ITEX, The Membership Trading CommunitySM, is a leading marketplace for cashless business transactions across North America ("the Marketplace"). We service our member businesses through our independent licensed brokers and franchise network, corporate and corporate owned offices (individually, "Broker" and together, the "Broker Network") in the United States and Canada. Our business services and pa
yment systems enable member businesses (our "members") to trade goods and services without exchanging cash. These products and services are instead exchanged for ITEX dollars which can only be redeemed in the Marketplace ("ITEX dollars"). We administer the Marketplace and act as a third-party record-keeper for our members' transactions. We generate revenue by charging members percentage-based transaction fees, association fees, and other fees assessed in United States dollars and Canadian dollars where applicable (collectively and as reported on our financial statements, "USD" or "Cash").
