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  "documentTitle": "Intelligent Systems Corp (INS)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-30 00:00:00",
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  "notes": "This slide serves as a supporting appendix for a short-seller report, specifically highlighting related-party transactions and hidden affiliations.",
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      "text": "INS seems to have made a concentrated effort to hide the fact that Pathak is also a founder of Flexopt.",
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      "kind": "disclaimer",
      "text": "Please read our disclaimer here: https://grizzlyreports.com/termofservice/",
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      "text": "GRIZZLY REPORTS",
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      "text": "1) Anupam Pathak is managing director of INS' India subsidiary, ISC Software Pvt. 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. While INS makes mention of this transaction it fails to mention the related party nature of the transaction.\n6) Neeti Pathak is also a director New Vision Softcom and Consultancy Private Ltd.\n7) Globe Teleservices bought services from CoreCard\n8) UTS bought services from CoreCard\n9) Lokendra Battu shows up with his CoreCard email address as a representative of Universal Test Solutions LLC (UTS).\n10) Anupam Pathak is a director at Globe Teleservices.\n11) Ashutosh Agrawal is a founder of Flexopt.\n12) Kapil Godani is a founder and current partner at Flexopt.\n13) Flexopt bought services from New Vision, and performed minor services for New Vision.\n14) Kapil Godani is a director of New Vision\n15) Ashutosh Agrawal is a founder of Globe Teleservices.\n16) Ashutosh Agrawal is a partner at UTS.",
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      "kind": "title",
      "text": "Explanation on relationships:",
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