We believe that Intelligent Systems Corp. (INS) has its employees set up or take control of undisclosed shell companies in Asia, who then partake in undisclosed related party transactions with INS intended to either round-trip revenue back to INS or siphon money out of the company. We believe that materia presented in this report undisclosed related party transactions cast doubt on the integrity of INS’s financial statements. Accordingly, we assign INS a price target of $5.