<SEC-DOCUMENT>0001171843-18-001969.txt : 20180315
<SEC-HEADER>0001171843-18-001969.hdr.sgml : 20180315
<ACCEPTANCE-DATETIME>20180315070034
ACCESSION NUMBER:		0001171843-18-001969
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180315
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180315
DATE AS OF CHANGE:		20180315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTELLIGENT SYSTEMS CORP
		CENTRAL INDEX KEY:			0000320340
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				581964787
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09330
		FILM NUMBER:		18690995

	BUSINESS ADDRESS:	
		STREET 1:		4355 SHACKLEFORD RD
		CITY:			NORCROSS
		STATE:			GA
		ZIP:			30093
		BUSINESS PHONE:		4043812900

	MAIL ADDRESS:	
		STREET 1:		4355 SHACKLEFORD ROAD
		CITY:			NORCROSS
		STATE:			GA
		ZIP:			30093
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_031218.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--March 15, 2018-->March 15, 2018 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Intelligent Systems Corporation</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Georgia</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>001-09330</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>581964787</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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 <p><font><a href="exh_991.htm" rel="nofollow">Exhibit 99.1</a></font>. Press release dated March 15, 2018</p> </font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Intelligent Systems Corporation</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: March 15, 2018</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Karen J. Reynolds&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Karen J. Reynolds</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">CFO</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Intelligent Systems Announces Fiscal Year 2017 Results</strong></p><p style="text-align: center;" ></p><p>
 <p>NORCROSS, Ga., March  15, 2018  (GLOBE NEWSWIRE) -- Intelligent Systems Corporation (NYSE American:INS) announced today its financial results for the three and twelve month periods ended December 31, 2017.&#160;&#160;<br ></p>  <p align="justify">For the twelve month period ended December 31, 2017, the company recorded net income attributable to Intelligent Systems Corporation of $473,000 ($0.05 per basic and diluted share), compared to a net loss attributable to Intelligent Systems of $1,112,000 ($0.13 per basic and diluted share) in the same period in 2016. Included in the 2017 year-to-date income is a previously reported one-time gain in investment income of $1,466,000 on the sale of a majority of the company&#8217;s minority equity ownership in a privately-held technology company in the FinTech industry. </p>  <p align="justify">Revenue was $2,546,000 and $9,302,000 in the three and twelve month periods ended December 31, 2017, respectively, representing growth of nine percent and fourteen percent, respectively, as compared to the same periods in 2016.&#160; The growth for the quarter and the year is attributable to an increase in our processing services customer base, an increase in the volume of transaction processing services and an increase in our maintenance technical and software support services, partially as a result of an increase in our license customer base. </p>  <p align="justify">Loss from operations was $704,000 and $1,403,000 in the three month and twelve month periods ended December 31, 2017, respectively, compared to losses of $136,000 and $687,000, respectively, in the same periods in 2016.&#160; Although revenue increased nine percent and fourteen percent for the quarter and year-to-date periods of 2017, as compared to the same periods in 2016, the company recorded a greater loss from operations in both 2017 periods, compared to the comparable 2016 periods, primarily due to a planned increase in R&amp;D expenditures as the company continues expanding its development efforts via offshore staff additions, as well as, opening an office location in Mumbai, India to house key technical resources to enable continued enhancements to the features and functionality of its product offerings. </p>  <p align="justify">&#8220;2017 unfolded about where we expected it to be. We made continued solid progress in several areas that support our effort to achieve the scale we need to realize returns expected of FinTech companies,&#8221; commented Leland Strange, CEO of Intelligent Systems.&#160; &#8220;I believe we will continue to grow revenue in 2018 at a minimum to be on par with last year&#8217;s growth. We have on-going efforts that could result in significant revenue and profit increases; however, there is no certainty that these efforts will be successful and expenses may increase prior to our ability to recognize revenues. It will take time for some of our recent relationships to mature and their growth may not make a real impact until next year. We expect to continue growing while not taking risks that could hurt over the long haul as reputation is critical for financial software enterprises.&#8221;&#160; </p>  <p align="justify"><strong>Investor Conference Call Today</strong><br >The company is holding an investor conference call today, March 15, 2018, at 11 AM Eastern Time.&#160; Interested investors are invited to attend the conference call by dialing (855) 766-6518 and entering conference ID code 7699684.&#160; A transcript of the call will be posted on our website at www.intelsys.com as soon as available after the call. </p>  <p align="justify">The company expects to file its 2017 Form 10-K with the Securities and Exchange Commission on March 15, 2018. For additional information about reported results, investors will be able to access the Form 10-K, when filed, on our company&#8217;s website at www.intelsys.com or on the SEC site, www.sec.gov.&#160; </p>  <p align="justify"><strong>About Intelligent Systems Corporation</strong></p>  <p>For over thirty-five years, Intelligent Systems Corporation [NYSE American: INS] has identified, created, operated and grown technology companies.&#160; The company&#8217;s principal operations are CoreCard Software, Inc. (www.corecard.com) and its affiliate companies. CoreCard designs, develops, and markets a comprehensive suite of software solutions to corporations, financial institutions, retailers and processors to manage their credit and debit cards, prepaid cards, private label cards, fleet cards, loyalty programs, and accounts receivable and small loan transactions.&#160; CoreCard also offers prepaid and credit card processing services using its proprietary software solutions. &#160; Further information is available on the company&#8217;s website at www.intelsys.com or by calling the company at 770/381-2900.</p>  <p align="justify"><em>In addition to historical information, this news release may contain forward-looking statements relating to Intelligent Systems Corporation and its subsidiary and affiliated companies. These statements include all statements that are not statements of historical fact regarding the intent, belief or expectations of Intelligent Systems Corporation and its management with respect to, among other things, results of operations, product plans, and financial condition. The words "may," "will," "anticipate," "believe," "intend," "expect," "estimate," "plan," "strategy" and similar expressions are intended to identify forward-looking statements.&#160; Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. The company does not undertake to update or revise any forward-looking statements whether as a result of new developments or otherwise, except as required by law. 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">55</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">320</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">626</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="3" style="vertical-align: bottom; 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padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4,495</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,978</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">43</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">76</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">255</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">482</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,588</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,797</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="3" style="vertical-align: bottom; 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr></table> <p align="justify"><em>a. Includes write-down of $750,000 on carrying value of investment in early stage technology company.</em><br ><em>b. Includes gain of $1.466 million on sale of minority equity interest in a privately-held technology company in FinTech industry.</em><br ><em>c. Includes gain of $372,000 on final payment after escrow period on prior minority investment sale.</em><br ></p> <table style="width:100%; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td colspan="6" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="6" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="6" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>CONSOLIDATED BALANCE SHEETS<br ></strong><em>(audited, in thousands)</em></td></tr><tr><td colspan="6" style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; 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vertical-align: bottom ; ">1,035</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,272</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Notes and interest receivable, net of current portion</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,250</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; -- </td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Property and equipment, at cost less accumulated depreciation </td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,262</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">101</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Total assets</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "> 21,779</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: double black 3pt ; 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text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 321</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 301</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Deferred revenue, current portion</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">853</td><td style="vertical-align: bottom;   text-align: left; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">515</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Accrued expenses</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">98</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">43</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Other current liabilities</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">408</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,338</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; 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padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Deferred revenue, net of current portion</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">51</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">85</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Other long-term liabilities</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; -- </td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">18</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Total Intelligent Systems Corporation stockholders&#8217; equity</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">19,453</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">21,946</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Noncontrolling interest</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; --</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(3,016</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Total stockholders&#8217; equity</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">19,453</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">18,930</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">Total liabilities and stockholders&#8217; equity</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "> 21,779</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "> 22,704</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr></table> <p>For further information, call<br >Karen Reynolds, 770-564-5503<br >or email to karen@intelsys.com&#160;</p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
