{
  "docId": "019dd923-622c-750b-8b9b-00022307dd7d",
  "docSlug": "62a680ba117e",
  "documentTitle": "Intelligent Systems Corp (INS)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-30 00:00:00",
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  "pageNumber": 9,
  "pageCount": 27,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses Wayback Machine screenshots as evidence of historical website content.",
  "elementsJson": [
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-00022307dd7d/9",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-00022307dd7d#slide-9",
  "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.",
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      "kind": "image",
      "text": "Screenshot of Payopt Board of Directors page",
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      "kind": "image",
      "text": "Screenshot of Wayback Machine capture of Payopt Leadership Team page",
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      "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:",
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      },
      "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:",
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      },
      "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.",
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      },
      "kind": "source-note",
      "text": "Source: Wayback Machine, website: http://www.payopt.in:80/leadership/",
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      "evidence": "The slide explicitly argues that a change in website content is an attempt to hide a related party transaction.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed analysis of various related party transactions and red flags.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
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  "loops": [
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      "evidence": "The report presents information suggesting Flexopt is a non-viable entity used to inflate INS revenues.",
      "position": 0,
      "objective": "Reveal the potential non-viability of Flexopt Technology Private Limited",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
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