<SEC-DOCUMENT>0001171843-21-000948.txt : 20210211
<SEC-HEADER>0001171843-21-000948.hdr.sgml : 20210211
<ACCEPTANCE-DATETIME>20210211073011
ACCESSION NUMBER:		0001171843-21-000948
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210211
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210211
DATE AS OF CHANGE:		20210211

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:		21616712

	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_021021.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): <!--February 11, 2021-->February 11, 2021 &#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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Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">On February 11, 2021, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p><font><a href="exh_991.htm" rel="nofollow">Exhibit 99.1. Press release dated February 11, 2021</a></font></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: February 11, 2021</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/ Matthew A. White&#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;">Matthew A. White</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 /></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!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;"><font style="font-size: 14pt;"><strong>Intelligent Systems Reports Fourth Quarter & Fiscal Year 2020 Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p>NORCROSS, Ga., Feb.  11, 2021  (GLOBE NEWSWIRE) -- Intelligent Systems Corporation [NYSE American: INS], the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended December 31, 2020.</p>  <p align="justify">&#8220;I am pleased to report that our fourth quarter and full-year results were in-line with initial expectations and, despite volatile market conditions, we completed crucial investments in our infrastructure, setting the stage for future growth. These investments enable CoreCard to take on new customers while ensuring it continues to exceed both current and future customer needs,&#8221; said Leland Strange, CEO of Intelligent Systems. &#8220;In the fourth quarter, we achieved revenues of $9.6 million, a 7% decline relative to the fourth quarter of 2019. 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Eastern Standard Time. Interested investors are invited to attend the conference call by dialing (877) 407-0890 or by viewing the webcast at https://www.webcast-eqs.com/INS20210211/en. A transcript of the call will be posted on the company&#8217;s website at www.intelsys.com as soon as available after the call.</p>  <p align="justify">The company will file its Form 10-K for the period ended December 31, 2020 with the Securities and Exchange Commission in early March. As part of the conference call Intelligent Systems will be conducting a question and answer session where participants are invited to email their questions to fax@intelsys.com prior to the call. For additional information about reported results, investors will be able to access the Form 10-K on the company&#8217;s website at www.intelsys.com or on the SEC site, www.sec.gov.&#160;&#160;</p>  <p align="justify"><strong>About Intelligent Systems Corporation</strong><br >For over thirty-five years, Intelligent Systems Corporation [NYSE American: INS] has identified, created, operated and grown technology companies. The company&#8217;s principal operations are CoreCard Software, Inc. (www.corecard.com) and its affiliate companies. CoreCard provides prepaid and credit card processing services using its proprietary software solutions that it also licenses to others. CoreCard has designed and developed a comprehensive suite of software solutions that corporations, financial institutions, retailers and processors use to manage credit and debit cards, prepaid cards, private label cards, fleet cards, loyalty programs, and accounts receivable and small loan transactions. CoreCard&#8217;s flexible and proven processing platform is being utilized in many countries in addition to the United States including Australia, Canada, China, the United Arab Emirates, France, Italy, Mexico, New Zealand, Singapore, South Africa and the United Kingdom. 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 &#8220;may,&#8221; &#8220;will,&#8221; "anticipate,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;plan,&#8221; &#8220;strategy&#8221; and similar expressions are intended to identify forward-looking statements. 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. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are instability in the financial markets, delays in product development, undetected software errors, competitive pressures, changes in customers&#8217; requirements or financial condition, market acceptance of products and services, the impact of new or changes in current laws, regulations or other industry standards, risks relating to unauthorized access to confidential information due to criminal conduct, attacks by hackers, employee or insider malfeasance and/or human error and declines in general economic and financial market conditions, particularly those that cause businesses to delay or cancel purchase decisions.</em></p>  <p align="justify"><em><br ></em></p>  <p align="center"><strong>Intelligent Systems Corporation</strong><br ><strong>CONSOLIDATED STATEMENTS OF OPERATIONS</strong><br ><em>(unaudited, in thousands, except share and per share amounts)</em></p> <table align="center" style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">&#160;</td><td colspan="6" style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><strong>Three Months Ended</strong><br ><strong>December 31,</strong></td><td colspan="6" style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><strong>Twelve Months Ended</strong><br ><strong>December 31,</strong></td></tr><tr><td style="max-width:52%; width:52%; min-width:52%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: top ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-bottom: solid black 1pt ; 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text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="max-width:10%; width:10%; min-width:10%;;border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; "><strong>2020</strong></td><td style="max-width:1%; width:1%; min-width:1%;;border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="max-width:10%; width:10%; min-width:10%;;border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; 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">9,623</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">10,303</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; 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vertical-align: top ; ">1,882</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">5,153</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">5,516</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">Income from operations</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,732</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">3,979</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">11,295</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">13,382</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Investment income (loss)</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">193</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(224</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(1,044</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">34</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: top ; ">Other income</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">66</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">109</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">378</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">99</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: top ; ">Income before income taxes</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,991</td><td style="border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">3,864</td><td style="border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">10,629</td><td style="border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">13,515</td><td style="border-top: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Income taxes</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">872</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">167</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,468</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,546</td><td style="padding-right: 0 ; 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">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$8,161</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$10,969</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="4" style="border-top: double black 3pt ; vertical-align: top ; ">Earnings per share:</td><td colspan="3" style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; 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vertical-align: top ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$0.91</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$1.24</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: top ; ">Diluted</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$0.24</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$0.41</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$0.91</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$1.22</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: double black 3pt ; vertical-align: top ; ">Basic weighted average common shares outstanding</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">8,900,524</td><td style="border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">8,913,655</td><td style="border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">8,919,602</td><td style="border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="border-top: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">8,873,071</td><td style="border-top: double black 3pt ; 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padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">9,014,032</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">9,014,985</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: top ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">8,967,901</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr></table> <p align="center"><strong><br ></strong></p>  <p align="center"><strong>Intelligent Systems Corporation</strong><br ><strong>CONSOLIDATED BALANCE SHEETS</strong><br ><em>(in thousands, except share and per share amounts)</em></p> <table align="center" style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="max-width:76%; width:76%; min-width:76%;;text-align: justify ;  vertical-align: middle; vertical-align: top ; "><strong>As of December 31,</strong></td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="max-width:10%; width:10%; min-width:10%;;padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>2020</strong></td><td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="max-width:10%; width:10%; min-width:10%;;padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>2019</strong></td><td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; "><strong>ASSETS</strong></td><td colspan="3" style="vertical-align: middle; 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vertical-align: top ; ">$37,956</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$26,415</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Accounts receivable, net</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">3,270</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; 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text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">905</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; ">Total current assets</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: right ; 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padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,921</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">3,081</td><td style="padding-right: 0 ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Notes and interest receivable</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,681</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,795</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Property and equipment, at cost less accumulated depreciation</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">6,914</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,177</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Other long-term assets</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">3,020</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,108</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Total assets</td><td colspan="2" style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$57,025</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$44,240</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td colspan="4" style="border-bottom: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; "><br ><br ><strong>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</strong></td><td colspan="3" style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; 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vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Accrued payroll</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,901</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,503</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Accrued expenses</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">321</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">153</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Income tax payable</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">954</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,100</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Other current liabilities</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">4,850</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,345</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; ">Total current liabilities</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">10,062</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">6,193</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Deferred revenue, net of current portion</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#8211;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">23</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Deferred tax liability</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">818</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">275</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Long-term lease obligation</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,994</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">460</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; ">Total&#160;noncurrent liabilities</td><td style="vertical-align: middle; 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vertical-align: top ; ">Outstanding shares - 8,885,797 and 8,924,988 at December 31, 2020 and 2019, respectively</td><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; padding-right: 0 ; padding-left: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">89</td><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; padding-right: 0 ; padding-left: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">89</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Additional paid-in capital</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; padding-right: 0 ; padding-left: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">15,836</td><td class="hugin">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">15,450</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Treasury stock, 43,571 and 0 shares as of December 31, 2020 and 2019, respectively, at cost</td><td style="vertical-align: middle; 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vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(140</td><td style="text-align: left ;  vertical-align: middle; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(94</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; ">Accumulated income</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">30,005</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">21,844</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Total stockholders&#8217; equity</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; padding-left: 0 ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">44,151</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">37,289</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Total liabilities and stockholders&#8217; equity</td><td colspan="2" style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$57,025</td><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">$44,240</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr></table> <p align="left"><br ></p>  <p align="left">For further information, call<br >Matt White, 770-564-5504 or <br >email&#160;matt@intelsys.com</p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
