Filing context
The supplied filing is Intellisense Solutions Inc.’s unaudited Form 10-Q for the quarter ended September 30, 2013—not a filing identified as Odysight.Ai Inc. The company was incorporated in March 2013 and described itself as a development-stage company. Its stated business purpose is inconsistent within the filing: the notes refer to marketing vegetarian products online, while the MD&A also describes consulting services and a planned web-based business.
Financial results and position
| Metric | Three months ended September 30, 2013 | Six months ended September 30, 2013 |
|---|---|---|
| Revenue | $0 | $0 |
| Operating expenses | $7,576 | $17,302 |
| Net loss | $7,576 | $17,302 |
| Operating cash flow | Not separately stated | $(16,201) |
From inception through September 30, 2013, the company reported a net loss of $19,302. The filing reports no gross margin or other operating margin because it had no revenue.
At September 30, cash and total assets were $22,979; accounts payable and accrued expenses were $3,101; and stockholders’ equity was $17,980. The balance sheet reports no debt. Six-month financing cash flow was $19,200 from stock sales, and cash increased by $2,999. Management said available cash was insufficient to fund its planned operations and that continued operation depended on additional financing.
Changes, outlook, and risks
The company reported no revenue and remained pre-operational. It planned to fund development and working capital through equity offerings, loans, or other financing, but had no additional financing arranged and gave no assurance it could raise funds. Management warned that failure to obtain financing could force suspension or cessation of operations and stated that the circumstances raised substantial doubt about the company’s ability to continue as a going concern.
The filing outlines a conditional 12-month development plan, including website and software development, marketing, and a possible sales hire, with execution dependent on proceeds from a registered offering. This is a proposed plan, not a performance forecast. Risks cited include inability to attract customers, financing constraints, potential dilution from future equity issuance, and increased liabilities and cash commitments from borrowing. No material legal proceedings were reported. Management concluded disclosure controls were effective and reported no material changes in internal control over financial reporting.
Important facts to verify
- Issuer identity and period: Confirm whether this Intellisense Solutions filing is relevant to Odysight.Ai; the issuer and September 30, 2013 reporting date differ from the request metadata.
- Business description: Reconcile the vegetarian-products purpose in the notes with the consulting and web-business descriptions in the MD&A.
- Offering proceeds and shares: The filing gives differing share-sale proceeds and timing figures, including $19,200 in the cash-flow statement, $19,180 in the MD&A for offering sales through September 30, and later sales figures. The notes report 339,880 shares sold in October and November for $33,988; the MD&A reports 531,880 offering shares and $53,168 through November 7.
- Expense detail: The statement of expenses lists second-quarter general and administrative expense of $1,376, while the MD&A states $1,367.
- Subsequent events: The notes describe October–November share sales, while the MD&A says there were no subsequent events through filing. Clarify the intended scope and cutoff.
- Funding and runway: Verify actual offering proceeds, financing needs, and whether the company could fund its plan; management explicitly warned that current cash was insufficient.