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  "documentTitle": "Intelligent Systems Corp (INS)",
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  "presentationDate": "2019-05-30 00:00:00",
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  "notes": "The slide uses a screenshot of PCAOB auditor data to support the claim about the auditor's lack of public company experience.",
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      "text": "We believe that the presence of Petit on INS's board of directors is indicative of potential lack of oversight/accountability for top-management, and that INS's board may not be working in the best interests of shareholders.",
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      "text": "Please read our disclaimer here: https://grizzlyreports.com/termofservice/",
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      "text": "PCAOB auditor search results for Nichols, Cauley & Associates, LLC",
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      "text": "INS’s auditor is a telltale giveaway of potential misdoing. Their auditor’s name is Nichols, Cauley & Associates, LLC. INS switched to Nichols as an auditor in 2015, after their previous auditor, Habif Arogeti & Wynne, LLP, resigned.",
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      "text": "Further, INS has a very questionable figure on its board of directors: Parker H. Petit. Many investors have likely heard of the massive fraud allegations at MiMedx (MDXG), a company where Parker Petit was formerly CEO.",
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      "text": "We have rarely if ever seen a >$200 million public company that consistently uses such small auditors. INS also pays <$100k per year to Nichols.",
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      "text": "We can’t help but think something fishy is going on here, especially given the last three quarters of revenue growth since 2018 has had a nearly 100% contribution margin.",
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      "text": "MiMedx recently found through an Audit Committee’s investigation of alleged fraud that Petit “made material misstatements and omissions to key stakeholders... and that At one point, Mr. Petit falsely testified under oath during a deposition.”",
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      "text": "“made material misstatements and omissions to key stakeholders, such as the Board, the Company's external auditors, and the Securities and Exchange Commission (\"SEC\")” and that “At one point, Mr. Petit falsely testified under oath during a deposition when discussing the Company's largest distributor”. — MiMedx Audit Committee investigation",
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      "text": "Further Red Flags",
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