning where this growth is actually coming from.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:59.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d304115-ee62-4bfc-ab97-c4f4dc140f8b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.56 }, "kind": "paragraph", "text": "We believe Aurelius did a great job elaborating on how the supposed recent Apple/Goldman relationship is most likely not going to result in enormous profits, as investors seem to expect. We also concur that INS has invested way too little in the development of their technology to give it any kind of differentiated advantage in the marketplace. 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Because New Vision is a related party, we do not believe that these revenues to Flexopt actually represent true economic transactions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:54.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85a9e5e4-67aa-4d34-ba6b-8314f3a63200", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.764, "x": 0.118, "y": 0.262 }, "kind": "source-note", "text": "Source: New Vision FY 2017 (ended 3/31/18) Financial Statements. Source: zaubacorp.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "tension", "title": "Uses Wayback Machine screenshots as evidence of historical website content.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 1387, "nDataPoints": 0, "notes": "Uses Wayback Machine screenshots as evidence of historical website content.", "elementsJson": [ "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:54.899+00", "seconds": 3.533, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-00022307dd7d/9", "deck": "/decks/019dd923-622c-750b-8b9b-00022307dd7d", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-00022307dd7d#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9b-00022307dd7d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "It’s evident to us that someone is trying to cover up Pathak’s true role at Flexopt/Payopt.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:32:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94de-7f11683a3c62", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.764, "x": 0.118, "y": 0.17 }, "kind": "image", "text": "Screenshot of Payopt Board of Directors page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:54.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e18b290b-eb8c-4fa7-aac5-3c9c01023f11", "parentComponentId": null }, { "bbox": { "h": 0.225, "w": 0.764, "x": 0.118, "y": 0.475 }, "kind": "image", "text": "Screenshot of Wayback Machine capture of Payopt Leadership Team page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:54.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3311464-906f-40dc-877b-4ce2afcf3dec", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.405 }, "kind": "paragraph", "text": "However, we believe that INS/Flexopt are simply trying to cover their tracks here. As late as April 28th, 2018, the Wayback Machine has recorded a different “leadership team” page on Payopt’s website, listing Pathak as the “founder” (not board member) of Payopt:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:54.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5188a5dd-0e83-4ce2-88e4-11cd2220168f", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.118 }, "kind": "paragraph", "text": "Presumably, INS would have been in talks with Flexopt at this point about a possible loan. Further, Pathak is currently listed on Payopt's website as a board member, and not a founder:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:54.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa18639d-d625-4a37-bed0-3d89768cb474", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.764, "x": 0.118, "y": 0.76 }, "kind": "paragraph", "text": "This page now does not exist. Payopt’s website was updated at some point between April 2018 and present to change Pathak’s listed role. Conveniently, back then, it would have been impossible to draw a relationship between Payopt and INS, as Flexopt’s financial statements had not yet been filed with the Indian Ministry of Corporate Affairs. It’s evident to us that someone is trying to cover up Pathak’s true role at Flexopt/Payopt. The reason is likely that, had Pathak actually been a founder of Flexopt/Payopt, rather than joining the company as a director due to an investment, INS’s loan to Flexopt would have constituted an undisclosed related party transaction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:54.899+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0ef8e4e-279c-4f42-99d8-c48c6b09f7a5", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.45, "x": 0.118, "y": 0.728 }, "kind": "source-note", "text": "Source: Wayback Machine, website: http://www.payopt.in:80/leadership/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Their exact purpose is not clear but we believe that they may also be working to artificially inflate INS’s revenues through non-arm’s length transactions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:54.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1400b41-64f9-4c78-bb99-54e20900869f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.35 }, "kind": "paragraph", "text": "The below is from the resume of Vinod Ojha, whose LinkedIn identifies him as a Senior Software Engineer at CoreCard.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:54.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5cbfc67-3ded-4902-88f1-8aa6ba2741cf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.49, "y": 0.95 }, "kind": "source-note", "text": "Please read our disclaimer here: https://grizzlyreports.com/termofservice/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The product he helped make was the Globe Dialler, below:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "100aaca4-5fe5-4095-94dd-9a825958d399", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.58, "x": 0.129, "y": 0.389 }, "kind": "paragraph", "text": "Key Learning - Co- ordination, Consultant, Designing, Programming and Architecture designing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b0fc047-1964-497c-8c91-c248f94923b9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.129, "y": 0.213 }, "kind": "paragraph", "text": "Role : Developer\nTeam Size - 1\nTechnical Details - Objective C, iPhone, iPad", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76352d8d-0ca4-4842-b982-7cd82da412a9", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.1, "x": 0.129, "y": 0.173 }, "kind": "paragraph", "text": "1. 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And it doesn't stop there. 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In combination with what we saw before, with both Neeti and Gondani working at New Vision, and New Vision transacting with Flexopt, this starts to paint the picture of a broad web of interrelated parties transacting together without adequate disclosure. The opportunity to round-trip cash back to INS, or even to siphon off cash for themselves, becomes very pronounced.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:56.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86fe1bbf-00fc-4bf0-8b2e-c23197ec440f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.74 }, "kind": "paragraph", "text": "Further, all of these interrelated Indian companies are audited by the same auditor and audit partner: S.L. 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Below is a chart of the relationships between all of the above companies and persons.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:56.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2c8f200-3af0-41b0-a3ac-8e892a487f62", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "It seems like 'Ibattu' is present at New Vision as well. 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"text": "Investment in Flexopt", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:01.511+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6082d1bf-c4be-47be-97f0-147788df4cc7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Revenue: 5.415M", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, 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Their auditor’s name is Nichols, Cauley & Associates, LLC. 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"attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:01.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b3abdfa-d277-487c-a13d-a1deb02b3ee7", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.766, "x": 0.117, "y": 0.271 }, "kind": "paragraph", "text": "We have laid out in this report why we believe that INS is partaking in significant undisclosed related party transactions. These transactions could serve to artificially inflate INS's revenues by round-tripping cash from INS through shells back to itself. There is also possibility that in the middle, INS's employees siphon out money from INS for themselves.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:01.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66b69142-4a5e-4028-aada-2c0390a14f43", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.766, "x": 0.117, "y": 0.345 }, "kind": "paragraph", "text": "The fact that INS seems to have made a conscious effort to hide that the investment in Flexopt is a related party transaction worries us deeply. Two-way transactions, where the company invests or lends to a buyer of services are often complicated and leave room for manipulation. Two-way transactions with undisclosed related parties are the biggest red flag we can think of.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:01.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9af591cc-e71e-481f-b1e2-f650732ae00f", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.766, "x": 0.117, "y": 0.118 }, "kind": "paragraph", "text": "Aurelius Value's report discusses INS's relationship with its auditor in much more detail, including personal ties between INS CEO Leland Strange and audit partner Ian Waller. It also touches upon another undisclosed related party transaction between INS, Strange, and a startup Lumense. Again, we encourage readers to personally read the entirety of Aurelius's report.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:01.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db5d23dc-251d-4e82-9441-34a603ef9641", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.385, "x": 0.498, "y": 0.945 }, "kind": "source-note", "text": "Please read our disclaimer here: https://grizzlyreports.com/termofservice/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Ltd.\n2) Neeti Pathak is Anupam's wife and also a director at ISC Software\n3) Lokendra Battu is a Finance & Accounting Manager at INS' subsidiary CoreCard\n4) Anupam Pathak is a director and founder of Flexopt Technology Private Ltd., which also operates under the name Payopt. INS seems to have made a concentrated effort to hide the fact that Pathak is also a founder of Flexopt.\n5) INS funded Flexopt through a convertible note. Consequently Flexopt bought services from INS. 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