The following information should be read in conjunction with (i) the financial statements of
Intellisense Solutions Inc., a Nevadacorporation and development-stage company, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the March 31, 2013audited financial statements and related notes included in the Company's Registration Statement on Form S-1, as amended (File No. 333-188920), declared effective by the Securities and Exchange Commissionon August 1, 2013. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute "forward-looking" statements.
Intellisense Solutions Inc.(the "Company") was incorporated in the State of Nevadaon March 22, 2013and established a fiscal year end of March 31. It is a development-stage Company. Going Concern To date the Company has no operations or revenues and consequently has incurred recurring losses from operations. No revenues are anticipated until we complete the financing we endeavor to obtain, as described in our Registration Statement on Form S-1, as amended (File No. 333-188920), declared effective by the Securities and Exchange Commissionon August 1, 2013, and implement our initial business plan. The ability of the Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company's ability to continue as a going concern. Our activities have been financed from the proceeds of share subscriptions and loan from a shareholder. From our inception to December 31, 2013, we have raised a total of $19,980from private offerings of our common stock to our directors and officers. At December 31, 2013, we offered and sold 192,000 shares of our common stock from our Form S-1, referenced above, for aggregate proceeds of $19,180. At December 31, 2013, we offered and sold 531,880 shares of our common stock from our Form S-1, referenced above, for aggregate proceeds of $53,168. The Company plans to raise additional funds through debt or equity offerings. There is no guarantee that the Company will be able to raise any capital through this or any other offerings. 12-MONTH PLAN OF OPERATION Our plan of operations over the 12 month period following successful completion of our offering (the "Offering") registered under Registration Statement on Form S-1, as amended (File No. 333-188920), declared effective by the Securities and Exchange Commissionon August 1, 2013, is to gain support for our concept and then raise sufficient suitable additional financing to business consulting services plan. In order to achieve our plan, we have established the following goals for this initial 12 month period: If we need additional cash and cannot raise it, we will either have to suspend operations until we do raise the cash, or cease operations entirely. Even if we raise $65,033from the offering registered under our Form S-1 (the "Offering"), it will last one year, but we may need more funds to develop growth strategy, and we will have to revert to obtaining additional money. 8 --------------------------------------------------------------------------------
In the next twelve months, following completion of our Offering, we plan to engage in the following activities to expand our business operations:
25% of 50% of 75% of 100% of shares sold shares sold shares sold shares sold
Gross Proceeds from this Offering (1):
$ 48,775.00 $ 65,033.33Employees Salary $ 0.00 $ 0.00 $ 0.00 $ 3,333.33Advertising $ 0.00 $ 0.00 $ 3,000.00 $ 8,000.00Marketing & Company collateral design $ 0.00 $ 1,000.00 $ 1,500.00 $ 3,000.00Design of Logo certs $ 0.00 $ 0.00 $ 2,000.00 $ 5,500.00Printing $ 0.00 $ 1,000.00 $ 1,000.00 $ 2,000.00Software Development/ web design $ 500.00 $ 12,000.00 $ 13,000.00 $ 14,000.00Software Purchase (Development) $ 0.00 $ 2,400.00 $ 2,400.00 $ 2,400.00Co-location & backup/ web hosting $ 120.00 $ 1,200.00 $ 2,400.00 $ 2,400.00Office Rent $ 0.00 $ 0.00 $ 2,400.00 $ 2,400.00Office Equipment + SW $ 0.00 $ 0.00 $ 1,500.00 $ 2,500.00Offices expenses $ 250.00 $ 500.00 $ 1,400.00 $ 1,800.00Telephone + LD fees $ 250.00 $ 750.00 $ 1,400.00 $ 1,500.00Unaccounted expenses $ 0.00 $ 500.00 $ 1,200.00 $ 1,200.00Accountant $ 3,000.00 $ 1,000.00 $ 3,000.00 $ 3,000.00Auditor $ 6,000.00 $ 6,000.00 $ 6,000.00 $ 6,000.00Lawyer $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00Transfer Agent $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00Total Expenses $ 16,120.00 $ 32,350.00 $ 48,200.00 $ 65,033.33(1) We do not plan to use any proceeds from the offering of the 650,330 shares to pay for offering expenses and will fund offering expenses solely from cash on hand.
Employees Salary: We will be hiring a sales person who will be contacting manufacturers, vendors and buyers of vegetarian food and interest them in our product. Initially, that person will also handle.
Advertising: This will include advertising our products and services in different venues including google Adwards and potentially magazines and web site that are of interest to our target market.
Marketing & Company collateral design: This will cover the cost of the design of the company and marketing collateral such as logo, letterhead (both for print and electronics), business cards, brochures, advertising (both for electronics and print). Design of Logo certs: This will include the design of the different certificates that will be included on the producers (or wholesalers) products, collateral and web site. Different formats and variants of the certifications will be design to accommodate the different requirements of producers.
Printing: This will include the cost of printing letterhead, business cards, brochures, envelopes, etc.
Software Development/ web design: This will include the cost of developing our web portal, web site and associated interfaces.
Software Purchase (Development): We expect that we may need to purchase some software development tools or software to ease development such as MySQL database administration tool, commercial code editors, etc.
Co-location & backup/ web hosting: This will include the cost of leasing server space, bandwidth and backup services. We have not decided whether to lease dedicated servers, virtual private servers or opt for a provider with cloud services such as Amazon.com.
Office Rent: If we raise sufficient funding to hire a sales person, we may be renting or sub-leasing a small office where our sales person will work from. If we are able to hire the sales person but are unable to afford an office, the sales person will work from his or her home. Office Equipment + SW: This will be the cost of purchasing office equipment such as a computer for sales person, an all-in-one printer/scanner/copier/fax, desk, a filing cabinet, etc.
Offices expenses: These are expenses such as electricity, cleaning supplies, printer cartridges, papers, pens, etc.
Telephone + LD fees: This is the cost of internal telephone service to communicate between our staff, directors, vendors, partners, etc.
Unaccounted expenses: Items not accounted for elsewhere or that are difficult to predict such as bank fees, entertainment, software products and office equipment.
Accountant: Expenses for accounting fees. This will go primarily toward the preparation of financial statements.
Auditor: Expenses for auditing fees. This will go to our auditor for our year end audits and quarterly reviews.
Lawyer: Expenses for legal fees. This will go primarily to our lawyer to ensure that all our filings are in order and we are in compliance with different regulatory regimes.
Transfer Agent: This Transfer Agent fee related to the public company filings.
If 25% of shares are sold: We will have enough money to maintain the company and develop a basic informational web site but we will not be able to do any development of our portal or do any sales and marketing activities.
If 50% of the shares are sold: This will be sufficient to maintain the company and develop our products. However, we will have minimal amounts to spend on designing our marketing collateral and on the visual interfaces. We will also have no money to spend on advertising. If 75% of the shares are sold: This will be sufficient to maintain the company and develop our products. We will also have an acceptable marketing, sale and advertising budgets. We will however still not be able to hire a business development (sales) person and these functions will need to be performed by our Directors.
If 100% of the shares are sold: This will enable to execute fully on our business plan.
The company plans to begin work on an information web site in the first month of operation. Putting an information-only web site as soon as possible will help to create brand name recognition. We will also register youtube.com, facebook.com and twitter.com accounts and link them to our web site. This will also improve our ranking in many search engines as well as build an audience for our anticipated launch. If 25% of the shares are sold, we are only able to maintain the company but will not be able to do any development or marketing and sales activities. After selling 50% or more of the shares, we will start working on executing our business plan including the development and marketing of our products and services. The milestones that we hope to achieve on a quarter-by-quarter basis in Year One of Operations (after the funds are raised) are listed below. 10 --------------------------------------------------------------------------------
· Selection of the software contractor · Selection of the Graphic and web design interfaces · Completion of product specification · Selection of development tools · Selection of our collocation partner · Completion of high-level design for our product · Start working on "information only" web site · Investigate regulatory issues that may impact our operation in
Indiaand USAQuarter Two
· Complete the "information only" web site · Completion of detailed design of our product · Start the design of the different web interfaces · Complete the development of the database · Review Milestones and adjust workloads · Investigate regulatory issues that may impact our operation in the
European UnionMilestones for Quarter Three · Complete the design of the different web interfaces · Complete implementation of the different web interfaces · Start development of the development of the different components of the software · Design of the Certification Logos · Write the Terms of Services for vendors, customers and certification partners · Monitor the hits on the web site · Review Milestones and adjust workloads
· Investigate regulatory issues that may impact our operation in
Milestones for Quarter Four
· Completion of
Beta Softwarein month 10 and start of trial · Correct any deficiencies revealed during trial · Complete the certification partners training guides that they will follow in issuing the certificates · Start online advertising with Google Adwords · review Milestones timetable and adjust workload
· interview and hire Sales Support Staff person to start in month eleven
· Launch product in month 12
Our ability to achieve our business objectives and goals is entirely dependent upon the amount of shares sold in the Offering.
We currently do not have any arrangements regarding the Offering or following this Offering for further financing and we may not be able to obtain financing when required. Our future is dependent upon our ability to obtain further financing, the successful development of our planned business consulting services, a successful marketing and promotion program, and achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments. There are no assurances that we will be able to obtain further funds required for our continued operations. Even if additional financing is available, it may not be available on terms we find favorable. At this time, there are no anticipated sources of additional funds in place. Failure to secure the needed additional financing will have an adverse effect on our ability to remain in business. 11 --------------------------------------------------------------------------------
Results of Operations
The three and nine months ended
We recorded no revenues for the three or nine months ended
For the three months ending
For the nine months ending
Our net loss for period from
Liquidity and Capital Resources
December 31, 2013, we had a cash balance of $54,146. We do not have sufficient cash on hand to commence our 12-month plan of operation or to fund our ongoing operational expenses beyond 12 months. We will need to raise funds to commence our 12-month plan of operation and fund our ongoing operational expenses. Additional funding will likely come from equity financing from the sale of our common stock in the Offering. If we are successful in completing the Offering, existing shareholders, presently only Ihsan Falou, our sole officer and director, will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock in the Offering to fund our 12-month plan of operation and ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to 12-month plan of operation and our business will fail.
None through date of this filing.