{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-265d3ab25ee2", "slug": "062cb2b9b6a4", "title": "Nuvei Corp (NVEI)", "subtitle": "Spruce Point Capital Management · 2021-12", "author": "Spruce Point Capital Management", "date": "2021-12-09 00:00:00", "pageCount": 119, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Nuvei Corp", "targetTicker": "NVEI", "document": { "id": "019dd923-622c-750b-8b99-265d3ab25ee2", "slug": "062cb2b9b6a4", "title": "Nuvei Corp (NVEI)", "rawTitle": "65275e2d769cc3dc7c64e0f3 64e56477063401015773b1f1 nvei research thesis 12 9 2021 SM", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "authorDisplay": "Spruce Point Capital Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2021-12-65275e2d769cc3dc7c64e0f3_64e56477063401015773b1f1_nvei_research_thesis_12-9-2021-SM.pdf", "sourceUrl": null, "sourceDate": "2021-12-09 00:00:00", "presentationDate": "2021-12-09 00:00:00", "ingestedAt": "2026-04-22 21:32:57+00", "status": "ready", "pageCount": 119, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Nuvei Corp", "targetTicker": "NVEI", "metadata": { "local_root": "/tmp/legacy-images/062cb2b9b6a4", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 138.7458062171936 } }, "coverage": { "pageCount": 119, "pagesIndexed": 119, "pagesWithImages": 119, "pagesWithMetadata": 119, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 765, "chartCount": 8, "metricSlides": 0, "toolMatches": 7, "documentToolMatches": 5, "frameworkMatches": 97, "arcMatches": 1, "beatMatches": 5, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "evidence": "The deck presents a detailed critique of Nuvei Corp, highlighting its flaws and potential downfall.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:20.108559+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "Attention-grabbing headline", "beatId": "d0e2d7a1-69db-470e-8038-b535ced344cd", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The deck starts with a bold headline, 'Fool me once, twice, but not three times'.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 5, "name": "Problem presentation", "beatId": "5ae62f7e-e555-41c4-86ef-decb2418d5fb", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The deck presents an executive summary and estimates a 40-60% downside risk to Nuvei's share price.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 6, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "bb536743-2eef-4f95-bd5c-e9ab9d8a8c2b", "evidence": "The deck presents a valuation critique of Nuvei Corp, highlighting potential overvaluation.", "position": 0, "objective": "What is the true value of Nuvei Corp?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:20.312753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "e69665b9-5ab7-4f30-b4c9-11b657f68126", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "3260a274-26e6-4cb4-ad07-46d9a233128b", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "9b1a1a2e-2697-422d-9932-5d8c25d8baae", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "df2d89a2-7522-401e-8d7b-6ef347d3349b", "evidence": "Philip Fayer (Chairman & CEO, Nuvei Corp); also David Schwartz (CFO), Neil Erlick (CCDO), Moe Tassoudji (VP NA eCommerce)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "63e99525-d0d0-44b3-9d9f-cb5d49dfb337", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "abb3fb6a-fcb4-465c-9d95-fae1df8007a2", "evidence": "This slide is labeled as 'Executive Summary' and contains a summary of the presentation.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:51.16589+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2fcf6d25-4694-44a4-847a-0e990aa9a19c", "evidence": "Estimated Smart2Pay Revenue Performance Post Acquisition By Nuvei table suggests a waterfall chart", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:53.403497+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 99, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "e1fac787-e13b-4bab-8aca-1fb2257cdb5e", "evidence": "Uses the 'Fool me once' idiom paired with pest imagery to frame the company's reputation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:36.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "metaphor-analogy" }, { "matchId": "a8e7d78e-585a-4f32-afe4-e30c8f60c5ea", "evidence": "Table structure comparing historical activist campaigns", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:33.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "precedent_table" }, { "matchId": "5f31ffad-81ab-402d-85e0-c6d45f72a5f3", "evidence": "The slide explicitly names the CEO and associated entities as the source of the fraud/risk.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:34.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "antagonist-introduction" }, { "matchId": "95771bf9-15a3-45b4-975c-b3c8038b1266", "evidence": "The slide explicitly links executive history to past illegal activity and current unexplained departures to suggest fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:34.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" }, { "matchId": "668ef6c6-1ad0-4953-a582-6a93a2459514", "evidence": "The slide systematically links corporate actions to suspicious historical data and associations with known fraudulent actors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:34.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" }, { "matchId": "5e8bf351-637f-4f8d-9930-80473c5dac17", "evidence": "The slide frames management as having a history of destroying value and being associated with fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:34.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "antagonist-introduction" }, { "matchId": "5d61d1bf-2d8e-4ac3-9881-2a50a35c2a2d", "evidence": "The slide explicitly maps out individuals associated with the company and labels them with criminal or fraudulent history to build a case against the company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:35.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "antagonist-introduction" }, { "matchId": "be63f855-4c78-4080-a831-21fe8b825196", "evidence": "Systematic questioning of CEO biography claims to cast doubt on credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "2f2d2e35-d5ea-4e4a-931b-806c68f1e9e9", "evidence": "The slide explicitly contrasts past claims with later evidence to expose a misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "48786c4a-8e57-4897-987e-e472403911bf", "evidence": "The slide explicitly links a biographical inconsistency to a criminal record search to cast doubt on the CEO's integrity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:37.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" }, { "matchId": "f2cf84ae-60a7-418f-8f3b-400f21d1c94d", "evidence": "The slide frames Phil Fayer as a serial offender by linking his past companies to fraud allegations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "antagonist-introduction" }, { "matchId": "0fda4adc-eec9-46f9-a070-b2c695b34af9", "evidence": "The slide frames the CEO as a villain using external testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "antagonist-introduction" }, { "matchId": "e1cfbc4f-da3d-4446-8d79-414fa4c93e29", "evidence": "Frames the CEO and company as having a 'dark history' and 'overzealous' practices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "antagonist-introduction" }, { "matchId": "0b7c2431-6b80-4562-aeed-4b8174d62b43", "evidence": "The slide frames the company as a 'villain' by highlighting 'shady practices' and poor customer service.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:36.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "antagonist-introduction" }, { "matchId": "f7fa8a3a-f1ac-47fa-8043-f9f00c7ee133", "evidence": "Uses negative customer testimonials to frame the company as a villain/untrustworthy.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:33:36.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "antagonist-introduction" }, { "matchId": "c5ebe9d7-ab2a-4383-a3e1-368d5a589d0f", "evidence": "Highlights negative customer sentiment to frame the company as a villain.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "antagonist-introduction" }, { "matchId": "01c1eeaf-e70b-4deb-ad43-045b872d6873", "evidence": "The slide explicitly links a corporate officer to a past entity associated with 'scam' allegations to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" }, { "matchId": "c3d6724c-5ce9-4f63-8fc7-26d30c0acf5f", "evidence": "Contrasting official biography with legal records to expose material omission.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "fraud-exposure" }, { "matchId": "41451681-b470-4195-aed2-f49408d89cdc", "evidence": "The slide explicitly links a regulatory change to the destruction of shareholder value and subsequent privatization, framing it as a negative corporate event.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:37.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" }, { "matchId": "5ab5a78a-3828-4830-b57e-76e572479d67", "evidence": "Exposing omitted professional history related to controversial past entities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:41.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "fraud-exposure" }, { "matchId": "00273f0c-f820-4d17-8c5a-870892b64e29", "evidence": "Exposing undisclosed links between executives and entities involved in criminal activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" }, { "matchId": "349183bb-a0cc-4a2e-81f5-773dcb0ff850", "evidence": "Contrasting historical data with current claims to suggest misleading disclosures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" }, { "matchId": "7bb6300c-ac4a-4da8-a9f8-6bfde3ff1c16", "evidence": "Contrasting historical revenue claims with IPO filings to suggest stagnation/misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" }, { "matchId": "487ff1b4-5eae-475a-ba81-5a0d21bcfc50", "evidence": "The slide explicitly aims to expose negative organic growth that the company is not highlighting in its own reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "fraud-exposure" }, { "matchId": "ab8123e0-e42c-4965-ab35-0067ff9ed1af", "evidence": "Use of former executive interview to validate investment thesis", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "expert-testimony" }, { "matchId": "234de2d3-9af1-40af-95b9-0377dcfc0f93", "evidence": "The slide explicitly links an executive departure to an alleged $100M fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "fraud-exposure" }, { "matchId": "df0e3233-2f5a-445c-9ad6-3799ad52a5cf", "evidence": "Exposing biographical misstatements to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "fraud-exposure" }, { "matchId": "0a07b0c5-f117-484c-8c0d-8f80f61cd8ed", "evidence": "The slide explicitly frames the content as exposing a fraudulent corporate takeover.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:43.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "fraud-exposure" }, { "matchId": "bc582e4d-9fdb-4ab0-b87f-5de8d2fcfe41", "evidence": "Uses legal documentation to expose potential conflicts of interest and undisclosed payments.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "fraud-exposure" }, { "matchId": "b65f9233-99a0-4c4d-adf0-e6e282a29aa4", "evidence": "The slide uses visual evidence to expose a potential contradiction in a subject's professional history.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "fraud-exposure" }, { "matchId": "9aa1c7c1-4cfd-484a-9f66-7e39f7ce0b0c", "evidence": "Compares two states of a website to highlight a discrepancy.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:33:40.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "before-after-framing" }, { "matchId": "9134eb2f-6390-4202-a58b-8bf5ef9ae4b2", "evidence": "The slide uses a before-and-after comparison to highlight a suspicious change in corporate disclosure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:40.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "fraud-exposure" }, { "matchId": "42174c78-b06e-42d8-aeb6-97aace769e38", "evidence": "The slide uses a 'red flag' visual and narrative to point out a suspicious, undisclosed corporate departure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "fraud-exposure" }, { "matchId": "a0bdc969-88d3-4fe4-ba42-49fa3b354183", "evidence": "The slide explicitly names an individual and frames their background as a liability to the company.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:33:42.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "antagonist-introduction" }, { "matchId": "01ef89ca-d29c-476b-9ed7-829636681bc6", "evidence": "The slide uses data and quotes to cast doubt on management's narrative regarding eCommerce growth.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:42.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "fraud-exposure" }, { "matchId": "d53aa153-bcee-4b64-bad8-faed172724d3", "evidence": "Highlights suspicious biographical gaps and connections to known bad actors (TelexFree).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "fraud-exposure" }, { "matchId": "09fb6f23-9c20-4c58-837a-e278f09e10cf", "evidence": "The slide explicitly links an individual to a known fraudster and SEC-charged entity to damage credibility.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "fraud-exposure" }, { "matchId": "8b5947c1-0c78-496c-86d3-020e7659f0b0", "evidence": "Uses legal documents to expose a hidden or contradictory past association.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:41.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "fraud-exposure" }, { "matchId": "88f66314-671b-4d8d-8440-92c295284c36", "evidence": "The slide explicitly links a subject to legal allegations of circumventing state law.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "fraud-exposure" }, { "matchId": "244805fc-6a2f-468f-a851-56f253cb109a", "evidence": "The slide explicitly links the acquisition to missing public disclosures and personnel with alleged ties to Ponzi schemes.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:42.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "fraud-exposure" }, { "matchId": "97b8e709-5132-46d4-acc7-3b2e56eb3e67", "evidence": "The slide explicitly links a company's stated business model to evidence of high-risk industry exposure to expose a contradiction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "fraud-exposure" }, { "matchId": "fd4c0ad9-1421-4f48-ba6e-fdc3e958f43a", "evidence": "The slide explicitly links the target company to a known Ponzi scheme and government investigations to undermine its credibility.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:44.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "fraud-exposure" }, { "matchId": "bb5c8606-3a00-4d31-8797-ab00a5e07171", "evidence": "The slide explicitly links the company to a Ponzi scheme via email evidence.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:33:41.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "fraud-exposure" }, { "matchId": "c41e35a9-b038-43ec-8262-086c0fcff15a", "evidence": "The slide explicitly links the subject to a known SEC-charged Ponzi scheme to damage credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:44.636+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "fraud-exposure" }, { "matchId": "7905ff3a-c80e-4114-8f2e-e4acaac25d58", "evidence": "Uses legal filings and government press releases to expose illicit business associations.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:33:42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "frameworkName": "fraud-exposure" }, { "matchId": "78b07d6c-9f3b-471c-a6d4-75a409739a15", "evidence": "The slide uses legal discovery text and LinkedIn profiles to expose potential undisclosed financial relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:41.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "fraud-exposure" }, { "matchId": "c13cae20-6a48-4b04-8e3b-a34e223df195", "evidence": "Uses affidavit and public records to expose potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "fraud-exposure" }, { "matchId": "ca96d6ca-a73e-4969-9079-8d250800e0a7", "evidence": "The slide uses visual evidence (photos, registry data) to expose a potential shell company or lack of physical presence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" }, { "matchId": "e5b62b88-b7c2-4164-af26-4b6e552e0c89", "evidence": "The slide explicitly links corporate entities to a known Ponzi scheme and highlights criminal flight.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:43.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 60, "frameworkName": "fraud-exposure" }, { "matchId": "3e15eb07-15c4-4d85-8d72-f1dc748ea688", "evidence": "Uses internal communications to demonstrate intent and knowledge of illicit activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "fraud-exposure" }, { "matchId": "07c964ee-f256-4101-824a-0b8296f2195e", "evidence": "The slide explicitly questions the accounting treatment of contingent consideration to suggest potential manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "fraud-exposure" }, { "matchId": "9d959a74-4583-4174-8144-69780ea45e29", "evidence": "The slide explicitly points out conflicting financial disclosures to suggest potential manipulation or error.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.81+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "fraud-exposure" }, { "matchId": "9a3d0d84-b3a6-4c2e-baf1-08745622130a", "evidence": "The slide uses contradictory biographical data to cast doubt on the legitimacy of executive roles and corporate history.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "fraud-exposure" }, { "matchId": "f03ec08a-ec5d-49cc-abe6-a928c3a5d8c5", "evidence": "Highlights suspicious financial metrics to imply potential accounting manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:46.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "fraud-exposure" }, { "matchId": "d1ccc260-24cd-427d-ab51-65009737f695", "evidence": "Exposing discrepancies between reported revenue and associated cost increases to suggest poor acquisition performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "fraud-exposure" }, { "matchId": "70e5dc83-85e2-4558-9b18-95ac8326fce0", "evidence": "The slide links a subsidiary to a parent company via legal filings to expose hidden corporate structures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:47.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "frameworkName": "fraud-exposure" }, { "matchId": "40fded08-844a-4867-895d-ed770c8756d8", "evidence": "The slide uses document evidence to expose suspicious naming conventions between entities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:44.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "fraud-exposure" }, { "matchId": "d2c58b13-96c0-44ef-980b-cb80e1e00a4d", "evidence": "Uses geographic proximity to imply suspicious business relationships.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:33:44.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 70, "frameworkName": "fraud-exposure" }, { "matchId": "738575bf-a01d-48fa-b0a8-8fc008dc51a7", "evidence": "Contrasts official criminal record with corporate marketing materials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 71, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "38f8cdd1-b179-4883-87a5-882a1c270e68", "evidence": "Connects corporate entities to criminal sentencing and financial fraud.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 72, "frameworkName": "fraud-exposure" }, { "matchId": "53b68e48-8f00-4f18-9db1-f246905e6b98", "evidence": "Uses official documents to link company leadership to convicted felons.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "fraud-exposure" }, { "matchId": "2ea3743d-8066-4cc2-9803-3c030f4052aa", "evidence": "The slide uses external anecdotal evidence to cast doubt on the legitimacy of a corporate acquisition.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:45.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "fraud-exposure" }, { "matchId": "e2f991bc-2e0d-478d-80bd-813782a9d83e", "evidence": "The slide highlights a discrepancy between public bios and official tax filings to suggest undisclosed corporate relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "frameworkName": "fraud-exposure" }, { "matchId": "12094e6a-c7f3-404a-8e23-0e9c0552838e", "evidence": "Contrasts company claims with lack of disclosure", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 78, "frameworkName": "expose_contradiction" }, { "matchId": "c67bd8a7-8ea7-4d86-87fa-6538d14ac8b2", "evidence": "Exposing lack of transparency in financial reporting to suggest potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:46.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 79, "frameworkName": "fraud-exposure" }, { "matchId": "5320fd74-490f-4285-b9c4-ae373e5a7a94", "evidence": "Highlighting founder's criminal history alongside acquisition details", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "fraud-exposure" }, { "matchId": "83ff96d5-34e5-494f-8aff-5f0c29391937", "evidence": "Contrasting the CEO's public narrative with the target's CEO's admission of market saturation.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:46.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 81, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "20b21c9f-5421-41c9-a5a9-96224ae67250", "evidence": "The slide explicitly frames the lack of disclosure as a deliberate obfuscation of organic growth, a common tactic in financial fraud analysis.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 82, "frameworkName": "fraud-exposure" }, { "matchId": "1d9f54d4-bb1a-46f8-8d30-d24e3b961531", "evidence": "Presents interview transcripts as primary evidence to support a thesis.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:46.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 83, "frameworkName": "evidence-matrix" }, { "matchId": "ab77e8ec-2df7-423d-a72d-e8ab84300259", "evidence": "The slide explicitly highlights 'suspicions of accounting changes' and uses a red flag icon to signal investigative findings.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:46.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 84, "frameworkName": "fraud-exposure" }, { "matchId": "b9f881a3-df8b-4e7c-9aaf-76022b592d8c", "evidence": "Uses expert testimony to validate the activist's thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:46.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 85, "frameworkName": "authority-citation" }, { "matchId": "72930329-da47-496d-ae3e-d9878e3df9a7", "evidence": "The slide argues that the company is hiding high-risk customer concentration (gambling) by reducing disclosure quality post-acquisition.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:47.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "fraud-exposure" }, { "matchId": "c5003868-8860-41d9-8125-e688b0e4d2fe", "evidence": "The slide explicitly frames accounting adjustments and expert testimony to expose potential revenue inflation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:47.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 88, "frameworkName": "fraud-exposure" }, { "matchId": "aff379a0-bd6a-49d7-a3c4-3f06039b5b98", "evidence": "Uses red flag icon and critical language to frame Nuvei management as the antagonist.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:51.971+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 89, "frameworkName": "antagonist-introduction" }, { "matchId": "42cb093d-efe4-4665-90d0-5f08212f0dbf", "evidence": "The slide links headcount stability to the lack of restructuring charges to explain margin expansion.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 91, "frameworkName": "causal-chain" }, { "matchId": "5732c368-8ca9-4135-a8d4-35902f87e331", "evidence": "The slide explicitly frames a timeline discrepancy as 'suspicious' to suggest potential financial manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 93, "frameworkName": "fraud-exposure" }, { "matchId": "d5ef01bb-42d5-4bcc-84a3-eeedbfacb2b5", "evidence": "Highlighting discrepancies in deal valuation and auditor warnings to suggest potential financial manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:48.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 94, "frameworkName": "fraud-exposure" }, { "matchId": "33db3a9f-877b-4e84-be0f-ddc2e65ee2a7", "evidence": "Uses public data to contradict company growth narrative", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 95, "frameworkName": "fraud-exposure" }, { "matchId": "e27acb89-5b0c-4ac2-88b8-4372782d5a2b", "evidence": "Highlighting declining profitability metrics to contradict acquisition narrative.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:48.465+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 96, "frameworkName": "fraud-exposure" }, { "matchId": "e8efd67f-e5b7-4257-be9d-54a21878f9fa", "evidence": "The slide explicitly identifies a 'miraculous' financial metric and contrasts it with lack of disclosure to imply accounting manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 97, "frameworkName": "fraud-exposure" }, { "matchId": "4ba350cf-5316-4cb7-a9ca-6bedbf3c9125", "evidence": "Contrasts company claims of margin growth with evidence of stable headcount.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 98, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "ce68ada5-c4da-466c-93f1-ed027aaf6d45", "evidence": "The slide uses a logical sequence of calculations to derive a conclusion about revenue decline.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:48.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 99, "frameworkName": "causal-chain" }, { "matchId": "fcf96670-79e5-46c0-877b-cfd8bceae12e", "evidence": "Uses historical web data to contradict current company claims about operational footprint.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:48.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 100, "frameworkName": "fraud-exposure" }, { "matchId": "5a340cf2-ee7e-43c7-9b2b-03dae010d8a7", "evidence": "Highlighting the removal of key performance metrics to suggest management is hiding slowing growth.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 102, "frameworkName": "fraud-exposure" }, { "matchId": "9f5a031e-bf7e-4e72-8cee-f471d13aeee4", "evidence": "Highlighting removal of key financial metrics to suggest management obfuscation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:52.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 103, "frameworkName": "fraud-exposure" }, { "matchId": "0d672cb9-1698-435c-86d3-4d57e21463a5", "evidence": "Highlights a discrepancy in corporate reporting to suggest potential misleading behavior.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 104, "frameworkName": "fraud-exposure" }, { "matchId": "43f61b77-b9db-4956-8aca-6ee1678f7edf", "evidence": "The slide explicitly juxtaposes the activist's negative thesis against a CEO quote to highlight a contradiction.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:53.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 105, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "66cdac3a-eb81-473b-84a3-60d15a8fbac0", "evidence": "The slide explicitly links acquisition issues to a new risk factor disclosure, framing it as a red flag for potential financial misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 106, "frameworkName": "fraud-exposure" }, { "matchId": "81289449-fbd0-4620-b9db-be916f41a5e3", "evidence": "The slide links the adoption of a governance policy (clawback) to the timing of financial restatements to imply management misconduct.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 107, "frameworkName": "fraud-exposure" }, { "matchId": "1c0247f8-6209-429a-ac5f-03c147da848f", "evidence": "Highlighting unexplained restatements of financial data to suggest manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 108, "frameworkName": "fraud-exposure" }, { "matchId": "66d1b44b-f9ef-4d96-8e1e-398df312e422", "evidence": "Highlighting discrepancies in financial reporting to suggest manipulation", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 109, "frameworkName": "fraud-exposure" }, { "matchId": "5de7b128-d5f1-4f10-b549-63424c341bbb", "evidence": "Highlighting undisclosed restatements of financial metrics to imply manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 110, "frameworkName": "fraud-exposure" }, { "matchId": "8952181f-b2a9-4580-9b87-a0b65e02a4c4", "evidence": "Highlighting discrepancies in financial restatements to suggest manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 111, "frameworkName": "fraud-exposure" }, { "matchId": "911c598c-973e-409c-a97c-890a41351a03", "evidence": "The slide explicitly questions the accuracy of financial accounting and highlights revisions as suspicious.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 112, "frameworkName": "fraud-exposure" }, { "matchId": "ab7bfe6e-0f05-4c5a-857c-babb0c92b0d1", "evidence": "Highlighting insider selling as a red flag for investors", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:51.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 114, "frameworkName": "fraud-exposure" }, { "matchId": "a2921d17-4489-492a-b743-a4885ba89faa", "evidence": "Direct comparison of valuation multiples between target and peer group", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:52.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 115, "frameworkName": "comparison_frame" }, { "matchId": "f6670478-6aa5-4c00-995d-432d0334e825", "evidence": "The slide explicitly lists 'Spruce Point Issues' including 'Suspicious margin' and 'Founders embroiled in Ponzi Scheme litigation'.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:54.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 118, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Archetypal Spruce Point short report: 119-page forensic indictment combining character assassination (CEO/CFO biographies, criminal records, Ponzi links), accounting red flags (quiet restatements, margin jumps, payables stretching) and peer-multiple valuation. Cover page is a memorable custom illustration ('Fool Me Once, Twice, But Not Three Times' with pug/cockroach/rat over a monitor flashing 'High Risk Merchant') that anchors the three-rebrand narrative. Recurring red-flag icon callouts serve as the deck's visual signature. Track-record slide (p.3) front-loads Spruce Point's credibility by citing LSPD/Intertain/TSO3/Maxar precedent wins. Org-chart slide (p.11) is the rhetorical centerpiece linking every executive to a Ponzi/fraud/adult-industry node. Report was publicly challenged by Nuvei; NVEI shares did decline materially in the months following publication.", "kpisCited": [ { "detail": "40%-60% ($39-$58) vs. $97.35 on 12/7/2021", "metric": "Downside to share price" }, { "detail": "NVEI 14.9x vs. peer average 9.9x, peer min 3.1x", "metric": "EV / 2022E Sales" }, { "detail": "NVEI 34.2x vs. peer average 27.8x", "metric": "EV / 2022E EBITDA" }, { "detail": "Ballooned from 28.5% pre-acquisition (2019) to 49.2% post-close (2020)", "metric": "Smart2Pay net profit margin" }, { "detail": "~2,060 bps on only $1.2m severance/integration costs", "metric": "SafeCharge post-close margin expansion" }, { "detail": "Declined from 90,000 (Nov 2015-Jul 2017) to 50,000+ as of 12/31/20", "metric": "Pivotal merchant count" }, { "detail": "-3.3% (Canada -7.6%) ex-SafeCharge", "metric": "US organic revenue growth 2020" }, { "detail": "Worsened from -5.5% (9/30/20) to -11.2% (9/30/21); payables +96% YoY vs receivables +45%", "metric": "Working capital / LTM sales" }, { "detail": "$19.2m forfeited by FireOne parent for illegal US internet gambling proceeds", "metric": "FireOne criminal forfeiture" }, { "detail": "~40% above auditor's intangible asset valuation — flagged as 'Critical Audit Matter'", "metric": "Smart2Pay deal premium" }, { "detail": "~$900m / 7.3x adj revenue / 21.7x adj EBITDA", "metric": "SafeCharge acquisition price" }, { "detail": "75% Buy, 25% Neutral, 0% Sell", "metric": "Analyst ratings" } ], "closingAsk": "Sell Nuvei shares — downside of 40-60% to $39-$58 as the market re-rates NVEI from a premium multiple to, or below, payments-industry peers.", "extraction": { "at": "2026-04-22 21:32:57+00", "model": "unknown-legacy", "runId": null, "seconds": 138.7458, "promptVersion": null }, "scqaReward": "Re-rating to peer multiples of 6-9x 2022E sales and 15-20x EBITDA implies a share price of roughly $39-$58, versus $97.35 on 12/7/2021 — 40% to 60% downside for short-sellers.", "thesisTypes": [ "fraud_exposure", "governance_board", "multiple_rerating" ], "top3Reasons": [ "CEO Fayer's past: embellished credentials, arrest record, prior failed PaySystems", "Web of executives and acquired targets tied to Ponzi schemes and adult industry", "Suspicious 2,000+ bps post-acquisition margin expansion and quiet restatements" ], "scqaSituation": "Nuvei Corp (NASDAQ/TSX: NVEI) is a $14bn-enterprise-value Canadian payments processor trading at a premium 19x sales / 34x EBITDA, touting rapid organic growth, margin expansion and a high-growth eCommerce pivot.", "thesisSummary": "Spruce Point argues Nuvei Corp (NVEI) is a highly promoted Canadian payments roll-up on its third rebrand (PaySystems -> Pivotal -> Nuvei), run by Chairman/CEO Philip Fayer whose biography allegedly overstates his Concordia credentials and omits a Florida criminal arrest and the collapse of predecessor PaySystems. CFO David Schwartz and CCDO Neil Erlick previously worked at FireOne Group, whose parent forfeited $19.2m in criminal proceeds tied to illegal US internet gambling. Acquired targets (SafeCharge, Vantage Payments, Base Commerce, Smart2Pay, Fifth Manhattan) and North America eCommerce chief Moe Tassoudji are linked to Ponzi schemes, boiler rooms, and adult entertainment. Reported 2,060+ bps post-SafeCharge and Smart2Pay margin expansion, quiet cash flow and receivables restatements, stretched payables and declining US/Canadian organic growth suggest earnings quality is poor. At peer multiples of 6-9x 2022E sales and 15-20x EBITDA, NVEI is worth $39-$58 — 40-60% downside from $97.35.", "primaryDemands": [ "Management transparency around CEO Fayer's credentials, arrest record and prior PaySystems failure", "Explanation of mysterious departures of EVP Allan Lacoste and Senior Legal Counsel Amy Satov", "Disclosure of how acquired targets (SafeCharge, Smart2Pay) achieved 2,000+ bps of post-close margin expansion", "Clarification of quiet restatements to cash flow, receivables concentration and customer concentration", "Valuation re-rating to peer multiples (6-9x sales / 15-20x EBITDA) implying $39-$58/share" ], "scqaResolution": "Nuvei should trade at a discount — not a premium — to industry peers; Spruce Point recommends a Strong Sell and demands disclosure on executive backgrounds, acquisition margins, restatements and mysterious executive departures.", "thesisOneLiner": "Nuvei is a thrice-rebranded payments roll-up run by executives tied to Ponzi schemes, fraud and adult-industry operators; peer-multiple re-rating implies 40-60% downside to $39-$58.", "precedentsCited": [ "Lightspeed Commerce (LSPD) — Spruce Point 2021 short, ~60% decline", "Intertain (IT) — Spruce Point 2015 short, CEO FitzGerald resigned, delisted", "TSO3 (TOS) — Spruce Point 2017 short, -81% by Oct 2018", "Maxar Technologies (MAXR) — Spruce Point 2018 short, -90% and asset write-down", "FireOne Group / Optimal — 2006 US illegal gambling forfeiture ($19.2m) tied to Nuvei CFO", "PaySystems — Fayer's prior collapsed merchant-processing venture" ], "scqaComplication": "Spruce Point's forensic review finds Nuvei is a thrice-rebranded roll-up whose CEO, CFO and acquired targets are tied to fraud, Ponzi schemes, gambling forfeitures and the adult industry, with suspiciously timed margin jumps, quiet restatements and decelerating North American organic growth.", "narrativeInterest": 5, "notableSlidePages": [ 1, 6, 11, 110, 115, 119 ], "peerCompaniesCited": [ "PayPal (PYPL)", "Square (SQ)", "Fidelity National Info (FIS)", "Fiserv (FISV)", "Adyen (ADYEN)", "Global Payments (GPN)", "Lightspeed Commerce (LSPD)", "Shift4 Payments (FOUR)", "Evertec (EVTC)", "PaySafe (PSFE)", "Repay Holdings (RPAY)", "Evo Payments (EVOP)" ], "valuationFrameworks": [ "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses a visual metaphor (dog, cockroach, rat) to imply escalating severity of the target's issues. The 'High Risk Merchant' alert is a key piece of evi", "function": "name_villain", "imagePath": "https://imgproxy.kitesheet.com/BHH3VW6QnK0I2vBbgmXtc2xttcn9Ok3qN104AL8Ig1E/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wNjJjYjJiOWI2YTQvcDAwMS5wbmc", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 5, "textChars": 230, "nDataPoints": 0, "notes": "The slide uses a visual metaphor (dog, cockroach, rat) to imply escalating severity of the target's issues. The 'High Risk Merchant' alert is a key piece of evidence.", "elementsJson": [ "headline_text", "photo", "screenshot", "callout_box", "logo_grid" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:36.174+00", "seconds": 5.103, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/1", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.25, "x": 0.68, "y": 0.68 }, "kind": "callout", "text": "FOOL ME ONCE, TWICE, BUT NOT THREE TIMES / STRONG SELL OPINION / Nuvei Corp. | NASDAQ & TSX: NVEI", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ec58b7b-4b69-44c8-b62a-60561f5757e3", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "FOOL ME ONCE, TWICE, BUT NOT THREE TIMES", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-6419fa59dfb3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.3, "y": 0.18 }, "kind": "image", "text": "Pug, Cockroach, Rat sequence", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e2fe239-7ed6-47b4-9ff3-a15f36e6e7f9", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.5, "x": 0.25, "y": 0.35 }, "kind": "image", "text": "Authenticating Transaction and High Risk Merchant alert", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2beca53-c346-4fff-813c-adcdb76db98a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.1, "x": 0.5, "y": 0.15 }, "kind": "title", "text": "FOOL ME...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46736aa3-ce7d-4793-88ee-c3fb4b1f9bf6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e1fac787-e13b-4bab-8aca-1fb2257cdb5e", "evidence": "Uses the 'Fool me once' idiom paired with pest imagery to frame the company's reputation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:36.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "metaphor-analogy" } ], "arcBeats": [ { "to": 1, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "Attention-grabbing headline", "beatId": "d0e2d7a1-69db-470e-8038-b535ced344cd", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The deck starts with a bold headline, 'Fool me once, twice, but not three times'.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/330ZOV52jxQwwR1EfBGFz0WK1abh1aYS1F_EV9xsFjs/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wNjJjYjJiOWI2YTQvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/yU6g9PHbK2SGZss5PjpjwTV9mUrMJyvFDtHQm_fGQ5M/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wNjJjYjJiOWI2YTQvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/87IJevm5U5GTo_jL6Jo6Wh8Q_GjRnejtFx1oYYQta8I/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wNjJjYjJiOWI2YTQvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 304, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:33.727+00", "seconds": 2.531, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/2", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (\"SPCM\") ... has a short position in all stocks ... covered herein.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0beda244-919e-465c-8c94-34032fa165c2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.25, "x": 0.05, "y": 0.03 }, "kind": "image", "text": "Spruce Point Capital Management", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eac0eea3-6a15-40b2-87d4-ea19d580eb91", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.37, "x": 0.315, "y": 0.045 }, "kind": "title", "text": "Full Legal Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4e8ea5f-de20-420b-97b2-c26a33714e41", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "evidence", "title": "The slide uses a comparative table to establish credibility by showing past successful short-selling/activist campaigns.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 4, "textChars": 618, "nDataPoints": 12, "notes": "The slide uses a comparative table to establish credibility by showing past successful short-selling/activist campaigns.", "elementsJson": [ "headline_text", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:33.872+00", "seconds": 2.64, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/3", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Spruce Point has a track record of producing critical and thought-provoking research related to highly promoted public companies in the Canadian gaming and technology space.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6245c8dd-7bfe-484e-bbcf-1440a11cefba", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.95 }, "kind": "disclaimer", "text": "The recommendations shown above are not intended to be exhaustive or represent investment returns following Spruce Point's research campaigns. A full list of all recommendations made over the past twelve months can be found on our website", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ab40ac1-ce80-48a6-998d-edd50242a724", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.96, "x": 0.02, "y": 0.25 }, "kind": "table", "text": "Comparison table of four companies: Lightspeed, Intertain, TSO3, and Maxar, including exchange, report date, brokers, criticisms, and outcomes.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60a40829-7977-40a6-b408-17fddcf4a9b8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Spruce Point Has A Track Record In Canadian Shareholder Activism", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbd9d50c-897e-48fd-b92d-d83b671c0a97", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a8e7d78e-585a-4f32-afe4-e30c8f60c5ea", "evidence": "Table structure comparing historical activist campaigns", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:33.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "precedent_table" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "The slide uses a hierarchical numbering system (1-7 with sub-bullets a-d) to outline the activist short thesis.", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 2, "textChars": 472, "nDataPoints": 1, "notes": "The slide uses a hierarchical numbering system (1-7 with sub-bullets a-d) to outline the activist short thesis.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:33.97+00", "seconds": 2.64, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/4", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "table", "text": "1. Executive Summary; 2. Evidence CEO Fayer...; 3. CFO And Chief Corporate Development Officer...; 4. Evidence That Nuvei Has Experienced...; 5. A Closer Look At Nuvei's North American Growth Partners; a. Why Did Allan Lacoste...; b. Nuvei's High Growth...; c. Why Did Nuvei Acquire...; d. Why Is Nuvei Linked...; 6. Issues With Pivoting...; a. Why We Believe...; b. Smart2Pay or Not?; 7. Signs The Growth “Story” Is Cracking: 40% – 60% Downside Potential", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7b18afc-2b09-433c-8631-cc5df28693f4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.315, "y": 0.045 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99b1b321-6ae7-4ca8-a0a6-e1bf0fb593be", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "Features the Spruce Point Capital Management logo (pine tree).", "function": "front_matter", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 3, "textChars": 168, "nDataPoints": 0, "notes": "Features the Spruce Point Capital Management logo (pine tree).", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:33.49+00", "seconds": 2.132, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/5", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.547, "x": 0.453, "y": 0.958 }, "kind": "disclaimer", "text": "Proprietary and Confidential -May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "987b6a9f-1d08-4413-939f-27eabc98b700", "parentComponentId": null }, { "bbox": { "h": 0.388, "w": 0.201, "x": 0.073, "y": 0.306 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0076c05-3989-4775-a379-c2cc1fc46a29", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.373, "y": 0.466 }, "kind": "title", "text": "Executive Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:33.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b436eb6e-2330-4c62-a992-8b9c9675e640", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Problem presentation", "beatId": "5ae62f7e-e555-41c4-86ef-decb2418d5fb", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The deck presents an executive summary and estimates a 40-60% downside risk to Nuvei's share price.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "analysis", "title": "The slide uses a vertical red arrow as a visual anchor for the key pillars of the argument.", "function": "diagnose_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 1127, "nDataPoints": 4, "notes": "The slide uses a vertical red arrow as a visual anchor for the key pillars of the argument.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:34.904+00", "seconds": 3.52, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/6", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Three Rebrands And Now Nuvei, Fool Us Once, Twice, But Not Three Times", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-7c363ba152c2", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.14, "x": 0.03, "y": 0.455 }, "kind": "diagram", "text": "Three Rebrands And Now Nuvei, Fool Us Once, Twice, But Not Three Times; CEO Fayer Has A Concerning Background Including Misstating His Education And An Arrest Record; Fayer Has A Propensity For Buying Businesses Tied to Ponzi Schemes And Controversial People", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d34b6485-6bac-45c4-a9ae-c9538d76c196", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.8, "x": 0.18, "y": 0.46 }, "kind": "list", "text": "We find clear evidence that Fayer claimed to have graduated from Concordia University... Payments ended on inauspicious circumstances... After a re-brand to Pivotal Payments, we find additional evidence... we find a web of suspicious business activity...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f30ecfb6-28af-4594-8790-739d208e2bc2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: 40% - 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-8594de484de9", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "After conducting a forensic financial and accounting review, Spruce Point believes shares of Nuvei Corp... has covered up a pattern of business failures, lack of organic growth, and a web of relationships with individuals connected to major Ponzi Schemes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0a38b78-c5b6-4272-ace9-2a2d4c6d1321", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Unfortunately, we haven't seen any evidence that Nuvei has changed any of the shady business practices that made the Pivotal Payments brand name so toxic.” — One review site", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-813a656c2e1d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Spruce Point Estimates 40% - 60% ($39 - $58/sh) Downside Risk To Nuvei Corp (NVEI) Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67b3b3fb-c169-4814-8997-beb3c450f769", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "abb3fb6a-fcb4-465c-9d95-fae1df8007a2", "evidence": "This slide is labeled as 'Executive Summary' and contains a summary of the presentation.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:51.16589+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "5f31ffad-81ab-402d-85e0-c6d45f72a5f3", "evidence": "The slide explicitly names the CEO and associated entities as the source of the fraud/risk.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:34.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Problem presentation", "beatId": "5ae62f7e-e555-41c4-86ef-decb2418d5fb", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The deck presents an executive summary and estimates a 40-60% downside risk to Nuvei's share price.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 6, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "bb536743-2eef-4f95-bd5c-e9ab9d8a8c2b", "evidence": "The deck presents a valuation critique of Nuvei Corp, highlighting potential overvaluation.", "position": 0, "objective": "What is the true value of Nuvei Corp?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:20.312753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "tension", "title": "Uses red arrows to connect specific executive allegations to the broader narrative of corporate malfeasance.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 1031, "nDataPoints": 4, "notes": "Uses red arrows to connect specific executive allegations to the broader narrative of corporate malfeasance.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:34.479+00", "seconds": 3.069, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/7", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.15, "x": 0.03, "y": 0.165 }, "kind": "callout", "text": "Nuvei's CFO and Chief Corporate Development Officer Have Biographies That Conspicuously Fail To Disclose Prior Executive Roles That Would Link Involvement To Illegal Activity At Optimal / FireOne Group", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "388c4a71-a4b0-4a84-8b2c-7900f30df843", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.15, "x": 0.03, "y": 0.62 }, "kind": "callout", "text": "Allan Lacoste A Top Nuvei Executive and EVP of Partnerships Mysteriously Left Nuvei Along With Its Senior Legal Counsel. Lacoste Was Referenced In An Alleged $100M Fraud", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77b397ce-984e-4780-9773-9fede445eca7", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.8, "x": 0.17, "y": 0.165 }, "kind": "list", "text": "Details regarding David Schwartz and Neil Erlick's history at Optimal Payments/FireOne Group and the subsequent $19.2M forfeiture settlement.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9df0f486-3ee3-4dbc-b8b1-e970b337c960", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.8, "x": 0.17, "y": 0.58 }, "kind": "list", "text": "Details regarding Allan Lacoste's alleged involvement in a $100M fraud and the unexplained departure of him and the Senior Legal Counsel.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be2f138c-b222-4a0c-a390-b9303651e688", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 40% - 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-5615d601c0f4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The U.S. Attorney's office later reached a settlement with Optimal, which \"agreed to forfeit approximately $19.2 million in criminal proceeds derived from processing payments for illegal Internet gambling for its Firepay electronic wallet.\" — U.S. Attorney's Office", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-517ae6cb02ef", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Spruce Point Estimates 40% - 60% ($39 - $58/sh) Downside Risk To Nuvei Corp (NVEI) Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e91c7b70-0228-4ae5-9a04-8215ce5bd47f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "95771bf9-15a3-45b4-975c-b3c8038b1266", "evidence": "The slide explicitly links executive history to past illegal activity and current unexplained departures to suggest fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:34.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Problem presentation", "beatId": "5ae62f7e-e555-41c4-86ef-decb2418d5fb", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The deck presents an executive summary and estimates a 40-60% downside risk to Nuvei's share price.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 6, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "bb536743-2eef-4f95-bd5c-e9ab9d8a8c2b", "evidence": "The deck presents a valuation critique of Nuvei Corp, highlighting potential overvaluation.", "position": 0, "objective": "What is the true value of Nuvei Corp?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:20.312753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "tension", "title": "Uses a vertical arrow structure to denote two distinct investigative pillars.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 8, "textChars": 3844, "nDataPoints": 12, "notes": "Uses a vertical arrow structure to denote two distinct investigative pillars.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:35.953+00", "seconds": 4.401, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/8", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe Nuvei makes it difficult to ascertain its true organic growth since it came public.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-2e9f66797132", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.85, "x": 0.14, "y": 0.5 }, "kind": "list", "text": "Based on our conversations with former employees, and a comment made by SafeCharge's former CEO, we believe it was facing competitive challenges in the North American market, and consolidation was desirable. Nuvei spent approximately $900m to acquire SafeCharge in 2019, which increased its exposure to the European gaming industry. SafeCharge was co-founded by Teddy Sagi, who first made headlines in Israel in 1994 when he was arrested and charged with manipulating the value of stock in a widespread banking fraud. Based on our research, we believe SafeCharge's growth prospects were waning and that the integration didn't go according to plan. As one former employee commented, \"Targets for integration and migration were unrealistic. I think their understanding of the variances and the level of effort it was going to require to take the SafeCharge platform to North America was underestimated.\" Due to accounting changes and opaque financial reporting post close, Nuvei has made it difficult to ascertain SafeCharge's growth profile. In the pre-acquisition 2018 period, SafeCharge reported revenue growth of 24%, but profit margin fell by 340 basis points. Under Nuvei in 2019, we estimate SafeCharge's revenue grew 20%, yet profit margins expanded 2,060 basis points. Nuvei admits, \"SafeCharge and Smart2Pay have a higher relative cost of revenue than Nuvei's operation in the North American market due to costs associated with its merchant servicing model.\" Furthermore, Nuvei disclosed just $1.2m of severance and integration costs in 2019, a minimal amount that could hardly explain such significant profit margin expansion. We call on Nuvei to explain how this is possible? Also during the course of our research, a former employee told us that recent performance has been inflated by two customers and SafeCharge acquired a very large gambling contract (one of the biggest in the UK), which contributed a lot to growth. If this is the case, we believe Nuvei has not been transparent about growth", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "007f36de-3ee2-4750-864f-c5fcb9c48d64", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.85, "x": 0.14, "y": 0.17 }, "kind": "list", "text": "By using the Wayback Machine, and looking carefully at CEO Fayer's biography, we see that Pivotal claimed 90,000 merchants starting from Nov 2015 – July 2017. This figure declined to 70,000 merchants in March 2019. Currently, it claims 50,000+ merchants as of 12/31/20 and does not provide quarterly updates. Nuvei's IPO risk factors still claim a dependence on small and medium-sized (SMB) business, but it has been talking up its focus on larger enterprises. Yet, Nuvei does not quantify exposures to SMBs vs. enterprise customers. Old press articles indicate Pivotal had approximately $150m of sales in 2010 and was growing 25% to 45% per year. In its IPO prospectus, it reported approximately $150m of sales in 2018, which suggests a long period of no growth. We believe Nuvei makes it difficult to ascertain its true organic growth since it came public. However, by looking at 2020 geographic segment reporting, and assuming that its SafeCharge acquisition accounted for all foreign revenue contribution, we observe that both U.S. and Canadian revenues declined organically by -3.3% and -7.6%, respectively. Nuvei doesn't provide quarterly geographic revenue to see how trends have progressed in 2021", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4f74c04-3170-44b5-b460-0b6d99d81dc2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "organic growth: 40% - 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-3751e10f8fcd", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.12, "x": 0.01, "y": 0.17 }, "kind": "other", "text": "Evidence of North American Organic Growth Declining", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7635b274-4f79-4f6d-8b69-3174442c8f26", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.12, "x": 0.01, "y": 0.5 }, "kind": "other", "text": "SafeCharge First Pivot To European Acquisitions While Providing Limited Disclosures Margin Expansion of 2,060bps Hard To Reconcile", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8fbd11f-3185-4caa-9a0e-770ea64f281d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Targets for integration and migration were unrealistic. I think their understanding of the variances and the level of effort it was going to require to take the SafeCharge platform to North America was underestimated.\" — Former employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-301c2e48da0c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Spruce Point Estimates 40% - 60% ($39 - $58/sh) Downside Risk To Nuvei Corp (NVEI) Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c2eba27-2043-4dc9-938f-400bb1fc2f84", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Problem presentation", "beatId": "5ae62f7e-e555-41c4-86ef-decb2418d5fb", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The deck presents an executive summary and estimates a 40-60% downside risk to Nuvei's share price.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 6, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "bb536743-2eef-4f95-bd5c-e9ab9d8a8c2b", "evidence": "The deck presents a valuation critique of Nuvei Corp, highlighting potential overvaluation.", "position": 0, "objective": "What is the true value of Nuvei Corp?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:20.312753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "tension", "title": "Uses a vertical arrow structure to denote two distinct investigative threads.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 786, "nDataPoints": 10, "notes": "Uses a vertical arrow structure to denote two distinct investigative threads.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:34.91+00", "seconds": 3.248, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/9", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We call on Nuvei to explain how Smart2Pay experienced such dramatic margin improvement", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-98a263e8d578", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.82, "x": 0.16, "y": 0.55 }, "kind": "list", "text": "eCommerce has been a growing focus of Nuvei, and the Company regularly reports its growing percent of volumes from this area: from 72% in Q1’20 to 83% in Q3’21...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "136f37ae-df5b-4c2b-97bd-050d3c0fe01c", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.14, "x": 0.02, "y": 0.55 }, "kind": "list", "text": "North American eCommerce Driving Results But Beware: Nuvei’s North American eCommerce Leader Has Connections Controversial People", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dce756f-5a41-4540-8ce5-b828fa1571bb", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.14, "x": 0.02, "y": 0.17 }, "kind": "list", "text": "Concerns With Smart2Pay And its 2,000bp+ Margin Expansion", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "564d097f-020d-4a1b-992a-9914a881ada1", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.82, "x": 0.16, "y": 0.17 }, "kind": "list", "text": "Nuvei says it entered into a purchase agreement to acquire Smart2Pay on May 17, 2020. Yet, according to the Wayback Machine, Smart2Pay was already listed as “A Nuvei Company” in advance of the purchase agreement being signed...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec27be13-5a94-4924-ae86-e4a33ee37206", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price downside: 40% - 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-9f1c2053b7d1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "Spruce Point Estimates 40% - 60% ($39 - $58/sh) Downside Risk To Nuvei Corp (NVEI) Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef5817ed-813e-4ae4-af82-3c567f12c8e9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "668ef6c6-1ad0-4953-a582-6a93a2459514", "evidence": "The slide systematically links corporate actions to suspicious historical data and associations with known fraudulent actors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:34.91+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Problem presentation", "beatId": "5ae62f7e-e555-41c4-86ef-decb2418d5fb", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The deck presents an executive summary and estimates a 40-60% downside risk to Nuvei's share price.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 6, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "bb536743-2eef-4f95-bd5c-e9ab9d8a8c2b", "evidence": "The deck presents a valuation critique of Nuvei Corp, highlighting potential overvaluation.", "position": 0, "objective": "What is the true value of Nuvei Corp?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:20.312753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "setup", "title": "The slide uses a vertical red arrow on the left to visually anchor the 'downside' thesis, listing key risk factors as a sidebar.", "function": "show_valuation_bridge", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 6, "textChars": 881, "nDataPoints": 12, "notes": "The slide uses a vertical red arrow on the left to visually anchor the 'downside' thesis, listing key risk factors as a sidebar.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:34.948+00", "seconds": 3.138, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/10", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If Nuvei traded closer to peer multiples at 6x – 9x and 15x – 20x 2022E sales and EBITDA, its share price would be 40% – 60% lower ($39.00 - $58.00 per share)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-ed458cb4c65f", "parentComponentId": null }, { "bbox": { "h": 0.78, "w": 0.13, "x": 0.02, "y": 0.16 }, "kind": "diagram", "text": "Multiple Revisions To 'High Growth Verticals' Slide; Financial Revisions Occurring Without Being Called Out; Key Risk Factor Added; Insiders Cashing Out; Overvalued Relative To Peers And Portfolio of Acquisitions", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d96f90a3-ed6f-4f62-8bc4-a20b1690d2be", "parentComponentId": null }, { "bbox": { "h": 0.78, "w": 0.83, "x": 0.15, "y": 0.16 }, "kind": "list", "text": "Analysts are bullish; management history is questionable. Signs of moderation include CTO departure, retracted China claims, and reliance on manual processes. Financial revisions and new risk factors suggest underlying instability. Nuvei trades at a premium; downside is 40-60%.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66d650b4-40e8-4bfa-9539-a9bc4028d924", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: 40% - 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-f55ace7ae6bc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Nuvei \"has not independently verified the accuracy or completeness of such information\" — New risk factor added Q3'21", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-f3341c80db7b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Spruce Point Estimates 40% - 60% ($39 - $58/sh) Downside Risk To Nuvei Corp (NVEI) Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:34.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c2727fa-453f-4e18-8071-a0cafd968bbe", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5e8bf351-637f-4f8d-9930-80473c5dac17", "evidence": "The slide frames management as having a history of destroying value and being associated with fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:34.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "Problem presentation", "beatId": "5ae62f7e-e555-41c4-86ef-decb2418d5fb", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The deck presents an executive summary and estimates a 40-60% downside risk to Nuvei's share price.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 6, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "bb536743-2eef-4f95-bd5c-e9ab9d8a8c2b", "evidence": "The deck presents a valuation critique of Nuvei Corp, highlighting potential overvaluation.", "position": 0, "objective": "What is the true value of Nuvei Corp?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:20.312753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "tension", "title": "The slide uses a hub-and-spoke diagram to link Nuvei's CEO and CFO to various associates, highlighting 'concerns' for each.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 3, "textChars": 293, "nDataPoints": 0, "notes": "The slide uses a hub-and-spoke diagram to link Nuvei's CEO and CFO to various associates, highlighting 'concerns' for each.", "elementsJson": [ "process_diagram", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:35.385+00", "seconds": 3.108, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/11", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Nuvei’s CEO And CFO’s Past Historical And Current Close Business Relationships Should Cause Serious Concern", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-05f309be9c50", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "diagram", "text": "Network diagram connecting David Schwartz and Phil Fayer to various associates.", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Hub and spoke", "slug": "hub-spoke", "status": "active", "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1", "version": 1, "description": null }, "framework": null }, "subkind": "hub-spoke", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfb44c80-5cde-4705-a865-96454338b8e9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Nuvei's CEO And CFO's Past Historical And Current Close Business Relationships Should Cause Serious Concern", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "755c0e75-cfb0-4211-bb82-539d4357c454", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5d61d1bf-2d8e-4ac3-9881-2a50a35c2a2d", "evidence": "The slide explicitly maps out individuals associated with the company and labels them with criminal or fraudulent history to build a case against the company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:35.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 328, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:35.109+00", "seconds": 2.53, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/12", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2daa1226-1f4c-4d9d-9934-cb41fb6bee46", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo (pine tree)", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "772920b1-9f92-4f6b-b1a2-9997b84444f7", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.6, "x": 0.35, "y": 0.35 }, "kind": "title", "text": "Evidence CEO Fayer Has In The Past Embellished His Educational Credentials, Been Arrested, And Has A Pattern of Running Companies With Aggressive Business Practices", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:35.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41175f4c-10af-4ff6-ac2c-14c11eb1be01", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "tension", "title": "Uses red boxes and arrows to annotate a screenshot of the CEO's biography.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 10, "textChars": 1337, "nDataPoints": 0, "notes": "Uses red boxes and arrows to annotate a screenshot of the CEO's biography.", "elementsJson": [ "headline_text", "callout_box", "headshot", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:36.523+00", "seconds": 3.422, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/13", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.22, "w": 0.38, "x": 0.59, "y": 0.32 }, "kind": "callout", "text": "What Did Fayer Do Prior To Pivotal Payments", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d0d739a-c759-4150-8384-23c6a133a255", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.38, "x": 0.59, "y": 0.63 }, "kind": "callout", "text": "Organic Growth Claim", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88d946fc-6628-4b23-b59a-dab087942dba", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.38, "x": 0.59, "y": 0.83 }, "kind": "callout", "text": "Success With Large Scale Merchants", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce677bfe-4ef6-4bd7-97d6-ea08ada74ce6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.35, "x": 0.2, "y": 0.83 }, "kind": "callout", "text": "Attended Concordia University Does Not Mean Graduated From Concordia", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f888eb01-b499-42af-964a-bf8c64c6a131", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "CEO Fayer’s biography has many open hole questions. First, it says he started Nuvei as Pivotal Payments in 2003. However, it fails to say what exactly he did prior to 2003.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-48589bef7e9c", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.48, "x": 0.07, "y": 0.33 }, "kind": "image", "text": "Philip Fayer biography screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ef8f8f3-e3fb-4621-8e39-1340a0865438", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "paragraph", "text": "CEO Fayer's biography has many open hole questions. First, it says he started Nuvei as Pivotal Payments in 2003. However, it fails to say what exactly he did prior to 2003. Also notice his biography claims \"the Company expanded organically\". However, there is no time frame associated with this organic growth claim. Lastly, his biography states he \"attended Concordia University\". However, it does not say he graduated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f063a90c-8ac6-4734-81a6-a0cf1de5326f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "This is actually his second successful business. His first, Paysystems Corp., made millions of dollars and served 23,000 Internet merchants. He was in his early twenties then, making deals with several large international banks. The billing aggregator collected and then dispersed merchant funds. A change to regulations made the business model insolvent and forced Mr. Fayer to rethink his strategy. — Philip Fayer, 31 Quebec, June 2021, Globe & Mail", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-4e8bcb05798e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.04, "y": 0.83 }, "kind": "source-note", "text": "Source: Nuvei website (Red emphasis Spruce Point)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5525a56-d921-41cb-bb99-c31c2f1f9d97", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.305, "y": 0.05 }, "kind": "title", "text": "A Critical Look At The Biography of Nuvei's CEO", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c59f302f-16aa-4049-b986-2b4a5bbfe703", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "be63f855-4c78-4080-a831-21fe8b825196", "evidence": "Systematic questioning of CEO biography claims to cast doubt on credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:36.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "tension", "title": "Uses red boxes to highlight the contradiction and the specific claims being challenged.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 10, "textChars": 2595, "nDataPoints": 0, "notes": "Uses red boxes to highlight the contradiction and the specific claims being challenged.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:27:55.211+00", "seconds": 3.72, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/14", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "He didn't return to complete his undergraduate degree.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-66ea01ff0a3e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.04, "y": 0.41 }, "kind": "image", "text": "Fayer's Bio In 2004 Says He Graduated From Concordia", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7387fc98-5e48-4896-b082-a070ed63b64a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.41, "x": 0.55, "y": 0.41 }, "kind": "paragraph", "text": "Fayer’s Profile In Canada’s National Post Six Years Later in 2010 Says He Didn’t Graduate", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "688d2a99-345e-4352-971a-e601c11b1ff8", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "paragraph", "text": "Another public source says he attended Valley Forge Military Academy and College in Pennsylvania, a college prep boarding school.(1) An article from the late 1990s discussing Valley Forge Military Academy says, “Military schools still have the reputation as a dumping ground for boys in trouble, and a significant number of current Valley Forge cadets fit the profile,” and further that “Honor codes that prohibit lying, cheating and stealing are fixtures at all military schools.” (1,2) According to his former public biography on the PaySystems website (2004), Mr. Fayer says he graduated with a Bachelor of Commerce from Concordia University and an Associates Degree in International Business from Northwood University. Six years later in a National Post article, Fayer was interviewed and it was reported he didn’t return to Concordia to complete his undergraduate degree.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c1088f0-bfe3-4c35-ad18-b9a1a54da33e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.41, "x": 0.55, "y": 0.51 }, "kind": "paragraph", "text": "“He started Pivotal Payments during what was supposed to be a semester off while studying at Concordia University. “I definitely felt like my age was, and still is, a disadvantage,” Fayer said. “It just means I have had to recruit talented people that can help guide and build the business and who I can continue to learn from.” He didn’t return to complete his undergraduate degree.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4ce8ccf-fe3b-4419-8a06-09ad22a679f7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Military schools still have the reputation as a dumping ground for boys in trouble, and a significant number of current Valley Forge cadets fit the profile,\" and further that \"Honor codes that prohibit lying, cheating and stealing are fixtures at all military schools.\" — Baltimore Sun, May 31, 1998. \"He started Pivotal Payments during what was supposed to be a semester off while studying at Concordia University. 'I definitely felt like my age was, and still is, a disadvantage,' Fayer said. 'It just means I have had to recruit talented people that can help guide and build the business and who I can continue to learn from.' He didn't return to complete his undergraduate degree.\" — National Post, April 7, 2010.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-6829870f8307", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "1) “Philip Fayer, 31 Quebec,” June 2021, Globe & Mail\n2) “Military schools bask in attention to values, conduct But high tuition and long waiting lists are commonplace,” Baltimore Sun, May 31, 1998", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31f26ad0-81fb-450d-ab8c-d26c2a4d47f3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.04, "y": 0.89 }, "kind": "source-note", "text": "Source: Wayback Machine, PaySystems 2004 (Red emphasis Spruce Point)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fc35a01-6933-42d2-a46d-feb0682f40fe", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.41, "x": 0.55, "y": 0.89 }, "kind": "source-note", "text": "Source: “Thinking Small Forges Big Payoff,” April 7, 2010, National Post", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "836dd2f7-8d15-41b6-9f35-4ddb988fb290", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "CEO Fayer Has Misrepresented His Educational Credentials In His Past Public Biography", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78f32370-72b3-4560-8b46-d6bdd8019a37", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2f2d2e35-d5ea-4e4a-931b-806c68f1e9e9", "evidence": "The slide explicitly contrasts past claims with later evidence to expose a misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:27:55.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "tension", "title": "Uses a red-bordered callout box to emphasize the contradiction and the criminal record finding.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 2229, "nDataPoints": 0, "notes": "Uses a red-bordered callout box to emphasize the contradiction and the criminal record finding.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "photo", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:37.326+00", "seconds": 3.88, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/15", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.0017 }, "kind": "callout", "text": "CEO Fayer had an interest in racing cars with PaySystems sponsoring his car. Using the Wayback Machine, we find his biography listed on the Toyota Atlantic race series from 2003 -2004. On this biography, which was public during the same period his corporate biography said he had already graduated from schools in Montreal and Michigan, it says he attended college in West Palm Beach, Florida. If this were incorrect, why wouldn't Mr. Fayer have corrected it over the span of 18 months? A review of Palm Beach County court public records reveal that a Philip Fayer was arrested in a criminal traffic case in 1998.(1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7830ec5-438e-44e1-addc-e69afb750341", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "If this were incorrect, why wouldn't Mr. Fayer have corrected it over the span of 18 months? A review of Palm Beach County court public records reveal that a Philip Fayer was arrested in a criminal traffic case in 1998.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-9883cc571126", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.4, "x": 0.57, "y": 0.48 }, "kind": "image", "text": "Racing car photos", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07b6d5e3-274a-479b-95e5-8eef85cef539", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.53, "x": 0.03, "y": 0.48 }, "kind": "paragraph", "text": "Experience\n2004 Outlook\nFayer returns to the Toyota Atlantic Championship for a second year of competition. He joins Polestar Racing Group and will team with rookie Jonathan Bomarito.\n2003\nMade his Toyota Atlantic debut with Starwood Team Jensen. In eight starts, posted a best finish of ninth at Toronto and also had a top-10 result with a Trois-Rivieres. Top start of 12th came at Portland. Finished 16th in the final point standings.\nEarly Career\nFayer has experience in numerous open-wheel race cars, including Formula 2000, Formula 1600 and Skip Barber cars. Fayer recently contested a hectic fall and winter season in the SCCA national competition with Jensen Motorsport, showing great promise with multiple race wins and pole positions.\nFayer is Canadian, single, and enjoys fast cars, business, and world travel. His family heritage is Canadian, Belgian and Canadian, and Fayer attended college in West Palm Beach, Florida.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b19e1fe-34c0-45e9-9046-8c0c3948ada2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.5, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Wayback Machine. ToyotaAtlantic.com driver profile, May 2003 to October 2004. Red emphasis Spruce Point\n1) Public interest search of Palm Beach Florida Court Records", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd9d3c66-462f-4314-8d69-734a78512769", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.94, "x": 0.03, "y": 0.39 }, "kind": "title", "text": "Fayer’s Racing Biography (2003 – 2004) Says He Attended College In West Palm Beach, Florida After His Other Biography Says He Had Already Attended And Graduated From Two Other Universities", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08fd3c1b-0c71-4604-a60a-717f0bb26143", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Schooling In West Palm Beach And Criminal Arrest Record In Palm Beach County, Florida", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a882367-41f8-4833-9657-1708a9fb58e6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "48786c4a-8e57-4897-987e-e472403911bf", "evidence": "The slide explicitly links a biographical inconsistency to a criminal record search to cast doubt on the CEO's integrity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:37.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "tension", "title": "The slide uses a 'before-after' style comparison of company branding versus public perception/complaints.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 14, "textChars": 1676, "nDataPoints": 0, "notes": "The slide uses a 'before-after' style comparison of company branding versus public perception/complaints.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:37.963+00", "seconds": 4.351, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/16", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.29 }, "kind": "callout", "text": "Phil Fayer's Businesses Have Each Come Under Scrutiny - Each Time A Name Change And Re-Brand", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a9459e2-be5d-49c8-abcd-f808f3d42bc3", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "CEO Fayer’s businesses have each come under scrutiny. His current biography says he founded Pivotal Payments (now Nuvei) in 2003. However, it doesn’t talk about the fact that his Company PaySystems was still operating in 2004. PaySystems ended poorly with consumers putting up websites such as PaySystemsFraud.com. Even today, industry reviews claim that Nuvei is nothing more than a continuation of Pivotal’s old shady practices.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-166446ba79e3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.12, "x": 0.12, "y": 0.37 }, "kind": "image", "text": "PaySystems Logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73a5eba8-5bf9-46ad-be0e-a20d7fef3c8c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.12, "x": 0.78, "y": 0.37 }, "kind": "image", "text": "Nuvei Logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a411e207-fbe0-4dc8-9d31-1f0ad5a7ea30", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.16, "x": 0.42, "y": 0.37 }, "kind": "image", "text": "Pivotal Payments Logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c14d7215-9888-4e12-aa9e-8384c05f1332", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.3, "x": 0.65, "y": 0.55 }, "kind": "image", "text": "Merchant Maverick review screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "045553ea-59ac-4c67-883e-354fa8da04a7", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.3, "x": 0.05, "y": 0.55 }, "kind": "image", "text": "PaySystemsFraud.com screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "581d7f4e-b7d8-4410-8108-ef7178a3b95e", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.28, "x": 0.36, "y": 0.55 }, "kind": "image", "text": "PivotalPaymentsSucks blog screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebd1d797-eab2-4486-bfec-5d0c5fbf8945", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "CEO Fayer's businesses have each come under scrutiny. His current biography says he founded Pivotal Payments (now Nuvei) in 2003. However, it doesn't talk about the fact that his Company PaySystems was still operating in 2004. PaySystems ended poorly with consumers putting up websites such as PaySystemsFraud.com. Even today, industry reviews claim that Nuvei is nothing more than a continuation of Pivotal's old shady practices.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0daa398f-f36c-4f7e-a2b1-6069d6319915", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We will not stand back idly and watch as PaySystems strips us of our money and our dreams” — PaySystemsFraud.com. \"This blog is dedicated to all those unfortunate customers of Pivotal Payments who would like to vent their frustration or expose the company for the incompetent liars they really are\" — PivotalPaymentsSucks Blog. \"Nuvei seems content to continue following the same, old shady practices....\" — Merchant Maverick.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-1b1e0d128543", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.36, "y": 0.95 }, "kind": "source-note", "text": "Source: PivotalPaymentsSucks Blog", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86f3d099-3e0a-459b-a257-86906795f5e1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Wayback Machine, PaySystemsFraud.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa02ae68-2156-42eb-8a08-a84267a4367f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.65, "y": 0.95 }, "kind": "source-note", "text": "Source: Merchantmaverick.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d91102ae-60fb-4470-963c-350e6613ff91", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.44, "x": 0.28, "y": 0.04 }, "kind": "title", "text": "Fool Me Once, Fool Me Twice, But Three Times?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39bf3256-4358-4905-93d5-f76054d0e294", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f2cf84ae-60a7-418f-8f3b-400f21d1c94d", "evidence": "The slide frames Phil Fayer as a serial offender by linking his past companies to fraud allegations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:37.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "tension", "title": "The slide uses screenshots of external websites to demonstrate widespread dissatisfaction and organized opposition.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 8, "textChars": 356, "nDataPoints": 0, "notes": "The slide uses screenshots of external websites to demonstrate widespread dissatisfaction and organized opposition.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:37.078+00", "seconds": 3.418, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/17", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.85, "x": 0.075, "y": 0.17 }, "kind": "callout", "text": "Multiple internet sites were created by merchants that lost money and were affected by the failure of PaySystems.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72469875-1af4-48fe-a602-9b188f7eb145", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.38, "x": 0.11, "y": 0.35 }, "kind": "image", "text": "Screenshot of petition site", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21d1a20b-0434-44fe-9859-331b46948150", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.5, "x": 0.25, "y": 0.75 }, "kind": "image", "text": "Screenshot of chat room info", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "375b718e-a723-457a-8c47-f560d4977deb", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.35, "x": 0.55, "y": 0.35 }, "kind": "image", "text": "Screenshot of action site", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e93940e9-512c-4ce0-8ce6-aa42c8c9520e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.28, "y": 0.97 }, "kind": "source-note", "text": "Source: Wayback Machine, pslawsuit.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0753d10a-4f5b-4b47-9ef6-0b05add00989", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.715 }, "kind": "source-note", "text": "Source: Wayback Machine, PetitionOnline.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39ecf170-65bb-4e0a-9c7c-5f4ce3d03f3f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.55, "y": 0.715 }, "kind": "source-note", "text": "Source: Wayback Machine, www.psaction.org", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aeda98d0-c9a1-407e-bdff-1d4fd33c3446", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.305, "y": 0.05 }, "kind": "title", "text": "Aggrieved Merchants of Fayer's PaySystems", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9233eb9c-ba2b-4cde-afc0-65679d0a2d90", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "tension", "title": "Uses screenshots of forum posts to establish negative reputation.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 6, "textChars": 328, "nDataPoints": 0, "notes": "Uses screenshots of forum posts to establish negative reputation.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:39.191+00", "seconds": 5.468, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/18", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.065, "w": 0.844, "x": 0.078, "y": 0.178 }, "kind": "callout", "text": "There are some internet forums where people don't mince words about what they think of CEO Fayer.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8895b335-7606-4f90-88af-608cd37e855a", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.95, "x": 0.025, "y": 0.405 }, "kind": "image", "text": "Forum post screenshots", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5428ba8c-8f68-4fd6-b2f9-587646dfffa6", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.844, "x": 0.078, "y": 0.331 }, "kind": "paragraph", "text": "“He Stole From You As He Did Indeed Steal From Me”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46956cb9-e919-47db-9d80-98bcc29f97a2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“He Stole From You As He Did Indeed Steal From Me” — MrPersistant (SitePoint Member)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-b06a5ab89192", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.2, "x": 0.025, "y": 0.915 }, "kind": "source-note", "text": "Source: Sitepoint.com\nRed emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd17be80-e885-4ca8-9f7b-759cd7dca734", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.385, "x": 0.306, "y": 0.065 }, "kind": "title", "text": "Fayer Has Some Vocal Critics", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb3f829f-a7ca-4824-8510-4c6fa0b36cb7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0fda4adc-eec9-46f9-a070-b2c695b34af9", "evidence": "The slide frames the CEO as a villain using external testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "tension", "title": "Uses a red flag icon and red bounding box to emphasize the 'dark history' narrative.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 7, "textChars": 1229, "nDataPoints": 0, "notes": "Uses a red flag icon and red bounding box to emphasize the 'dark history' narrative.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:40.496+00", "seconds": 6.711, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/19", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Nuvei (formerly Pivotal Payments) has a dark history in Canada. An investigation of small businesses across Canada reporting hidden charges and misleading sales practices pointed to Pivotal. A spokesman described its salespeople as \"sometimes overzealous.\" We will evaluate current sales practices to see what has changed under Nuvei, which has continued to be run under the leadership of founder and CEO Phil Fayer.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa988d22-baa4-4a8a-8f06-a0d6869b9b8b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei (formerly Pivotal Payments) has a dark history in Canada. An investigation of small businesses across Canada reporting hidden charges and misleading sales practices pointed to Pivotal. A spokesman described its salespeople as \"sometimes overzealous.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-9896214b5a04", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "paragraph", "text": "\"Overzealous Sales People\" At Pivotal Payments", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b7d529f-87dc-44c4-975a-ff12cba391f7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"In an interview, Pivotal spokesman Damien Tannenbaum said salespeople are sometimes overzealous in how they represent the product, but those cases are rare and dealt with swiftly.\" — Damien Tannenbaum, Pivotal spokesman", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-9d6019f33fbc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: \"Businesses hit by hidden fees from credit card machines,\" CBC News, March 22, 2012", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26484c64-75de-4ce6-bdf3-c3437e3bf567", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "table", "text": "Left column: CBC News report on hidden fees. Right column: Specific customer anecdote and company response regarding 'overzealous' staff.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0261e4f3-c8e0-48ee-9915-9337e22849eb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "Nuvei Has A Dark History: All Under The Current CEO And Founder", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67a5a64b-a932-4278-92ea-23d0ddab8423", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e1cfbc4f-da3d-4446-8d79-414fa4c93e29", "evidence": "Frames the CEO and company as having a 'dark history' and 'overzealous' practices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:40.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "tension", "title": "The slide uses a third-party review (MerchantMaverick) to validate the activist's negative thesis about the company's business model.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 849, "nDataPoints": 0, "notes": "The slide uses a third-party review (MerchantMaverick) to validate the activist's negative thesis about the company's business model.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:36.587+00", "seconds": 2.653, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/20", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.84, "x": 0.08, "y": 0.17 }, "kind": "callout", "text": "Final verdict: \"Nuvei seems content to continue following the same, old shady practices....\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1722bde-49ba-488d-9a56-b07f57af2650", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei seems content to continue following the same, old shady practices....", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-2ee4b9e5d2d0", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.84, "x": 0.08, "y": 0.27 }, "kind": "paragraph", "text": "Pivotal Payments review content detailing concerns about rebranding, long-term contracts, early termination fees, and independent sales agents.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5618e74-ed85-412d-81a7-e2c4125c6dbd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“When a company rebrands itself, it’s a chance to shake up the old ways of doing business and introduce a new approach that offers more value to its customers. Unfortunately, Nuvei seems to have missed this opportunity entirely with the switch from the Pivotal Payments brand name.” — Merchantmaverick.com", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-31d254c0fec7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Merchantmaverick.com. Red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "518d8272-af27-47e3-88e8-372dd58c316e", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.39, "x": 0.53, "y": 0.715 }, "kind": "table", "text": "Pros: Multi-currency support, Next-day funding available. Cons: Early termination fee, independent sales agents, expensive leases, limited support, monthly fee.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef7c7622-2d64-430c-9ec5-ffb9e75ef272", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.38, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Nothing Has Changed", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d3ea3ef-5852-40d1-918f-919c9249b631", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0b7c2431-6b80-4562-aeed-4b8174d62b43", "evidence": "The slide frames the company as a 'villain' by highlighting 'shady practices' and poor customer service.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:36.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The villain (Nuvei Corp)", "beatId": "374f173c-32c4-44e1-8ebd-2f113df75107", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "tension", "title": "Uses red callout boxes to emphasize specific negative quotes from customer reviews.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 6, "textChars": 654, "nDataPoints": 0, "notes": "Uses red callout boxes to emphasize specific negative quotes from customer reviews.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:36.994+00", "seconds": 3.031, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/21", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.065, "w": 0.844, "x": 0.078, "y": 0.18 }, "kind": "callout", "text": "Current reviews of Nuvei on other websites express negative opinions of Nuvei.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25f32969-d026-4612-98f7-55c61af2e7b4", "parentComponentId": null }, { "bbox": { "h": 0.575, "w": 0.365, "x": 0.078, "y": 0.338 }, "kind": "image", "text": "Screenshot of Nuvei reviews from Cardpaymentoptions.com", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13c9df8d-da1c-4f98-b362-4baaccba56e9", "parentComponentId": null }, { "bbox": { "h": 0.485, "w": 0.378, "x": 0.498, "y": 0.4 }, "kind": "list", "text": "Five highlighted negative quotes from customer reviews.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81f76ec4-3d32-4fc8-a1aa-dad8bf6eb31c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Whole industry is shady as it gets but these guys are especially bad” — Kelly Scherr; “Outrageous fees most of which are higher than competitors” — DiFranco; “They lie, my bank hates them for that purpose” — Charity; “They are CROOKS! I have just audited my books. And found over $2,000 in extra fees they have slipped under my nose” — Todd Aimer; “I totally agree with stating they are CROOKS!” — Dawn Shearer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-8635d4b7e83e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.245, "x": 0.036, "y": 0.968 }, "kind": "source-note", "text": "Source: Cardpaymentoptions.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "606d8de4-b815-4d3b-b1d3-fad83d817aee", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.365, "x": 0.307, "y": 0.055 }, "kind": "title", "text": "Negative Reviews Continue", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e53d40c6-8b6b-4f58-bbbe-1b5f09c7f4d8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f7fa8a3a-f1ac-47fa-8043-f9f00c7ee133", "evidence": "Uses negative customer testimonials to frame the company as a villain/untrustworthy.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:33:36.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 22, "type": "tension", "title": "Uses red flag icon and callout boxes to emphasize negative sentiment.", "function": "expose_contradiction", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 10, "textChars": 768, "nDataPoints": 1, "notes": "Uses red flag icon and callout boxes to emphasize negative sentiment.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:38.16+00", "seconds": 4.111, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/22", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Current BBB reviews of Nuvei generally reflect a poor rating and frustrations echoed on other websites.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d479fa9-fe1e-4e7a-bf20-59d483f606f7", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.45, "x": 0.03, "y": 0.29 }, "kind": "image", "text": "Recent Nuvei Reviews list", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b41aa3a2-d733-4598-b897-d626817e35ff", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.52, "y": 0.033 }, "kind": "metric", "text": "2.33/5 Average of 12 Customer Reviews", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b094e7b6-d6d1-451c-9fea-3034b98f26bb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Customer Review Rating: 2.33/5", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-dac5e7f79aae", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.52, "y": 0.085 }, "kind": "quote", "text": "They also don't tell their clients when the machines need to be updated", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2d8d431-e32d-45be-98d4-998eda76c459", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.52, "y": 0.053 }, "kind": "quote", "text": "By far the worst merchant company. Not honest at all for anything", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3070bd4-b01f-49ac-baed-0082339b96ed", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.52, "y": 0.066 }, "kind": "quote", "text": "Horrible Company, Unprofessional, Rude. Has no business ethics whatsoever", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbecf608-4c6d-44ff-ba05-6fced219f746", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“By far the worst merchant company. Not honest at all for anything” — Rana K. (BBB Review). “Horrible Company, Unprofessional, Rude.” “Has no business ethics whatsoever” — Krisha B. (BBB Review). “They also don't tell their clients when the machines need to be updated” — Charity C. (BBB Review).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-d65106d5b8f0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.03, "y": 0.096 }, "kind": "source-note", "text": "Source: Better Business Bureau", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e83a7b7f-8aaa-49ea-a2cd-d952901ea88f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.305, "y": 0.05 }, "kind": "title", "text": "Better Business Bureau (\"BBB\") Reviews", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e22e988-ee54-499a-8c3b-d7f7a77b8095", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c5ebe9d7-ab2a-4383-a3e1-368d5a589d0f", "evidence": "Highlights negative customer sentiment to frame the company as a villain.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.16+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 23, "type": "setup", "title": "The slide uses the Spruce Point Capital Management logo (the tree) and branding.", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 4, "textChars": 383, "nDataPoints": 0, "notes": "The slide uses the Spruce Point Capital Management logo (the tree) and branding.", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:36.897+00", "seconds": 2.733, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/23", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "CFO And Chief Corporate Development Officer Biographies Obscure Leadership Roles At A Company Whose Parent Forfeited Criminal Proceeds", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e4-c613b38487d0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60b5901e-692f-43e3-b9ea-e25643abe9b8", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0b01406-22c2-4cbf-8553-986a8672a64e", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.6, "x": 0.35, "y": 0.35 }, "kind": "title", "text": "CFO And Chief Corporate Development Officer Biographies Obscure Leadership Roles At A Company Whose Parent Forfeited Criminal Proceeds", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:36.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bb18e8e-cc9d-4b80-b0a2-e2bf9ef8d179", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "Uses a red flag icon to draw attention to the primary claim.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 1067, "nDataPoints": 1, "notes": "Uses a red flag icon to draw attention to the primary claim.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:37.906+00", "seconds": 3.625, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/24", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.0016799999999999999 }, "kind": "callout", "text": "Nuvei's CFO David Schwartz provides a biography that fails to fully disclose that he was appointed the CFO of SureFire Commerce (TSX: FIR) in May 2002.(1) SureFire later changed its name to Terra Payments (TSX: TPI).(2) On Jan 20, 2004, Optimal Robotics merged with Terra Payments, which was renamed Optimal Payments.(3) SureFire owned and operated Firepay.com which some allege was a scam.(4)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47e119a7-ae99-41ef-9178-5e67a4a47efd", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei's CFO David Schwartz provides a biography that fails to fully disclose that he was appointed the CFO of SureFire Commerce (TSX: FIR) in May 2002.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-db1f87ab006e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.53, "y": 0.0038 }, "kind": "chart", "text": "SureFire Commerce / Terra Payments stock chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d66bbeec-b416-4748-ac7e-dd6ed1715135", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.01, "y": 0.0091 }, "kind": "disclaimer", "text": "1) Schwartz named CFO (Sedar) and his biography on the Wayback Machine at Terra Payments\n2) SureFire approves name change to Terra Payments (Sedar)\n3) Merger announcement (Sedar)\n4) Firepay and SureFire Commerce complaints", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30cbd25a-6d5d-4b43-a03b-71da5347b197", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.03, "y": 0.0038 }, "kind": "image", "text": "Biography snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae2100dc-9766-4b1e-a790-0f21321afc49", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Firepay, Surefire Commerce Fraud, threats, scam Ripoff Quebec — Canada-Complaints.com", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-debecb9ffa8f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.03, "y": 0.0065 }, "kind": "source-note", "text": "Source: Nuvei website, red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb1772cf-859b-4fc9-8283-a5727c94e0c0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.53, "y": 0.0083 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e534c225-0c7f-4509-adbf-a7367412718c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "CFO's Biography Fails To Disclose Historical Connection To SureFire Commerce And Firepay", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "946f15c2-1096-4cd0-8776-3e4a5526d13c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "01c1eeaf-e70b-4deb-ad43-045b872d6873", "evidence": "The slide explicitly links a corporate officer to a past entity associated with 'scam' allegations to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:37.906+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "Uses red boxes and arrows to highlight the discrepancy between the official bio and the FBI press release.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 9, "textChars": 946, "nDataPoints": 2, "notes": "Uses red boxes and arrows to highlight the discrepancy between the official bio and the FBI press release.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "headshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:38.093+00", "seconds": 3.695, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/25", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.95, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "Nuvei's CFO David Schwartz provides a biography that appears to obscure his involvement in an FBI investigated business tied to internet gambling.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f299dba8-b43c-40a9-91e8-3f7388aede7f", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.4, "x": 0.05, "y": 0.32 }, "kind": "image", "text": "FBI press release screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58b6407c-c2bb-4813-a1f2-8c9e64afa1b1", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.55, "x": 0.42, "y": 0.32 }, "kind": "image", "text": "Nuvei bio screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "858c6300-6b49-4e11-ad90-b5f648c0681a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.55, "x": 0.42, "y": 0.65 }, "kind": "image", "text": "FireOne Group annual report screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4a6336a-086c-414b-8b49-ed67335f0ed5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "PREET BHARARA, the United States Attorney for the Southern District of New York, and JOSEPH M. DEMAREST, JR., Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation, announced today that Optimal Group, Inc (\"Optimal\")—a company based in Canada and publicly traded on the NASDAQ—agreed to forfeit approximately $19.2 million in criminal proceeds derived from processing payments for illegal Internet gambling websites as part of a non-prosecution agreement (\"NPA\").", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d1-73a9-abc7-1136e74cf515", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "Source: FBI.gov October 30, 2009", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c916aa8-e754-4ea6-ae97-0ac5308b0c34", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.42, "y": 0.94 }, "kind": "source-note", "text": "Source: Excerpt from FireOne Group Plc 2005 Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d0d8ba7-89ce-4b70-b6f3-610b8817b2bb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.42, "y": 0.62 }, "kind": "source-note", "text": "Source: Nuvei website, red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f55eeaf0-0d77-4ea0-9d3d-082da31f9de3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "CFO's Biography Fails To Disclose Role At FBI Investigated Optimal Group, Inc", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1455305-d296-4718-9768-00323756cacd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c3d6724c-5ce9-4f63-8fc7-26d30c0acf5f", "evidence": "Contrasting official biography with legal records to expose material omission.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:38.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "The slide uses a red flag icon to signal a warning or 'red flag' event.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 7, "textChars": 622, "nDataPoints": 1, "notes": "The slide uses a red flag icon to signal a warning or 'red flag' event.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:37.956+00", "seconds": 3.354, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/26", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.84, "x": 0.08, "y": 0.16 }, "kind": "callout", "text": "In its short life as a public company, FireOne Group (AIM: FPA LN) destroyed tremendous shareholder value after its risky business became illegal. On October 13, 2006, the United States Unlawful Internet Gambling Enforcement Act of 2006 was enacted.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0616f3b6-ec83-4397-acd1-aaef76ae37f3", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In its short life as a public company, FireOne Group (AIM: FPA LN) destroyed tremendous shareholder value after its risky business became illegal.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-b6b2ced34452", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.68, "x": 0.16, "y": 0.36 }, "kind": "chart", "text": "FireOne Group’s Share Price on the London AIM Exchange", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1af37b4-d532-43fa-9740-72b779017f96", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.01, "y": 0.95 }, "kind": "disclaimer", "text": "1) Optimal Group’s 2016 10-K Annual Report\n2) Optimal announces offer to privatize FireOne Group (press release)", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "548a0741-5685-4621-9f82-eadd57b3d7fb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: 81%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e5-b93ddb21b4c5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.16, "y": 0.89 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37fe82fd-9626-4440-964b-b4f45ab451ba", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.307, "y": 0.025 }, "kind": "title", "text": "Schwartz’s FireOne Group Plc", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3aff5b01-da14-4017-ba4b-4328f17605c3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "41451681-b470-4195-aed2-f49408d89cdc", "evidence": "The slide explicitly links a regulatory change to the destruction of shareholder value and subsequent privatization, framing it as a negative corporate event.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:37.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "tension", "title": "Uses red boxes and arrows to draw attention to the discrepancy between historical records and current professional profiles.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 1195, "nDataPoints": 0, "notes": "Uses red boxes and arrows to draw attention to the discrepancy between historical records and current professional profiles.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:41.55+00", "seconds": 6.816, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/27", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.93, "x": 0.06, "y": 0.16 }, "kind": "callout", "text": "Neil Erlick was named Chief Corporate Development Officer of Nuvei in December 2020... he fails to state that he also worked at FireOne Group... Mr. Erlick's biography also fails to disclose he has a side business called Payment Sports & Entertainment.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "836db59d-772d-473c-b24a-4b7560285b71", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Neil Erlick was named Chief Corporate Development Officer of Nuvei in December 2020, making him a part of Nuvei’s Executive Management team. His biography states he, \"spent nearly two decades in senior leadership roles at Paysafe Group.\" However, similar to Schwartz’s biography, he fails to state that he also worked at FireOne Group, a separate publicly traded company, as a named executive during the time period from 2004-2006 where it processed billions in illegal gambling transactions for U.S. customers and forfeited $19.2 million in criminal proceeds.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-7ca291bef373", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.31, "x": 0.36, "y": 0.45 }, "kind": "image", "text": "Nuvei Press Release Announcing Neil Erlick", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2760f39b-8da3-4208-900e-7e5479b71747", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.31, "x": 0.68, "y": 0.45 }, "kind": "image", "text": "Mr. Erlick's LinkedIn", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28aa64ba-5a1e-4687-993a-fca1e0947c03", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.33, "x": 0.02, "y": 0.45 }, "kind": "image", "text": "FireOne Group website, Sept 2005 (Wayback Machine)", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "839ab1cd-e97d-4f5c-9bca-4285e41ee265", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "spent nearly two decades in senior leadership roles at Paysafe Group. — Neil Erlick's biography", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-830fefed7101", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.02, "y": 0.093 }, "kind": "source-note", "text": "1) Nuvei's Executive Management (website) 2) Elrick's Payment Sports & Entertainment (website)", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50407d25-aeca-40f4-a508-5caba0c41f5a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "Chief Corporate Development Officer Also Obscures Executive Role At FireOne Group", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55758a44-7f0c-49de-939b-b82ceda4546e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5ab5a78a-3828-4830-b57e-76e572479d67", "evidence": "Exposing omitted professional history related to controversial past entities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:41.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 28, "type": "tension", "title": "Uses a red flag icon to highlight the contradiction/risk.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 9, "textChars": 1112, "nDataPoints": 2, "notes": "Uses a red flag icon to highlight the contradiction/risk.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "screenshot", "headshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:38.587+00", "seconds": 3.703, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/28", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "When Nuvei acquired SafeCharge in 2019, by far its largest acquisition for approximately $900 million - which we will explore later in this report - it was blessed by SafeCharge's Chairman Roger Withers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-19f4812163db", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.53, "y": 0.6 }, "kind": "image", "text": "SafeCharge 2018 Annual Report excerpt", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74370e15-b6c1-4a7c-aa8a-e78629716432", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.03, "y": 0.6 }, "kind": "image", "text": "FireOne Group 2005 Annual Report excerpt", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c06287b8-8d6e-4129-a721-0a1d209cbde2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.07, "y": 0.16 }, "kind": "paragraph", "text": "When Nuvei acquired SafeCharge in 2019... it was blessed by SafeCharge's Chairman Roger Withers. Mr. Withers' biography... lists his association with many companies... However, his biography fails to disclose that he was also a Senior Independent Director at FireOne Group Plc - the exact same company that Nuvei's CFO Schwartz was also CFO.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de949ac4-1da6-4a0a-a0c2-0f9f3f584612", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.84, "x": 0.15, "y": 0.41 }, "kind": "quote", "text": "The board is unanimously recommending this all-cash offer by Nuvei to buy SafeCharge at an attractive premium, which represents compelling value for SafeCharge shareholders", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39590be6-e891-4f88-b2e6-9bb7e7d03780", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The board is unanimously recommending this all-cash offer by Nuvei to buy SafeCharge at an attractive premium, which represents compelling value for SafeCharge shareholders\" — igamingbusiness.com", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-1d6f20760c4f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: FireOne Group 2005 Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb6db9fc-92cd-4a8b-a12f-8ed7299cce42", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.53, "y": 0.85 }, "kind": "source-note", "text": "Source: SafeCharge 2018 Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c08079fa-e228-420e-a9da-0ce418724b3d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.67, "x": 0.305, "y": 0.04 }, "kind": "title", "text": "SafeCharge Chairman Linked Back To Nuvei's CFO", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d84a39bc-b971-419c-bdb7-4c6b30b216c5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "00273f0c-f820-4d17-8c5a-870892b64e29", "evidence": "Exposing undisclosed links between executives and entities involved in criminal activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.587+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 29, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 191, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:39.195+00", "seconds": 4.019, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/29", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0421a29-f046-495b-90ed-8dd0c023ce8c", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c47f8f32-123c-4039-ac1f-2c1b767ddf08", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.34, "y": 0.4 }, "kind": "title", "text": "Evidence That Nuvei Has Experienced Declining North American Organic Growth", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3280fdb-1adb-46f7-872a-674557301585", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "Uses Wayback Machine screenshots to demonstrate historical merchant count claims.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 1015, "nDataPoints": 3, "notes": "Uses Wayback Machine screenshots to demonstrate historical merchant count claims.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "headshot", "screenshot", "icon_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:38.521+00", "seconds": 3.285, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/30", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.16 }, "kind": "callout", "text": "Nuvei’s prospectus still warns it has a significant percentage of SMB merchants, but it does not quantity how many. The CEO’s prior biography emphasized SMBs, but now on references “large scale” merchants. At worst, there is evidence of substantial merchant customer decline in Nuvei’s business. Using the Wayback Machine, we see it claimed 90,000 merchants starting from Nov 2015 – July 2017.(1) This figure declined to 70,000 merchants in March 2019. Currently, it claims 50,000+ merchants as of 12/31/20 and does not provide quarterly updates.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17bc9696-b9ee-4496-9cea-7bbad29e9ccf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.8, "y": 0.73 }, "kind": "callout", "text": "Notice the language difference of 70,000 merchants on the CEO's bio while the website said 50,000+", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df872783-d24c-448f-88b4-ea5bc977950a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "At worst, there is evidence of substantial merchant customer decline in Nuvei's business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-3733e1079fbc", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.42, "x": 0.08, "y": 0.31 }, "kind": "image", "text": "Nov 2015 to July 2017: 90,000 Merchants", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86fcddb7-d9fa-485a-ad29-964ea3118eb8", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.42, "x": 0.52, "y": 0.31 }, "kind": "image", "text": "March 2019: 70,000 Merchants", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c86d80df-13c2-4429-8650-7ce7c3828294", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.08, "y": 0.73 }, "kind": "list", "text": "Jan 2019-Today: 50,000+ Merchants", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "770c2882-7786-4171-b721-ee1ed1043a5a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "merchant count: 50,000+", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-3b4f92423b62", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "1) Prior to this, Pivotal was claiming 70,000 merchants and $12 billon of annual transaction volume", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d7ad1c1-5a89-4496-ad7a-20657a230bac", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "Evidence of Significant Decline In Merchants Served By Nuvei", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8df08550-2f6c-49a4-b24b-12d2677d6be3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "349183bb-a0cc-4a2e-81f5-773dcb0ff850", "evidence": "Contrasting historical data with current claims to suggest misleading disclosures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "tension", "title": "Uses red boxes and underlines to highlight the discrepancy between historical claims and IPO filings.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 887, "nDataPoints": 4, "notes": "Uses red boxes and underlines to highlight the discrepancy between historical claims and IPO filings.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:39.003+00", "seconds": 3.756, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/31", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Spruce Point finds an old Canadian article indicating that Fayer’s Pivotal Payments had $150 million of sales in 2010 and was growing 25% to 45% per year. Fast forward to its IPO, Nuvei’s prospectus reported $150 million of sales in 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e777ab4e-3eb3-44f7-b8b7-f0feb7e0ca6a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.41, "x": 0.08, "y": 0.52 }, "kind": "paragraph", "text": "Founded in Montreal in 2003, the company specializing in the processing of payments made to merchants (credit, debit, etc.) now has sales of $ 150 million. The firm is growing 25% to 40% per year, says the Philip Fayer.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4697ec9-ec3c-47af-a748-ed33842d1adb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.92 }, "kind": "source-note", "text": "1) The C$ average exchange rate in 2010 was ~C$ 1.03 per US$. Therefore the $150m figures are approximately the same whether expressed in C$ or US$ 2) “Good Days For PaySystems Corp,” March 2002, GreenSheet.com", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e593e63-e34e-4785-862c-bdf1e0ff8f2d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.85 }, "kind": "source-note", "text": "Source: “Phil Fayer, a go-getter leader,” Aug 2010, LesAffiares.com; Nuvei IPO Prospectus at Sedar.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3fe69db-08b3-4efc-97dc-28a9bcc95d6d", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.41, "x": 0.51, "y": 0.44 }, "kind": "table", "text": "Nuvei Revenue 2018: $150 Million (Income Statement snippet)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad39a7c8-d31d-4c4d-80a9-4e71bb42e140", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "Evidence Points To A Prolonged Period of No Growth At Nuvei", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f548762-d3d6-4971-b111-f1023edc1406", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7bb6300c-ac4a-4da8-a9f8-6bfde3ff1c16", "evidence": "Contrasting historical revenue claims with IPO filings to suggest stagnation/misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 32, "type": "tension", "title": "The slide uses a red box to highlight the negative growth percentages for Canada and the U.S. in 2020.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 6, "textChars": 1207, "nDataPoints": 20, "notes": "The slide uses a red box to highlight the negative growth percentages for Canada and the U.S. in 2020.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:38.337+00", "seconds": 3.026, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/32", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Nuvei does not draw attention in its press releases to organic growth by region. However, by taking a close look at Nuvei's geographic revenue reporting, we find evidence of single digit organic growth decline in the U.S. and Canada. Its acquisition of SafeCharge in 2019 added Europe and Rest of World line item reporting.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b436fea-79b8-4fa2-bdf5-3a439fdfa6c7", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei does not draw attention in its press releases to organic growth by region. However, by taking a close look at Nuvei's geographic revenue reporting, we find evidence of single digit organic growth decline in the U.S. and Canada.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-02443e9803f4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "YoY Growth: -7.6%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-0696ce9687f5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.87 }, "kind": "source-note", "text": "Source: Nuvei IPO Prospectus at Sedar.com; 2020 Annual Report. 1) SafeCharge closed Aug 1, 2019 and its historical geographic reporting was UK, EU and RoW. 2) CreditGuard had $2.9m of sales in 2013 upon acquisition and was reported a mid single digit grower by SafeCharge. We estimate it had $3.7m of annual sales in 2020. We believe all the sales were to Israel and have classified them under Rest of World (RoW)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93b90892-829f-4b32-ad03-8d7509dd549c", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.94, "x": 0.03, "y": 0.38 }, "kind": "table", "text": "Estimating Recent North American Organic Growth table showing revenue by region for 2018, 2019, and 2020 with YoY growth calculations.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d48fcec-de92-4020-a2b8-000adb0b026b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Evidence Nuvei Has Experienced Negative Organic Growth In North America (U.S. & Canada)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccc0e2d8-7560-4332-b2f8-ba9a69609e4a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "487ff1b4-5eae-475a-ba81-5a0d21bcfc50", "evidence": "The slide explicitly aims to expose negative organic growth that the company is not highlighting in its own reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 33, "type": "tension", "title": "The slide uses a 'Spruce Point Question' vs 'Former Nuvei Executive' format to frame the expert testimony.", "function": "expose_contradiction", "rawType": "ceo_quote", "block": null, "metadata": { "slideType": "ceo_quote", "slideTypeCanon": { "name": "CEO quote", "slug": "ceo_quote", "status": "active", "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 2199, "nDataPoints": 0, "notes": "The slide uses a 'Spruce Point Question' vs 'Former Nuvei Executive' format to frame the expert testimony.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:38.004+00", "seconds": 2.682, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/33", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.082, "y": 0.182 }, "kind": "callout", "text": "Nuvei doesn’t give investors color on what is causing the apparent decline of North American revenue. As a result, we interviewed a former Nuvei executive who gave us his opinion of the dynamics in the marketplace.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bcec8f2-5c9c-4a17-aa3f-cdfdaac4b30d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei doesn't give investors color on what is causing the apparent decline of North American revenue. As a result, we interviewed a former Nuvei executive who gave us his opinion of the dynamics in the marketplace.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-d37b6a7ffc78", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.867, "x": 0.115, "y": 0.452 }, "kind": "quote", "text": "It is about as competitive as wealth management is in the United States. The U.S. market is really crowded... Pivotal was not really a player in the ISV business and was just behind significantly in the technology delivery... I would say you would see a decline in those numbers because that market is being dominated by their competitors.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6877cabb-ecd7-4059-9a4e-ee51f50788b1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.867, "x": 0.115, "y": 0.332 }, "kind": "quote", "text": "What is happening that is causing the decline in North America?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bab097c2-c71e-42e8-8da1-a36580a54684", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It is about as competitive as wealth management is in the United States. There is a lot of margin to be made and because of that there is a lot of competition. The U.S. market is really crowded. Some get big and some get destroyed. Most grow small segments in market niches, and then sell the company as their primary strategy. Everywhere is less competitive than the U.S. market. Over the last 15 years there has been an evolution to integrated software, integrated payments, cards on file, mobile, online, all these things really being supported by software as a service or ISV. Pivotal was not really a player in the ISV business and was just behind significantly in the technology delivery, integration, flexibility and products and services offered to the ISV market. They were lagging in that business and using a gateway company, Worldnet, as their primary infrastructure. Most other payment products in the market owned their own infrastructure. When you own the infrastructure, you get to decide ultimately the product roadmap as opposed to when you use a third party, you have to compete for products, services and direction. I would say you would see a decline in those numbers because that market is being dominated by their competitors. — Former Nuvei Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-d4f7a56c4ac7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.04, "y": 0.86 }, "kind": "source-note", "text": "Source: Spruce Point interview", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a6b7b33-f199-4b57-b822-88043b035358", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.314, "y": 0.025 }, "kind": "title", "text": "Former Executive Insights On North American Marketplace For Nuvei", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc36d177-372e-43d4-b15a-ae2840b57661", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ab8123e0-e42c-4965-ab35-0067ff9ed1af", "evidence": "Use of former executive interview to validate investment thesis", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "expert-testimony" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 34, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 186, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:37.677+00", "seconds": 2.336, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/34", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.53, "x": 0.45, "y": 0.955 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bec0d61e-34cf-4588-82c2-847e0e944d85", "parentComponentId": null }, { "bbox": { "h": 0.267, "w": 0.2, "x": 0.073, "y": 0.306 }, "kind": "image", "text": "Spruce tree logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e553c696-877b-47f2-999a-170f6b7ab305", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.51, "x": 0.345, "y": 0.435 }, "kind": "title", "text": "A Closer Look At Nuvei’s North American Growth Partners", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:37.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a7f0bd5-30dd-4c3d-bcea-afc62826401d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 35, "type": "tension", "title": "The slide uses a tree icon, likely a branding element for Spruce Point Capital Management.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 4, "textChars": 405, "nDataPoints": 1, "notes": "The slide uses a tree icon, likely a branding element for Spruce Point Capital Management.", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:38.206+00", "seconds": 2.517, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/35", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Why Did Allan Lacoste - Nuvei’s Top EVP of North American Partnerships – Mysteriously Disappear After Being Referenced In An Alleged $100M Fraud?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-5ac4860d726f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34118cb5-4e8b-4676-9ea5-212c17d6b579", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a740a94-da76-4f0b-a3ab-73a0668ced54", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.6, "x": 0.35, "y": 0.35 }, "kind": "title", "text": "Why Did Allan Lacoste - Nuvei’s Top EVP of North American Partnerships – Mysteriously Disappear After Being Referenced In An Alleged $100M Fraud?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:38.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19a2a2a9-348f-4690-a2d4-0e1ef60a0714", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "234de2d3-9af1-40af-95b9-0377dcfc0f93", "evidence": "The slide explicitly links an executive departure to an alleged $100M fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:38.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 36, "type": "tension", "title": "Uses red boxes and underlines to draw attention to the specific contradiction in dates.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 1445, "nDataPoints": 0, "notes": "Uses red boxes and underlines to draw attention to the specific contradiction in dates.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.84+00", "seconds": 6.536, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/36", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "There is a clear timeline inconsistency on Mr. Lacoste's Nuvei biography which says he worked at TMS starting at September 2015. This is contradicted by TMS's press release which says he was hired March 2016.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-6618479736e5", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "On August 28, 2017 Pivotal Payments announced the hiring of Allan Lacoste... There is a clear timeline inconsistency on Mr. Lacoste's Nuvei biography which says he worked at TMS starting at September 2015. This is contradicted by TMS's press release which says he was hired March 2016.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "930f72cc-c0ff-469d-b5f9-9438e641cf36", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We are thrilled to have someone of Allan's background and caliber joining Pivotal and taking on this critical role. With the industry becoming increasingly competitive, Allan's proven track record of tactical sales, marketing and strategic partnerships will provide us with new growth opportunities and further enhance our position as a payments industry leader. — CEO Fayer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-6a2c71057eba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "1) Pivotal Payments hires... 2) Total Merchant Services Appoints... 3) Wayback Machine for Powerhouse Payments", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf9b656b-8b06-401b-a075-32c3155a3080", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "table", "text": "Allan Lacoste's Biography According To TMS: WOODLAND HILLS, Calif., March 8, 2016 /PRNewswire/ -- Total Merchant Services... announced that Allan Lacoste has joined the company as its new Director of ISO.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c50f9639-0f94-4d16-ac19-8626c5a0bd38", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "table", "text": "Allan Lacoste's Biography According To Nuvei: Mr. Lacoste is the Executive Vice-President... served as ISO Director at Total Merchant Services from September 2015 to April 2017.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe246014-2c5d-45ed-9814-721997e1482d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Allan Lacoste, Nuvei's EVP of North American Partnerships, Has A Biography Misstatement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "102b1879-4387-4dab-b71b-578504c30969", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "df0e3233-2f5a-445c-9ad6-3799ad52a5cf", "evidence": "Exposing biographical misstatements to undermine credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 37, "type": "tension", "title": "Uses a screenshot of a YouTube video as primary evidence for the claim.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 1133, "nDataPoints": 0, "notes": "Uses a screenshot of a YouTube video as primary evidence for the claim.", "elementsJson": [ "headline_text", "callout_box", "headshot", "screenshot" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:43.136+00", "seconds": 6.585, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/37", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Mr. Maaranu even alleges that when he visited the office he saw org charts that included “Philip something from Nuvei...as a corporate officer” – potentially a reference that CEO Fayer was involved?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-982b5386ac94", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.66, "x": 0.17, "y": 0.34 }, "kind": "image", "text": "YouTube video screenshot showing Darnell Ponder, Jon Lakatos, and Allen Lacoste.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e918a146-4e31-473f-9c5c-5118a9165b54", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "In a lawsuit filed in 2021 KHAAZRA MAARANU vs ECOMMERCE SAAS, LLC, Mr. Maaranu claims that his partner Darnell Ponder worked with Allan Lacoste of Nuvei and Jon Lakatos to facilitate movement of business to Tanagram Payments. He alleges Ponder and people he associated with engaged in unethical behavior to cheat clients and impair his equity in Ecommerce. Mr. Maaranu even alleges that when he visited the office he saw org charts that included \"Philip something from Nuvei...as a corporate officer\" – potentially a reference that CEO Fayer was involved?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c05d81ae-8f3c-443e-81b4-4116addc1748", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Philip something from Nuvei...as a corporate officer” — KHAAZRA MAARANU vs ECOMMERCE SAAS, LLC lawsuit.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-9fb83104c7dc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: YouTube. Note: See 10 minutes into video for reference to \"Philip from Nuvei as corporate officer\"", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb4b524b-80bb-47cc-be78-d0b533d05663", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Nuvei's Lacoste Allegedly Played A Role In A \"$100+ Million Fraudulent Corporate Takeover\"", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5babaa1a-0702-4610-b861-91f4a1849b26", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0a07b0c5-f117-484c-8c0d-8f80f61cd8ed", "evidence": "The slide explicitly frames the content as exposing a fraudulent corporate takeover.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:43.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 38, "type": "tension", "title": "Uses screenshots of legal documents with red highlights to emphasize specific allegations.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 5, "textChars": 418, "nDataPoints": 0, "notes": "Uses screenshots of legal documents with red highlights to emphasize specific allegations.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:39.229+00", "seconds": 2.638, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/38", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.175 }, "kind": "callout", "text": "The lawsuit alleges that Electronic Commerce was paying Allan Lacoste while he was an officer of Nuvei and that he was working out of their office and directing staff and employees.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f0eb940-1049-485b-a698-42ef3b42d3f3", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.38, "x": 0.11, "y": 0.285 }, "kind": "image", "text": "Page 14 of legal complaint", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5815f65b-43bb-4d8a-a138-b3fccaf08589", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.38, "x": 0.51, "y": 0.285 }, "kind": "image", "text": "Page 15 of legal complaint", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbb4567d-9749-4f16-be22-b86f0035d782", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.1, "y": 0.97 }, "kind": "source-note", "text": "Source: Case 8:21-cv-01407-DOC-JDE, KHAAZRA MAARANU vs ECOMMERCE SAAS, LLC and others, red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56c60ef5-d48e-4ee4-b17c-9af6d93ebc70", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Lawsuit Alleges Suspicious Business Activities of Nuvei Executive Lacoste", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2cefe7e-f89f-4b30-851c-db9c37ef57ae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bc582e4d-9fdb-4ab0-b87f-5de8d2fcfe41", "evidence": "Uses legal documentation to expose potential conflicts of interest and undisclosed payments.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.229+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "tension", "title": "Uses a red flag icon to draw attention to the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 7, "textChars": 576, "nDataPoints": 0, "notes": "Uses a red flag icon to draw attention to the contradiction.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:39.665+00", "seconds": 2.702, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/39", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Allan Lacoste's LinkedIn biography is no longer available. But the YouTube expose shows his LinkedIn biography which doesn't mention any involvement with Electronic Commerce LLC or Tangram Payments.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e61874fc-dee8-4e3e-9d78-372bfdbf3954", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Allan Lacoste’s LinkedIn biography is no longer available. But the YouTube expose shows his LinkedIn biography which doesn’t mention any involvement with Electronic Commerce LLC or Tangram Payments.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-00846f1bf1c5", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.42, "x": 0.55, "y": 0.34 }, "kind": "image", "text": "Screenshot of LinkedIn 'No results found' page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba1f25bc-787a-47ee-ae9b-85066b62945f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.34 }, "kind": "image", "text": "Screenshot of YouTube video showing LinkedIn profile", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db2a7881-d4ee-4a38-b525-3434813f3ba1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.02, "y": 0.82 }, "kind": "source-note", "text": "Source: YouTube", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "127f2d45-0be8-443a-a860-4d6569d94200", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.55, "y": 0.82 }, "kind": "source-note", "text": "Source: LinkedIn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80a8bbb8-7de1-4768-8dab-3f9dd6fecc60", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.04 }, "kind": "title", "text": "Allan Lacoste's LinkedIn Biography No Longer Exists", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5f0a3e6-1eb9-4857-9fbb-be7366a52b2b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b65f9233-99a0-4c4d-adf0-e6e282a29aa4", "evidence": "The slide uses visual evidence to expose a potential contradiction in a subject's professional history.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 40, "type": "tension", "title": "Uses a before-and-after screenshot comparison to flag a potential undisclosed departure.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 7, "textChars": 758, "nDataPoints": 0, "notes": "Uses a before-and-after screenshot comparison to flag a potential undisclosed departure.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:40.646+00", "seconds": 3.519, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/40", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.83, "x": 0.085, "y": 0.185 }, "kind": "callout", "text": "Nuvei filed with the SEC a registration statement on October 4, 2021 in which it attached the AIF dated March 17, 2021 showing Allan Lacoste as EVP Partnership Group, North America. However, it's possible that Allan Lacoste left Nuvei prior to this filing. On Nuvei's current website Mr. Lacoste is now absent.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "215bd458-8b43-482b-90fc-11b437c7b4d0", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei filed with the SEC a registration statement on October 4, 2021 in which it attached the AIF dated March 17, 2021 showing Allan Lacoste as EVP Partnership Group, North America. However, it’s possible that Allan Lacoste left Nuvei prior to this filing. On Nuvei’s current website Mr. Lacoste is now absent.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-dac451ac1e93", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.515, "y": 0.395 }, "kind": "image", "text": "After: Current website", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "091bbfbd-e7b3-4dfc-a16d-2bedb002544b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.038, "y": 0.395 }, "kind": "image", "text": "Before: March 2021 website", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da1d1dbd-45ec-4aca-b061-35b71a48fb0d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.048, "y": 0.885 }, "kind": "source-note", "text": "Source: Wayback Machine, March 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72eab19c-0378-4c76-a120-cfded12b9704", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.548, "y": 0.885 }, "kind": "source-note", "text": "Source: Nuveipartner.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6d13c42-ea2b-4c83-b852-5a3da33689b0", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.385, "x": 0.308, "y": 0.055 }, "kind": "title", "text": "What Happened To Allan Lacoste?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ac6631c-6d5b-44a4-838b-97ad2315f854", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9aa1c7c1-4cfd-484a-9f66-7e39f7ce0b0c", "evidence": "Compares two states of a website to highlight a discrepancy.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:33:40.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 41, "type": "tension", "title": "Uses a before-and-after visual comparison of a corporate website to suggest a potential governance or personnel issue.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 6, "textChars": 388, "nDataPoints": 0, "notes": "Uses a before-and-after visual comparison of a corporate website to suggest a potential governance or personnel issue.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:40.432+00", "seconds": 3.291, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/41", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-41", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.84, "x": 0.08, "y": 0.19 }, "kind": "callout", "text": "Nuvei listed Allan Lacoste below its CEO and CFO on the investor relations website. Most recently, his biography is no longer listed under Executive Management.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3da96384-92e0-4d0d-a215-b64ddd475bf8", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.46, "x": 0.02, "y": 0.34 }, "kind": "image", "text": "Screenshot of Nuvei IR website from March 2021 showing Allan Lacoste", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04f27703-a062-4af0-96e8-f807ef244c1f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.46, "x": 0.51, "y": 0.34 }, "kind": "image", "text": "Screenshot of current Nuvei IR website showing Lacoste is absent", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9e9d93e-96b3-4873-8c10-716f73fb43db", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.22, "x": 0.02, "y": 0.86 }, "kind": "source-note", "text": "Source: Wayback Machine, March 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f1a5783-9ca8-4245-93a7-4781199456ea", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.22, "x": 0.51, "y": 0.86 }, "kind": "source-note", "text": "Source: Nuvei Investor Website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb279040-d87e-4ddf-a979-63756a2f8f3d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "What Happened To Allan Lacoste?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:40.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd9480d0-8a6b-4070-9dea-91f2299b21ea", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9134eb2f-6390-4202-a58b-8bf5ef9ae4b2", "evidence": "The slide uses a before-and-after comparison to highlight a suspicious change in corporate disclosure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:40.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 42, "type": "tension", "title": "Uses a red flag icon to denote a 'red flag' or warning sign in the activist narrative.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 5, "textChars": 901, "nDataPoints": 0, "notes": "Uses a red flag icon to denote a 'red flag' or warning sign in the activist narrative.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:39.802+00", "seconds": 2.462, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/42", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.13, "w": 0.84, "x": 0.08, "y": 0.188 }, "kind": "callout", "text": "Amy Satov, Nuvei's Senior Legal Counsel, mysteriously disappeared from Nuvei's website after March 2021 and no regulatory filing was made. She was replaced by Lindsay Matthews in May 2021 as General Counsel and Corporate Secretary. The timing of her departure in relation to the departure of Allan Lacoste appears suspicious.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40cec792-741f-402c-afb5-12d0a16f9d1e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Amy Satov, Nuvei’s Senior Legal Counsel, mysteriously disappeared from Nuvei’s website after March 2021 and no regulatory filing was made. She was replaced by Lindsay Matthews in May 2021 as General Counsel and Corporate Secretary. The timing of her departure in relation to the departure of Allan Lacoste appears suspicious.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-c56dca83bfa5", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.69, "x": 0.155, "y": 0.365 }, "kind": "image", "text": "Screenshot of Nuvei IR website showing Amy Satov as Senior Legal Counsel in March 2021.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1250f09-9991-47b3-98ea-e9875e18f8f7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.77, "x": 0.115, "y": 0.925 }, "kind": "source-note", "text": "Source: Wayback Machine, Nuvei March 2021 and named in AIF dated March 17, 2021 and now Matthews on Nuvei Investor Website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9695525-daa6-4238-bf6a-13cb57d2db7f", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.605, "x": 0.308, "y": 0.055 }, "kind": "title", "text": "Where Did Nuvei's Senior Legal Counsel Go?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:39.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "101a3df5-82fc-4258-a932-d91924335d18", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "42174c78-b06e-42d8-aeb6-97aace769e38", "evidence": "The slide uses a 'red flag' visual and narrative to point out a suspicious, undisclosed corporate departure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:39.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 43, "type": "tension", "title": "The slide uses the Spruce Point Capital Management logo (the pine tree) as a visual anchor.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "sparse", "densityScore": 20, "componentCount": 4, "textChars": 490, "nDataPoints": 0, "notes": "The slide uses the Spruce Point Capital Management logo (the pine tree) as a visual anchor.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.522+00", "seconds": 5.022, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/43", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-43", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Nuvei’s High Growth North American eCommerce Being Lead By Moe Tassoudji, A Man With A Checkered Past Linked To A Boiler Room Scheme And The Adult Entertainment Industry", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-fe2119d9c915", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a736388-ff49-4973-a637-15d9ef33d8e2", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c350f22a-ff35-4a7e-bc52-0aeff0b752b4", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.6, "x": 0.35, "y": 0.35 }, "kind": "title", "text": "Nuvei's High Growth North American eCommerce Being Lead By Moe Tassoudji, A Man With A Checkered Past Linked To A Boiler Room Scheme And The Adult Entertainment Industry", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "976f5b5d-06b7-449d-8316-63f3a0dbd557", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a0bdc969-88d3-4fe4-ba42-49fa3b354183", "evidence": "The slide explicitly names an individual and frames their background as a liability to the company.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:33:42.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 44, "type": "tension", "title": "The slide uses a combination of data tables and CEO quotes to frame a narrative of scrutiny regarding leadership.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 9, "textChars": 1595, "nDataPoints": 7, "notes": "The slide uses a combination of data tables and CEO quotes to frame a narrative of scrutiny regarding leadership.", "elementsJson": [ "headline_text", "callout_box", "data_table", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.211+00", "seconds": 4.415, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/44", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-44", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As a result, we believe investors should carefully evaluate who is the person in charge of leading its eCommerce partnership expansion.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-207d925c82fd", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "eCommerce volume mix: 87%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-2839cb9c5f99", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.88, "x": 0.08, "y": 0.18 }, "kind": "paragraph", "text": "eCommerce has been a growing focus of Nuvei, and the Company regularly reports its growing percentage of volumes from this area. Furthermore, much of the growth is coming from North America according to Nuvei's recent investor presentation.(1) As a result, we believe investors should carefully evaluate who is the person in charge of leading its eCommerce partnership expansion.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29330487-c3c0-42de-8319-d323ff103794", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.82, "x": 0.14, "y": 0.515 }, "kind": "quote", "text": "Looking at our mix, e-commerce represented approximately 80% of our total volume in the fourth quarter, which compares sequentially to 75% in the third quarter and 70% in the second quarter. For the full year 2020, e-commerce accounted for approximately 76% of our total volume.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b13dfe17-b9de-4bbf-87de-5dcf1fb7521f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.82, "x": 0.14, "y": 0.66 }, "kind": "quote", "text": "New e-commerce business nearly tripled in the fourth quarter of 2020 compared to last year's fourth quarter... I would point back into if you look at Q4 where 17% of the ecommerce volume was generated from new in new business...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec3c6b50-5d8e-4721-901c-51d8209724ad", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Looking at our mix, e-commerce represented approximately 80% of our total volume in the fourth quarter, which compares sequentially to 75% in the third quarter and 70% in the second quarter. For the full year 2020, e-commerce accounted for approximately 76% of our total volume. — CEO Fayer, Q4 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-274ed7b24544", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "1) Q3 2021 Investor Presentation, slide 18", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f959e73-2050-44c9-8032-bd570d1c6e84", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.82, "x": 0.14, "y": 0.325 }, "kind": "table", "text": "eCommerce Mix of Volume table showing 2020 Q1-Q4 and 2021 Q1-Q3 percentages.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ef8ba91-c45a-4efd-8d38-f9e72da66b78", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "eCommerce Has Been A Growing Driver of Nuvei's Business; We Believe Investors Should Scrutinize Who Is Leading The Business For Nuvei", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "352ab7b8-e9f8-47b0-a46b-998d16ef726a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "01ef89ca-d29c-476b-9ed7-829636681bc6", "evidence": "The slide uses data and quotes to cast doubt on management's narrative regarding eCommerce growth.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:42.211+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 45, "type": "tension", "title": "Uses red boxes and arrows to highlight suspicious details in corporate bios and team pages.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 10, "textChars": 778, "nDataPoints": 0, "notes": "Uses red boxes and arrows to highlight suspicious details in corporate bios and team pages.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "headshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:41.706+00", "seconds": 3.893, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/45", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-45", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "callout", "text": "Moe Tassoudji is Nuvei's VP of North American eCommerce. We believe his biography on Nuvei's website is terse. A prior website version provided member's LinkedIn profiles, while Mr. Tassoudji does not provide one.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "000df22c-b70d-4de4-a290-605d308e55a8", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Moe Tassoudji is Nuvei’s VP of North American eCommerce. We believe his biography on Nuvei’s website is terse. A prior website version provided member’s LinkedIn profiles, while Mr. Tassoudji does not provide one.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-5b4323cdde14", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.05, "y": 0.35 }, "kind": "image", "text": "Nuvei team page screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0320ba73-4be9-4504-9966-56e656589c42", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.52, "y": 0.35 }, "kind": "image", "text": "ZoomInfo profile screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c623e7eb-0b93-43c3-84c9-f10149247f33", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.62 }, "kind": "image", "text": "Wayback Machine team list screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0dd3732-24d3-4233-adbe-96a233b4ce3e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "Source: Nuvei Partner Website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "129167a6-3562-4822-a25a-1b6294a89aa7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.52, "y": 0.52 }, "kind": "source-note", "text": "Source: ZoomInfo", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43ce8c5d-022e-4cc8-9871-ddc2bb251943", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) Desert Area Investments: Arizona Corporate Commission\n2) Gary L Crandell and Dustin Sparman, TelexFree case", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6346ae7f-b393-457e-b6e4-99863d861be6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.52, "y": 0.91 }, "kind": "source-note", "text": "Source: Wayback Machine – March 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "772ca5a7-d6af-4532-9e8c-52f1feac7354", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Who Is In Charge of Nuvei's eCommerce Business Development Partnerships?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c18d46d-0e84-4136-8436-bde1a3f15518", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d53aa153-bcee-4b64-bad8-faed172724d3", "evidence": "Highlights suspicious biographical gaps and connections to known bad actors (TelexFree).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:41.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 46, "type": "tension", "title": "The slide uses a red arrow to link a press release about Tassoudji joining ZaaZoom to a legal document detailing Thomas's corporate entities.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 7, "textChars": 831, "nDataPoints": 0, "notes": "The slide uses a red arrow to link a press release about Tassoudji joining ZaaZoom to a legal document detailing Thomas's corporate entities.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:41.109+00", "seconds": 3.201, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/46", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-46", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.0016799999999999999 }, "kind": "callout", "text": "Moe Tassoudji is also connected with business dealings to Gary Thomas a/k/a Gary Thomas Vojtesak through Desert Area Investments LLC. The case was eventually settled between the parties.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee6d900e-596f-49c7-a2aa-84b38e84965f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.08, "y": 0.00368 }, "kind": "image", "text": "ZaaZoom Solutions press release screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e68f93b-cb21-41ce-934d-aa1db9d68845", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.51, "y": 0.00368 }, "kind": "paragraph", "text": "The SEC asserts that Thomas, by his own statements, has interests in six corporate entities... These bank accounts were opened in early January 2016, but were closed in late May and early June.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2eb798e5-b717-4ec0-89bf-d015f04bbed5", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.42, "x": 0.51, "y": 0.005679999999999999 }, "kind": "paragraph", "text": "SEC v. Exotics.com, Inc., et al. (United States District Court, District of Nevada, C.A. No. CV-S-05-0531-PMP-GWF) Final Judgment Against Gary Thomas a/k/a Gary Thomas Vojtesak in Market Manipulation and Financial Fraud Case", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2d50e63-af2b-4397-bdc2-32325ba5c704", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.08, "y": 0.0091 }, "kind": "source-note", "text": "Source: Wayback Machine of ZaaZoom website, red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09ff3805-e647-4f3d-b0ff-204b84a318e5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.51, "y": 0.0091 }, "kind": "source-note", "text": "Source: SEC Release, Jan 4, 2007 and SEC Release May 15, 2006", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f3116c2-8847-4c0f-904e-65b0fdbac0b6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.55, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Moe Tassoudji Linked To SEC Charged Gary Thomas Vojtesak", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09c0d549-4dea-44d0-8820-0730c9ccc4ed", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "09fb6f23-9c20-4c58-837a-e278f09e10cf", "evidence": "The slide explicitly links an individual to a known fraudster and SEC-charged entity to damage credibility.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:41.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 47, "type": "tension", "title": "Uses legal document screenshots as primary evidence.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 860, "nDataPoints": 0, "notes": "Uses legal document screenshots as primary evidence.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:41.275+00", "seconds": 3.013, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/47", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-47", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.00175 }, "kind": "callout", "text": "Moe Tassoudji is listed in a lawsuit related to Club Jenna. According to public sources, Jay Grdina married adult film star Jenna Jameson in 2002 and together they created one of the most successful porn companies in the world – Club Jenna.(1) The legal documents list Mr. Tassoudji as an owner.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e81a928-1dc0-46be-a89c-b745b02ea1bc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Moe Tassoudji is listed in a lawsuit related to Club Jenna. According to public sources, Jay Grdina married adult film star Jenna Jameson in 2002 and together they created one of the most successful porn companies in the world – Club Jenna.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e6-ed3fc1500ede", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.35, "x": 0.13, "y": 0.0033 }, "kind": "image", "text": "Legal document snippet 1", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21b0e574-f432-48fa-9859-724c59fe1328", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.35, "x": 0.52, "y": 0.0033 }, "kind": "image", "text": "Legal document snippet 2", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32b8d10a-26e4-42af-bc9b-1d485a25ae3e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Arizona Court of Appeals, 1 CA-CV 10-0200, Moe Tassoudji, Linda Johnson, Gary L. Crandell vs Club Jenna Inc", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3525ba12-ac9b-402a-95e2-6a1dfd0fe991", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "1) “Jenna Jameson’s ex son blackballed from religious school, lawsuit coming”, TMZ, Sept 7, 2015", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89df2cf9-1249-4ed8-8b81-65ce34dcd009", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Moe Tassoudji Has In The Past Been Tied To The Adult Film Industry", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c090d1c9-8973-4fdd-ab01-b3e0324d1b72", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8b5947c1-0c78-496c-86d3-020e7659f0b0", "evidence": "Uses legal documents to expose a hidden or contradictory past association.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:41.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 48, "type": "tension", "title": "The slide uses a red flag icon and red boxes to draw attention to specific incriminating text within a news article snippet.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 1339, "nDataPoints": 3, "notes": "The slide uses a red flag icon and red boxes to draw attention to specific incriminating text within a news article snippet.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.212+00", "seconds": 3.892, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/48", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-48", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.44, "x": 0.51, "y": 0.67 }, "kind": "callout", "text": "McGraw says Payday Loan Resource Center attempts to circumvent state law by charging West Virginia customers a monthly fee to help them obtain Internet payday loans", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "114daf84-45d9-422c-95bc-b43fa70ced71", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.91, "x": 0.05, "y": 0.18 }, "kind": "callout", "text": "Moe Tassoudji is also referenced in a lawsuit by West Virginia’s Attorney General in an attempt to prevent payday loan companies from doing business within its state. Payday Loan Resource Center LLC and Moe Tassoudji are called out for attempting to circumvent state law by charging WV customers a monthly fee to help them obtain Internet payday loans.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4d7ac45-4529-43ba-9ce7-81ca6d88d82b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.44, "x": 0.05, "y": 0.34 }, "kind": "image", "text": "News article snippet: 'McGraw sues eight payday lenders'", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a331c558-5c80-4972-9ffb-55adc3fd49ea", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.44, "x": 0.51, "y": 0.34 }, "kind": "paragraph", "text": "The companies and principals sued by McGraw's office include: Payday Loan Resource Center LLC and Moe Tassoudji of Scottsdale, AZ...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "547a26c0-678a-43d6-aa9e-df99b0a7aac4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Payday loans are predatory traps for the many West Virginians facing difficult times,\" McGraw said. \"We will continue to ask the courts to intervene whenever companies refuse to cooperate with our efforts to protect West Virginia citizens.\" — Darrell McGraw, West Virginia Attorney General", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-40beddac6b9a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.91, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: “McGraw sues eight payday lenders,” West Virginia Record, Aug 18, 2010. Note: Payday Loan Resource Center LLC is tied to the business entity PLRC, LLC organized in Colorado with both Moe Tassoudji and Gary L. Crandell. It appears WV misspelled his name Tassoudi", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7da2e95f-90ac-4ec9-8ac7-db89f0a7a130", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Moe Tassoudji Also Connected To Aggressive Payday Loan Practice Claims In WV", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c8b16e1-2254-4a72-9b20-c220c8415a83", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "88f66314-671b-4d8d-8440-92c295284c36", "evidence": "The slide explicitly links a subject to legal allegations of circumventing state law.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.212+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 49, "type": "tension", "title": "Includes red-box annotations highlighting specific names and connections.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 1214, "nDataPoints": 0, "notes": "Includes red-box annotations highlighting specific names and connections.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.192+00", "seconds": 6.81, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/49", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-49", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Moe Tassoudji's name is listed in San Diego civil court in relation to two entities: Dallas Switch Partners and Fiberline Network Communications, LP. Both of these entities are named as defendants in an SEC lawsuit brought against Brokers Investment Corporation (\"BIC\").", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.192+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40bc6866-35b8-4c2a-beda-fe83a7d86870", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The SEC alleged that at least $40 million was either pocketed for personal use by top officers of Brokers Investment and Fiberline, diverted for unrelated businesses or used as part of a fraudulent Ponzi Scheme, in which money raised from new investors is used to pay off previous investors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-b05cbaaacdaf", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.84, "x": 0.08, "y": 0.91 }, "kind": "list", "text": "1) 93-cv-02524-MRP-JR SEC v. Brokers Invst Corp, et al; 2) 6,000 Lost Millions With Fiberline Deal : Probe: SEC has accused the Woodland Hills firm of fraud.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.192+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3892dfb9-2d2f-44e9-b741-7f61ab54372c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.36, "x": 0.56, "y": 0.47 }, "kind": "paragraph", "text": "SEC Injunction Issued To BIC / Fiberline Principals: Permanent injunctions issued and special officer appointed to take control over unregistered limited partnerships.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.192+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd13d179-c4bc-4c31-a220-68d66bb5137b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "6,000 people lost millions with the Fiberline deals and BIC operated as a high-pressure sales operation. — LA Times", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-b4c169c0002c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.84, "x": 0.08, "y": 0.87 }, "kind": "source-note", "text": "Source: San Diego Case Search; SEC Digest, 1993", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.192+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "355668a7-84e0-4895-aab0-959bace498d8", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.08, "y": 0.47 }, "kind": "table", "text": "Court records showing Moe Tassoudji linked to Dallas Switch Partners and Fiberline Network Communications.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.192+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2b075b7-363d-45f8-85e4-e64176b18d52", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Moe Tassoudji Connected To A \"Boiler Room\" Investment Scandal", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.192+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59b824bb-f865-4640-aecf-ed6003c6229e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 50, "type": "setup", "title": "Spruce Point Capital Management branding (pine tree logo).", "function": "name_villain", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 4, "textChars": 368, "nDataPoints": 0, "notes": "Spruce Point Capital Management branding (pine tree logo).", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:41.258+00", "seconds": 2.87, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/50", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-50", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Why Did Nuvei Acquire Vantage Payments And Base Commerce With Executives Both Under Scrutiny For Involvement In Ponzi Schemes?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-1314f8e33b5b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential – May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5430554-89d6-4065-a113-f53a97131ff2", "parentComponentId": null }, { "bbox": { "h": 0.39, "w": 0.17, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce7024c4-1c7f-46e8-a1ab-18ff7766c8e7", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.6, "x": 0.35, "y": 0.35 }, "kind": "title", "text": "Why Did Nuvei Acquire Vantage Payments And Base Commerce With Executives Both Under Scrutiny For Involvement In Ponzi Schemes?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc9a905c-26ed-4c38-b491-f7640ba16023", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 29, "name": "Challenges faced by Nuvei", "beatId": "1e230b4a-4bb4-405d-9942-db79591a3392", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 51, "type": "tension", "title": "The slide uses a red flag icon to signal a warning/contradiction. It contrasts official financial disclosures with missing public announcements and links key em", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 7, "textChars": 1360, "nDataPoints": 6, "notes": "The slide uses a red flag icon to signal a warning/contradiction. It contrasts official financial disclosures with missing public announcements and links key employees to alleged past misconduct.", "elementsJson": [ "paragraph", "screenshot", "headshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.152+00", "seconds": 3.618, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/51", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-51", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.165, "w": 0.862, "x": 0.069, "y": 0.164 }, "kind": "callout", "text": "On Nov 1, 2018 Nuvei acquired Vantage Payment Systems LLC. The acquisition was disclosed in the prospectus. However, there is no evidence the deal was publicly announced and cannot be found on the Company's website under \"Press Releases\" or in its investor relations section for 2018 news.(1,2) $5m of \"goodwill'\" is attributed to its assembled workforce, but key employees have since left Nuvei in under two years.(3) As we'll explore further, at least three individuals affiliated with Vantage (Dustin Sparman, Nathan Shew, Moe Tassoudji) have been linked to multiple companies that have been characterized as Ponzi Schemes. Dustin Sparman of Vantage Payments appeared in marketing material for Nuvei and worked there for a period. Moe Tassoudji is still employed at Nuvei in a senior role.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ab8ab6a-e22f-4d96-975f-ef6b03dc7eba", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "At least three individuals affiliated with Vantage (Dustin Sparman, Nathan Shew, Moe Tassoudji) have been linked to multiple companies that have been characterized as Ponzi Schemes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-3ec4e8918bfc", "parentComponentId": null }, { "bbox": { "h": 0.437, "w": 0.234, "x": 0.697, "y": 0.406 }, "kind": "image", "text": "Nuvei leadership team headshots", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49ba37f2-62b3-4bf6-97f5-11fb5607d295", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.635, "x": 0.104, "y": 0.393 }, "kind": "image", "text": "Excerpt from Nuvei prospectus regarding Vantage acquisition", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf0254fd-cb38-4f95-9bdf-01130592ff14", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.862, "x": 0.069, "y": 0.912 }, "kind": "source-note", "text": "Source: Nuvei prospectus at SEDAR.com; 1) Investor relations 2018 news; 2) Nuvei Press Releases; 3) Sparman's LinkedIn Profile and Shew's LinkedIn Profile. Sparman spent 1 year and 8 months, while Shew spent 1 year and 1 month with Nuvei", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aad5c0b-9872-4fad-b4c7-39e0868b517e", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.252, "x": 0.679, "y": 0.912 }, "kind": "source-note", "text": "Source: Nuvei Partnership Guide, 2019, p. 18", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d321e49-82c5-445f-b6be-f0ed03cfdbc5", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.282, "x": 0.319, "y": 0.058 }, "kind": "title", "text": "Vantage Payments", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "627eca84-ef2e-418f-b5d8-566e6958703f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "244805fc-6a2f-468f-a851-56f253cb109a", "evidence": "The slide explicitly links the acquisition to missing public disclosures and personnel with alleged ties to Ponzi schemes.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:42.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 52, "type": "tension", "title": "Uses a red flag icon to denote a warning or critical finding.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 9, "textChars": 1582, "nDataPoints": 0, "notes": "Uses a red flag icon to denote a warning or critical finding.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.483+00", "seconds": 3.837, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/52", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-52", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.88, "x": 0.08, "y": 0.16 }, "kind": "callout", "text": "Our research leads us to believe that Nuvei has in fact served merchants in the adult film industry. Furthermore, Vantage Payments (acquired in 2018) was a known player in the industry. We have also provided evidence that Moe Tassoudji - another Vantage partner - has ties to the adult film industry.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0d88b2f-c907-4b7b-808f-d6c4198c7520", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Our research leads us to believe that Nuvei has in fact served merchants in the adult film industry.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-81a1e55a673e", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.78, "x": 0.16, "y": 0.62 }, "kind": "image", "text": "Vantage Payments Rating: Excellent | Our Review | Visit Their Website | (888) 582-4903 Based in Scottsdale, Arizona, Vantage Payments is a merchant account provider that can provide both domestic and offshore merchant accounts for high risk merchant types, including adult businesses and digital downloads.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9de682c5-cb33-4702-8439-ada44c412d51", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.16, "y": 0.27 }, "kind": "list", "text": "As part of Nuvei's high risk portfolio, did it have any exposure to the adult film industry? \"Yes, Nuvei had a small portfolio of adult film merchant clients.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "746c0c4f-1a51-429d-beb1-b63cf0e752f0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.16, "y": 0.41 }, "kind": "paragraph", "text": "In 2018 and early 2019, in order to expand our global acquiring platform, we acquired Matrix Payment Systems, a leading payment services provider in the B2B and business-to-government channels, Vantage Payments, offering strategic payment solutions for large volume and hard-to-place merchant types, and LoanPaymentPro, a technology payments firm specializing in the consumer lending industries.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5aeb1beb-be30-4186-be19-b86280435441", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.16, "y": 0.55 }, "kind": "paragraph", "text": "Best Merchant Accounts for Adult-Oriented Businesses", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2d815ef-b0ea-49eb-8aa0-22a8cb82f815", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Yes, Nuvei had a small portfolio of adult film merchant clients.\" — Former Nuvei Risk Mgmt. Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-8779d386d22d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.16, "y": 0.96 }, "kind": "source-note", "text": "Source: Cardpayment Options, Nuvei filings, Spruce Point interview. Red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abe3b499-4a22-492f-a946-1c6256885d2c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Vantage Payments Listed As Serving \"Hard-to-Place\" Merchants = \"Adult Film\"?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbc6398c-16fb-438d-b592-97acd9666011", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "97b8e709-5132-46d4-acc7-3b2e56eb3e67", "evidence": "The slide explicitly links a company's stated business model to evidence of high-risk industry exposure to expose a contradiction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 53, "type": "tension", "title": "Uses legal document excerpts as evidence to support the claim of questionable due diligence and association.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 7, "textChars": 1328, "nDataPoints": 0, "notes": "Uses legal document excerpts as evidence to support the claim of questionable due diligence and association.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:44.565+00", "seconds": 5.904, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/53", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.17 }, "kind": "callout", "text": "Vantage Payments LLC and Dustin Sparman were named in the TelexFree Ponzi Scheme case... Prosecutors have described it as the largest fraud of all time... Vantage had been under SEC and Department of Homeland Security investigation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7453b19a-7e76-4b24-90e6-f63953bade99", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Vantage Payments LLC and Dustin Sparman were named in the TelexFree Ponzi Scheme case, a multibillion dollar Ponzi Scheme disguised as an internet phone service company.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d1-73a9-abc7-757600126116", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.84, "x": 0.08, "y": 0.48 }, "kind": "image", "text": "Excerpts from legal documents detailing the relationship between Pivotal and Vantage.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07ff83c6-b60b-4edd-be68-6f90d125699a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.84, "x": 0.08, "y": 0.43 }, "kind": "paragraph", "text": "Close Connection Between Pivotal (Nuvei) And Vantage Payments, Which Has Been Under Scrutiny by the SEC and DHS", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a191d1bd-9109-4519-a5a7-cbea6e8b5549", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In 2018, Pivotal offered to purchase the assets of Vantage Payments and acquire its executive management team and staff as an in-house sales division. During a lengthy due diligence period, me and my attorneys provided Pivotal with all requested information regarding the TelexFree litigation, including the Fourth Amended Complaint and the investigations conducted by Homeland Security and the Securities and Exchange Commission with whom Vantage Payments had cooperated. Vantage Payments and Pivotal agreed to proceed with the transaction so long as this litigation was an excluded liability in the final agreement.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d1-73a9-abc7-79b9e3d6e0bd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) TelexFree Wikipedia", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb26fdfc-f858-4d01-8458-04c4fba143b5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Vantage Under Government Investigation While Nuvei Acquired It, Founder Tied To Ponzi Scheme", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1e9feb8-2c3f-4834-a458-f223e0df4a75", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fd4c0ad9-1421-4f48-ba6e-fdc3e958f43a", "evidence": "The slide explicitly links the target company to a known Ponzi scheme and government investigations to undermine its credibility.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:44.565+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 54, "type": "tension", "title": "The slide uses screenshots of legal documents (emails) to establish a direct connection between the subject company and a known fraudster.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 5, "textChars": 511, "nDataPoints": 0, "notes": "The slide uses screenshots of legal documents (emails) to establish a direct connection between the subject company and a known fraudster.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:41.279+00", "seconds": 2.583, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/54", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.35, "x": 0.55, "y": 0.003 }, "kind": "callout", "text": "See slide on Sparman's partner Nathan Shew brokering business for a separate Ponzi Scheme", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "287090e0-94c3-4c7b-9753-e48d6296c241", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.0019 }, "kind": "callout", "text": "Here are emails with Vantage's Sparman communicating with James Merrill who received six years of incarceration followed by three years of supervised release.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "873988ae-d0f7-457e-8321-0ac3ee0c401a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Here are emails with Vantage’s Sparman communicating with James Merrill who received six years of incarceration followed by three years of supervised release.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-738b6110c348", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.0029 }, "kind": "image", "text": "Email correspondence screenshots", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2c8b2b9-b8f1-453a-b10c-310f55c3d188", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Vantage Payments Involved In A Major Ponzi Scheme With On-Going Litigation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d206825-c705-4cd8-b9bd-16f9ae4a1580", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bb5c8606-3a00-4d31-8797-ab00a5e07171", "evidence": "The slide explicitly links the company to a Ponzi scheme via email evidence.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:33:41.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 55, "type": "tension", "title": "The slide uses excerpts from legal filings to establish a connection between the subject and a known fraudulent entity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 995, "nDataPoints": 0, "notes": "The slide uses excerpts from legal filings to establish a connection between the subject and a known fraudulent entity.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:44.636+00", "seconds": 5.875, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/55", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.0018 }, "kind": "callout", "text": "Sparman's partner Nathan Shew (of Vantage Payments) brokered business between Rex Venture Group (RVG) and PCI in March 2012 according to legal filings. PCI claims Shew said that RVG was not on the MATCH List, or a blacklist of high risk merchants. The SEC filed an emergency action on August 17, 2012 to halt what it called a Ponzi and Pyramid Scheme perpetuated by RVG d/b/a as ZeekRewards.(1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.636+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c41abda-c2f9-4526-bf3a-2ed76c40be12", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Sparman's partner Nathan Shew (of Vantage Payments) brokered business between Rex Venture Group (RVG) and PCI in March 2012 according to legal filings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-e6ae4749a4a1", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.85, "x": 0.08, "y": 0.003 }, "kind": "image", "text": "Excerpts from legal documents detailing the relationship between Nathan Shew, RVG, and PCI.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.636+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3077f4f-988a-408f-935b-297722df3577", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The SEC filed an emergency action on August 17, 2012 to halt what it called a Ponzi and Pyramid Scheme perpetuated by RVG d/b/a as ZeekRewards. — SEC vs. Rex Venture Group, LLC", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e7-ebbaa8535639", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "1) SEC vs. Rex Venture Group, LLC -Case 3:12-cv-00519-GCM, red emphasis Spruce Point", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.636+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d401a762-6226-4666-81e4-2b8d2f8427d6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Sparman's Partner Allegedly Brokered A Deal For Rex Venture Group, Another SEC Charged Ponzi Scheme", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.636+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbc71a09-0169-4864-a4ec-77a68383eed5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c41e35a9-b038-43ec-8262-086c0fcff15a", "evidence": "The slide explicitly links the subject to a known SEC-charged Ponzi scheme to damage credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:44.636+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 56, "type": "tension", "title": "Uses screenshots of legal documents and DOJ/FTC press releases as primary evidence.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 7, "textChars": 969, "nDataPoints": 0, "notes": "Uses screenshots of legal documents and DOJ/FTC press releases as primary evidence.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42+00", "seconds": 3.013, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/56", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-56", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.82, "x": 0.09, "y": 0.18 }, "kind": "callout", "text": "Recent legal filings show that Nuvei's Vantage Payments worked with Allied Wallet. Individuals associated with Allied Wallet have been charged with scheming to defraud financial institutions and securing payment processing for high-risk businesses through fraudulent misrepresentation about merchant clients.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ef8e983-cf00-4866-8c95-56bf8ab7975f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Recent legal filings show that Nuvei’s Vantage Payments worked with Allied Wallet. Individuals associated with Allied Wallet have been charged with scheming to defraud financial institutions and securing payment processing for high-risk businesses through fraudulent misrepresentation about merchant clients.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-0e3c31aa5e71", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.45, "x": 0.53, "y": 0.3 }, "kind": "image", "text": "DOJ Press Release regarding Allied Wallet fraud scheme", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07887050-9e92-4aa4-8715-3ae9cedfffe2", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.48, "x": 0.02, "y": 0.55 }, "kind": "image", "text": "FTC Press Release regarding Allied Wallet settlement", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e4efb56-db9c-4786-911d-d5a3dd7784d5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.48, "x": 0.02, "y": 0.3 }, "kind": "image", "text": "Excerpt from legal filing Case 4:14-md-02566-TSH", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80cdbb15-c0ac-4925-aa81-633cf9e6ee77", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Four Charged in Alleged $150 Million Payment Processing Scheme — Department of Justice, Office of Public Affairs", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-13b7e386a5d0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Vantage Payments Tied To Allied Wallets, A Payment Processor That Settled Fraud Charges", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b307b612-645d-43f0-ac62-d3d575fd273e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7905ff3a-c80e-4114-8f2e-e4acaac25d58", "evidence": "Uses legal filings and government press releases to expose illicit business associations.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:33:42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 57, "type": "tension", "title": "Includes a red callout box summarizing the core allegation and red underlines on source text for emphasis.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 590, "nDataPoints": 0, "notes": "Includes a red callout box summarizing the core allegation and red underlines on source text for emphasis.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:41.983+00", "seconds": 2.86, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/57", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-57", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "As noted by the plaintiff lawyers in the TelexFree case, Sparman is also affiliated with Transparent Services, LLC. They suspect that Nuvei also acquired Transparent and are leery of the financial interplay between the companies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d5b1b68-48d6-4fdb-ae2f-17b44018808f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.02, "y": 0.65 }, "kind": "image", "text": "Dustin Sparman LinkedIn profile snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "691fbbbf-7d08-47ec-aa7b-b2f9b6d71b43", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.52, "y": 0.365 }, "kind": "paragraph", "text": "Plaintiffs only recently discovered through independent investigative efforts that Defendant Sparman is no longer associated with Nuvei and instead is now associated with another Arizona-based credit card payment processor company, Transparent Services, LLC.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bfee81b-3504-466e-bfea-8e294d6929a0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Sparman LinkedIn profile", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcfab3c2-d3dc-4b67-b10c-72cabc1bab30", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.36, "x": 0.318, "y": 0.05 }, "kind": "title", "text": "Sparman And Transparent Services", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:41.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85a1ae77-1f59-45ae-a447-dbbd012f3c7e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "78b07d6c-9f3b-471c-a6d4-75a409739a15", "evidence": "The slide uses legal discovery text and LinkedIn profiles to expose potential undisclosed financial relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:41.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 58, "type": "tension", "title": "Uses red callout boxes to highlight specific contradictions in an affidavit.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 6, "textChars": 1108, "nDataPoints": 1, "notes": "Uses red callout boxes to highlight specific contradictions in an affidavit.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.434+00", "seconds": 2.977, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/58", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-58", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.19, "x": 0.8, "y": 0.48 }, "kind": "callout", "text": "Under oath, Sparman says Transparent \"has no employees\". Yet, according to Patrick Garner’s LinkedIn profile he is \"Senior Business Development Manager\" for Transparent since 2014, while also AVP of Business Development for Nuvei since 2018(2)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86195c6e-16da-429c-a4da-b256bef7c862", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.2, "x": 0.01, "y": 0.375 }, "kind": "callout", "text": "His agent and partner on the corporate filing is Nathan Shew, named as a broker in the $600m SEC charged Pyramid and Ponzi scheme by Rex Venture Group LLC dba Zeekrewards.com", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd178d28-1b77-4601-bdfa-c43bb9f177df", "parentComponentId": null }, { "bbox": { "h": 0.61, "w": 0.56, "x": 0.22, "y": 0.31 }, "kind": "image", "text": "Affidavit text excerpt", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "153b2281-d826-446a-a4f2-5a5a6d8641eb", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.17 }, "kind": "paragraph", "text": "Dustin Sparman’s affidavit says Nuvei didn’t acquire Transparent Services. However, we believe it effectively gained control of it. Sparman became an employee of Nuvei and it is required to send all business it generates to Nuvei exclusively. Sparman’s partner at Transparent Services LLC is Nathan Shew.(1) Sparman’s claim that Transparent has no employees also appears to be inaccurate. A current Nuvei employee also lists being a Transparent employee since 2014.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8873bc0d-46dc-4a74-b999-9227009acae5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.01, "y": 0.95 }, "kind": "source-note", "text": "1) Arizona Business Entity Search – Note: Tricore Consulting is Nathan Shew\n2) Another employee LinkedIn profile exists for Jacob Bien.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bf7916a-e747-48e7-ac26-e70e7945368d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Semantics: Did Nuvei Acquire Transparent? It Certainly Appears So....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e7191ad-8619-4f53-a488-5d047b1103b4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c13cae20-6a48-4b04-8e3b-a34e223df195", "evidence": "Uses affidavit and public records to expose potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 59, "type": "tension", "title": "Uses a red flag icon and red box to highlight the suspicious nature of the business address.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 8, "textChars": 736, "nDataPoints": 0, "notes": "Uses a red flag icon and red box to highlight the suspicious nature of the business address.", "elementsJson": [ "headline_text", "callout_box", "photo", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:43.276+00", "seconds": 3.82, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/59", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-59", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.175 }, "kind": "callout", "text": "Transparent's website address is registered to Vantage Payments and is linked to a residential address at the Colony Camelback Condominium.(1) When calling the 800 phone number on the website, an answering service picks up during regular business hours.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d1f36e9-8e8a-4b32-9a76-fe64f0871b17", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Transparent's website address is registered to Vantage Payments and is linked to a residential address at the Colony Camelback Condominium. When calling the 800 phone number on the website, an answering service picks up during regular business hours.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-248a2b706ced", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.6, "x": 0.05, "y": 0.36 }, "kind": "image", "text": "Photo of Colony Camelback Condominiums", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96850f2f-62b2-4512-b297-5e9c8077e4b9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.26, "x": 0.695, "y": 0.36 }, "kind": "image", "text": "Screenshot of Transparent contact info", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "413e067f-f36f-4063-9fdf-06f4ab7358ec", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.05, "y": 0.82 }, "kind": "source-note", "text": "Source: Google Maps", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9ebf11a-f3ff-4afe-8c7f-38f854a31e7a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.885 }, "kind": "source-note", "text": "1) ICANN registry for www.trytransparent.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc03c5c5-c3d7-43d9-9458-fceb4db310f6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.415, "y": 0.8 }, "kind": "table", "text": "Registrant details: Vantage Payments", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ff0aaa6-fad3-408b-a9cc-1d0b2cafaac6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Transparent Or Not? The Business Is Based At A Condominium", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b3922c6-d394-4594-b415-935260266ee7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ca96d6ca-a73e-4969-9079-8d250800e0a7", "evidence": "The slide uses visual evidence (photos, registry data) to expose a potential shell company or lack of physical presence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:43.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 60, "type": "tension", "title": "Uses red underlining and red boxes to highlight incriminating text and connections.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 1145, "nDataPoints": 0, "notes": "Uses red underlining and red boxes to highlight incriminating text and connections.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:43.116+00", "seconds": 3.515, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/60", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-60", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.27, "x": 0.71, "y": 0.68 }, "kind": "callout", "text": "Carlos Wanzeler fled the country to Brazil upon learning of the federal charges filed against him. There is currently a federal warrant for his arrest (Source: US DOJ)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ef6686b-c24f-476b-bd99-dd7230a417c1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.93, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Why did Nuvei buy both Base Commerce and Vantage Payments? Both businesses had relationships with each other (and with Nuvei), and both executives facilitated business between TelexFree (Ponzi Scheme) and Allied Wallet (charged with fraud for abetting business among multiple fraudulent companies).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9d7c258-096b-499f-8455-916c682293f5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.65, "x": 0.05, "y": 0.68 }, "kind": "image", "text": "Email snippet from New Apps to Carlos regarding Allied Wallet Approval/Integration", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cac1a84-3c4a-4c73-9dfe-6de0b2e0888f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.65, "x": 0.05, "y": 0.29 }, "kind": "paragraph", "text": "In July 2013, Base Commerce (then known as Phoenix Payments) was a Payment Processor... Defendant John Hughes was an executive of Base Commerce in charge of the TelexFree account... Dustin Sparman, as a member/manager of Vantage Payments, had an ongoing business relationship with Hughes and Base Commerce.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c649a11-ad53-4da9-b3ec-6c3fc7a09217", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Carlos Wanzeler fled the country to Brazil upon learning of the federal charges filed against him. There is currently a federal warrant for his arrest — US DOJ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-5e8beb94276b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: legal case filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ca46c26-b16e-4203-a854-aacc73fa45f4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Legal Filings Show Base Commerce And Vantage Payments Had A Business Relationship And Worked With TelexFree", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a39d8823-cb2f-4a1e-9eb2-b6bf21caea5e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e5b62b88-b7c2-4164-af26-4b6e552e0c89", "evidence": "The slide explicitly links corporate entities to a known Ponzi scheme and highlights criminal flight.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:43.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 60, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 61, "type": "tension", "title": "Uses screenshots of legal filings/emails to prove knowledge of illicit activity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 6, "textChars": 931, "nDataPoints": 0, "notes": "Uses screenshots of legal filings/emails to prove knowledge of illicit activity.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.598+00", "seconds": 2.96, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/61", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-61", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.0017 }, "kind": "callout", "text": "Emails between Hughes and Sparman acknowledge that TelexFree was under scrutiny in Brazil as a Ponzi Scheme. Yet, their emails talk about their plans to scale the business with TelexFree to $10 million. As stated in the legal filings, “These documents plainly show Defendants had direct knowledge that TelexFree was a Ponzi scheme, and yet, continued to service the illicit enterprise until at least March 2014.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb60d4ec-2a19-4ffd-96d9-17efd078daf6", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "These documents plainly show Defendants had direct knowledge that TelexFree was a Ponzi scheme, and yet, continued to service the illicit enterprise until at least March 2014.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-73f1228ce061", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.42, "x": 0.08, "y": 0.0032 }, "kind": "image", "text": "Email correspondence screenshot 1", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd50b8bc-614e-47b5-961e-eb06a9bdc1ec", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.42, "x": 0.52, "y": 0.0032 }, "kind": "image", "text": "Email correspondence screenshot 2", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8bd0f0c-f9e0-4895-a3f0-95bdfe788cf1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "These documents plainly show Defendants had direct knowledge that TelexFree was a Ponzi scheme, and yet, continued to service the illicit enterprise until at least March 2014. — Legal filings", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-77993c02f33b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.32, "y": 0.04 }, "kind": "title", "text": "Vantage And Base Executives Appear To Disregard Signs Of TelexFree Being A Ponzi Scheme", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab65eeb9-376e-46d8-9bb0-3d5209173c60", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3e15eb07-15c4-4d85-8d72-f1dc748ea688", "evidence": "Uses internal communications to demonstrate intent and knowledge of illicit activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 62, "type": "tension", "title": "Uses a red flag icon to signal a warning/red flag in the activist thesis.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 10, "textChars": 1549, "nDataPoints": 7, "notes": "Uses a red flag icon to signal a warning/red flag in the activist thesis.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:43.624+00", "seconds": 3.512, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/62", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-62", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.185 }, "kind": "callout", "text": "We question why Nuvei would buy a controversial entity, only to see its revenues decline sequentially post close. Furthermore, Nuvei quickly revised the contingent consideration lower by $4 million in the first quarter after the deal closed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66a53c5a-3563-4cd9-9ddf-9d831eb9cf84", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We question why Nuvei would buy a controversial entity, only to see its revenues decline sequentially post close.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-85d5a104223f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue: -11.3%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-8ea119c9bc86", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.15, "y": 0.325 }, "kind": "quote", "text": "The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. Since the initial purchase price allocation was estimated, contingent consideration has been reduced by $4,000 and trade and other payables have increased by $650 and those adjustments have been reflected as an adjustment of $3,350 to goodwill.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b63e83b-d32f-4108-9d02-bec7841c3c08", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. Since the initial purchase price allocation was estimated, contingent consideration has been reduced by $4,000 and trade and other payables have increased by $650 and those adjustments have been reflected as an adjustment of $3,350 to goodwill. — Nuvei Q2'21 Financials, p.9", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-8991f5b67fb4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.15, "y": 0.49 }, "kind": "source-note", "text": "Source: Nuvei Q2'21 Financials, p.9", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21b92a79-8f63-4194-8487-5868ce333b58", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.06, "y": 0.92 }, "kind": "source-note", "text": "Source: Nuvei Financials and Spruce Point Analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95fa996f-eecb-4d64-8284-36046b6246ab", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.06, "y": 0.96 }, "kind": "source-note", "text": "1) PwC \"The art and science of contingent consideration in a business combination\"", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2aa77fa-c6ef-40c1-b0b0-ca54129c634d", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.88, "x": 0.06, "y": 0.55 }, "kind": "table", "text": "Base Commerce Revenues Post Acquisition Jan 1, 2021", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee9e42b9-9fb4-4207-819f-dcf1bdd183b4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Base Commerce Acquisition: Organically Declining Since Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "152fdc59-430e-4b25-9000-3e19c36a3121", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "07c964ee-f256-4101-824a-0b8296f2195e", "evidence": "The slide explicitly questions the accounting treatment of contingent consideration to suggest potential manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:43.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 63, "type": "tension", "title": "Uses a red flag icon to signal the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 4, "textChars": 1467, "nDataPoints": 6, "notes": "Uses a red flag icon to signal the contradiction.", "elementsJson": [ "headline_text", "callout_box", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:42.81+00", "seconds": 2.643, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/63", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-63", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.85, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Despite saying that contingent consideration was reduced by $4 million related to Base Commerce, Nuvei has reported two other different remeasurement amounts in the MD&A for YTD 2021.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.81+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9adb3e16-7482-4523-b513-32f9c0a6ed9e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. Since the initial purchase price allocation was estimated, contingent consideration has been reduced by $4,000 and trade and other payables have increased by $650 and those adjustments have been reflected as an adjustment of $3,350 to goodwill.\" — Nuvei Q3'21 Financials, p.9; \"For the nine months ended September 30, 2021, other expenses increased by $8.5 million compared to the nine months ended September 30, 2020 primarily due to an increase in information technology and D&O insurance expenses in 2021 as well as a $2.1 million favorable adjustment to contingent consideration in the comparative period.\" — Nuvei Q3'21 MD&A, p.21; \"change in deferred purchase consideration for previously acquired businesses, which was nil for the three months and the nine months ended September 30, 2021 (nil for the three months ended September 30, 2020 and a gain of $1.3 million for the nine months ended September 30, 2020\" — Nuvei Q3'21 MD&A, p.9", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-fd75d64ff896", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.85, "x": 0.08, "y": 0.33 }, "kind": "table", "text": "Three rows comparing different financial notes and their respective quotes regarding contingent consideration.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.81+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b808a690-b8ec-4c04-85c5-bd21a520c422", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Conflicting Remeasurement Gain Discussion", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:42.81+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40f3918f-f781-442f-81ee-745203d6290a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9d959a74-4583-4174-8144-69780ea45e29", "evidence": "The slide explicitly points out conflicting financial disclosures to suggest potential manipulation or error.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:42.81+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 64, "type": "tension", "title": "Uses screenshots of LinkedIn profiles and Wayback Machine archives to point out discrepancies in job titles and company affiliations.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 8, "textChars": 655, "nDataPoints": 0, "notes": "Uses screenshots of LinkedIn profiles and Wayback Machine archives to point out discrepancies in job titles and company affiliations.", "elementsJson": [ "headline_text", "screenshot", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:43.97+00", "seconds": 3.1, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/64", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-64", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.88, "x": 0.1, "y": 0.16 }, "kind": "callout", "text": "John Hughes has multiple LinkedIn profiles. Hughes appeared as part of the Pivotal Payments management team up until March 2019 as SVP, Strategic Accounts Group. His biography says he was CEO/Co-Founder of Base Commerce. We find it unusual that he was no longer a part of the top management team pre-IPO.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a78043c-4f4f-402c-995d-1a31b89868a0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.13, "x": 0.46, "y": 0.84 }, "kind": "callout", "text": "Biography never said SVP at Nuvei", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81808837-25be-42b3-ab58-3f349cad673e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.18, "x": 0.79, "y": 0.45 }, "kind": "callout", "text": "Why does this say President, when his prior biography says CEO/Co-Founder", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcd26869-02a0-4db5-85d5-9d8ded3484c4", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "image", "text": "LinkedIn profile screenshots showing Current, Recent, and Past roles.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb8b1a0a-2623-4aea-aead-51abafca6bda", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.3, "y": 0.97 }, "kind": "source-note", "text": "Source: LinkedIn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12a878d3-84e2-4390-93a1-3691ea5bc760", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.02, "y": 0.65 }, "kind": "source-note", "text": "Source: LinkedIn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c2bbd9e-6969-47db-9344-9d82191c8fd3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.62, "y": 0.97 }, "kind": "source-note", "text": "Source: Wayback Machine of Management Team, March 2019", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b577a4b-8933-41df-b8fb-5d1119d0ac72", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Nuvei Acquired Base Commerce From A Former Top Executive Who Stepped Down Ahead Of Its IPO", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "152f6fc6-9271-4dea-b90c-1902b8873d1d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9a3d0d84-b3a6-4c2e-baf1-08745622130a", "evidence": "The slide uses contradictory biographical data to cast doubt on the legitimacy of executive roles and corporate history.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:43.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 65, "type": "tension", "title": "Uses a red flag icon to denote a warning or area of concern.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 9, "textChars": 1245, "nDataPoints": 24, "notes": "Uses a red flag icon to denote a warning or area of concern.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:46.93+00", "seconds": 6.052, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/65", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.14, "w": 0.84, "x": 0.08, "y": 0.16 }, "kind": "callout", "text": "Nuvei paid approximately $97 million for Base Commerce, yet incurred a suspiciously low $268k of acquisition costs expensed through SG&A. M&A transaction costs typically range from 1-3% for deals under $100m, thus making the 0.28% cost to acquire Base Commerce highly unusual.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18b588ad-7e72-4abe-b96d-3ecb7b548295", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei paid approximately $97 million for Base Commerce, yet incurred a suspiciously low $268k of acquisition costs expensed through SG&A.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-b8cc22cc062c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Deal Costs in SG&A as a % of Deal Value: 0.28%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-c1b4b6237552", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "On January 1, 2021, the Company acquired substantially all of the net assets of Base Commerce LLC (\"Base\"), a technology-driven payment processing company specializing in bank card and automated clearing house payment processing solutions. The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. ... Acquisition costs of $268 have been expensed during the nine months ended September 30, 2021. — Nuvei Q3'21 Financials, p.9", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e8-bdb42a8b3e7d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Nuvei Financials and Spruce Point Analysis. Note: Deal value includes contingent consideration", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b747312-7c9e-4b5a-a63c-c9d9a8bf6351", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.15, "y": 0.64 }, "kind": "source-note", "text": "Source: Nuvei Q3'21 Financials, p.9", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9d9348c-9adb-47aa-8dd7-ade3f2a35285", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.94, "x": 0.03, "y": 0.68 }, "kind": "table", "text": "Deal Costs In SG&A as a % of Deal Value", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ba19741-a060-4eb5-ae0d-35985dce7ab3", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.94, "x": 0.03, "y": 0.365 }, "kind": "table", "text": "Base Commerce Transaction Discussion", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2dd29eb-2119-4b20-ace8-946b0effad84", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.28, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Base Commerce Deal", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "603016f1-b29d-4e3a-89e3-a7f9e85029b4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f03ec08a-ec5d-49cc-abe6-a928c3a5d8c5", "evidence": "Highlights suspicious financial metrics to imply potential accounting manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:46.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 66, "type": "tension", "title": "Uses direct quotes from financial filings to expose management's lack of transparency regarding the net income impact of the acquisition.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 561, "nDataPoints": 6, "notes": "Uses direct quotes from financial filings to expose management's lack of transparency regarding the net income impact of the acquisition.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.305+00", "seconds": 4.232, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/66", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-66", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.195 }, "kind": "callout", "text": "Nuvei reported $41.5m of revenue YTD 2021 from Base Commerce. However, commission costs have increased $47.8m YTD, and the first explanation in the MD&A cites the inclusion of Base Commerce.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5300e055-5163-496a-80c6-193dd542a6c7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.16, "y": 0.825 }, "kind": "source-note", "text": "Source: Nuvei Q3'21 Financials, p.9", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c74a38c-766c-4218-be7b-a5ce72f04550", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) Nuvei say transaction adjusted volumes grew 57% YTD. With commission growing 97%, we estimate 47% or $23m of commission were attributable to Base Commerce", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdf12438-a058-4076-ab58-26167e5a1885", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.85, "x": 0.08, "y": 0.4 }, "kind": "table", "text": "Base Commerce Cost Disclosure: Cost of Revenue and Commissions excerpts from Nuvei Q3'21 Financials.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f79018d5-4e72-48f2-8283-26d6bfb9b7de", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Base Commerce Appears To Have A High Cost Structure While Organically Declining", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e426198-99bc-47bd-b9e8-89b5aff53975", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d1ccc260-24cd-427d-ab51-65009737f695", "evidence": "Exposing discrepancies between reported revenue and associated cost increases to suggest poor acquisition performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 67, "type": "setup", "title": "This is a classic 'villain' or 'expose' transition slide used in activist short reports to build narrative tension.", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 239, "nDataPoints": 0, "notes": "This is a classic 'villain' or 'expose' transition slide used in activist short reports to build narrative tension.", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:43.977+00", "seconds": 2.47, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/67", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-67", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential -May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78ccc005-68be-4fb8-9787-173317ce2abc", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.17, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3afaa9d-bcb8-4f6c-882e-cc0927ce4a8f", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "Why Is Nuvei Linked To Fifth Manhattan, An Entity Associated With Individuals In Prison?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:43.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a108b5e5-d0b6-45c9-95f1-27ca9cd13ede", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 68, "type": "tension", "title": "The slide uses primary source legal documents to link an entity to a parent company.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 639, "nDataPoints": 0, "notes": "The slide uses primary source legal documents to link an entity to a parent company.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:47.529+00", "seconds": 5.963, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/68", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-68", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.85, "x": 0.075, "y": 0.00165 }, "kind": "callout", "text": "GlobalOnePay Inc was a named division and legal entity of Pivotal Payments Inc. and is still listed as “Active” according to Texas state filings with CEO Fayer as Director and President. We see from Texas legal filings that on April 5, 2016 it assumed the name of Fifth Manhattan, for which it is conducting business. The form was signed by a former legal counsel of Pivotal Payments.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf7f7372-6a55-4127-83d3-daa1cae08f84", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.64, "y": 0.0070999999999999995 }, "kind": "callout", "text": "Signed by Caroline Leduc former General Counsel of Pivotal Payments", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce3e5982-16de-4904-bf41-2cbb8b5cce72", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.7, "x": 0.15, "y": 0.0036 }, "kind": "image", "text": "Texas Assumed Name Certificate for Fifth Manhattan", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2c663e7-5323-4ddd-91b2-1d40a150f226", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.05, "y": 0.0096 }, "kind": "source-note", "text": "Source: Texas Secretary of State for GlobalOnePay, Inc. (Tax Id: 32051443821)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a23b824-f695-4a4d-9989-ec5592f46b14", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "Former Pivotal Legal Entity Doing Business As Fifth Manhattan", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ba508bc-2457-4abb-80a5-db072b58565b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "70e5dc83-85e2-4558-9b18-95ac8326fce0", "evidence": "The slide links a subsidiary to a parent company via legal filings to expose hidden corporate structures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:47.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 69, "type": "tension", "title": "Uses red callout boxes to draw attention to specific names and addresses in legal documents.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 6, "textChars": 961, "nDataPoints": 0, "notes": "Uses red callout boxes to draw attention to specific names and addresses in legal documents.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:44.832+00", "seconds": 3.143, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/69", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-69", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.2, "x": 0.01, "y": 0.395 }, "kind": "callout", "text": "Pay attention to these names and this address", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a4abee8-62dc-4dbc-9836-58d48170c717", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "callout", "text": "CCMS Payment Services Inc was formed by John Cooper and Richard Cesario on November 2014.(1) We see that the assumed name under which the business to be conducted is also “Fifth Manhattan” and was changed March 2015. This is the exact same name that Pivotal Payments declared its entity to be named Fifth Manhattan.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dac3bb98-a8ce-45a5-a98c-328992094bd8", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "CCMS Payment Services Inc was formed by John Cooper and Richard Cesario on November 2014. We see that the assumed name under which the business to be conducted is also \"Fifth Manhattan\" and was changed March 2015. This is the exact same name that Pivotal Payments declared its entity to be named Fifth Manhattan.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-55a2e4d7dbbc", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.85, "x": 0.14, "y": 0.365 }, "kind": "image", "text": "Legal document snippets showing names and addresses", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc99535c-8f4b-4d1d-90a2-289bd0d8422e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.06, "y": 0.95 }, "kind": "subtitle", "text": "Source: Texas Secretary of State for CCMS Payment Services, Inc. (Tax Id: 32055653482) 1) OpenCorporates.com Formation Document, and Certificate of Assumed Business Name", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "319f18c3-bc7d-4a33-8967-c42179ab0255", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.68, "x": 0.28, "y": 0.04 }, "kind": "title", "text": "Another Fifth Manhattan Formed In The Same State Around The Same Time", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "541b1547-4e76-4e26-addb-4f34c7ca87cb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "40fded08-844a-4867-895d-ed770c8756d8", "evidence": "The slide uses document evidence to expose suspicious naming conventions between entities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:44.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 70, "type": "tension", "title": "Uses a map to visualize geographic proximity as evidence of a potential shell company or related-party scheme.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 4, "textChars": 255, "nDataPoints": 0, "notes": "Uses a map to visualize geographic proximity as evidence of a potential shell company or related-party scheme.", "elementsJson": [ "headline_text", "callout_box", "map", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:44.615+00", "seconds": 2.898, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/70", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-70", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.08, "y": 0.175 }, "kind": "callout", "text": "Notice that the Fifth Manhattan as controlled by Pivotal is just a 20 minute drive from the other Fifth Manhattan. What are the chances of two businesses with such a unique name so close together?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "953b68e4-dd53-4f6f-8ba3-ef5a8c0fca7a", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.5, "x": 0.25, "y": 0.25 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b097073-d9c9-4235-8c8d-995693194898", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Google Maps", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3998afd8-a221-40f7-be0f-80606c4ddd12", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.58, "x": 0.305, "y": 0.045 }, "kind": "title", "text": "Two \"Fifth Manhattan\" Firms Miles Apart?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:44.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acfa9dc2-aebc-42e7-8cb1-9791c67bb5fa", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d2c58b13-96c0-44ef-980b-cb80e1e00a4d", "evidence": "Uses geographic proximity to imply suspicious business relationships.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:33:44.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 70, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 71, "type": "tension", "title": "Uses a side-by-side comparison of a DOJ press release and a company website bio to highlight the discrepancy.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 8, "textChars": 775, "nDataPoints": 0, "notes": "Uses a side-by-side comparison of a DOJ press release and a company website bio to highlight the discrepancy.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "headshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.178+00", "seconds": 3.142, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/71", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-71", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.15, "x": 0.82, "y": 0.41 }, "kind": "callout", "text": "Contradicted by previous slide", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3114cf66-22df-4933-b934-b4cd04362a3e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.0017 }, "kind": "callout", "text": "A few years later in Texas, a pair of businessmen named John Cooper and Richard Cesario were found guilty of fraud and each sentenced to prison for a “kickback scheme” that defrauded the U.S. government.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f659d49-a761-48e1-bfc0-610af474db62", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.43, "x": 0.07, "y": 0.39 }, "kind": "image", "text": "DOJ Press Release", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50c05afe-c604-4473-96b0-eebd49f186aa", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.43, "x": 0.52, "y": 0.39 }, "kind": "image", "text": "Company Website Bio", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53d2723b-7199-408f-97f0-b08a6e73a615", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "This defendant siphoned millions of dollars from Defense Department’s health insurance program, with little regard for whether its patients would actually benefit from the prescriptions he pushed. — U.S. Attorney Erin Nealy Cox", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-341db5ac4802", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.43, "x": 0.52, "y": 0.92 }, "kind": "source-note", "text": "Source: Wayback Machine on Fifth Manhattan website, Feb 8, 2016. Note: He never appeared on the website prior to this date", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0a17abf-0d58-4924-998d-a3c6e7ae496d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.07, "y": 0.92 }, "kind": "source-note", "text": "Source: “Health Care Executive Sentenced to 20 Years in TRICARE Fraud Case,” July 20, 2020, Justice.gov", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff1368d6-d20f-413f-967d-60028c507f54", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Cesario And Cooper Later Sentenced To Prison For Fraud", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12237236-41c5-4ca6-a819-54c554000905", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "738575bf-a01d-48fa-b0a8-8fc008dc51a7", "evidence": "Contrasts official criminal record with corporate marketing materials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 71, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 72, "type": "tension", "title": "Uses legal document excerpts to establish a connection between entities and fraudulent activity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 10, "textChars": 1343, "nDataPoints": 0, "notes": "Uses legal document excerpts to establish a connection between entities and fraudulent activity.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-17 03:29:57.829+00", "seconds": 3.126, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/72", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-72", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.15, "x": 0.5, "y": 0.0078 }, "kind": "callout", "text": "CCMGRX LLC Same Address And Formed 1 Month Prior To Formation of CCMS Payments (d/b/a Fifth Manhattan)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51551cb2-63cb-43de-9d3f-fd550f344b77", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.0018 }, "kind": "callout", "text": "The formation of Cooper and Cesario's entity to run the fraud, CCMGRX, LLC was Sept 2014, one month prior to the formation of CCMS Payments (d/b/a Fifth Manhattan) and at the exact same address of 5050 Quorum Drive in Dallas, TX. Legal documents confirm money moved in the name of Fifth Manhattan.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fb01309-1c7b-4267-8203-07341afa4f3a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.5, "y": 0.0053 }, "kind": "callout", "text": "Legal documents show funds flow through Fifth Manhattan", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da3c3428-5a52-4625-a3da-cfb485c2fbae", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The formation of Cooper and Cesario's entity to run the fraud, CCMGRX, LLC was Sept 2014, one month prior to the formation of CCMS Payments (d/b/a Fifth Manhattan) and at the exact same address of 5050 Quorum Drive in Dallas, TX.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-7d9f1c2c1ad1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.55, "y": 0.0040999999999999995 }, "kind": "image", "text": "Legal document excerpt showing bank account details", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef3bb65c-235f-464c-82a7-bf9dd3aaff1e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.0033 }, "kind": "paragraph", "text": "There Appears To Be A Link Between Nuvei's Fifth Manhattan entity, and a $100m Fraud Scheme", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "601bea22-2e5f-4426-952d-7293fd6cc5b9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.05, "y": 0.0040999999999999995 }, "kind": "paragraph", "text": "Two additional defendants charged in the conspiracy, Richard Robert Cesario... [details of the fraud scheme]", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3341702-61fd-4817-a513-9d425ad7737a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The evidence shows that witnesses told investigators that [Cooper] and his co-defendant Richard Robert Cesario stated an intent to do possible harm to any associates or employees who turned on them and flee to Costa Rica if prosecuted. — Judge Horan", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-814bbdc233e8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.0095 }, "kind": "source-note", "text": "Source: “Ten Additional Defendants Charged in $100 Million TRICARE Fraud Scheme,” Oct 14, 2026, Justice.gov", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75c679f4-78cb-47f3-ae65-df7ce9752dee", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Cesario And Cooper Later Sentenced To Prison For Fraud", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1db42b2-2d24-4088-bf71-371fd84b0d2d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "38f8cdd1-b179-4883-87a5-882a1c270e68", "evidence": "Connects corporate entities to criminal sentencing and financial fraud.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-07-17 03:29:57.829+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 72, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 73, "type": "tension", "title": "Uses red circles and arrows to annotate specific sections of legal documents.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 8, "textChars": 1055, "nDataPoints": 0, "notes": "Uses red circles and arrows to annotate specific sections of legal documents.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.473+00", "seconds": 3.086, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/73", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-73", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.15, "x": 0.825, "y": 0.69 }, "kind": "callout", "text": "Why Is Current President and COO of Fifth Manhattan The Resigning Registered Agent For Cooper and Cesario's CCMS?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6736923b-87bc-4be2-84b8-587b978d8402", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.825, "y": 0.45 }, "kind": "callout", "text": "A filing for CCMS Payment Services controlled by felons Cooper and Cesario", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d5a21ab-0ce9-4d6c-805f-11e80c64c92e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "callout", "text": "Just days after Nuvei's entity changed its name to Fifth Manhattan on April 5, 2016 the CCMS Payment Services entity (controlled by convicted felons Cooper and Cesario) filed a form for a \"Resignation of Registered Agent\". This form was signed by Adam Garrett, who was President & COO of Fifth Manhattan according to the company's website.(1) It is clear from Fifth Manhattan's website that it marketed GlobalOnePay services prior to Nuvei assuming the Fifth Manhattan name.(2)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d975598c-aaab-4a33-a5d9-5707a88bb29b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Why Is Current President and COO of Fifth Manhattan The Resigning Registered Agent For Cooper and Cesario’s CCMS?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-1de89e2befba", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.35, "x": 0.08, "y": 0.33 }, "kind": "image", "text": "Assumed Name Certificate filing", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ccdfe54-3120-4f7b-9c4f-ff57ddbbfb37", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.35, "x": 0.52, "y": 0.33 }, "kind": "image", "text": "Resignation of Registered Agent filing", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f48fd011-736d-46bb-9b0b-14054fabb448", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "paragraph", "text": "1) Fifth Manhattan website on April 18, 2016, Wayback Machine\n2) GlobalOnePay Auto Account Updater on Fifth Manhattan website, Feb 18, 2016", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7224f9fa-0be0-438e-b76f-62b0e7051d58", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Fifth Manhattan CEO Appeared As \"Registered Agent\" For CCMS Processing", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11c84e81-ffc3-4ece-a3ba-553f280460bd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "53b68e48-8f00-4f18-9db1-f246905e6b98", "evidence": "Uses official documents to link company leadership to convicted felons.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 74, "type": "tension", "title": "The slide uses a screenshot of a Google review as primary evidence to support an activist claim.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 4, "textChars": 412, "nDataPoints": 0, "notes": "The slide uses a screenshot of a Google review as primary evidence to support an activist claim.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.025+00", "seconds": 2.605, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/74", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-74", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "According to a Google review post, Pivotal / Nuvei purchased Fifth Manhattan five years ago, which puts the time frame right around Cooper and Cesario's involvement with the Company. If true as stated below, why would Nuvei want to buy an entity in a time period where suspicious activity was to have taken place?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "130045bd-0104-4359-9e0d-390ed16a63f2", "parentComponentId": null }, { "bbox": { "x": 0.08, "y": 0.34 }, "kind": "image", "text": "Google review of Fifth Manhattan", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6995d00-1f49-4772-8254-8db13367c07c", "parentComponentId": null }, { "bbox": { "x": 0.06, "y": 0.96 }, "kind": "source-note", "text": "Source: Google Reviews", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a877ee7a-d881-46a1-918f-127669708438", "parentComponentId": null }, { "bbox": { "x": 0.305, "y": 0.05 }, "kind": "title", "text": "Source Says Pivotal Purchased Fifth Manhattan", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7dd43310-c6be-4859-a3ef-077c7a78db89", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2ea3743d-8066-4cc2-9803-3c030f4052aa", "evidence": "The slide uses external anecdotal evidence to cast doubt on the legitimacy of a corporate acquisition.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:45.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 75, "type": "tension", "title": "Uses a red flag icon and a red arrow to highlight the contradiction in the provided tax document.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 797, "nDataPoints": 0, "notes": "Uses a red flag icon and a red arrow to highlight the contradiction in the provided tax document.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.67+00", "seconds": 3.084, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/75", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-75", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.88, "x": 0.09, "y": 0.175 }, "kind": "callout", "text": "Why is Lester Fernandes, former CFO of Nuvei who departed in 2018, still being listed as a Secretary, Treasurer and Director of GlobalOnePay according to a 2020 Texas Franchise Tax Public Information Report? CEO Fayer is listed as President and Director. None of Mr. Fernandes’ public biographies indicate he has a continuing role with Nuvei or any of its entities.(1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60ad90f2-cd9b-4f07-84b7-81e5f68f8bb5", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Why is Lester Fernandes, former CFO of Nuvei who departed in 2018, still being listed as a Secretary, Treasurer and Director of GlobalOnePay according to a 2020 Texas Franchise Tax Public Information Report?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-6890e15dbf25", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.62, "x": 0.34, "y": 0.32 }, "kind": "image", "text": "Texas Franchise Tax Public Information Report for GlobalOnePay, Inc.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3593088e-0b48-4a66-a798-fc0380a2f2b2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "1) Fernandes bio at Diagram Capital and LinkedIn | Source: Texas Secretary of State", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36f2ab91-82d4-4219-b816-3740966cdefb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.035 }, "kind": "title", "text": "Why Does Former CFO Fernandes Still Have An Undisclosed Role With Nuvei", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9458be38-4f00-43da-a027-962576d11585", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e2f991bc-2e0d-478d-80bd-813782a9d83e", "evidence": "The slide highlights a discrepancy between public bios and official tax filings to suggest undisclosed corporate relationships.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.67+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 76, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 177, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.04+00", "seconds": 2.44, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/76", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-76", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential -May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83ad81d1-3427-40b9-9d9a-1f384991cf20", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "144f3498-6498-43f1-b335-a3abd0b7d44d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "Issues With Pivoting To European Acquisitions To Propel Growth", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64139644-f1cd-4c2b-b521-0707598640a0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 77, "type": "tension", "title": "The slide uses the Spruce Point Capital Management logo (pine tree) as a visual anchor.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 249, "nDataPoints": 0, "notes": "The slide uses the Spruce Point Capital Management logo (pine tree) as a visual anchor.", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.555+00", "seconds": 2.895, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/77", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-77", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25059a08-7528-477c-85ca-fbd42d8d3b6c", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e4a38ac-4a6e-4373-b6e9-60a4135711bf", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.55, "x": 0.37, "y": 0.38 }, "kind": "title", "text": "Why We Believe Nuvei Isn't Transparent And Troubles May Lie Ahead With The SafeCharge Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c384cb2-b4e8-4425-a564-a807800aa30a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 78, "type": "tension", "title": "Uses a red flag icon to signal a warning/red flag about company transparency.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 1212, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning/red flag about company transparency.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.714+00", "seconds": 2.891, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/78", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-78", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.88, "x": 0.08, "y": 0.0017 }, "kind": "callout", "text": "Nuvei only reports revenue in one operating segment, and at a most basic level, does not give much insight into the mix of its merchant revenue across \"complex\" verticals. When we asked a former employee with knowledge of its products, what is a key metric to evaluate the business, revenue by merchant node was mentioned.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b82e49b3-16c3-4431-bd9e-7960b6522f30", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei only reports revenue in one operating segment, and at a most basic level, does not give much insight into the mix of its merchant revenue across \"complex\" verticals.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-98efb565cc9c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.83, "x": 0.13, "y": 0.003 }, "kind": "quote", "text": "\"I would want to know revenue by merchant category node. If there is one thing I'd want to see is that. Because that would tell me what their portfolio mix really is, and how risky it really is.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3895b0e9-d998-410c-9538-984ac903fbae", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I would want to know revenue by merchant category node. If there is one thing I’d want to see is that. Because that would tell me what their portfolio mix really is, and how risky it really is.\" — Former Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-9fb15311475e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Nuvei IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cf4af03-dc2e-4d31-b958-04afdd0b96cc", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.96, "x": 0.03, "y": 0.0040999999999999995 }, "kind": "table", "text": "Comparison table showing 'Here's What Nuvei Says' vs 'Disclosure Concern' across five categories: Merchant Counts, SMBs and Enterprise Customers, Distribution Method, Complex Verticals, and Fee Arrangements.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c97a487-8e3b-40be-9bd0-6daf2f48d348", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "We Believe Nuvei Is Not Transparent About What Is Driving Its Revenue Growth", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31d56039-b1e1-4aff-8dc8-32a31eb9024f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "12094e6a-c7f3-404a-8e23-0e9c0552838e", "evidence": "Contrasts company claims with lack of disclosure", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 78, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 79, "type": "tension", "title": "Uses a table to contrast company statements with specific disclosure concerns.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 8, "textChars": 1554, "nDataPoints": 2, "notes": "Uses a table to contrast company statements with specific disclosure concerns.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:46.525+00", "seconds": 3.616, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/79", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-79", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.16 }, "kind": "callout", "text": "Spruce Point believes Nuvei's financial reporting and disclosures are insufficient to allow investors to assess the quality of, and risks to, its business. In particular, a former employee expressed concerns about its volume reporting.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebfd900c-3f68-4d0d-90c8-79787a12d3ba", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes Nuvei's financial reporting and disclosures are insufficient to allow investors to assess the quality of, and risks to, its business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-d93cdf446afd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.11, "y": 0.26 }, "kind": "quote", "text": "Nuvei reports a total volume metric. Do you think this is meaningful?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cc6ff42-199e-4108-98f2-abf6ba1f860f", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.88, "x": 0.11, "y": 0.32 }, "kind": "quote", "text": "It is but the problem we have is that without segmenting those two numbers you don't get a good feel for the actual revenue being generated. The reporting of the number is meant to give a sense of how much money goes through their systems, but you can not drive value directly from that without understanding what the split is between the technology provisioning and the actual first full service acquiring.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "319e2255-4c97-4c67-aaa4-8177abee2e1a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It is but the problem we have is that without segmenting those two numbers you don't get a good feel for the actual revenue being generated. The reporting of the number is meant to give a sense of how much money goes through their systems, but you can not drive value directly from that without understanding what the split is between the technology provisioning and the actual first full service acquiring.\" — Former Nuvei Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-dea6c51fcb48", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Nuvei IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a303415-f2ab-4e45-b8ae-62a0209aac52", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.97, "x": 0.02, "y": 0.45 }, "kind": "table", "text": "Table comparing Total Volume, Technology, Foreign Currency, Payment Methods, and Geography against Nuvei's statements and disclosure concerns.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9757d3e3-5ca2-48e3-9254-dc6abeb7b311", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Nuvei Is Not Transparent About What Is Driving Its Revenue Growth (Cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cf11ff8-61e3-4155-933f-35e6c5610a35", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c67bd8a7-8ea7-4d86-87fa-6538d14ac8b2", "evidence": "Exposing lack of transparency in financial reporting to suggest potential misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:46.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 79, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 80, "type": "tension", "title": "The slide uses a red flag icon to signal the controversial nature of the founder's background.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 1183, "nDataPoints": 12, "notes": "The slide uses a red flag icon to signal the controversial nature of the founder's background.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "line_chart", "bar_chart_stacked", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:45.77+00", "seconds": 2.856, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/80", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-80", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.115, "w": 0.83, "x": 0.085, "y": 0.34 }, "kind": "callout", "text": "The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a982eb8-525c-4717-9c66-f5b033f03251", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei Paid A 77% Premium To SafeCharge’s Historical Average Share Price (Pre-Announcement)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-b671743ea382", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.46, "x": 0.515, "y": 0.495 }, "kind": "chart", "text": "Processed volume development", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e28e1a80-cbc1-41fa-8e02-6b9027747431", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.46, "x": 0.025, "y": 0.495 }, "kind": "chart", "text": "Nuvei Paid A 77% Premium To SafeCharge's Historical Average Share Price", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e51591c8-e6a6-4c08-9928-4950d5256034", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "acquisition premium: 77%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-bde432363a0c", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.83, "x": 0.085, "y": 0.162 }, "kind": "paragraph", "text": "SafeCharge was a payments technology company. The Company was co-founded by Teddy Sagi and David Avgi in 2006... Mr. Sagi first made headlines in Israel in 1994 when he was arrested and charged with manipulating the value of stock...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3163e4c8-02e7-47fc-b7e6-b663f7324d41", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization. It further strengthens Nuvei’s payment technology and creates a truly global presence. While Nuvei has traditionally operated in the US and Canada focusing on the SMB market, SafeCharge has established a solid foothold across European, Asian and Latin-American territories, servicing large scale merchants in both revenues and size. — Nuvei Press Release, Aug 1, 2019", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-b8458d8fd4e0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.025, "y": 0.91 }, "kind": "source-note", "text": "Source: Bloomberg; TheDailyMail.co.uk; SafeCharge 2018 review", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddf0e15d-fcae-47c2-ae6f-378cde68ee5d", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.385, "x": 0.307, "y": 0.025 }, "kind": "title", "text": "Overview of SafeCharge Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:45.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "742084be-2fcf-4069-a234-0afeac11f34f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5320fd74-490f-4285-b9c4-ae373e5a7a94", "evidence": "Highlighting founder's criminal history alongside acquisition details", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:45.77+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 81, "type": "tension", "title": "Uses a red flag icon to signal a warning or contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 1723, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning or contradiction.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:46.427+00", "seconds": 3.462, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/81", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-81", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.85, "x": 0.1, "y": 0.185 }, "kind": "callout", "text": "While Nuvei was promoting the acquisition of SafeCharge as transformative and creating a global leader with “massive scale and reach”, the CEO of SafeCharge made statements to the local Israeli media saying the “market was saturated with competition and regulation”, and that consolidation was a good move.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "520cbce1-150e-4875-bb10-cefdb233ce1e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "While Nuvei was promoting the acquisition of SafeCharge as transformative and creating a global leader with \"massive scale and reach\", the CEO of SafeCharge made statements to the local Israeli media saying the \"market was saturated with competition and regulation\", and that consolidation was a good move.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-0d3f2d8d0767", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"This is a market saturated with competition and regulation, the small players will not survive, so consolidation is a good move for the company.\" — SafeCharge CEO Avgi; \"The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization. It further strengthens Nuvei's payment technology and creates a truly global presence.\" — Nuvei CEO Fayer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-109c5ff3a66d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.1, "y": 0.835 }, "kind": "source-note", "text": "Source: “Nuvei Completes Acquisition of SafeCharge”, Aug 2019, Nuvei Press Release", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73c6a103-4ad1-4fcf-b2c5-d17170e94d64", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.1, "y": 0.535 }, "kind": "source-note", "text": "Source: “Teddy Sagi's huge exit: Safe-Charge sells for $889m”, May 2019, Themarker.com as translated by Google", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe7a02d8-2287-4f9c-8d38-7fe871930b0a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.1, "y": 0.41 }, "kind": "table", "text": "SafeCharge CEO Avgi: “This is a market saturated with competition and regulation, the small players will not survive, so consolidation is a good move for the company.”", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c389f0a-6d38-427f-915a-f945d2a7cae4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.1, "y": 0.61 }, "kind": "table", "text": "Nuvei CEO Fayer: “The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization. It further strengthens Nuvei's payment technology and creates a truly global presence.”", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1552103-928a-4326-ae7c-c95a62f7c943", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "What Was The Motivation of the SafeCharge Acquisition? SafeCharge CEO Points To Market Saturation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c4d2713-61d7-4833-ac6b-38b92787f59f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "83ff96d5-34e5-494f-8aff-5f0c29391937", "evidence": "Contrasting the CEO's public narrative with the target's CEO's admission of market saturation.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:46.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 81, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 82, "type": "tension", "title": "The slide uses a red flag icon to signal a warning or 'red flag' in the company's reporting practices.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 8, "textChars": 2316, "nDataPoints": 12, "notes": "The slide uses a red flag icon to signal a warning or 'red flag' in the company's reporting practices.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:52.874+00", "seconds": 9.736, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/82", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-82", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.28, "x": 0.66, "y": 0.91 }, "kind": "callout", "text": "Notice NVEI convolutes two acquisitions", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2817d1cd-8d8b-4a88-af9a-321c484475de", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.87, "x": 0.085, "y": 0.16 }, "kind": "paragraph", "text": "Despite having closed on SafeCharge in August 1, 2019, Nuvei did not give any indication of how much revenue was being recognized from SafeCharge in 2020. As a best practice, public companies should provide revenue contribution from acquisitions over a one year period. As a result, we believe Nuvei should have provided revenue contributions from SafeCharge through its Q3 2020 financial reporting period. However, Nuvei did not provide this information.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "072a8ec4-4aa9-49e9-ba45-f92b79a60e2b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Only Post-Deal Revenue Disclosure: \"SafeCharge contributed revenues of $55,853 and net income of $11,643 to the Company for the period from the acquisition date to December 31, 2019.\" — Nuvei Q3 2020 MD&A", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-0860fdce6099", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Nuvei Q3 2020 MD&A at Sedar.com ; 2020 Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4726f1c1-f6f4-4b3e-9181-67fba59d84b2", "parentComponentId": null }, { "bbox": { "h": 0.36, "w": 0.96, "x": 0.02, "y": 0.57 }, "kind": "table", "text": "2020 Annual Report: “For the year ended December 31, 2020, revenue increased by $129.2 million or 53% as compared to the year ended December 31, 2019. The increase is driven by acquisition growth (SafeCharge acquisition in August 2019 and Smart2Pay in November 2020) as well as organic growth. Total volume increased from $24.6 billion in the year ended December 31, 2019 to $43.2 billion in the year ended December 31, 2020, an increase of $18.6 billion or 76%. Assuming the SafeCharge acquisition and Smart2Pay acquisition had occurred on January 1, 2019, total volume would have been $44.6 billion in the year ended December 31, 2020, compared to $35.3 billion in the year ended December 31, 2019, an increase of $9.3 billion or 26%. Assuming the SafeCharge acquisition and Smart2Pay acquisition had occurred on January 1, 2019, revenue would have been $406.6 million in the year ended December 31, 2020, compared to $342.0 million in the year ended December 31, 2019, an increase of $64.6 million or 19%.”", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f61f063-8dda-40aa-b0ff-a2ed2d03b29f", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.43 }, "kind": "table", "text": "Q3 2020: “For the three months ended September 30, 2020, revenue increased by $22.8 million or 32% as compared to the three months ended September 30, 2019. The increase is due to total volume growth driven by the SafeCharge Transaction in August 2019, and organic growth.”", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a931d2b9-cbd7-4942-b544-7a450f0bd6d9", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.31 }, "kind": "table", "text": "FY 2019: Only Post-Deal Revenue Disclosure: “SafeCharge contributed revenues of $55,853 and net income of $11,643 to the Company for the period from the acquisition date to December 31, 2019.”", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3e52b36-25b9-4d70-a78a-2cec25d54abe", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "We Believe Nuvei Provided Vague And Deficient Explanations of Revenue Growth In 2020", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "209e8a02-29be-432c-9408-6b093c272554", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "20b21c9f-5421-41c9-a5a9-96224ae67250", "evidence": "The slide explicitly frames the lack of disclosure as a deliberate obfuscation of organic growth, a common tactic in financial fraud analysis.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:33:52.874+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 82, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 83, "type": "tension", "title": "Uses a red flag icon to signal warning/risk.", "function": "expose_contradiction", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 5, "textChars": 1207, "nDataPoints": 0, "notes": "Uses a red flag icon to signal warning/risk.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:46.386+00", "seconds": 3.159, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/83", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-83", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.08, "y": 0.17 }, "kind": "callout", "text": "An interview Spruce Point conducted with a former SafeCharge employee confirmed our suspicions that the SafeCharge acquisition had not gone according to plan and was experiencing lower growth prospects.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18da7732-3136-4560-a152-88f7ce7c0aec", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Yes, exactly.” — Former SafeCharge Employee; “Absolutely. To be honest, how can you find out? If you take over a company, you only look at the people and the CVs and see they have experience. He found out in the late stage and that is why they are recruiting very strongly right now.” — Former SafeCharge Employee; “Yes. Its both a technology thing and to acquire the customers. It’s about the clients and to be honest, most DSPs in the U.S. don’t have the necessary experience in the gambling industry because it hasn’t been allowed.” — Former SafeCharge Employee; “Yes. I mean in this industry you have good and bad stuff so it would not surprise me. Yes. For example, you have some FX companies they are servicing. Interpol and the FBI are cleaning those companies up. For sure they have affiliations with them because they do quite a few FX companies.” — Former SafeCharge Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-23bd3ed07bda", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a5aec69-219c-450a-b494-ad01c8743b9c", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.98, "x": 0.01, "y": 0.31 }, "kind": "table", "text": "Q&A transcript table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3432b704-01ae-4954-ac8c-9276499d7576", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Interview With A Former SafeCharge Employee Sheds Light On Deal Issues", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "011718eb-be9c-4ae5-8b7f-3ca9b133cd0c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1d9f54d4-bb1a-46f8-8d30-d24e3b961531", "evidence": "Presents interview transcripts as primary evidence to support a thesis.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:46.386+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 83, "frameworkName": "evidence-matrix" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 84, "type": "tension", "title": "Uses a red flag icon to signal investigative findings.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 716, "nDataPoints": 0, "notes": "Uses a red flag icon to signal investigative findings.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:46.598+00", "seconds": 3.063, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/84", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-84", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.095, "y": 0.175 }, "kind": "callout", "text": "Spruce Point conducted an interview with a former senior Nuvei employee who was at the Company prior to, and after the closing of SafeCharge. The interview reveled multiple challenges with the acquisition. In addition, suspicions of accounting changes to boost performance were raised.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b697d709-77a3-4c97-8a65-06ae24c6cdb4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The SafeCharge one just felt off compared to those. — Former Nuvei Employee. I would say their targets for integration and migration were unrealistic. — Former Nuvei Employee. For me its odd to see everything in the black. There is a little bit of me that is saying, “ok, what accounting practices did you change?” — Former Nuvei Employee.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38a-feafefe43c96", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cd2f595-9659-4b5f-8440-31192f3e3e32", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.92, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "Q&A transcript table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c238e16-b120-4b4d-b5c3-53b34b9c3590", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.318, "y": 0.05 }, "kind": "title", "text": "Interview With Former Senior Nuvei Employee", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fb4ebf0-3ae1-49c1-8e13-fd17fb66f88b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ab77e8ec-2df7-423d-a72d-e8ab84300259", "evidence": "The slide explicitly highlights 'suspicions of accounting changes' and uses a red flag icon to signal investigative findings.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:46.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 84, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 85, "type": "tension", "title": "The slide uses a Q&A format to present expert testimony that contradicts Nuvei's narrative.", "function": "expose_contradiction", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 6, "textChars": 1240, "nDataPoints": 0, "notes": "The slide uses a Q&A format to present expert testimony that contradicts Nuvei's narrative.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:46.058+00", "seconds": 2.508, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/85", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-85", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "An interview with a former SafeCharge (now Nuvei) employee confirmed our belief that Nuvei entered the European gaming market as its existing retail business became more competitive. This higher risk business allowed for a recent uplift in margins which we believe will be unsustainable.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-86f686d7d192", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.00175 }, "kind": "paragraph", "text": "An interview with a former SafeCharge (now Nuvei) employee confirmed our belief that Nuvei entered the European gaming market as its existing retail business became more competitive. This higher risk business allowed for a recent uplift in margins which we believe will be unsustainable. The expert also confirmed our belief that Nuvei has outdated processes and technology and will require an investment into more automation of its processes to continue growing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7318876c-eca1-41b1-b19f-3b93724a7466", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"They were a victim of their own success. They kind of milked almost everything they could out of the key niche... I would never bring up to a retailer that we work with gambling companies. They don't like it. You have to separate the two.\" — Former Nuvei Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-8a645c8c7680", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "051bc343-27e5-43b9-bdf5-f5a1ad74db73", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.85, "x": 0.08, "y": 0.003 }, "kind": "table", "text": "A series of Q&A rows featuring quotes from a former employee regarding Nuvei's business strategy and competitive positioning.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebc65f37-ec8e-4a8e-9503-956b6a7bcec3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Interview With Former Nuvei Employee Familiar With Its European Business", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdd8f00e-f950-4a2f-aa94-62033d95b6a0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b9f881a3-df8b-4e7c-9aaf-76022b592d8c", "evidence": "Uses expert testimony to validate the activist's thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:46.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 85, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 86, "type": "tension", "title": "The slide uses a Q&A format to present negative testimony from a former employee.", "function": "expose_contradiction", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 618, "nDataPoints": 1, "notes": "The slide uses a Q&A format to present negative testimony from a former employee.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:46.333+00", "seconds": 2.596, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/86", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-86", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.89, "x": 0.085, "y": 0.175 }, "kind": "callout", "text": "Given SafeCharge’s historical strength around gaming, challenges of cross-selling to service to industries such as retail were expressed by a former employee. In addition, there were challenges expressed around Nuvei’s automation processes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.333+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e9ae343-cbf6-41df-a035-ff24645cfcda", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Yes, with the Nuvei and SafeCharge it took about a year before we could actually share APIs to even share our traffic. I think we rushed to market and was just like ‘Hey there, we can do everything for you.’ — Former Nuvei Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-ab8b956fc78f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.015, "y": 0.975 }, "kind": "source-note", "text": "Source: Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.333+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f582ae1b-ced4-4808-bcde-2426f36126f4", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.97, "x": 0.015, "y": 0.3 }, "kind": "table", "text": "Q&A table containing three interview segments.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.333+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a43c242c-3054-4b6e-966d-dd4e7cb68335", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.315, "y": 0.035 }, "kind": "title", "text": "Interview With Former Nuvei Employee Familiar With Its European Business", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:46.333+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d57f490a-72a4-4c12-99c7-25b0150705de", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 87, "type": "tension", "title": "The slide uses historical data from 2018 to contrast with the current lack of disclosure under Nuvei.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 771, "nDataPoints": 32, "notes": "The slide uses historical data from 2018 to contrast with the current lack of disclosure under Nuvei.", "elementsJson": [ "headline_text", "callout_box", "bar_chart_horizontal", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:47.104+00", "seconds": 2.961, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/87", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-87", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "SafeCharge provided better disclosures around where its revenues came from. In particular, notice that it classified revenues by industry and customer concentration. Under Nuvei, these disclosures are not provided. However, after conducting interviews of former employees, we believe SafeCharge/Nuvei did have high exposures to gambling and recent revenue growth came from increased exposure to a select few customers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5eec0e95-de8f-4b82-ba47-823da4e33c8e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "SafeCharge provided better disclosures around where its revenues came from. In particular, notice that it classified revenues by industry and customer concentration. Under Nuvei, these disclosures are not provided.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-ee8769229c6a", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.75, "x": 0.15, "y": 0.37 }, "kind": "chart", "text": "2018 Diversified customer base", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2935753f-38de-4070-9530-6f65d9d77723", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue concentration", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3e9-f2a3be681b24", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.145, "y": 0.915 }, "kind": "source-note", "text": "Source: SafeCharge Presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36fec2a8-fdd2-4acf-90ce-2580f88386cb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.315, "y": 0.025 }, "kind": "title", "text": "SafeCharge Had Better Disclosures As A Standalone Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb7119bd-949c-4f7c-98f5-05f61ccc0dd5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "72930329-da47-496d-ae3e-d9878e3df9a7", "evidence": "The slide argues that the company is hiding high-risk customer concentration (gambling) by reducing disclosure quality post-acquisition.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:47.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 88, "type": "tension", "title": "Includes a red flag icon to denote risk/warning.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 9, "textChars": 1623, "nDataPoints": 14, "notes": "Includes a red flag icon to denote risk/warning.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:47.423+00", "seconds": 3.185, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/88", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-88", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We estimate that SafeCharge grew over 50% in 2020 with high exposure to gaming.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-66b70618c772", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "YoY Growth: 51.1%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-6d006912c585", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.08, "y": 0.00165 }, "kind": "paragraph", "text": "We believe Nuvei has made it difficult to determine its organic growth. Under Nuvei, SafeCharge adjusted its revenue accounting to a net basis, consistent with Nuvei’s revenue recognition. We adjust SafeCharge’s historical revenue to conform to Nuvei’s. In 2020, we take the implied SafeCharge revenue from contributions to its geographic segment reporting (see earlier slide: North American revenue decline). We estimate that SafeCharge grew over 50% in 2020 with high exposure to gaming.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a77c18b-1e0d-4351-8121-ea8fe0a2c61e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.1, "y": 0.004200000000000001 }, "kind": "quote", "text": "I do believe that, but it's inflated by two customers and I know they won't tell you, but I know, they acquired a very large gambling contract (one of the biggest in the UK), which, contributed a lot more growth to it, but also, you know, where they are focused at the moment, enabling new gambling regions.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b36d749-966a-4e42-9da4-2069727ea59c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.1, "y": 0.0032 }, "kind": "quote", "text": "We've been having a difficult time understanding SafeCharge's organic growth and revenue contributed, but we estimate it was over 50% in 2020. Do you believe this and what do you think drove this?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62232aca-0578-4835-a63d-75a1a4237284", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I do believe that, but it's inflated by two customers and I know they won't tell you, but I know, they acquired a very large gambling contract (one of the biggest in the UK), which, contributed a lot more growth to it, but also, you know, where they are focused at the moment, enabling new gambling regions.” — Former Nuvei Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-6ab143428ef3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.04, "y": 0.0095 }, "kind": "source-note", "text": "Source: Nuvei IPO Prospectus at Sedar.com; 2020 Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59552935-cbcb-4897-b19d-bf5cf9dc0232", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.0055 }, "kind": "table", "text": "SafeCharge Estimated Growth 2019 - 2020 table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3e6f54f-f91a-4a37-88a5-9423c5fa12d2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "SafeCharge Growth Significantly Benefitting Nuvei; But We Learned of Customer Concentration Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:47.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68b5705c-de86-4aac-8120-514a3ca33cf7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c5003868-8860-41d9-8125-e688b0e4d2fe", "evidence": "The slide explicitly frames accounting adjustments and expert testimony to expose potential revenue inflation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:47.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 88, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 89, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 1045, "nDataPoints": 12, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:51.971+00", "seconds": 7.494, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/89", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-89", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.85, "x": 0.08, "y": 0.0017 }, "kind": "callout", "text": "Despite SafeCharge's CEO describing the market as saturated... we estimate that SafeCharge's profit margins materially expanded from 24.5% to 45.1%... We call on Nuvei's management to explain how this is possible?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.971+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c20e1823-6e21-40c8-b32b-88658a95d218", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We call on Nuvei's management to explain how this is possible?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-32712e862e6a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "profit margin: 45.1%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-391b047ca819", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "SafeCharge and Smart2Pay have a higher relative cost of revenue than Nuvei's operation in the North American market due to costs associated with its merchant servicing model. — Nuvei 2020 Annual Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-378c15fbbe95", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.9 }, "kind": "source-note", "text": "1) From gross to net revenue adjustment. Should not impact ultimate profitability. Note: Between 2017 and 2018, SafeCharge reported revenue growth of 24%, but profit margin fell by 340 basis points. Under Nuvei, we estimate SafeCharge's revenue grew 20% in 2019, yet profit margins expanded 2,060 basis points. Note: Ignores tax effect on amortization expense because Nuvei was reporting net income losses", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.971+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd731776-026d-489a-95e9-b5ce14ed8603", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.85, "x": 0.08, "y": 0.0044 }, "kind": "table", "text": "SafeCharge Estimated Profit Margin Change: Pre and Post-Acquisition By Nuvei", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.971+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aa56b4e-604e-466d-bcb4-25357059aca5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "How Did SafeCharge's Profitability Mysteriously Explode Under Nuvei?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.971+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cd5005c-dab9-4118-9ac7-70563bdb4a7b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "aff379a0-bd6a-49d7-a3c4-3f06039b5b98", "evidence": "Uses red flag icon and critical language to frame Nuvei management as the antagonist.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:51.971+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 89, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 90, "type": "analysis", "title": "Contains three distinct financial tables and a descriptive paragraph regarding revenue and net income contribution.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 10, "textChars": 727, "nDataPoints": 45, "notes": "Contains three distinct financial tables and a descriptive paragraph regarding revenue and net income contribution.", "elementsJson": [ "headline_text", "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:52.235+00", "seconds": 7.278, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/90", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-90", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "SafeCharge contributed revenues of $55,853 and net income of $11,643 to the Company for the period from the acquisition date to December 31, 2019. The net income contribution includes the amortization of identifiable intangible assets acquired.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ea-711e-a3ea-4c286463e565", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.45, "x": 0.51, "y": 0.62 }, "kind": "paragraph", "text": "Revenues And Net Income Reported By Nuvei Post-Closing of SafeCharge Aug 1, 2019", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e746719-7783-4df6-b5e2-e757f60a4a28", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Nuvei IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ae92a12-804e-4375-b632-26c4e2006fa3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.51, "y": 0.58 }, "kind": "source-note", "text": "Source: Nuvei IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec3aceba-6298-42f5-a7cf-d5a188d8881f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.51, "y": 0.9 }, "kind": "source-note", "text": "Source: Nuvei 2020 Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f447285e-a219-47e0-920b-4a70f676c215", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.04, "y": 0.58 }, "kind": "source-note", "text": "Source: SafeCharge 2018 Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "facf23ff-3fbc-4967-9984-7d0ebba83c8a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.51, "y": 0.18 }, "kind": "table", "text": "Incremental SafeCharge Amortization In 2019 Estimated As The Difference Between 2018 and 2019 Amortization", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02c2ad7b-41c0-42fd-bc76-5b8bb7cae300", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.45, "x": 0.04, "y": 0.62 }, "kind": "table", "text": "SafeCharge Revenues Adjusted For Nuvei Accounting", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3486897-d3cf-4a39-a510-0f1d1f8b1748", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.04, "y": 0.2 }, "kind": "table", "text": "SafeCharge's 2018 Results Pre-Acquisition", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f78a7bda-8c04-497a-a7dc-fc0687f142a8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Supporting Financials For Estimated SafeCharge Margin Improvement Post Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a0fafb9-2918-49fc-8a8d-d90ab1386f3a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 91, "type": "tension", "title": "Uses a simple additive equation visual (A + B = C) to compare pre-acquisition headcount to post-acquisition headcount.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 10, "textChars": 2098, "nDataPoints": 4, "notes": "Uses a simple additive equation visual (A + B = C) to compare pre-acquisition headcount to post-acquisition headcount.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "headshot", "icon_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:49.551+00", "seconds": 4.545, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/91", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-91", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.0016799999999999999 }, "kind": "callout", "text": "SafeCharge had approximately 400 employees, which the majority in R&D and technology. SafeCharge's CEO made a public statement assuring its development works had no cause for concern since Nuvei was very interested in its technology. Pivotal Payments had approximately 450 employees. On a go forward basis, Nuvei reported 800+ employees. Nuvei didn't disclose any material restructuring charges that would lead us to believe it cut significant labor.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "663d8294-0d87-446d-8e80-735544d99d86", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei didn't disclose any material restructuring charges that would lead us to believe it cut significant labor.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-543453939c0a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.0054 }, "kind": "diagram", "text": "SafeCharge's 2018 Employees Pre-Acquisition + Pivotal Payments March 2019 Employees Pre-Acquisition = Nuvei Combined Mid 2020", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18fe8379-ec47-4ead-a81a-82a3b32f96e0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.7, "y": 0.0083 }, "kind": "metric", "text": "800+ Employees", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72870c97-4eac-49c0-86d3-83729ab14747", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.02, "y": 0.0065 }, "kind": "paragraph", "text": "Our employees are at the heart of the Group's success... The Group ended the period with 390 employees (2017: 360) with approximately 54% in R&D and technology...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0724099f-d0f7-47dc-bba5-c2502fb72e2f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.35, "y": 0.0065 }, "kind": "paragraph", "text": "Philip Fayer, Chairman and Chief Executive Officer... Mr. Fayer founded Pivotal Payments in 2003... has 450 employees and processes over US$15 billion in annual transaction volume.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4648e6f1-4215-4c76-8221-ce9e41b568f3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.12, "y": 0.00315 }, "kind": "quote", "text": "Avgi finds it important to stress that the development workers have no cause for concern. \"In deals like this the workers are sometimes a little anxious. I wish to make it very clear: one of the reasons for the deal is the technology, and so the development workers in Israel and Bulgaria should be confident that we shall continue to grow and develop new products.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ada1afa-b50f-46b3-a729-603b326fccaa", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Avgi finds it important to stress that the development workers have no cause for concern. \"In deals like this the workers are sometimes a little anxious. I wish to make it very clear: one of the reasons for the deal is the technology, and so the development workers in Israel and Bulgaria should be confident that we shall continue to grow and develop new products.\"\" — SafeCharge CEO (Source: \"Safecharge was my baby\", Globes Israel, May 23, 2019)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-594be9c08763", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.0095 }, "kind": "source-note", "text": "Source: \"Safecharge was my baby\", Globes Israel, May 23, 2019; SafeCharge 2018 Annual Report; Wayback Machine (March 2019); Wayback Machine (May 2020)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2da0dda-3889-45e1-8009-fead215b2abc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Nuvei Didn't Appear To Cut Significant Labor Costs To Explain Material Increase In Margins", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ae4f9ff-4fbd-48d6-b19a-c1fa5ff5c6b9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "42cb093d-efe4-4665-90d0-5f08212f0dbf", "evidence": "The slide links headcount stability to the lack of restructuring charges to explain margin expansion.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:49.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 91, "frameworkName": "causal-chain" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 92, "type": "setup", "title": "Spruce Point Capital Management branding (pine tree logo).", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 3, "textChars": 132, "nDataPoints": 0, "notes": "Spruce Point Capital Management branding (pine tree logo).", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:50.983+00", "seconds": 5.97, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/92", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-92", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential -May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f9dbfd2-e092-493b-890c-a9ad14b3e0a4", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "000a943f-c534-4bae-a1a3-f4c055db30d1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.37, "y": 0.45 }, "kind": "title", "text": "Smart2Pay or Not?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d12c6507-a852-4489-bd24-beb9a7946626", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 93, "type": "tension", "title": "Uses a red flag icon to denote suspicious activity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 8, "textChars": 1380, "nDataPoints": 0, "notes": "Uses a red flag icon to denote suspicious activity.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:48.369+00", "seconds": 3.133, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/93", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-93", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.13, "w": 0.88, "x": 0.11, "y": 0.36 }, "kind": "callout", "text": "On May 17, 2020, the Company entered into a purchase agreement with the sole member of Smart2Pay...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e10de58-fe16-42f6-ac62-848272a7f927", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.33, "x": 0.09, "y": 0.83 }, "kind": "callout", "text": "An agreement hadn't been reached, yet Smart2Pay was marketing itself as a Nuvei Company", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebf0bfd1-e002-44aa-bfe5-6c75e2204677", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.85, "x": 0.13, "y": 0.62 }, "kind": "image", "text": "Smart2Pay website screenshot showing 'a nuvei company' branding", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20f5d9ad-4931-4116-a112-1dfddf945e4c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.09, "y": 0.16 }, "kind": "paragraph", "text": "Nuvei says it entered into a purchase agreement to acquire Smart2Pay on May 17, 2020. Yet, according to the Wayback Machine, Smart2Pay was already marketing itself as “A Nuvei Company” in advance of the purchase agreement being signed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3eab2c8d-8f1d-44bd-95f5-ebc87f6963d5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "On May 17, 2020, the Company entered into a purchase agreement with the sole member of Smart2Pay, a payment services provider headquartered in The Netherlands, to acquire all of the sole member's ownership interest for total consideration of approximately $240,001 (€221,567). The total consideration is expected to be settled with a cash consideration of $66,689 (€61,567) and the remaining balance will be paid either by issuance of a convertible debenture of $173,312 (€160,000) or by the issuance of shares of the Company, for which a final determination has not yet been made. The closing of the transaction is subject to certain customary conditions. — Nuvei IPO Prospectus at Sedar.com", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-3d2da264c59b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.38, "x": 0.58, "y": 0.81 }, "kind": "source-note", "text": "Source: Wayback Machine, Smart2Pay website on May 13, 2020", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8263a26-5e01-4636-ba98-2adc6c8b2526", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.12, "y": 0.55 }, "kind": "source-note", "text": "Source: Nuvei IPO Prospectus at Sedar.com; subsequent event p. 214", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6237ff3-c528-4f05-a179-d3459a21989b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Suspicious Pre-Marketing of Smart2Pay As A Nuvei Company Prior To Deal Agreement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9ac7a7f-61bd-4d4b-93c6-04d7bcc7644e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5732c368-8ca9-4135-a8d4-35902f87e331", "evidence": "The slide explicitly frames a timeline discrepancy as 'suspicious' to suggest potential financial manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:48.369+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 93, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 94, "type": "tension", "title": "Uses a red flag icon to signal warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 4, "textChars": 332, "nDataPoints": 8, "notes": "Uses a red flag icon to signal warning/contradiction.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:48.669+00", "seconds": 3.4, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/94", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-94", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.88, "x": 0.09, "y": 0.0016799999999999999 }, "kind": "callout", "text": "Notice carefully that between deal announcement on May 17, 2020 and closing Nov 2, 2020, Nuvei ended up paying approximately 40% more for Smart2Pay.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d40af44-7ee0-4d2e-a1a1-582ac09dedf5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.07, "x": 0.01, "y": 0.0018 }, "kind": "image", "text": "Red flag icon", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0ae785d-6404-48f2-bc90-53df5cfe01c7", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.96, "x": 0.02, "y": 0.0035 }, "kind": "table", "text": "Comparison of Prelim Deal Terms, Final Deal Terms, and Critical Audit Matter excerpts.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac146420-650d-4d3a-86d9-2d22893ebde1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Smart2Pay Deal Price Increased 40% While Auditors Flag Valuation As A Critical Matter", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "672c6d0e-afca-4e91-bc6e-d0f1c79c73bb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d5ef01bb-42d5-4bcc-84a3-eeedbfacb2b5", "evidence": "Highlighting discrepancies in deal valuation and auditor warnings to suggest potential financial manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:48.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 94, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 95, "type": "tension", "title": "Uses screenshots of social media profiles and LinkedIn analytics to cast doubt on the company's scale.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 8, "textChars": 398, "nDataPoints": 4, "notes": "Uses screenshots of social media profiles and LinkedIn analytics to cast doubt on the company's scale.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "line_chart" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:48.51+00", "seconds": 3.093, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/95", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-95", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.085, "w": 0.836, "x": 0.082, "y": 0.174 }, "kind": "callout", "text": "Reviewing social media as an indicator of brand development and engagement of Smart2Pay, we find limited social media followers, or evidence that the Company was growing headcount rapidly leading up to its acquisition by Nuvei.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1336e66f-dfc4-45c7-8dcc-c46a28bb87a4", "parentComponentId": null }, { "bbox": { "h": 0.225, "w": 0.453, "x": 0.046, "y": 0.328 }, "kind": "image", "text": "LinkedIn Employment Trends chart", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13b406db-1202-460e-84d9-c047fb8cad1b", "parentComponentId": null }, { "bbox": { "h": 0.275, "w": 0.453, "x": 0.046, "y": 0.658 }, "kind": "image", "text": "Facebook page transparency screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d6bbe62-a273-44e4-a924-ba20d921af91", "parentComponentId": null }, { "bbox": { "h": 0.425, "w": 0.426, "x": 0.528, "y": 0.328 }, "kind": "image", "text": "Twitter profile screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b550972f-0567-4c67-8793-4b54eead04a9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.046, "y": 0.625 }, "kind": "source-note", "text": "Source: LinkedIn Premium", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce7fca41-584f-4064-ac89-c83fd39384f0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.046, "y": 0.875 }, "kind": "source-note", "text": "Source: Facebook", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dadc5ea0-147e-4b09-8318-a6d50a2b6171", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.528, "y": 0.845 }, "kind": "source-note", "text": "Source: Twitter", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1a24c50-0237-4a64-a454-a1850beca695", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.386, "x": 0.307, "y": 0.055 }, "kind": "title", "text": "Insights of Smart2Pay", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee256f68-35ee-4980-8186-30465d61f055", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "33db3a9f-877b-4e84-be0f-ddc2e65ee2a7", "evidence": "Uses public data to contradict company growth narrative", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:48.51+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 95, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 96, "type": "tension", "title": "Uses red boxes to highlight negative YoY changes and map financial line items to EBIT/Gross Margin concepts.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 488, "nDataPoints": 15, "notes": "Uses red boxes to highlight negative YoY changes and map financial line items to EBIT/Gross Margin concepts.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:48.465+00", "seconds": 2.954, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/96", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-96", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.82, "x": 0.09, "y": 0.19 }, "kind": "callout", "text": "As of the last financial statements filed by Smart2Pay in the Netherlands, we see that it was experiencing double digit declines in key profitability metrics through 2019, and before the impact of COVID-19. The ratio of EBIT to Gross Margin contracted by 680 basis points.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.465+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7f989a1-327a-4e0f-a413-703c447b46e0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBIT to Gross Margin ratio: 680 bps", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-8c3485c6e61a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.06, "y": 0.965 }, "kind": "source-note", "text": "Source: Dutch Corporate Registry", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.465+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3351a0ce-a0e7-44ad-9022-cdecaf3b91e1", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.84, "x": 0.08, "y": 0.55 }, "kind": "table", "text": "Consolidated income statement with 2019 and 2018 columns and YoY change column.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.465+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a4a3644-4d03-4692-b0ce-04e0f0943014", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "Smart2Pay's Profitability In Decline Leading Up To Nuvei's Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.465+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efdb16a7-3bd5-48b7-bef3-464245a779a7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e27acb89-5b0c-4ac2-88b8-4372782d5a2b", "evidence": "Highlighting declining profitability metrics to contradict acquisition narrative.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:48.465+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 96, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 97, "type": "tension", "title": "Uses a red flag icon to denote the core contradiction being exposed.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 9, "textChars": 1085, "nDataPoints": 12, "notes": "Uses a red flag icon to denote the core contradiction being exposed.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:49.489+00", "seconds": 3.855, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/97", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-97", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.93, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "We estimate that Smart2Pay's net profit margins ballooned from 28.5% (pre-acquisition 2019) to 49.2% (post close 2020). This is despite Smart2Pay having a higher processing cost (cost of revenue) than Nuvei.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d72bf7f-7274-443d-ae65-cd66b6f583ff", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.74, "y": 0.5 }, "kind": "callout", "text": "2019 Results (Pre-Deal): $30.1m of revenue, $8.6m of net income, =28.5% profit margin in 2019", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0f7bd21-0ee4-44d8-83bf-683bd7cb0751", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.74, "y": 0.67 }, "kind": "callout", "text": "2020 Post Close: $9.7m of revenue, $2.0m of net income =20.8% profit margin post acquisition in 2020 +$2.8m intangible amort =Adj. Net Income $4.8m 49.2% Adj. profit margin", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe207121-fb4e-482b-9a35-d94d54166bc7", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We estimate that Smart2Pay's net profit margins ballooned from 28.5% (pre-acquisition 2019) to 49.2% (post close 2020).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-e64bdc5a5a40", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "net profit margin: 49.2%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-e84bffd98c50", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.05, "y": 0.72 }, "kind": "paragraph", "text": "Smart2Pay contributed revenues of $9,753 and net income of $2,029 to the Company for the period from the acquisition date to December 31, 2020.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee71305d-4135-4d88-a0c8-2d74317e90aa", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.05, "y": 0.87 }, "kind": "source-note", "text": "Source: 2020 Annual Report. 1) As disclosed in the annual report MD&A... 2) Using Wayback Machine... 3) Based on Netherlands filings... 4) $166m of intangibles added...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "274e884e-a3e8-4320-ae9b-2d4890e45672", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.71, "x": 0.05, "y": 0.45 }, "kind": "table", "text": "Reconciliation of Pro Forma Transaction Adjusted Revenue to Revenue table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee87c316-9809-425c-b662-7d11463b4c3a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Estimate Smart2Pay's Profit Margins Materially Expanded In 2020 Without Explanation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f92c410-4988-4baf-94b8-82e34e7bf8db", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e8efd67f-e5b7-4257-be9d-54a21878f9fa", "evidence": "The slide explicitly identifies a 'miraculous' financial metric and contrasts it with lack of disclosure to imply accounting manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 97, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 98, "type": "tension", "title": "Uses screenshots of IPO prospectus and LinkedIn data to challenge financial reporting.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 9, "textChars": 581, "nDataPoints": 4, "notes": "Uses screenshots of IPO prospectus and LinkedIn data to challenge financial reporting.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table", "line_chart" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:52.554+00", "seconds": 6.858, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/98", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-98", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.88, "x": 0.09, "y": 0.0017 }, "kind": "callout", "text": "It appears that Smart2Pay’s approximately 50 employees were to join Nuvei. This further calls into question how could its margins increase so dramatically in the absence of significant cost reductions. LinkedIn employment trends also show no indication of employment attrition.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94740f04-d9b3-4fbc-a81b-f14da3d28439", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.36, "x": 0.59, "y": 0.003 }, "kind": "chart", "text": "Smart2Pay LinkedIn Trends", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9da7b06a-c385-4c57-a04f-45c6ad16cefb", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.38, "x": 0.15, "y": 0.0031 }, "kind": "image", "text": "Nuvei IPO Prospectus excerpt", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39e6e54a-9df8-4bd2-b4ed-93d5176afd1b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "employee count: 50", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-ba8b783f74e2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.15, "y": 0.0095 }, "kind": "source-note", "text": "Source: Smart2Pay Dutch Filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89467a75-03bb-4949-a4a7-eab0a4e9bccc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.15, "y": 0.0055 }, "kind": "source-note", "text": "Source: IPO Prospectus at Sedar.com, p.45", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3d0c963-abbf-4e94-8616-5fd9460062b4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.75, "y": 0.0058 }, "kind": "source-note", "text": "Source: LinkedIn Premium Smart2Pay", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af96ac8c-8cea-4d08-95df-02846706348a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.55, "x": 0.15, "y": 0.006 }, "kind": "table", "text": "Smart2Pay Dutch Filings employee data", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f10257b-317e-4ad8-acec-47eaee169690", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "How Did Margins Increase So Dramatically, When No Employees Appear To Have Been Terminated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "807a9e8a-f624-400d-ad57-050c2e3f368f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4ba350cf-5316-4cb7-a9ca-6bedbf3c9125", "evidence": "Contrasts company claims of margin growth with evidence of stable headcount.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:52.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 98, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 99, "type": "analysis", "title": "Uses a bridge-style calculation to isolate Smart2Pay revenue from Nuvei's consolidated figures.", "function": "analyze_data", "rawType": "analyze_data", "block": null, "metadata": { "slideType": "analyze_data", "slideTypeCanon": null, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 719, "nDataPoints": 8, "notes": "Uses a bridge-style calculation to isolate Smart2Pay revenue from Nuvei's consolidated figures.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:48.419+00", "seconds": 2.623, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/99", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-99", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "In the context of wildly increasing margins being reported by Smart2Pay following the close, we investigated its revenue post closing. Our analysis suggests that Smart2Pay's revenues declined by approximately 6% in Q1 2021.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5d662b0-ddbb-437b-9f44-b569993530dd", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In the context of wildly increasing margins being reported by Smart2Pay following the close, we investigated its revenue post closing. Our analysis suggests that Smart2Pay’s revenues declined by approximately 6% in Q1 2021.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-715b46b4eed2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue: -6%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38b-747aaeab68e8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.03, "y": 0.89 }, "kind": "source-note", "text": "Source: Nuvei 2020 Annual Report. Spruce Point estimate based on two months of revenue contribution from Nov 2, 2020 closing to year end.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b280b23d-b121-42ce-8e6d-58f9b724f929", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.94, "x": 0.03, "y": 0.45 }, "kind": "table", "text": "Estimated Smart2Pay Revenue Performance Post Acquisition By Nuvei", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d668640-34c7-4696-b590-9314fcb45c3f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.55, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Smart2Pay's Revenues Appear To Have Fallen Post Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b50b88bd-25ce-4f92-b1f0-7b12486fafd9", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2fcf6d25-4694-44a4-847a-0e990aa9a19c", "evidence": "Estimated Smart2Pay Revenue Performance Post Acquisition By Nuvei table suggests a waterfall chart", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:53.403497+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 99, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "ce68ada5-c4da-466c-93f1-ed027aaf6d45", "evidence": "The slide uses a logical sequence of calculations to derive a conclusion about revenue decline.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:33:48.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 99, "frameworkName": "causal-chain" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 100, "type": "tension", "title": "Uses Wayback Machine evidence to highlight potential corporate deception regarding operational footprint.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 783, "nDataPoints": 0, "notes": "Uses Wayback Machine evidence to highlight potential corporate deception regarding operational footprint.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:48.72+00", "seconds": 2.715, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/100", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-100", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Smart2Pay's margin increase is unlikely to be explained by its ability to rationalize its operational footprint. Using the Wayback Machine, we see that even through May 2021, it was still operating out of five global locations. The website has recently been updated and now omits operations in the U.S. and Spain.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d605644-3d4b-4994-bf0d-9075cf840ae7", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Smart2Pay’s margin increase is unlikely to be explained by its ability to rationalize its operational footprint. Using the Wayback Machine, we see that even through May 2021, it was still operating out of five global locations. The website has recently been updated and now omits operations in the U.S. and Spain.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-5f24d6ddcc75", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.84, "x": 0.08, "y": 0.35 }, "kind": "image", "text": "Comparison of office locations between May 2021 and Nov 2021", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "023ad3cb-1aa8-4180-8949-1f341e254fa6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.18, "x": 0.51, "y": 0.63 }, "kind": "source-note", "text": "Source: Smart2Pay website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cde6ba1-fe70-460d-b9e8-d0243c34fee9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.38, "x": 0.02, "y": 0.9 }, "kind": "source-note", "text": "Source: Aug 2020 through May 2021 via Wayback Machine", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf8b14e8-36c4-4a53-a09e-6142dff5fdeb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.38, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Smart2Pay Shrinking", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:48.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c46aeab2-ccec-485f-8605-3109b0ddff19", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fcf96670-79e5-46c0-877b-cfd8bceae12e", "evidence": "Uses historical web data to contradict current company claims about operational footprint.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:48.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 100, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 101, "type": "setup", "title": "The tree icon is a branding element for Spruce Point Capital Management.", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 5, "textChars": 276, "nDataPoints": 2, "notes": "The tree icon is a branding element for Spruce Point Capital Management.", "elementsJson": [ "headline_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:52.644+00", "seconds": 6.638, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/101", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-101", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Signs The Growth “Story” Is Cracking: 40% – 60% Downside Potential", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-dfee39c8fd79", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "246aa69c-f9f5-4d17-ba1d-f8a62b3f4926", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7bbd93e-a204-47a5-8749-7d437ba975d1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside potential: 40% – 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-e227feb3d631", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.6, "x": 0.34, "y": 0.435 }, "kind": "title", "text": "Signs The Growth \"Story\" Is Cracking: 40% – 60% Downside Potential", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e03b0c82-6f91-421b-9e3a-92f9fad93041", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 102, "type": "tension", "title": "The slide uses a visual comparison of two presentation slides to demonstrate the removal of specific data points.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 985, "nDataPoints": 0, "notes": "The slide uses a visual comparison of two presentation slides to demonstrate the removal of specific data points.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "screenshot", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:49.094+00", "seconds": 2.989, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/102", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-102", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.3, "x": 0.35, "y": 0.88 }, "kind": "callout", "text": "Notice CAGR expectations have disappeared from its \"High Growth Verticals\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "745f30c3-c19f-4bd1-8f9d-41f70f8b489a", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "image", "text": "Comparison of Q1 2021 and Q2 2021 slides", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6fcaa60-6c2b-4b21-b0e2-bda260103277", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.075, "y": 0.17 }, "kind": "paragraph", "text": "CAGRs in Nuvei's “High Growth Verticals” slide had been reported since Nuvei's IPO. Now they are being removed after a significant improvement in cash flow and expansion of Nuvei's share price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9a0afd4-8f28-4095-aaf7-695081ae6891", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.11, "y": 0.34 }, "kind": "quote", "text": "They did 140% (total volume) recently. Having said that, even though I really believe in Philip, Nuvei and SafeCharge, I think it (volume growth) will now go a little bit down.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f16b5a4-c2c4-4ccd-b61d-377986c9839c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"They did 140% (total volume) recently. Having said that, even though I really believe in Philip, Nuvei and SafeCharge, I think it (volume growth) will now go a little bit down. They had the pitch and utilized the services, products in the background, Nuvei on the high risk in the states. Now they find a place where they have to start competing in the less risk markets.\" — Former Nuvei Employee Interview", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-75247c986b70", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "First Slide Modification Q2'21: No Longer Backing \"High Growth Vertical\" Expected Growth Rates?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cf9da35-0dca-43af-b019-8eb1ce6a5b49", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5a340cf2-ee7e-43c7-9b2b-03dae010d8a7", "evidence": "Highlighting the removal of key performance metrics to suggest management is hiding slowing growth.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 102, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 103, "type": "tension", "title": "Uses red boxes and arrows to annotate a screenshot of the company's own slide.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 655, "nDataPoints": 1, "notes": "Uses red boxes and arrows to annotate a screenshot of the company's own slide.", "elementsJson": [ "headline_text", "screenshot", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:52.677+00", "seconds": 6.457, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/103", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-103", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.175 }, "kind": "callout", "text": "In Q3 2021, Nuvei made another modification to its “Focus on High Growth Verticals” slide. Looking carefully, we see it now removed the sales TAM per vertical in addition to the CAGR expectation. Furthermore, Nuvei no longer makes the statement of “tremendous upside from continuing to gain share in a massive market.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05bd138b-370c-49b4-8e32-5e5e8d7318ea", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.7, "x": 0.15, "y": 0.315 }, "kind": "image", "text": "Screenshot of Nuvei's 'Focus on High Growth Verticals' slide", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6406f1e-7601-4a43-9d03-9be0c06ec860", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.26, "x": 0.37, "y": 0.855 }, "kind": "legend", "text": "Notice CAGR expectations and TAMs per “High Growth Verticals” have disappeared", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14ed5a58-1822-46d4-a29a-551a1f48b12e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.26, "x": 0.66, "y": 0.855 }, "kind": "legend", "text": "Notice prior version talked about upside from gaining share – no longer on the slide", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54a4ff83-2ba9-4fe5-b0a3-0457381925ee", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "Source: Q3 2021 Presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db031b87-7280-412b-b02c-5297f925b005", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Second Slide Modification Q3'21: Full Retraction of TAM and CAGR By High Growth Segment", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80697ad0-ca8c-4744-a0e7-3e1353315963", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9f5a031e-bf7e-4e72-8cee-f471d13aeee4", "evidence": "Highlighting removal of key financial metrics to suggest management obfuscation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:52.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 103, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 104, "type": "tension", "title": "Uses a red arrow to visually connect the 'China' label in the left map to a '??' marker in the right map.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 8, "textChars": 975, "nDataPoints": 12, "notes": "Uses a red arrow to visually connect the 'China' label in the left map to a '??' marker in the right map.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:49.531+00", "seconds": 3.132, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/104", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-104", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.16, "w": 0.84, "x": 0.08, "y": 0.17 }, "kind": "callout", "text": "Nuvei just removed China as a key location despite boasting of the importance in growing globally with its customers...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f95e6ee-e55f-4e46-9449-9ff513d39a41", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Nuvei just removed China as a key location despite boasting of the importance in growing globally with its customers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-14c0d1ee2ed5", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.42, "x": 0.08, "y": 0.41 }, "kind": "chart", "text": "Prior Q2 2021 map", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": null, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "906fa803-09db-4da4-bfe5-222bc9dd5229", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.42, "x": 0.52, "y": 0.41 }, "kind": "chart", "text": "Recent Q3 2021 map", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": null, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef6a58a4-9a52-4fa6-b69f-9fae8b2ef03a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Growing with our customers is a primary contributor to our growth story, as our customers grow their needs grow and their solution requirements change. They may be expanding from country to country, growing not only in one market, but many markets around the world” and “Importantly, it's still early days and we see a lot of white space in each of our verticals and our current geographies, as well as significant opportunity in our under penetrated geographies in LATAM, APAC, Africa, and the Middle East. — Nuvei Q2 and Q3 2021 Conference Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-1af02c335469", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Q2 2021 Presentation; 1) Q2 and Q3 2021 Conference Call", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "429fc6c7-61d4-4964-bb5b-4068fa202cd8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.52, "y": 0.95 }, "kind": "source-note", "text": "Source: Q3 2021 Presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43e86c77-b5d9-4ffe-a4ac-91c8d2200ad0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Pulling Back From China, One of The Largest Economies In The World?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bfbd320-ee2e-4aef-9ae2-257b0bf11dc1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0d672cb9-1698-435c-86d3-4d57e21463a5", "evidence": "Highlights a discrepancy in corporate reporting to suggest potential misleading behavior.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.531+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 104, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 105, "type": "tension", "title": "Uses a red flag icon to signal a warning/red flag on the company's strategy.", "function": "expose_contradiction", "rawType": "ceo_quote", "block": null, "metadata": { "slideType": "ceo_quote", "slideTypeCanon": { "name": "CEO quote", "slug": "ceo_quote", "status": "active", "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 2152, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning/red flag on the company's strategy.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:53.84+00", "seconds": 7.218, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/105", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-105", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.85, "x": 0.075, "y": 0.175 }, "kind": "callout", "text": "We believe Nuvei's talk about having to \"accelerated investments\" that are being pulled forward from 2022 into 2021 is a negative development that dovetails with our research findings that many of its technology processes are dated, and that its easiest high risk, higher margin business that benefited results recently won't be repeated. In addition, on October 1st, Nuvei announced leadership team changes and that its long-time Chief Technology Officer would retire.(1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:53.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cb1709c-8e62-49e6-9a7d-d1f4ee89f268", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe Nuvei's talk about having to “accelerated investments” that are being pulled forward from 2022 into 2021 is a negative development that dovetails with our research findings that many of its technology processes are dated, and that its easiest high risk, higher margin business that benefited results recently won't be repeated.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-2f5f8e0d6867", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.075, "y": 0.45 }, "kind": "quote", "text": "\"From the time of our IPO last year, we talked about having an under distributed business model, which has been an area of investment focus. We've accelerated investments originally scheduled for 2022 into 2021 expanding our commercial teams globally. Today, our commercial team has more than doubled from the first-half of last year, and we're extremely pleased with the talent we brought on board. The team is making real contribution and there's a lot of momentum which is both very exciting and an important inflection point.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:53.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3b3d7f1-a327-4b0c-b2a1-1ed8f836e5f6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“From the time of our IPO last year, we talked about having an under distributed business model, which has been an area of investment focus. We've accelerated investments originally scheduled for 2022 into 2021 expanding our commercial teams globally. Today, our commercial team has more than doubled from the first-half of last year, and we're extremely pleased with the talent we brought on board. The team is making real contribution and there's a lot of momentum which is both very exciting and an important inflection point.” — CEO Fayer, Q3 2021 Conference Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-339e2dcea3d3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.075, "y": 0.71 }, "kind": "source-note", "text": "Source: Q3 2021 Conference Call", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:53.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b188d7f-00b8-47c2-b665-babc1ec91baf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) \"Nuvei Strengthens Executive Leadership with Technology Industry Veteran\", Oct 1, 2021, Nuvei Press Release", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:53.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90af8389-ed86-45ef-a859-51843532b500", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.305, "y": 0.02 }, "kind": "title", "text": "We Believe \"Pulling Forward Investment\" And Recent Technology & Marketing Executive Changes Are Negative", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:53.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fccd126-97c6-41ae-b74c-e475a903149d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "43f61b77-b9db-4956-8aca-6ee1678f7edf", "evidence": "The slide explicitly juxtaposes the activist's negative thesis against a CEO quote to highlight a contradiction.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:53.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 105, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 106, "type": "tension", "title": "The slide uses a red flag icon to emphasize the risk factor.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 7, "textChars": 3879, "nDataPoints": 0, "notes": "The slide uses a red flag icon to emphasize the risk factor.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:50.157+00", "seconds": 3.415, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/106", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-106", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In light of our issues with various acquisitions (including: purchases from owners embroiled in litigation, limited deal costs and, unexplainable and quick post-acquisition financial improvement at Smart2Pay and SafeCharge), we find it curious that Nuvei recently added a new Risk Factor warning about information received from targets, and that it has not independently verified the accuracy or completeness of information received.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-012757e18a29", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.824, "x": 0.088, "y": 0.188 }, "kind": "paragraph", "text": "In light of our issues with various acquisitions (including: purchases from owners embroiled in litigation, limited deal costs and, unexplainable and quick post-acquisition financial improvement at Smart2Pay and SafeCharge), we find it curious that Nuvei recently added a new Risk Factor warning about information received from targets, and that it has not independently verified the accuracy or completeness of information received.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09913be7-bbcf-40e4-bcf6-073b6dd6a30a", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.824, "x": 0.088, "y": 0.395 }, "kind": "paragraph", "text": "The disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions included in this MD&A is based on information provided to the Company by the relevant sellers, and may not be accurate or complete", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aff1d059-8937-4818-9dcd-bd0d11088f4e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.824, "x": 0.088, "y": 0.465 }, "kind": "quote", "text": "The disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions included in this MD&A is based on information provided to the Company by the relevant sellers, and may not be accurate or complete This MD&A contains disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions that is based on information provided to the Company by the relevant sellers. Although the Company conducts what it believes to be a sufficient level of investigation in connection with acquisitions, an unavoidable level of risk remains regarding the accuracy and completeness of the information provided to the Company by the relevant sellers. The Company has not independently verified the accuracy or completeness of such information, and there may be events which may have occurred with respect to the acquired businesses or which may affect the completeness or accuracy of the information provided by the relevant sellers which are unknown to the Company. The adjusted financial information contained in this MD&A in respect of recently completed acquisitions is presented for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that actually would have occurred had the relevant acquisitions been completed at the relevant times, nor is it indicative of the future operating results or financial position of the acquired companies being operated as a part of the Company. Such unaudited financial information reflects assumptions and adjustments that are based upon preliminary estimates. These estimates may be revised as additional information becomes available and as additional analyses are performed. Accordingly, the final acquisition-related adjustments may differ materially from the adjustments reflected therein.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b1ee2d0-c92c-4131-848c-65e8dd715b83", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions in this MD&A is based on information provided to the Company by the relevant sellers. Although the Company conducts what it believes to be a sufficient level of investigation in connection with acquisitions, an unavoidable level of risk remains regarding the accuracy and completeness of the information provided to the Company by the relevant sellers. The Company has not independently verified the accuracy or completeness of such information, and there may be events which may have occurred with respect to the acquired businesses or which may affect the completeness or accuracy of the information provided by the relevant sellers which are unknown to the Company.\" — Q3 2021 MD&A, p. 29", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-06d8fe61530d", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.25, "x": 0.088, "y": 0.965 }, "kind": "source-note", "text": "Source: Q3 2021 MD&A, p. 29 at Sedar.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a122c25c-6106-4d94-a14e-d38c57b1a34e", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.386, "x": 0.307, "y": 0.063 }, "kind": "title", "text": "New Risk Factor Added", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ab218f9-43e3-422e-99b3-2013980e8236", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "66cdac3a-eb81-473b-84a3-60d15a8fbac0", "evidence": "The slide explicitly links acquisition issues to a new risk factor disclosure, framing it as a red flag for potential financial misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.157+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 106, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 107, "type": "tension", "title": "Uses a red flag icon to signal warning/suspicion.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 5, "textChars": 1259, "nDataPoints": 0, "notes": "Uses a red flag icon to signal warning/suspicion.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:49.964+00", "seconds": 3.12, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/107", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-107", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.85, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "In light of our evidence that the financial statements are being revised, and growth rates and TAMs are being retracted, we find that Nuvei also recently entered into a Clawback Policy with executives.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "268ae1eb-86ba-442d-966f-a83e9bbd9f3f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "paragraph", "text": "Clawback Policy\nOn October 4, 2021, the Company implemented a formal clawback policy as an additional approach to mitigate compensation risk. The clawback policy enables the Board to require reimbursement of all or a portion of compensation received by an executive officer pursuant to awards made under the Company’s short-term and long term incentive plans in the event of either of the following: (a) There has been a restatement of the Company’s financial statements; and the amount of the incentive compensation paid or awarded to an Executive Officer would have been lower if it was calculated based on the achievement of certain financial results that were subsequently the subject of or affected by the restatement of the Company’s financial statements; or (b) the executive officer engaged in misconduct (including fraud, negligence, or material noncompliance with legal requirements or the Company’s Code of Ethics).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4768564-bdab-4d43-80a1-2601b25b9e23", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Nuvei Q3'2021 MD&A", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8c0ece5-0aea-4d82-a8f5-8df18ccc2dc4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.36 }, "kind": "title", "text": "New Clawback Adopted While Financial Revisions Starting To Appear", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecbf0503-a9b8-4d34-8448-1d9c127d5da8", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Interesting Time To Add A Clawback Policy", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81a92b7d-b28b-4859-8b69-9b164649e2eb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "81289449-fbd0-4620-b9db-be916f41a5e3", "evidence": "The slide links the adoption of a governance policy (clawback) to the timing of financial restatements to imply management misconduct.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.964+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 107, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 108, "type": "tension", "title": "Uses red boxes and arrows to highlight the specific data points being restated.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 178, "nDataPoints": 12, "notes": "Uses red boxes and arrows to highlight the specific data points being restated.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:49.786+00", "seconds": 2.875, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/108", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-108", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.075, "w": 0.84, "x": 0.08, "y": 0.177 }, "kind": "callout", "text": "Nuvei is quietly restating revenue higher in 2020 without explanation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "634df6fd-363a-4c37-944c-78680dca7698", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Revenue", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-4ba18895d895", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.168, "y": 0.965 }, "kind": "source-note", "text": "Source: Nuvei Financials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "691e37b0-59e6-4530-9e64-9be670f7f1b2", "parentComponentId": null }, { "bbox": { "h": 0.635, "w": 0.814, "x": 0.093, "y": 0.312 }, "kind": "table", "text": "Summary of Quarterly Results and Trend Analysis", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a55a0760-9b75-488f-856e-4b5fb3685247", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.445, "x": 0.307, "y": 0.055 }, "kind": "title", "text": "Revenue Quietly Being Restated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:49.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67728dff-1b5c-49f3-a6be-6c36c97d0dd4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1c0247f8-6209-429a-ac5f-03c147da848f", "evidence": "Highlighting unexplained restatements of financial data to suggest manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:49.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 108, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 109, "type": "tension", "title": "The slide uses red boxes and arrows to visually highlight inconsistencies in reported financial data between two different reporting periods.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 5, "textChars": 277, "nDataPoints": 12, "notes": "The slide uses red boxes and arrows to visually highlight inconsistencies in reported financial data between two different reporting periods.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:50.049+00", "seconds": 3.044, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/109", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-109", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.84, "x": 0.08, "y": 0.185 }, "kind": "callout", "text": "Reclassifications related to FX gains/losses in net finance cost and SG&A have been disclosed, but revenue revisions are continuing into Q3 2021.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "492e97b2-b568-4c51-89f4-02d009fdcc7a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.85 }, "kind": "source-note", "text": "Source: Nuvei Financials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "412cdd59-5277-4c7c-b170-4c3d6f53054d", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.51, "y": 0.315 }, "kind": "table", "text": "Nuvei Corporation Q3 2020 Report", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2ff87c3-f35f-45c0-8c1a-60b3d55a1a1d", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.49, "x": 0.02, "y": 0.315 }, "kind": "table", "text": "Nuvei Corporation Q3 2021 Report", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8ea0d8e-5eb0-4042-99d2-bf204c0f7722", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Financial Statement Revisions Now Increasing", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a26eaad-28d7-4a05-9db4-c06b080682be", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "66d1b44b-f9ef-4d96-8e1e-398df312e422", "evidence": "Highlighting discrepancies in financial reporting to suggest manipulation", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.049+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 109, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 110, "type": "tension", "title": "Uses a red arrow to visually connect the two conflicting data points.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 7, "textChars": 728, "nDataPoints": 4, "notes": "Uses a red arrow to visually connect the two conflicting data points.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:50.514+00", "seconds": 3.195, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/110", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-110", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.165 }, "kind": "callout", "text": "Spruce Point observes that Nuvei just restated a key disclosure related to its concentration risk of receivables and didn’t draw attention to the revision. Receivables are closely related to sales, which we pointed out are being revised.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2c92935-b655-41c8-b17d-cf126c8f2c2e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point observes that Nuvei just restated a key disclosure related to its concentration risk of receivables and didn't draw attention to the revision. Receivables are closely related to sales, which we pointed out are being revised.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38d-7feb436c3520", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.12, "x": 0.03, "y": 0.62 }, "kind": "paragraph", "text": "Original Disclosure For 2020", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "126bf06a-40cc-425f-88ef-3f31b3b8606c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.12, "x": 0.03, "y": 0.3 }, "kind": "paragraph", "text": "Recent Disclosure for 2020 as of Q3 2021", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "679ae99e-631f-47c3-9755-3f68bd013218", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.16, "y": 0.96 }, "kind": "source-note", "text": "Source: FY 2020 Annual Report and red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c148dd69-35cb-482e-a25b-f2cc793ed472", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.78, "x": 0.16, "y": 0.29 }, "kind": "table", "text": "Trade and other receivables concentration risk text blocks", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8919cd2-4a4b-4f2d-8b2b-eb809d7dae12", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Receivables Restatement Point To Further Revenue Recognition Troubles", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e563c56b-ffe3-49ea-ba07-f364a82b69d1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5de7b128-d5f1-4f10-b549-63424c341bbb", "evidence": "Highlighting undisclosed restatements of financial metrics to imply manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 110, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 111, "type": "tension", "title": "The slide uses red boxes to highlight specific line items that differ between the two reports, suggesting accounting manipulation or errors.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 5, "textChars": 224, "nDataPoints": 20, "notes": "The slide uses red boxes to highlight specific line items that differ between the two reports, suggesting accounting manipulation or errors.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:50.164+00", "seconds": 2.643, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/111", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-111", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Be extremely careful when operating cash flow is being revised in the first year after going public.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f2845d1-1b49-4f3d-a5b4-d91ea7919abc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.85 }, "kind": "source-note", "text": "Source: Nuvei Financials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bf1ea67-5ecd-4ebe-8b10-4881912441d4", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.42, "x": 0.51, "y": 0.345 }, "kind": "table", "text": "Prior Year: Q3 2020 Report", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6df6a3e4-0b4e-4164-8719-e73443b523a4", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.42, "x": 0.08, "y": 0.345 }, "kind": "table", "text": "Recent Q3 2021 Report Revisions To Prior Year", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb7d6d98-afa2-4959-b276-29a800711a99", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Cash From Operations Restated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1406732-ff04-413b-8dde-fce0aad59c36", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8952181f-b2a9-4580-9b87-a0b65e02a4c4", "evidence": "Highlighting discrepancies in financial restatements to suggest manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.164+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 111, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 112, "type": "tension", "title": "The slide uses red boxes and an arrow to visually connect and highlight the inconsistent figures in the financial tables.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 327, "nDataPoints": 20, "notes": "The slide uses red boxes and an arrow to visually connect and highlight the inconsistent figures in the financial tables.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:50.372+00", "seconds": 2.514, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/112", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-112", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "How is it possible that Nuvei could not accurately account for dividend payments by subsidiaries to non-controlling interests? In addition, there are unusual revisions to lease payments.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95794307-86fa-4a0e-8bbd-866622f0f66f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.18, "y": 0.92 }, "kind": "source-note", "text": "Source: Nuvei Financials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "519a8ff1-e186-4800-b096-768f5c02a639", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.94, "x": 0.03, "y": 0.33 }, "kind": "table", "text": "Comparison of Cash flow from financing activities between Q3 2021 and Q3 2020 reports.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fca81638-a4a9-4aae-9ef4-795ffa3df4a7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.314, "y": 0.045 }, "kind": "title", "text": "Cash From Financing Restatement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf7c3b5b-7e78-4893-a452-1a1aa472d4f9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "911c598c-973e-409c-a97c-890a41351a03", "evidence": "The slide explicitly questions the accuracy of financial accounting and highlights revisions as suspicious.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:50.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 112, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 113, "type": "analysis", "title": "The slide highlights the divergence between accounts receivable and accounts payable growth rates.", "function": "analyze_data", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 460, "nDataPoints": 48, "notes": "The slide highlights the divergence between accounts receivable and accounts payable growth rates.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:50.863+00", "seconds": 2.866, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/113", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-113", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "callout", "text": "A close look at Nuvei's working capital and balance sheet reveals that payables are being increased at a faster rate than receivables. Working capital is turning more negative. We believe this is helping to generate cash flow in the near term which may not be sustainable.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.863+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f2463b9-7886-4778-925a-c9d412c0642e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Working Capital: 264%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-c92b7e380c88", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.91 }, "kind": "source-note", "text": "Source: Nuvei Financials and Spruce Point Analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.863+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f6be69c-f808-412f-a1c6-507aec075a50", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.96, "x": 0.02, "y": 0.38 }, "kind": "table", "text": "Nuvei Working Capital Analysis table showing quarterly data from 6/30/20 to 9/30/21", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.863+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ae265d4-7e76-4c4a-af8a-0636443c8ae1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Cash Flow From Stretching Payables", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:50.863+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e667d0ba-9c19-4489-a7d7-2bb9c410276f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 114, "type": "tension", "title": "Includes red arrow annotations highlighting the reduction in share ownership.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 5, "textChars": 350, "nDataPoints": 24, "notes": "Includes red arrow annotations highlighting the reduction in share ownership.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:51.507+00", "seconds": 2.745, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/114", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-114", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "callout", "text": "Major shareholders have been selling and / or diluting their interest through multiple equity offerings in Sept 2020 (IPO), June and October 2021 and stock issued for acquisitions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4fe827a4-810f-4e9b-8ab1-8157945a7416", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.18, "y": 0.55 }, "kind": "source-note", "text": "Source: IPO Prospectus / Nuvei June 2021 Prospectus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f43198de-1a14-4735-b10e-9516e01f855d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.18, "y": 0.35 }, "kind": "table", "text": "Sept 2020 IPO Prospectus ownership table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9feb141f-f414-46db-80fd-b273b0214b27", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.18, "y": 0.6 }, "kind": "table", "text": "June 2021 Equity Issuance ownership table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4c6293d-15e1-42ab-8986-f100dd0d18e0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Follow The Money: Insiders Are Selling", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:51.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0178bc08-812d-43ed-b917-43dbfbfba962", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ab7bfe6e-0f05-4c5a-857c-babb0c92b0d1", "evidence": "Highlighting insider selling as a red flag for investors", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:51.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 114, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 115, "type": "setup", "title": "The slide uses a red flag icon to emphasize the activist thesis. The table includes a summary row for Max, Average, and Min of the peer group.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 6, "textChars": 1005, "nDataPoints": 144, "notes": "The slide uses a red flag icon to emphasize the activist thesis. The table includes a summary row for Max, Average, and Min of the peer group.", "elementsJson": [ "headline_text", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:52.017+00", "seconds": 3.206, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/115", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-115", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.93, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "As we've demonstrated, Nuvei's revenue is low quality (already being restated) and growth has come from inorganic acquisitions and higher risk (and margin) business which will we believe will revert towards lower margin in the future. We believe Nuvei's management team has a shady history, its post-acquisition margin improvement is highly suspect, and its disclosures are substandard. As a result, we don't believe Nuvei should trade a premium multiple to industry peers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2093338c-fc1a-433c-bb50-e37b4053ca8f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "As we’ve demonstrated, Nuvei’s revenue is low quality (already being restated) and growth has come from inorganic acquisitions and higher risk (and margin) business which will we believe will revert towards lower margin in the future.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38d-0fd61767760a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / EBITDA: 34.2x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38d-130ee8a0ac5e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg, Wall Street Research and Spruce Point Estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c0c2b9d-9fa1-43ef-a981-9ed4457fbd72", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.95, "x": 0.04, "y": 0.35 }, "kind": "table", "text": "Peer group valuation table comparing Stock Price, Adj Ent. Value, Margins, Sales Growth, and EV multiples (Sales, Gross Profit, EBITDA) for 2021E and 2022E.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e323d3d2-7ffc-4ff0-908b-f2a753697314", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.32, "y": 0.03 }, "kind": "title", "text": "We Believe Nuvei Trades At An Unjustified Premium To Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a0f970c-8343-45cb-9fe7-8c4cff604f1a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a2921d17-4489-492a-b743-a4885ba89faa", "evidence": "Direct comparison of valuation multiples between target and peer group", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:33:52.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 115, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 116, "type": "setup", "title": "Includes a comparison table of adjusted vs. market data provider enterprise value calculations.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 722, "nDataPoints": 24, "notes": "Includes a comparison table of adjusted vs. market data provider enterprise value calculations.", "elementsJson": [ "headline_text", "callout_box", "valuation_table", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:52.795+00", "seconds": 3.905, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/116", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-116", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Nuvei currently has a $14 billion enterprise value. We believe current market data providers fail to adjust its enterprise value for a recent equity raise and other debt adjustments.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-f09db21bab3a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: $14.2bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38c-f499b63710d4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "Nuvei currently has a $14 billion enterprise value. We believe current market data providers fail to adjust its enterprise value for a recent equity raise and other debt adjustments.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2022dc85-8983-42db-9565-23292dd37633", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "1) Includes 139.5 basic and 4.5m diluted shares. Does not include 665,000 PSUs and 2,200,000 options recently granted to the CEO as disclosed in the Q3'2021 MD&A. Source: Company financials, Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36749312-47a0-4011-99d8-3c5fc55183f2", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.31, "x": 0.65, "y": 0.35 }, "kind": "table", "text": "Market Data Providers Have The Incorrect Cash And Debt table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64a7d83c-7760-4e2d-84d8-16ee9f762d6f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.58, "x": 0.04, "y": 0.35 }, "kind": "table", "text": "Spruce Point Adjusted Enterprise Value table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a751ab46-917f-40e4-93cb-52accf522050", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.305, "y": 0.04 }, "kind": "title", "text": "Capital Structure", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ee05a2f-1153-4813-840d-99b060ca35d6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 117, "type": "setup", "title": "The slide highlights the acquisition multiples (7.3x Rev, 21.7x EBITDA) and suggests SafeCharge's significance to Nuvei's current profile.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 609, "nDataPoints": 40, "notes": "The slide highlights the acquisition multiples (7.3x Rev, 21.7x EBITDA) and suggests SafeCharge's significance to Nuvei's current profile.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:55.122+00", "seconds": 6.058, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/117", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-117", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "callout", "text": "It's instructive to evaluate SafeCharge's valuation at the time of acquisition by Nuvei. For reference, Nuvei acquired the business for 7.3x and 21.7x 2019E Adjusted Revenues and EBITDA. Based on our primary research, SafeCharge could represent up to 30% of Nuvei's current business profile.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:55.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "734e63cc-c9a1-4f23-b1a6-7e7b61bfe195", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / Adj EBITDA: 21.7x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38d-26a8b62729e1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.79 }, "kind": "source-note", "text": "Source: Bloomberg for 2019E consensus estimates, Nuvei prospectus and SafeCharge financials. Note: Based on $889 deal valuation at $5.55 per share. Adjusted revenues to conform to Nuvei's financial presentation (See: Slide)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:55.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "256ff9a2-b911-4a48-add1-16088341aa28", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.46, "x": 0.03, "y": 0.38 }, "kind": "table", "text": "SafeCharge Financials table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:55.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "479e4a56-2437-4e75-9fc9-59fb7ec1cc52", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.46, "x": 0.51, "y": 0.38 }, "kind": "table", "text": "SafeCharge Valuation table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:55.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "708d817b-3fd9-4a51-898d-6a99fe7eaa0a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.28, "x": 0.318, "y": 0.05 }, "kind": "title", "text": "SafeCharge Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:55.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bac5ec8-3e3e-435c-9a31-02217fc55d4b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 118, "type": "setup", "title": "The table highlights a 5.6x blended revenue multiple for acquisitions, with specific callouts for Base Commerce, Smart2Pay, SafeCharge, and Vantage Payments.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 5, "textChars": 701, "nDataPoints": 35, "notes": "The table highlights a 5.6x blended revenue multiple for acquisitions, with specific callouts for Base Commerce, Smart2Pay, SafeCharge, and Vantage Payments.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:54.388+00", "seconds": 5.312, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/118", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-118", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "callout", "text": "We believe Nuvei is a mixture of acquisitions which on average have been acquired at approximately 5.6x revenues. We estimate up to 40% of revenues are acquired and do not deserve to increase the value of the entire company given numerous issues we've identified with specific acquisitions such as Base Commerce, Smart2Pay, SafeCharge and Vantage Payments.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:54.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20032b42-f35b-4181-b88b-01bc5cfd07c8", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Multiple of Sales: 5.6x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38d-3d44e9267206", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.03, "y": 0.94 }, "kind": "source-note", "text": "Source: Nuvei financials. Note: Sales are annualized per company disclosures of contributions post acquisition", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:54.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f856d26d-8d6d-44d2-96eb-68e8bfd27210", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.94, "x": 0.03, "y": 0.33 }, "kind": "table", "text": "Summary of Material Acquisitions table showing Target, Deal Close Date, Deal Value, Deal Value Inc Earnout, Approximate Sales, Multiple of Sales, and Spruce Point Issues.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:54.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "242777a5-6e46-4b13-bed5-ece415181a8f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.318, "y": 0.05 }, "kind": "title", "text": "Valuation of Nuvei's Acquisition Portfolio", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:54.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36410e5b-2094-4d42-be3d-132e42b7e45e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f6670478-6aa5-4c00-995d-432d0334e825", "evidence": "The slide explicitly lists 'Spruce Point Issues' including 'Suspicious margin' and 'Founders embroiled in Ponzi Scheme litigation'.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:33:54.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 118, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 119, "type": "setup", "title": "The table uses a standard bridge from Enterprise Value to Equity Value to Implied Share Price.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 930, "nDataPoints": 40, "notes": "The table uses a standard bridge from Enterprise Value to Equity Value to Implied Share Price.", "elementsJson": [ "headline_text", "callout_box", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:33:52.416+00", "seconds": 3.286, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/119", "deck": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2", "deckAnchor": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-119", "deckJson": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.85, "x": 0.075, "y": 0.188 }, "kind": "callout", "text": "Spruce Point believes there is significant downside to Nuvei's share price as the Company is overvalued on all financial metrics, and should trade at best in-line with peer valuations, and at worse a material discount to reflect the numerous concerns we've documented in our report.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b222aae0-cb50-4e84-a143-af70fce01141", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes there is significant downside to Nuvei’s share price as the Company is overvalued on all financial metrics, and should trade at best in-line with peer valuations, and at worse a material discount to reflect the numerous concerns we’ve documented in our report.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38d-52624a4c8012", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.08, "y": 0.915 }, "kind": "disclaimer", "text": "Note: Market base case assumes street projections and peer average multiple. Market data as of 12/07/2021. Downside based on current share price of $97.35. Source: Company financials, Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96327b70-5fa1-4d4e-86c7-fc4226fff3e7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "implied share price: $37.72", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:45:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6eb-753a-a38d-552651b25a77", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.84, "x": 0.08, "y": 0.36 }, "kind": "table", "text": "Valuation bridge table showing Revenue and EBITDA multiples for Low Case vs Market Base Case.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc6118f3-36ce-4e03-97fa-925a492ac9a4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.58, "x": 0.305, "y": 0.05 }, "kind": "title", "text": "Spruce Point Estimates 40% - 60% Downside", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:33:52.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea461b09-8b18-4bdd-9037-cacee757f2b7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 119, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 101, "name": "The conclusion and call to action", "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2", "matchId": "fc552759-3819-4af4-bfd9-881ac0d29847", "beatType": null, "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 119, "from": 101, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71", "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.", "position": 1, "objective": "What are the consequences of not selling Nuvei Corp shares?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:20.347737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Attention-grabbing headline", "description": "The deck starts with a bold headline, 'Fool me once, twice, but not three times'." }, { "from": 5, "to": 10, "label": "Problem presentation", "description": "The deck presents an executive summary and estimates a 40-60% downside risk to Nuvei's share price." }, { "from": 11, "to": 20, "label": "The villain (Nuvei Corp)", "description": "The deck critiques Nuvei's CEO and CFO, highlighting their past controversies." }, { "from": 29, "to": 50, "label": "Challenges faced by Nuvei", "description": "The deck presents evidence of declining growth, suspicious revenue, and questionable acquisitions." }, { "from": 101, "to": 119, "label": "The conclusion and call to action", "description": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price." } ], "loops": [ { "from": 6, "to": 10, "label": "The Reveal", "description": "What is the true value of Nuvei Corp?" }, { "from": 101, "to": 119, "label": "Cost Of Inaction", "description": "What are the consequences of not selling Nuvei Corp shares?" } ] }