Filing Analysis
Intellinetics, Inc. filed an 8-K to announce its financial results for the fiscal quarter ended June 30, 2026.
📋 Key Facts
- The company issued a press release on August 12, 2026, regarding quarterly financial results.
- Reporting period: Fiscal quarter ended June 30, 2026.
- Ticker symbol: INLX (NYSE American).
Intellinetics, Inc. held its 2026 Annual Meeting of Stockholders on June 25, 2026. The meeting resulted in the election of five directors and the approval of several shareholder proposals, including amendments to equity incentive plans.
🚩 Red Flags
- None identified in this filing.
📋 Key Facts
- Annual Meeting held on June 25, 2026.
- Quorum was established with 2,242,308 shares present (out of 4,458,863 outstanding).
- Five directors were elected: Michael N. Taglich, John Guttilla, Stanley P. Jaworski, Jr., Paul Seid, and Russell Bernier.
- Shareholders approved an amendment to the 2024 Equity Incentive Plan, increasing authorized shares from 243,122 to 917,157.
- Shareholders approved an amendment to the 2023 Director Plan, increasing authorized shares from 150,000 to 302,863.
- Say-on-Pay (executive compensation) was approved on an advisory basis.
- Shareholders voted to hold Say-on-Frequency votes every three years.
- Ratification of GBQ Partners LLC as the independent registered public accounting firm for fiscal year 2026.
Intellinetics, Inc. announced its financial results for the first fiscal quarter ended March 31, 2026. The announcement was made via a press release furnished under Item 2.02 of the Form 8-K.
📋 Key Facts
- The filing was made on May 14, 2026, covering the fiscal quarter ended March 31, 2026.
- The company furnished the earnings information under Item 2.02 (Results of Operations and Financial Condition).
- Exhibit 99.1 contains the detailed press release regarding the financial results.
- The information in this report is furnished and not deemed 'filed' for purposes of Section 18 of the Exchange Act.
Intellinetics, Inc. issued a press release on March 30, 2026, announcing its financial results for the fiscal year ended December 31, 2025. The filing is a standard periodic disclosure of the company's operational and financial performance.
📋 Key Facts
- The report covers the fiscal year ended December 31, 2025.
- The press release was issued and the 8-K filed on March 30, 2026.
- The information was furnished under Item 2.02 (Results of Operations and Financial Condition).
- Exhibit 99.1 contains the full text of the earnings press release.
Intellinetics, Inc. has secured a $1 million secured term loan from JPMorgan Chase and appointed Alison Forsythe as the new President and CEO effective February 17, 2026.
🚩 Red Flags
- The $1 million credit line is secured by a security interest in the Company's assets, increasing risk to equity holders.
- The facility has a short duration, expiring at year-end 2026 (December 31, 2026).
- EBITDA covenant requires $350,000 minimum, which may be difficult for a micro-cap company to maintain.
📋 Key Facts
- Entered into a $1 million secured term loan line of credit with JPMorgan Chase Bank, N.A. on February 16, 2026.
- The credit facility expires on December 31, 2026, unless renewed.
- Interest rate is variable: SOFR + 2.35%.
- Loan includes a covenant requiring EBITDA of at least $350,000 at fiscal year end.
- The loan is secured by a security interest in the Company's assets.
- Alison Forsythe appointed as President and CEO; effective February 17, 2026.
- CEO compensation includes $400,000 base salary and up to 55% annual bonus.
- CEO will be granted 145,600 restricted stock units (RSUs) vesting over two years.
Intellinetics, Inc. announced the retirement and resignation of its President and CEO, James DeSocio, effective February 27, 2026. The departure is characterized as a retirement without disagreement with the company.
🚩 Red Flags
- Departure of the top executive (CEO/President) creates leadership transition risk in a micro-cap environment.
📋 Key Facts
- James DeSocio will resign as President, CEO, and Director effective February 27, 2026.
- The resignation is not due to any disagreement with the Company.
- Separation agreement includes six months' salary severance.
- Separation agreement includes acceleration of all unvested restricted stock awards.
- Separation agreement includes an extension to exercise stock options until December 31, 2026.
- The Board of Directors will be reduced from six members to five effective February 27, 2026.
Intellinetics, Inc. filed an 8-K to announce its financial results for the fiscal quarter ended September 30, 2025.
📋 Key Facts
- The filing is a standard announcement of quarterly earnings (Item 2.02).
- Reporting period: Fiscal quarter ended September 30, 2025.
- Filing date: November 12, 2025.
Intellinetics, Inc. filed an 8-K to announce its financial results for the fiscal quarter ended June 30, 2025. The filing serves as a formal announcement of the earnings release issued on August 13, 2025.
📋 Key Facts
- Company announced financial results for the fiscal quarter ended June 30, 2025.
- The announcement was made via press release dated August 13, 2025.
- Information under Item 2.02 is furnished but not 'filed' for purposes of Section 18 liability.
Intellinetics, Inc. has prepaid and terminated its outstanding promissory notes due December 31, 2025, for a total of $1,373,740. A significant portion of this prepayment was made to related parties, including directors with >10% ownership.
🚩 Red Flags
- Related-party transactions: Over 39% of the total prepayment ($545,772) went to two directors/beneficial owners.
- Significant cash outflow for debt prepayment without explicit mention of improved liquidity or strategic benefit in the filing.
📋 Key Facts
- Total prepayment amount: $1,373,740 ($1,339,500 principal; $34,240 interest).
- Notes were originally due on December 31, 2025.
- $545,772 of the total payment was made to related parties: Michael N. Taglich and Robert F. Taglich (both >10% beneficial owners).
- The company held its 2025 Annual Meeting on June 18, 2025.
- GBQ Partners LLC was ratified as the independent registered public accounting firm for fiscal year ending Dec 31, 2025.
Intellinetics, Inc., through its subsidiary Graphic Sciences, Inc. (GSI), has entered into a 5-year contract renewal with the State of Michigan for document management services. The agreement has an estimated total value of $42,750,000 over the term ending May 30, 2030.
🚩 Red Flags
- No guarantee that all or any minimum level of the estimated $42.75M value will be realized.
📋 Key Facts
- Contract effective date: June 1, 2025; Expiration date: May 30, 2030.
- Estimated total contract value: $42,750,000 over the 5-year term.
- Counterparty: State of Michigan (various subdivisions, agencies, and municipalities).
- Nature of services: Document management services at a fixed price.
- The contract is subject to termination by the State for various reasons as per standard terms.
Intellinetics, Inc. has entered into an At The Market (ATM) offering agreement with Lucid Capital Markets, LLC to facilitate the sale of common stock up to an aggregate price of $10,000,000.
🚩 Red Flags
- Potential dilution of existing shareholders through the issuance of new common stock.
- ATM offerings are often used by micro-cap companies to raise immediate working capital, which can signal liquidity needs.
📋 Key Facts
- Entered into ATM Agreement with Lucid Capital Markets, LLC on May 28, 2025.
- Aggregate offering amount: up to $10,000,000 in common stock.
- Agent commission is set at 3.0% of the gross sales price.
- The offering will be conducted under a previously declared effective S-3 registration statement (File No. 333-286586) dated April 22, 2025.
- Company to reimburse Agent for expenses up to $60,000 plus $2,500 per quarter.
Intellinetics, Inc. filed an 8-K to announce its financial results for the fiscal quarter ended March 31, 2025. The filing serves as a formal announcement of the earnings release issued on May 13, 2025.
📋 Key Facts
- The company announced financial results for the fiscal quarter ended March 31, 2025.
- The report was filed on May 13, 2025.
- Results were released via press release (Exhibit 99.1).
Intellinetics, Inc. announced that CFO Joseph D. Spain has been appointed to the additional role of Chief Operating Officer (COO), effective May 6, 2025.
🚩 Red Flags
- Consolidation of key executive roles (CFO/COO) can sometimes indicate cost-cutting measures or resource constraints in micro-cap companies.
📋 Key Facts
- Joseph D. Spain appointed as Chief Operating Officer (COO) in addition to his current roles.
- Mr. Spain will continue to serve as Treasurer and CFO.
- The appointment was effective May 6, 2025.
- There is no change in compensation associated with this dual role appointment.
Intellinetics, Inc. announced the issuance of restricted stock awards to its top three executive officers on March 28, 2025.
🚩 Red Flags
- Equity compensation for executives can lead to dilution of existing shareholders.
📋 Key Facts
- James F. DeSocio (CEO) was awarded 10,000 shares of restricted stock.
- Matthew L. Chretien (CSO/Secretary) was awarded 7,500 shares of restricted stock.
- Joseph D. Spain (CFO/Treasurer) was awarded 7,500 shares of restricted stock.
- Vesting schedule: 1/3 vests immediately upon grant, 1/3 after one year, and the remaining 1/3 after two years.
- Awards issued under the 2015 and 2024 Equity Incentive Plans.
Intellinetics, Inc. filed an 8-K/A to correct clerical errors in its previously released Q4 and FY 2024 earnings press release. The corrections involve upward adjustments to Adjusted EBITDA figures.
🚩 Red Flags
- Clerical error in reported earnings metrics (Adjusted EBITDA) requires an amended filing (8-K/A).
📋 Key Facts
- Correction of Q4 2024 Adjusted EBITDA from $531,241 to $600,766.
- Correction of FY 2024 Adjusted EBITDA from $2,382,357 to $2,451,882.
- The errors were identified as clerical in nature and only affected the summary bullets in the press release; reconciliation tables were already correct.
- Filing date: March 25, 2025.
Intellinetics, Inc. filed an 8-K to announce its financial results for the fiscal year ended December 31, 2024. The filing serves as a formal announcement of the earnings release issued on March 24, 2025.
📋 Key Facts
- The company released financial results for the fiscal year ending December 31, 2024.
- The report was filed on March 24, 2025.
- The filing includes a press release as Exhibit 99.1.
Roger “Ari” Kahn has resigned from the Board of Directors of Intellinetics, Inc., effective February 18, 2025. His resignation is attributed to professional commitments and not due to any disagreement with the company.
📋 Key Facts
- Resignation date: February 18, 2025
- Director roles held: Member of the Audit Committee and Chair of the Nominating and Corporate Governance Committee
- Reason for departure: Demands of primary occupation; no disagreement with the Company reported
Intellinetics, Inc. filed an 8-K to announce its financial results for the fiscal quarter ended September 30, 2024.
📋 Key Facts
- The filing is a standard announcement of quarterly financial results (Item 2.02).
- Reporting period: Fiscal quarter ended September 30, 2024.
- Filing date: November 13, 2024.
Intellinetics, Inc. is participating in the MicroCap Rodeo Fall Conference 2024 on October 16, 2024. The company will present business operations and strategic initiatives led by Chairman Michael N. Taglich.
📋 Key Facts
- Company to participate in MicroCap Rodeo Fall Conference 2024.
- Presentation date: October 16, 2024.
- Speaker: Michael N. Taglich, Chairman of the Board.
- Content includes business operations and strategic initiatives.
Intellinetics, Inc. filed an 8-K to announce its financial results for the fiscal quarter ended June 30, 2024.
📋 Key Facts
- The filing is a standard announcement of quarterly earnings (Item 2.02).
- Reporting period: Fiscal quarter ended June 30, 2024.
- Date of report: August 13, 2024.
Intellinetics, Inc. held its 2024 Annual Meeting of Stockholders on June 20, 2024. The meeting resulted in the election of six directors and the approval of both the 2024 Equity Incentive Plan and the appointment of GBQ Partners LLC as independent auditors.
📋 Key Facts
- Annual Meeting held on June 20, 2024.
- Quorum established with 1,949,984 shares present (out of 4,230,806 outstanding).
- Six directors elected: James F. DeSocio, Roger Kahn, John Guttilla, Stanley P. Jaworski, Jr., Paul Seid, and Michael N. Taglich.
- The 2024 Equity Incentive Plan was approved by a majority of votes cast.
- GBQ Partners LLC was ratified as the independent registered public accounting firm for fiscal year ending Dec 31, 2024.
Intellinetics, Inc. announced the retirement of William Cooke from his role as Director and Chairman of the Board, effective at the upcoming 2024 Annual Stockholder Meeting on June 20, 2024. Michael Taglich has been appointed as interim Chairman.
🚩 Red Flags
- Change in leadership/Board Chairmanship can sometimes signal internal shifts, though no disagreement was noted here.
📋 Key Facts
- William Cooke will retire and not stand for reelection at the 2024 Annual Stockholder Meeting scheduled for June 20, 2024.
- Cooke's resignation is not due to any disagreement with the Company.
- Michael Taglich has been appointed as interim Chairman of the Board.
- Cooke has served as a director and Chairman since 2021.
Intellinetics, Inc. filed an 8-K to announce its financial results for the fiscal quarter ended March 31, 2024.
📋 Key Facts
- The filing is a standard announcement of quarterly financial results (Item 2.02).
- Reporting period: Fiscal quarter ended March 31, 2024.
- Filing date: May 14, 2024.
Intellinetics, Inc. (INLX) filed an 8-K to announce its financial results for the fiscal year and quarter ended December 31, 2023.
📋 Key Facts
- The filing was made on March 28, 2024.
- The report covers financial results for the fiscal year and quarter ended December 31, 2023.
- A press release containing the detailed financial results was issued as Exhibit 99.1.
Intellinetics, Inc. has amended its existing 12% Subordinated Promissory Notes to allow holders to extend maturity dates from March 30, 2025, to December 31, 2025. Additionally, the company announced significant executive compensation changes including restricted stock awards and salary increases.
🚩 Red Flags
- Maturity extension on existing debt suggests potential liquidity pressure/difficulty refinancing the original March 2025 deadline.
- Significant increase in executive compensation and severance packages during a period of debt restructuring.
- High-interest subordinated notes (12%) indicate high cost of capital and increased risk profile.
📋 Key Facts
- Amendment to 12% Subordinated Promissory Notes (dated April 1, 2022) allows holders to extend maturity from March 30, 2025, to December 31, 2025.
- Restricted stock awards granted to James F. DeSocio (CEO), Matthew L. Chretien (CSO), and Joseph D. Spain (CFO) effective April 2, 2024.
- Vesting schedule for new equity: 1/3 upon grant, 1/3 after one year, 1/3 after two years.
- Base salary increases approved for CEO ($355k), CFO ($240k), and CSO ($212k), retroactive to January 1, 2024.
- New severance terms for CEO and CFO include one year's base salary upon change of control or six months upon termination without cause.