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SR&ED Claims with Boast.AI

Source: Notion | Last edited: 2026-04-01 | ID: 4ee26788-c49...

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Boast.ai Notetaker (00:00): Recorded for note-taking and coaching purposes. Keiferli Wong (00:04): Hey, Terry. How are you? Terry Li (00:12): Hi, good. Keiferli Wong (00:12): Think. Terry Li (00:12): How are you? Keiferli Wong (00:13): Good. That’s been a while. It’s a hasn’t been that long but it feels like a while. Terry Li (00:19): Yes. Keiferli Wong (00:19): Right. Terry Li (00:20): That’s true. Keiferli Wong (00:20): How’s things for treating you? Terry Li (00:21): Yep. Not as warm as I would have expected Keiferli Wong (00:29): Yeah. Terry Li (00:29): still cold. Yeah. Keiferli Wong (00:32): I winter has definitely extended. Hey Chen, long time. 李辰 (00:37): Yeah, a long time to see. How are you guys? Keiferli Wong (00:40): I’m doing good. 李辰 (00:41): Okay, sounds good. Keiferli Wong (00:41): Yeah, Lulu will be joining. Yeah. Keiferli Wong (00:45): I know another year, another claim. 李辰 (00:48): Exactly, it’s Keiferli Wong (00:49): Time goes by fast. 李辰 (00:49): It’s the time of the year. Keiferli Wong (00:51): Yeah. Um, are you still in Asia or 李辰 (00:55): Yeah, still initial. Keiferli Wong (00:55): Yeah, no. 李辰 (00:56): Yeah. 李辰 (00:58): Oh back probably in April. Maybe in May but we’ll be back soon. Keiferli Wong (01:03): We made, yeah. Terry Li (01:03): Right. Keiferli Wong (01:06): Yeah, good. Yeah, I’m sure trendy’s Chinese New Year was probably really, really busy for everybody, right? Because it’s like, 李辰 (01:12): Exactly, everybody is visiting everybody. Keiferli Wong (01:15): Yeah. Yeah. It’s been a while. Okay. Yeah, Lulu joined. So yeah. Thanks for finding a time on your calendars for a kickoff call. So this kickoff, call is a chance to just talk about the boast process in terms of working in 2022, claim. So, some timelines on when you guys are looking to file and make sure you’re accountants in and Q of this. And also, we’ll talk about Yeah, any missing information that we Keiferli Wong (01:44): Thanks for finding a time on your calendars for a kickoff call. So this kickoff, call is a chance to just talk about the boast process in terms of working in 2022, claim. So, some timelines on when you guys are looking to file and make sure you’re accountants in and Q of this. And also, we’ll talk about Yeah, any missing information that we need or just kind of update on your team for 2022. So we’ll start with that. It’s about 10 slides of my presentation. And of course, any questions you guys have feel free. Just Terry Li (01:56): Are. Keiferli Wong (01:57): Ask away. Awesome. So yeah, 2022. We haven’t had any to the discussion yet. So That’s fine. We we will catch up in the next couple weeks. So the agenda again is to talk about just kind of recap and check in just run down the criteria that we look at in terms of framing a narrative for a shred claim that boast platform and claim prep process and timelines and talk about the quick fund. I know I mentioned to you guys previously but just want to see if you guys are interested for it. Unlocking quick fund for this year. Awesome. Okay. So just a recap on last year’s claim. It was filed around, May 16th of 2021 and your ITC credit got about 206,000 93 dollars, okay? Any hiccups on that. Like, you guys got the funds right in the bank account. 李辰 (02:57): Yeah, we got it eventually. Keiferli Wong (02:58): Okay, good. All right. So a couple check-in items or 李辰 (02:60): Yeah. Keiferli Wong (02:60): Eventually. Yeah. Okay. Direct deposit, right? You got that set up. Keiferli Wong (03:09): Okay, good. All right, so a couple of check-in items or housekeeping items, From the Bose platform. I know Terry. You, you’ve helped us on this a lot. So again, we switched the API for a wage point provider. And so I was so you just have to log into the Bose platform and I’ll give you new set instructions to add boasts as in a min. I know he did a previously but the instructions has changed. So after this call or during this call feel free to go into the boast platform and add boasts and admin access. I know last year it took us a little long to file because we’re waiting for the T force. Do you remember that? 李辰 (03:50): cook up properly, you mind if I record this that I so that I don’t Keiferli Wong (03:53): Yeah. I I also get a recording so I can send that over to you. 李辰 (03:54): Okay, awesome. Just recording. 李辰 (04:02): Oh okay. Yeah, perfect. Keiferli Wong (04:04): Yeah. 李辰 (04:04): Yeah, awesome. Keiferli Wong (04:05): Um so what I’m trying to. Yeah so back to the wage point integration, Good news is that if you do integrate with the wage point we can actually get the T4 information so you don’t have to send that to me separately, you just set us as a min and we get all the payroll information, we don’t need anything else and then can you confirm Are you guys using QuickBooks accounting for your accounting QuickBooks system for accounting? Okay. Terry Li (04:30): Yes. Keiferli Wong (04:32): Yeah, I don’t see that integration in our dashboard. Do you recall if it was the leader or Terry Li (04:38): We were waiting for like further instruction because there were some hiccup. Keiferli Wong (04:46): Mmm. Terry Li (04:46): The last time when yeah. 李辰 (04:48): We actually, we rarely use QuickBooks. We, you know, we, we just, we just opened our account and then connect that with our bank account and that’s pretty much it, we over the You know, at the end of the financial year, then we look at it and then we try to organize something. But other than that for the Russia, that the 11th month of the year, we barely touch it. So, Terry Li (05:13): It’s good for categorizing. Keiferli Wong (05:14): Mmm. Yeah. 李辰 (05:16): Yeah. Keiferli Wong (05:16): Okay. To confirm you guys don’t have any contractors for 2022, right? 李辰 (05:23): We do. We have one contractor, one part-time employee. Keiferli Wong (05:30): Okay. Okay and then do and okay. So did the reason why we asked to connect your QuickBooks with their system is so that when we do need to contractor information and to validate the, the spend, we can just reference QuickBooks and not have to ask for the details. Um, Or get Terry to download an export of GL. So I think there’s there should be any problem. Now, if you have when you do do the wage point admin access, you can also just quickly integrate, QuickBooks accounting. Yeah. Terry Li (06:03): okay, I’ll try 李辰 (06:03): Okay. Keiferli Wong (06:04): Yeah. Yeah, go for it. No problem. And then I noticed in your Bose platform on the GER integration, It’s broken and the reason why it’s broken And the reason why it’s broken is because it says how it happens. Because JIRA always does updates. And within that update, they also prompt like the users like, such as you guys to reset your presidential password and all that stuff. And for that reason, it’s known as broken. So we’re not able to extract any data that you store in JIRA because the users no longer valid and so when you have a chance Chen, I’ll have to get you to go back and reconnect which is just entering your credentials. And okay. 李辰 (06:43): Here, is that? Keiferli Wong (06:44): you still using JIRA as like 李辰 (06:47): Yeah, we’re still using terror. We we try to keep track of the time, most of the times but yeah, probably not most of the time but I obviously at least half of the time. We didn’t track the time for the stories is we try to integrate that with the with the software called Time Doctor. But It’s a lot of hassles to be honest, to keep track of the yeah, the time. Keiferli Wong (07:11): Really. 李辰 (07:15): With this, it’s individual stories. Lulu Guo (07:15): Touch. 李辰 (07:18): We do keep track of the time, where, like, if we spend the time on JIRA, if we spend time on meeting, for example, but to keep track of every single story is it’s a lot of work. Like people often forget, Lulu Guo (07:33): Gosh, I think that’s, yeah, that’s okay. If it’s like per task on JIRA, if there’s like we don’t need like two fine grain, a granularity. What I’ve heard recently in some of the reviewing and some audits is per month. If you can have like per employee, they can break down percentage of the time spent on a Spurs certain project and somehow have records of those. So in the I’m not sure how the time doctor works. But if if you, it doesn’t have to be like per task or per day, even it could be by weekly or by monthly that they track it.

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李辰 (08:06): Okay yeah we can even look back and then update all the all the details. If you guys need to yeah Keiferli Wong (08:14): Yeah. Yeah that’s um, so we can review the data and jera and then, if we need more information, we’ll just asked you guys to update it based on percentage, allocated per month, basis on the shred activities. Yeah, we can definitely do that and then, so, yeah, the three items. Correct. Connect wage point. QuickBooks jira. Your GitHub is good and then I want to confirm is your accountant. Contact, still Shawn, Shawna son. Or so. 李辰 (08:45): They don’t ring the bell. Keiferli Wong (08:48): Wait. Let me. 李辰 (08:52): Accounting content. John. Keiferli Wong (08:54): Sean. Let me, okay. Maybe I Let me look back into your file. Lulu Guo (09:02): Be last year we interacted more with Brandy, does that one ring more about from Mnp? 李辰 (09:06): Yeah. Keiferli Wong (09:06): Oh yes, Randy Lee. Yeah. Okay, yeah, yeah. 李辰 (09:09): Randy. Keiferli Wong (09:10): So is that silicon for your Keiferli Wong (09:14): Corporate. Keiferli Wong (09:14): Okay, perfect. Okay, awesome. So when we’re about to have Terry Li (09:18): Yep. Keiferli Wong (09:18): schedules prepared, say, two weeks in before, we’ll let her know that the schedule be ready so she can incorporate it to the T2. Okay, and then, 李辰 (09:28): It’s awesome. Keiferli Wong (09:30): of the housekeeping items. And then I just want to understand our Lulu myself ones in the stand, like what has happened in terms of the team? Did you guys add more resources? Let people go, you know, or just 李辰 (09:45): Yeah, we we have one one more full-time employee data engineer. Keiferli Wong (09:49): Okay. 李辰 (09:52): And one contractor and one part-time employee additional. So, the previous team were still there, we just added more a little bit more resources. Keiferli Wong (10:04): Got it, okay? Yeah, no. That’s that’s really good to hear that kind of indicates. That you’re playing would be even higher than last year, so right, that’s good. And then in terms of project, you can use share high review of. Did you guys add additional project an additional challenges that you guys encountered? That For 2020. 李辰 (10:26): Yeah, so general 2022. Our goal is to improve our our existing models. So our model is a model that works well in volatile markets which means Bear bull market or a completion capaculation stage, you know, bear market. But for most of the time, it’s actually not so volatile. So we’re trying to explore. Strategies and improve existing strategies to work in those. Time periods. So that’s the overall goal of confined. What we’re trying to do in 292, so yeah, we we did multiple things, do Keiferli Wong (11:09): Mmm. 李辰 (11:11): Do you want to discuss them in details now or do you? Keiferli Wong (11:14): But we we can we can Google discuss this in detail and the end of those presentation. So yeah, that’s good to know. So there are additional projects and you did uncover some New challenges that you guys would like to experience here. 李辰 (11:30): sorry that I have got kids clothes, Keiferli Wong (11:34): Oh, she didn’t, I didn’t even notice. So, don’t worry. Okay, good. So I think we can slip to the next 李辰 (11:34): So the device here, some, some kids noise, sorry about that. Keiferli Wong (11:44): Oh, she didn’t, I didn’t even notice. So, don’t worry. Okay, good. So I think we can slip to next slide. All right. So the clean part process for 2022 is pretty much the same thing as last year. We’ll need to get involved in technical interviews as we Lulu. Conducts, a technical interview with you guys. I’ll get I’ll start to work in the financials once we were able to integrate with wage point. And the only thing that can think of that, we need is probably the Keiferli Wong (12:08): pretty much the same thing as last year. We’ll need to get involved in technical interviews as we Lulu. Conducts, a technical interview with you guys. I’ll get I’ll start to work in the financials Once we were able to integrate with wage point. And the only thing that can think of that, we need is probably the invoices of your contractor that we, um, if they’re not stored in QuickBooks so that would be something we need from you Terry. But besides the payroll summary on stuff, we will get that through the wage point connection. And then Lulu will start to work on the technical reports and also the financial reports. Once we get all that data, we need and through this entire process until we get the tax schedules to accountant, which is brandy, it will be eight to nine weeks. Okay, so today’s March 8th would say We’re gonna do a technical interview next week, like a full on technical interview. I can aim to provide text schedules for mid-May, How does that sound? 李辰 (12:52): Sounds good. Keiferli Wong (12:52): Okay, so yeah, it’s about eight weeks. So eight to nine weeks, okay? And we’ll update you guys, if we need more time of you guys want to expedite something, we’ll try our best, but with our kickoff happening today and the technical, if you say it’s happening. Next week, this is our timeline. It is a busy season. So, we’re trying to meet as many deadlines as we can. 李辰 (13:16): Okay, awesome. Keiferli Wong (13:18): Thank you. Um, okay. So this is just a graph that we created in terms of like if you guys are curious what we do behind the scenes so quickly there’s a lot of things happening when we put together your tax schedules, and your preparation of the technical and financial reports. So you can see right here. The green boxes are in collaboration with your team, which is a kickoff meeting. Like today a technical interview. You guys have to review the technical and financial reports, same thing as last year from the most platform. So that’s really all the action items that we request from you guys. And then all the white boxes is everything that happens behind the scenes behind Lulu and myself, there’s actually a team of technical writers and managers who will review the reports before we send it off to you guys. So we are confident that every claim we prepared has an extra set of eyes, okay? And also we make sure we have the substantial evidence, if there is an audit or review we’re prepared for that, okay? We don’t want to rush anything. Saying so and then right here in the purple boxes, there’s just your accountants responsibility, which is preparing the tea too and also the incorporated tax, capital numbers into a T2 and then filing it. That’s it. Okay. Um, Did maybe to ask to confirm? Do you guys get any grants for 2022? 李辰 (14:46): I don’t think so. No. Besides yeah. Keiferli Wong (14:48): Nope. 李辰 (14:49): Yeah, besides friend. Keiferli Wong (14:52): Okay. Um, all right, so every dollar you spent will be could be to potentially include in the claim. 李辰 (14:52): No. Yeah. Keiferli Wong (15:03): Okay. Um, all right, so every dollar you spent will be could be to potentially include in the claim. So I just want to let you know again, previous years when we worked with you to do your claim Lulu. When she prepares a narrative is based on these three criteria that has be framed, which is again, what’s uncertainty of your work? Is there like a systematic investigation and solving that problem and how you guys tracking that? So you guys using JIRA will kind of showcase that the time spent on it, the effort and everything is in detail. And then again, the conclusion when we write to technical report, it’s what was the knowledge gain? Not necessarily the end product. So same thing, the Sierra hasn’t changed the qualifications. It’s been the same all year, so it’s good news for us. 李辰 (15:44): Makes sense. Keiferli Wong (15:46): Um, okay. So Right here, I want to talk about again, if there was just give you guys, peace of mind, if there is a review or a CRA requesting for additional documentation, we are set up as a authorized representative either CRA account. So if they see, AI does have questions. I’ll actually contact us to let us know what’s going on and then we’ll let you know if we need you to be involved. But ultimately, we’ll be there with you guys until they’ve they make a final determination of your shred claim, okay? So don’t worry, it gives you guys a piece of mind on that. That’s about it. And another product that we offer is a quick fund. I know last year you guys passed on it. It’s not something that could be of interest. This year, ultimately is a lien on your shred claim. So we’ll give you a loans. Like, for instance, 200,000,lastyearyouguysgotback.We′reabletolendyouguysupto75李辰(16:53):Mmm.Whatistheinterestrateforit?KeiferliWong(16:58):Yeah,Iknow.Greatquestion.Sotheannualinterestrateisaboutdependsabout11to12percent,butthat′sifyouactuallytakeouttheloanforafullyear,someclientsonlyneeditforfourmonthsanditbreaksitdowntoannualinterestrateofonepoint,onepercentto1.15,There′snoearlyprocementpenalty.李辰(17:18):Okay.Soundsgood.Ithinkyou′llpassthisyear.justyeah,justbecauseweweKeiferliWong(17:21):Anythinglikethat?李辰(17:29):Okay.Soundsgood.Ithinkyou′llpassthisyear.justyeah,justbecausewewestillYeah,wewecanwaitacoupleofmonths,severalmonthsto.Yeah.Sowe,weessentially.KeiferliWong(17:36):Toget.李辰(17:37):Yeah,yeah,weessentiallyhavemoneyfrom.Wespendalotof,like,efforttotransfermoneyfromourcryptoexchangestobankaccount,andthebankaccountoncethecityinthebankaccount,isprettymuchinterestwithnomoneywithnointerestrateortheverylowinterestrate.SowewanttoMakeuseofthat.Yeah.KeiferliWong(17:57):Okay,thatmakessense.Yeah,youyouhaveanothersourceofincometypeofthing,andtheinterestrateislowerthan1200,000, last year you guys got back. We're able to lend you guys up to 75% of that. So give you guys that extra cash flow to hire more people, extend your runway, all that stuff. Do you guys explore on to that? 李辰 (16:53): Mmm. What is the interest rate for it? Keiferli Wong (16:58): Yeah, I know. Great question. So the annual interest rate is about depends about 11 to 12 percent, but that's if you actually take out the loan for a full year, some clients only need it for four months and it breaks it down to annual interest rate of one point, one percent to 1.15, There's no early procement penalty. 李辰 (17:18): Okay. Sounds good. I think you'll pass this year. just yeah, just because we we Keiferli Wong (17:21): Anything like that? 李辰 (17:29): Okay. Sounds good. I think you'll pass this year. just yeah, just because we we still Yeah, we we can wait a couple of months, several months to. Yeah. So we, we essentially. Keiferli Wong (17:36): To get. 李辰 (17:37): Yeah, yeah, we essentially have money from. We spend a lot of, like, effort to transfer money from our crypto exchanges to bank account, and the bank account once the city in the bank account, is pretty much interest with no money with no interest rate or the very low interest rate. So we want to Make use of that. Yeah. Keiferli Wong (17:57): Okay, that makes sense. Yeah, you you have another source of income type of thing, and the interest rate is lower than 1%. That's really good to hear. Okay, well if this is, you know, don't have to decide now because we don't even know how much a shride claim is. But if you decide, hey, maybe want that extra 50,000, it’s the process to get this is about two weeks, it’s easy on it as we’re preparing a claim. Okay. 李辰 (18:22): Cool. Keiferli Wong (18:24): Yeah. Okay, so next steps in Timeline confirmation fiscal year and is December. Technical interview we can probably put something on a calendars right now. um, and then, Yeah well well I’ll clean this up and then I’ll send you guys a the timelines schedule. So we’ll have so we’ll aim to have tax schedules to your accountant by May 15th. And then the financials you can say We have that already besides invoices for your contractor and then we’ll schedule technical interview. Do you guys have your calendar open and maybe lulu? We can Put something on the calendars now. 李辰 (19:06): Sure. Lulu Guo (19:07): Yeah, sure. Keiferli Wong (19:07): Okay. Lulu Guo (19:07): I think how we did last year was maybe for each of the tech leads reschedule 30 minutes to an hour of their time. Maybe we can do. On those major projects and yeah. Overview. Oh no. My Keiferli Wong (19:34): yeah, like is Thanks on your end. But yeah no. So um Would. Okay, so you can reach out to the the leads or trend, you conversation. Have a discussion first and then we can reach out to the technical leads. 李辰 (19:53): That’s good. Yeah. Keiferli Wong (19:54): Okay, so we’ll schedule. 李辰 (19:56): Well, let them know. I’ll let them know and then will you contact them individually like through emails to to arrange a time? Keiferli Wong (20:05): I can yeah if they’re the same people and their emails haven’t changed and yeah we have that in file. 李辰 (20:10): Okay, perfect. Keiferli Wong (20:11): School, you can do that.

TRANSCRIPT PART 2 OF 2 ENDS

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Instructions:

  1. Summarize the main points discussed in the second part of the transcript.
  2. Identify any actions or next steps mentioned in the conversation.
  3. The second part of the transcript starts with a discussion on reviewing data and updating details if needed. The conversation then moves on to confirm details such as Connect Wage Point, QuickBooks Jira, and the accountant contact. The team has added more resources, including one full-time employee data engineer, one contractor, and one part-time employee additional. The team is also focusing on improving their existing models for 2022 to work in non-volatile markets. The timeline for completing the shred claim preparation is estimated to be eight to nine weeks. The transcript also mentions a graph that outlines the process and steps involved in preparing the tax schedules and financial reports. The transcript concludes with a discussion on the interest rate for a quick fund, but the team decides to pass on the offer.
  4. The next steps mentioned in the conversation are to schedule a technical interview, have a discussion with the technical leads, and prepare the tax schedules to be sent to the accountant by May 15th. The action items mentioned are to review data, confirm details, and schedule the technical interview.

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Terry Li and Chen Li is from Eon Labs Ltd. Keiferli Wong and the rest is from Boast.AI. List the participants and where they’re from. Summarize everything in the transcripts in point forms. List the roles and at least ten of their action items.

ASSISTANT

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Participants:

  • Terry Li and Chen Li from Eon Labs Ltd.

  • Keiferli Wong, Lulu Guo, and others from Boast.AI. Summary in point form:

  • The discussion is about preparing Eon Labs’ SR&ED (Scientific Research and Experimental Development) claim for 2022.

  • Boast.AI will handle the technical and financial reports, and tax schedules to be prepared by May 15th.

  • Eon Labs’ goal is to improve their existing models to work in less volatile markets.

  • Boast.AI offers a Quick Fund, but Eon Labs declines.

  • Boast.AI is an authorized representative to handle any CRA review or request for additional documentation.

  • The interest rate for Quick Fund is 11-12%, or 1.1-1.15% for shorter-term loans.

  • Eon Labs added one full-time employee, one contractor, and one part-time employee.

  • Boast.AI will conduct a technical interview and review technical and financial reports with Eon Labs.

  • Boast.AI will need invoices of Eon Labs’ contractor if not stored in QuickBooks.

  • Boast.AI will contact the technical leads of Eon Labs to schedule interviews.

  • Boast.AI will send a timeline schedule to Eon Labs. Roles:

  • Terry Li and Chen Li: representatives from Eon Labs Ltd.

  • Keiferli Wong: representative from Boast.AI

  • Lulu Guo: also a representative from Boast.AI

  • Boast.AI: handles technical and financial reports, tax schedules, and CRA review for Eon Labs’ SR&ED claim. Action items:

  • Boast.AI to prepare tax schedules and financial reports by May 15th.

  • Eon Labs to provide invoices of their contractor if not stored in QuickBooks.

  • Boast.AI to contact the technical leads of Eon Labs to schedule interviews.

  • Boast.AI to send a timeline schedule to Eon Labs.

  • Boast.AI to be an authorized representative for CRA review or request for additional documentation.

  • Boast.AI to handle technical interviews with Eon Labs.

  • Eon Labs to improve existing models to work in less volatile markets.

  • Boast.AI to review technical and financial reports with Eon Labs.

  • Boast.AI to offer Quick Fund, but Eon Labs declines.

  • Boast.AI to have additional employees review reports for an extra set of eyes.