Intellabridge Technology Corp (KASHF)

[1 day sun 4 all]

MONTHLY PROGRESS REPORT - March 5, 2021

https://webfiles.thecse.com/INTL_-_Monthly_Progress_Report_-_February_2021.pdf?tHqi3yutm_hhvUWHcdFWrnV8oNZmwdYh

During the month of February the Company continued the development of its
Kash decentralized financial banking platform, and worked on business
development to establish strategic channel partners for the product launch in
international markets.
The Company is planning on launching the alpha version of the product by
the end of March 2021. The alpha version is in advance of an audited live
release in Q2 2021. This version will contain the “Investment Module”, a
decentralized synthetic asset investment platform designed to provide access
to equities and commodities markets. The alpha version will include some of
the top US equities by market capitalization, and commodities such as oil and
metals, with other assets to be added in subsequent versions. The “Savings
Module” is expected to be added in the beta version of the product in Q2
2021, and the “Payments Module” thereafter. The roadmap is subject to
change based on market opportunities and partnerships.
The business model is based on transaction fees, interest-rate spreads,
payment processing, remittance, and transfer fees.

On February 11, 2021, Intellabridge announced that the Company is designing
and developing a DeFi banking platform called "Kash", which will be built
on decentralized finance. The Company's Kash product is expected to
provide customers with financial solutions that include savings, investments
and payments as its core modules.
The Kash solution is being developed to provide real-time processing,
improved accessibility, and lower fees compared to traditional financial
products in international markets. The Savings module will be based on a
DeFi stablecoin with a view to solving the inflation problem, by allowing
users to save in US dollars and earn interest at rates above inflation.
The goal of the Investment module, in partnership with a key strategic
relationship, is to bring the world's assets to the blockchain. This would
include traditional financial assets such as stocks, bonds, and investment
funds, as well as physical assets, such as real estate, commodities, precious
metals, art, and other illiquid assets in the form of synthetic assets that track
the price of real world assets. The objective is to reduce friction between
geographical boundaries and eliminate the costs associated with intermediaries, as well as to improve asset liquidity, efficiency and
accessibility through fractional ownership.
The Payments module is expected to offer customers a seamless payment
experience with lower transaction fees and instant settlement based on
blockchain technology. The Company is working to design this module for
any type of P2P transfer such as remittance, e-commerce and other
point-of-sale markets, working with partners to facilitate payments using the
Kash stablecoin. The goal is to leverage DeFi payment rails to provide faster
and more secure transactions at a fraction of the cost with powerful savings
for customers and merchants.

On February 23, 2021, the Company announced that it has partnered with
Transak to allow customers to convert fiat to crypto in more than 60 countries
worldwide.
Transak is a single integration for applications to accept fiat-to-crypto
deposits and withdrawals from a global user base. It does this by aggregating
fiat on-ramps and abstracting away the complexity of local compliance,
payment methods, and operations. Transak is backed by Consensys. For
more information, please visit https://transak.com.

On February 18, 2021, Intellabridge announced that it has closed a
non-brokered private placement offering (the "Offering"), pursuant to which
the Company issued 2,500,000 units of the Company (the "Units"), at a price
of C$0.15 per Unit (the "Offering Price"), for aggregate gross proceeds of
approximately C$375,000 (the "Offering") from ThreeD Capital Inc. ThreeD
is a publicly-traded Canadian-based venture capital firm focused on
opportunistic investments in companies in the junior resources and disruptive
technologies sectors. ThreeD Capital's investment strategy is to invest in
multiple private and public companies across a variety of sectors globally.

ThreeD seeks to invest in early stage, promising companies where it may be
the lead investor and can additionally provide investees with advisory services
and access to the ThreeD's ecosystem.
Each Unit consists of one common share (a "Common Share") and one
common share purchase warrant of the Company (a "Warrant"). Each
Warrant will be exercisable to acquire one Common Share at an exercise price
of C$0.45 per share, subject to adjustment in certain events, for a period of
two years following February 17, 2021 (the "Closing Date") provided,
however, that if, after the first 6 months following the Closing Date, the
volume-weighted average trading price of the Common Shares on the
Canadian Securities Exchange is equal to or greater than CDN $0.52 for any
consecutive trading day period, the Corporation, may, upon providing written
notice to the holder of Warrants, accelerate the expiry date of the Warrants to
the date that is 30 days following the date of such written notice.
All securities issued in connection with the Offering are subject to a four
month and one day hold period from the Closing Date in accordance with
applicable securities laws. The Company intends to use the net proceeds from
the Offering for capital expenditures including Kash product development,
marketing, branding and business development, working capital, and general
corporate purposes.
On February 26, 2021, Intellabridge announced that the Company has settled
outstanding indebtedness and is in discussions with investors to do a private
placement. Intellabridge expects to use the net proceeds from the offering for
general corporate purposes, including to pursue strategic partnerships and
acquisitions. The press release was not to constitute an offer to sell or a
solicitation of an offer to buy, nor would there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state or jurisdiction.
As part of the Company's strategy to reduce its liabilities, the Company has
settled more than 70% of its total debts, with the settled amount of $450,035
CAD. The debt was settled to related parties, co-founders of the company, for
loans made to the Company and for accrued compensation since 2019. The
debt was settled through the issuance of 4,500,350 common shares of the
Corporation, at a deemed price of $0.10 per common share (the "Debt
Settlement"). The common shares issued in connection with the Debt
Settlement are subject to an extended hold period of one year that expires on
February 26 2022.