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  "docSlug": "62a680ba117e",
  "documentTitle": "Intelligent Systems Corp (INS)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-30 00:00:00",
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  "notes": "The slide uses a financial statement to argue that revenue is artificial and derived from related-party transactions.",
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      "text": "This suggests that Flexopt is essentially just round-tripping the cash from INS’s loan right back to INS through the processing agreement.",
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      "kind": "paragraph",
      "text": "We believe that this is Flexopt's entire business. The company, optically, appears to be starting to ramp up revenues (see the INR 67,699 in revenues above), but the entirety of this revenue was from a related party New Vision Softcom Consultancy.",
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      "text": "This suggests that Flexopt is essentially just round-tripping the cash from INS's loan right back to INS through the processing agreement. If true, his would obviously mean that the loan and the subsequent processing agreement both lack economic substance.",
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      "text": "Source: Flexopt FY 2017 (ended 3/31/18) Financial Statements.",
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      "text": "Income and Expense statement for FY 2018 showing revenue of 67,699 and expenses of 10,534,448.49",
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      "kind": "title",
      "text": "FLEXOPT TECHNOLOGY PRIVATE LIMITED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2018",
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