Filing identity and reporting period
The supplied filing is Intellisense Solutions Inc.’s unaudited Form 10-Q for the quarter and nine months ended December 31, 2014 (fiscal third quarter; fiscal year-end March 31), filed February 13, 2015. It does not identify Odysight.Ai Inc.; verify the issuer and filing-period metadata before relying on this summary.
The filing describes a company with no operations or revenue, and its business descriptions are inconsistent: the notes refer to marketing vegetarian products online, while management discusses a web portal and consulting services.
Financial results and liquidity
| Metric | Three months ended Dec. 31, 2014 | Nine months ended Dec. 31, 2014 | Prior-year comparable period |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Operating expenses | $4,810 | $16,811 | $4,551 / $21,853 |
| Net loss | $4,810 | $16,811 | $4,551 / $21,853 |
| Basic and diluted loss per share | $0.00 (rounded) | $0.01 | $0.00 / $0.01 |
For the nine-month period, professional fees were $11,925 and general and administrative expenses were $4,886. No gross profit or meaningful operating margin is reported because the company had no revenue.
At December 31, 2014, cash was $24,364, prepaid expenses $17, total assets $24,381, and current liabilities $9,726, all reported liabilities being accounts payable and accrued expenses. Working capital was $14,655. No debt is listed on the balance sheet. Stockholders’ equity was $14,655; accumulated deficit was $58,493.
Net cash used in operations was $12,137 for the nine months, versus $19,002 in the prior-year period. There were no financing proceeds in the current period, compared with $53,168 from stock sales in the prior-year period. Cash declined by $12,137 from $36,501 at March 31, 2014.
Changes, outlook and risks
The nine-month net loss narrowed by $5,042 year over year, while the quarter’s loss increased by $259. Nine-month operating expenses fell by $5,042. The company continued to report no revenue in either comparable period.
Management said cash on hand was insufficient to start its stated 12-month operating plan and fund ongoing expenses beyond 12 months. It planned to seek additional equity or debt financing, but had no financing arranged and gave no assurance it could raise funds. Management warned that failure to obtain financing could force suspension or cessation of operations. The financial statements state that recurring losses and anticipated further losses raise substantial doubt about the company’s ability to continue as a going concern; no related adjustment to asset or liability values was recorded.
The stated operating plan depends on financing and includes development, marketing and a potential product launch. The filing also contains forward-looking-statement risks regarding demand, obtaining customers, financing, and management’s voting control. Management reported disclosure controls effective as of December 31, 2014, with no material change in internal control over financial reporting during the quarter. No subsequent events were reported through the filing date; no pending material legal proceedings were disclosed.
Investor verification points
- Confirm that this Intellisense Solutions filing—not an Odysight.Ai filing—is the intended document.
- Confirm the correct reporting period: the filing covers the quarter ended December 31, 2014.
- Reconcile the filing’s differing descriptions of the intended business and the stated plan to raise funds through an offering.
- Verify the company’s current cash needs, financing availability, and going-concern status; management said funding was not arranged.
- Confirm that reported share counts and historical stock-sale proceeds are consistent with the relevant offering records.