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Wolfpack Research 🇺🇦 Profile picture
@WolfpackReports
Feb 15 • 3 tweets • 2 min read • Read on X
In this @zer0estv interview, which was recorded before $INOD reported its 3Q23 numbers, Dan lays out the case for why this deteriorating data entry company is more like Initech from the movie Office Space than a serious AI company. The numbers $INOD posted in 3Q23 only reinforce our opinion of $INOD – we will provide them below:
- Didn’t report any R&D expense in 3Q23
- 3Q23 cash: $14.8m ($5.1m held overseas)
- 3Q23 PP&E: $2.4m (-13% y/y)
- 3Q23 TTM net loss: ($4.5m)
- 3Q23 NWC: $6.4m ($5.1m cash held overseas leaves only $1.3m of NWC available to the US parent co.)
All numbers above are from $INOD's 3Q23 earnings press release (), its 3Q23 10-Q () and previous SEC filings.

Additionally, at the time Dan made this recording, $INOD did not have any software engineer positions listed on its website.

In late January 2024, $INOD finally posted a job for a software engineer with experience in AI, although it doesn't appear to have been filled as the deadline to apply has already passed.

See ya sub $5, $INODbamsec.com/filing/1104659…
bamsec.com/filing/1410578…
$INOD
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More from @WolfpackReports

Wolfpack Research 🇺🇦 Profile picture
Dec 27, 2023
1/ As @binanceriskmgmt pointed out over the weekend, Jeremy Nowak appears to be a key player in the $RILY / Vintage / Bryant Riley / Brian Kahn network of schemes
2/ Nowak’s FINRA employment history says he worked for Vintage Capital from 09/2006 – 01/2016, then began working as a prop trader for $RILY from 02/2016 to present. Interestingly, Nowak continued to work from Windermere FL – where Kahn lives – after supposedly leaving Vintage Image
3/ We decided to do an experiment on Saturday (12/23). We sent a test email to Nowak’s $RILY email address and his Vintage email address to see if they were still active – both were, as neither email bounced back to us. Image
Read 6 tweets
Wolfpack Research 🇺🇦 Profile picture
Dec 11, 2023
1/ We are short $METC because our analysis indicates the concentration of critical battery metals at $METC's Brook Mine appear to be 12% lower than the average found in the Earth’s crust wolfpackresearch.com/research/metc/
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2/ A number of mining professionals appear to have identified the same problem with $METC claims:

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3/ Based on data provided by $METC, we estimate at best its revenue will be $3.59/t for the project. Processing costs alone for ionic clay projects are estimated at ~$7/t. Add in capex, mining costs, G&A, and delivery and this project is underwater Image
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Wolfpack Research 🇺🇦 Profile picture
Nov 7, 2023
1/ $RILY's purchase of $FRG turned out to be an even bigger fuck up than it seemed bc Brian Kahn (CEO of $FRG) seems to be the center of a DOJ investigation into a $300m fraud. Jeffries shopped $FRG around to 19 other potential buyers and got 0 bids. Only $RILY was interested. Image
2/ $RILY should’ve known Kahn had been accused of misusing funds in a civil suit from 2022. Yet, $RILY negotiated directly with Kahn anyway in order to get a deal done to take his failing public company $FRG private at $30/share Image
3/ Despite stating that it didn’t believe $FRG was worth $30/share, $RILY was willing to proceed with the transaction if it could be completed on an expedited timeline. Why would $RILY blatantly breach its fiduciary duty to shareholders to rush this shitty deal to completion? Image
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Wolfpack Research 🇺🇦 Profile picture
Jul 6, 2023
1/ We are short $APLD, a potato farm turned failed bitcoin miner. $APLD’s stock exploded after pivoting (again) to AI when AI hype has brought out the worst scumbags to peddle fake AI-wares to credulous investors. We believe $APLD is a stock promotion
wolfpackresearch.com/research/apld/
2/ Naturally, $RILY is involved. $RILY insiders (which includes the CEO of APLD, Wes Cummins) own 48.4% of $APLD. These insiders coincidentally registered 95% of their holdings for sale the same day $APLD’s shares rose 320% on a deal w/ a mystery AI co supposedly worth $180m
3/ We think claims $APLD has made about its supposed AI business make no sense. And $RILY insiders are poised to exit with perfect timing, en masse before that becomes evident to everyone else.
Read 13 tweets
Wolfpack Research 🇺🇦 Profile picture
May 5, 2023
1/
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2/ Mgmt would have us believe $RILY is on the upswing, but a closer look at the numbers indicate that it is not:
$RILY (since 12/31/2022)
Cash: -$58.7m
Debt: +$62.2m
Equity: -$65.5m Image
3/ $RILY interest expense +56.3% y/y to $47.6m in 1Q23 ($190.2m annual run rate for interest expense) Image
Read 4 tweets
Wolfpack Research 🇺🇦 Profile picture
Feb 23, 2023
1/ $GSHD’s total revenue for new business, both corporate and franchisee, declined 7.8% from Q3 to Q4. $GSHD missed adj. EPS estimates by $0.11 per share. This isn’t growth.
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