Intellisense Solutions Inc. — Form 10-Q Summary
Filing identity and period: The supplied filing is for Intellisense Solutions Inc., not Odysight.Ai Inc. It covers the quarter and six months ended September 30, 2014, the company’s fiscal second quarter, and was signed November 14, 2014. The filing identifies the company as a Nevada corporation and checked the shell-company box.
Business context and financial results
The filing describes a pre-revenue, development-stage company. Its note on operations says it was formed to market vegetarian products over the Internet; management’s discussion also refers to developing a web portal, products, and business consulting services. The company reports no revenue for the three- or six-month periods presented.
| Metric | Three months ended Sep. 30, 2014 | Six months ended Sep. 30, 2014 | Comparable 2013 period |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Operating expenses | $4,601 | $12,001 | $7,576 / $17,302 |
| Net loss | $4,601 | $12,001 | $7,576 / $17,302 |
| Net loss per share, basic and diluted | $0.00 | $0.00 | $0.00 / $0.01 |
For the six months, professional fees were $8,150 and general and administrative expenses were $3,851. No meaningful operating margin is available because there was no revenue.
Financial position and cash flow
- At September 30, 2014, cash and cash equivalents were $27,950, prepaid expenses $351, total assets $28,301, and accounts payable and accrued expenses $8,836. No debt balance is separately reported on the balance sheet.
- Stockholders’ equity was $19,465, including an accumulated deficit of $53,683. Common shares outstanding were 2,529,680.
- Six-month operating cash use was $8,551, compared with $16,201 in 2013. There were no financing proceeds in the 2014 period; 2013 included $19,200 from stock sales.
- Cash declined by $8,551 from $36,501 at March 31, 2014 to $27,950 at September 30, 2014. Current assets less current liabilities were $19,465.
Changes, outlook, and risks
Six-month net loss narrowed to $12,001 from $17,302 a year earlier, as operating expenses fell to $12,001 from $17,302. Quarterly loss also narrowed to $4,601 from $7,576. The company still had no revenue, and its cash position fell from fiscal year-end.
Management states that the company lacks sufficient cash to begin its planned 12-month operating plan and has no financing arranged. It planned to seek additional capital through equity or debt, including an offering with a stated maximum gross amount of approximately $65,033. The filing provides no assurance that the offering or other financing will succeed; failure to obtain funding could force suspension or cessation of operations. Planned product and marketing activities depend on the amount raised.
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. Management cited future profitable operations and/or financing as necessary. The filing reports no subsequent events through its filing date, no pending material legal proceedings, and management’s conclusion that disclosure controls were effective as of September 30, 2014. No specific revenue or earnings guidance is provided.
Investor verification priorities
- Confirm the filing’s issuer and reporting period: the document names Intellisense Solutions Inc., while the request identifies Odysight.Ai Inc.
- Reconcile the stated business descriptions—vegetarian products, a web portal, and business consulting services—and determine the company’s actual operating plan.
- Verify the status and terms of the proposed equity offering, any subsequent financing, and the company’s current cash runway.
- Clarify whether shareholder loans or other debt existed, as the narrative mentions a shareholder loan but the presented balance sheet lists only accounts payable and accrued expenses.
- Assess the going-concern warning, the absence of revenue, and the risk of dilution or cessation of operations if financing is unavailable.