Software:Intellinetics
Intellinetics, Inc. is a document management software company based in Columbus, Ohio.
The company is incorporated in Nevada and trades on the OTCQB market as INLX. Its CEO is James F. DeSocio.
During the COVID-19 pandemic, Intellientics received $838,700 in federally backed small business loans as part of the Paycheck Protection Program. The company received scrutiny over this loan, which was aimed at small businesses. The New York Times noted they purchased a software company, CEO Image Systems Inc. the following week for $300.000. In response, the company highlighted their small size and intended use of the money.[1][2][3]
Intellinetics borrowed $400,000 in late 2019 from Taglich Brothers, a microcap brokerage in New York, due in May 2020 with steep interest rates, making the timing of the PPP loan fortuitous.[2]
References
- ↑ "Intellinetics, Inc. Clarifies Use of PPP Funds to Benefit Employees". Intellinetics. https://www.intellinetics.com/news/intellinetics-inc-clarifies-use-of-ppp-funds-to-benefit-employees/.
- ↑ 2.0 2.1 "Large, Troubled Companies Got Bailout Money in Small-Business Loan Program". nytimes.com. https://www.nytimes.com/2020/04/26/business/coronavirus-small-business-loans-large-companies.html.
- ↑ "INLX FORM 8-K". sec.gov. 21 April 2020. https://www.sec.gov/Archives/edgar/data/1081745/000149315220007017/form8k.htm.
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