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Filename dates the file 2018-04 but body content (e.g. 'Starting on October 22, 2017, insider stock options will be exerciseable') is forward-looking at the time of writing, suggesting the substantive report was drafted in late summer/fall 2017; presentation_date left null due to this ambiguity. Report leans on three mutually reinforcing attacks: (1) criminal histories of Di Ricco, Rogers, and Monfort; (2) revenue-vs-forecast gap; (3) impending supply tsunami from warrants, options and lockup expiry. Cites the prior Ominto (OMNT) short as track-record precedent. Peer comparison is textual, not charted.", "kpisCited": [ { "detail": "$0 booked YTD versus $69M forecast in April 2017 Reg A+ prospectus", "metric": "2017 revenue actual vs. forecast" }, { "detail": "~$500M-$800M on 89.5M fully diluted shares", "metric": "Fully diluted market cap" }, { "detail": "$28M (ADOMANI partner with actual electric bus product)", "metric": "Peer market cap — GreenPower Motor (GPVRF)" }, { "detail": "$11M (ADOMANI electric-truck partner)", "metric": "Peer market cap — Greenkraft (GKIT)" }, { "detail": "$450M on $900M+/yr of actual school-bus sales", "metric": "Peer market cap — Blue Bird (BLBD)" }, { "detail": "$53K in 2014, $0 in 2015, $68K in 2016 — two converted buses total", "metric": "Historical revenue" }, { "detail": "21,218,612 options exercisable at $0.10/share; 199,659 Boustead warrants at $6.00", "metric": "Insider share overhang" }, { "detail": "$309.7M revenue, $40.5M net income per Form 1-A Exhibit 13.1", "metric": "2018E projection" }, { "detail": "$275.85M one-year pipeline, of which $150M is 'VWS not identified'", "metric": "Stated pipeline" }, { "detail": "365-day officer/director/affiliate lockup; 180-day investor lockup + 185-day leak-out", "metric": "Lockup structure" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 23:00:25+00", "model": "unknown-legacy", "runId": null, "seconds": 129.9802, "promptVersion": null }, "scqaReward": "90%+ downside over six months as forced disclosure of zero revenue and a wave of insider dilution collapse the $500M valuation toward peers like GreenPower ($28M) and Greenkraft ($11M).", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "ADOMANI forecast $69M of 2017 revenue in its Reg A+ prospectus and has booked $0", "Co-founder Dennis Di Ricco is a convicted felon under California desist-and-refrain orders", "21M insider options at $0.10 strike become exercisable October 22, 2017" ], "scqaSituation": "ADOMANI (ADOM) is a Reg A+ crowdfunded electric-drivetrain reseller that went public in June 2017 at $5 and now trades near a $500M-$800M fully diluted market cap despite no meaningful sales history.", "thesisSummary": "ADOMANI (ADOM), an electric-drivetrain 'manufacturer' that reached the public market via a Reg A+ crowdfunded IPO in June 2017, forecast $69M of 2017 sales in its prospectus and has booked exactly zero. The company is effectively a middleman reseller — batteries, motors and drivetrains all come from third parties (GreenPower, Blue Bird, EDI) and its CTO's BS degree is in Finance. Co-founders Dennis Di Ricco and James Rogers are convicted felons with California desist-and-refrain orders for prior securities fraud, yet together control roughly 18M ADOM shares. White Diamond argues the $500M fully diluted valuation is indefensible versus peers (GreenPower $28M, Greenkraft $11M) and will collapse once October 2017 warrant exerciseability and the 180-day investor lockup expire in December, releasing ~50M cheap insider shares — including 21M options struck at $0.10 — into a thin market.", "primaryDemands": [], "scqaResolution": "Short ADOM ahead of October 2017 warrant exerciseability and the December 2017 investor lockup expiry, when ~50M cheap insider shares — including 21M options struck at $0.10 — flood a thinly traded market.", "thesisOneLiner": "ADOMANI is an electric-drivetrain reseller founded by convicted felons with zero 2017 revenues against a $69M forecast, yet trading at a $500M cap — White Diamond sees 90%+ downside.", "precedentsCited": [ "Ominto (OMNT) — prior White Diamond short, 78% decline from call to Sept 2017" ], "scqaComplication": "Co-founders are convicted felons barred by California regulators; 'patented' technology is a low-tech kit assembled from third-party parts; 2017 revenues are zero against the $69M prospectus forecast.", "narrativeInterest": 4, "notableSlidePages": [ 1, 4, 9, 11 ], "peerCompaniesCited": [ "GreenPower Motor (GPVRF)", "Greenkraft (GKIT)", "Blue Bird (BLBD)", "Efficient Drivetrains Inc. 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The company so far has $0 in revenues for 2017. ADOMANI’s Co-Founder and his partner who solicited ADOMANI stock are convicted felons. The company is primarily a reseller for other manufacturers and its technology is weak. ADOMANI’s fully diluted market cap of over $500M is valued incorrectly way above its peers, such as GreenPower Motor (GPVRF), which has a market cap of only $28M. Starting on October 22, 2017, insider stock options will be exerciseable, as well as warrants to exercise 21 million shares at an exercise price of only $0.10 per share.", "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 20:09:25.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e54ae9d3-e4da-4b33-8c0f-cbb859be7c7c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside: 90%+", "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": "2026-04-23 02:33:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8663-baaa0df980d5", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "paragraph", "text": "Our last few short ideas have done very well. In particular, the online cash back company Ominto (OMNT). On April 12, with the stock trading at $13.59, we published our bearish article here. The stock closed on September 8th at $2.99, for a 78% decline from our call. We believe we have found an even better short than OMNT with potential for a 90%+ decline in the next 6 months. Allow us to introduce you to ADOMANI (ADOM). ADOMANI exploded onto the investment scene on June 15, 2017, selling over 2.5 million shares in the offering at $5 per share.. 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We find him right back in action with ADOMANI.", "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 02:33:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8665-7743ff0f73e3", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.26 }, "kind": "paragraph", "text": "Looking back at Di Ricco’s convictions, we find his activities were uncovered during a federal investigation of a payola scheme that was part of an organized crime investigation. After being convicted, Di Ricco then decided to testify against others in what was considered the largest payola case in history.", "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 21:04:20.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05b31ca4-fe71-4bb7-9895-7de8e697f985", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "had been selling shares in one of his companies, Real-Time Oil Monitoring, without disclosing his professional or criminal history. Real-Time Oil Monitoring claimed to have a “patented technique” and lists specific US patents. However, it was discovered that none of these patents were invented or owned by Di Ricco or Real-Time Oil Monitoring. 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While Di Ricco got a sentence of only probation, he got into more trouble when his probation officer demanded he repay some loans as a condition of his probation. Being short of cash, Di Ricco had stock in a public company, Audre, Inc, which had increased from pennies per share to over $6 per share. The problem was that Audre was thinly traded. Di Ricco’s solution was typical of the penny stock world. 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From the order:", "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 21:04:20.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ea1b822-c857-4745-a53e-e8785c2f90a4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.66 }, "kind": "paragraph", "text": "Di Ricco apparently had not been deterred by the criminal justice system. We find him right back in action with ADOMANI. In 2014 we see him listed as the contact person on ADOMANI press releases.", "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 21:04:20.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab449778-55a0-4016-ae1f-a56532bf11d1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.73 }, "kind": "paragraph", "text": "We did some more digging, and found this Desist And Refrain Order, issued on January 26, 2015, regarding the sale of ADOMANI 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 21:04:20.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7ac8178-37a4-469f-8cdd-e024bcbcb300", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.55 }, "kind": "quote", "text": "“The stock was thinly traded, and petitioner feared that selling it would cause its value to plummet. 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The SOC PPM did not disclose that Dennis Ronald DiRicco (“DiRicco”), a principal officer of Adomani, was also a director and officer of SOC...", "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 20:09:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fa19a0b-a21b-4c9a-b5df-643e28d40c82", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "Starting in or about March, 2013, Rogers solicited investors for ADOMANI in which he was a shareholder. 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During the period of March 2013 through May 2013, Rogers, working in concert or participation with his local associates, induced at least 20 additional California residents to purchase over $200,000.00 in stock from SOC and/or ADOMANI.” — Desist and Refrain Order", "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 02:33:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, 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Includes 920,000 shares held of record by the Acaccia Family Trust... and an option to acquire up to 3,998,356 restricted shares.", "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 20:09:30.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e3319fb-862f-43e2-b101-7965d03bcbf0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "DiRicco, who prepared SOC's 2012 corporate income tax returns, was convicted in 1989 for conspiring to defraud the United States, aiding and abetting in the preparation of false tax returns, and obstruction of justice; and, in 2000, for interference with administration of internal revenue laws — Legal filing excerpt.", "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 02:33:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-6815ef9f803f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.15, "y": 0.52 }, "kind": "table", "text": "Dennis R Di Ricco: 14,209,962 shares; 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There are many videos of these vehicles working and running with data logging of vehicle working and running. Over 2,000 miles each of proven reliability and performance on both of these vehicles.", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25953d33-18f0-4dc3-8a5d-c8953728189a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.13, "y": 0.51 }, "kind": "list", "text": "2013: ADOMANI Hybrid Mustang, Electric Ford Ranger and Hybrid Ram 1500 truck\n2014: ADOMANI Electric Ford F-150 and Electric School Bus\n2016: ADOMANI Box Truck", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eab54c5a-0105-4f64-8a89-2d53fef7fecd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.13, "y": 0.09 }, "kind": "paragraph", "text": "His LinkedIn page also contains his previous company as owner of Ronaele Mustang. Ronaele customized Ford Mustangs. Most relevant to ADOMANI was an electric version and we suspect this was the inspiration to start ADOMANI.", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10d699ee-9b1c-436d-b19f-1f880f6add25", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.13, "y": 0.25 }, "kind": "paragraph", "text": "Monfort’s LinkedIn page says he became CTO of ADOMANI in December, 2011. And it looks like he hasn’t updated his page in awhile as it says they have an electric Box truck and an F150.", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14b968e2-f6f2-46a3-9839-04f62ea453eb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.13, "y": 0.73 }, "kind": "paragraph", "text": "In this section, we’re looking at the sales projections ADOMANI had for 2017 in its IPO prospectus, and compare it to how the company has performed so far. With Tesla prominent in financial news for its electric cars and soon to come trucks, ADOMANI has done a good job stoking the electric vehicle (EV)", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17ba0031-2513-4c1f-bac5-252899033ed3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.13, "y": 0.17 }, "kind": "paragraph", "text": "Clearly sales weren’t great, as Monfort was done with the company in March, 2010. Then, as stated in this ADOMANI filing from November 2014, Mr. Monfort filed a Chapter 7 Bankruptcy Petition in November 2010.", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b45af37f-3a0d-4a46-81cf-aaa8756477c5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.75, "x": 0.13, "y": 0.47 }, "kind": "paragraph", "text": "Youtube has various videos that track the evolution of Monfort and ADOMANI.", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9cc31b3-477d-42fc-ac55-73bf3c39b580", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.13, "y": 0.61 }, "kind": "paragraph", "text": "All involve a stock vehicle modified with an electric motor. And none of them seem to have had any success at generating actual sales.", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f374ad0f-856f-4984-b631-a855fddaa757", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.13, "y": 0.67 }, "kind": "title", "text": "With Zero Revenues in 2017, ADOMANI’s Sales Projections Continue To Be A Daydream", "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 20:09:27.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e4006a5-01fb-4c62-8f06-ff05bb8204cd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "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": 7, "name": "Villain Critique", "beatId": "fdcb75ed-9713-4a34-8ae3-018c57e0be79", "matchId": "061554a2-a974-4cbe-8cb8-99f0149fc60e", "beatType": null, "evidence": "Page 7 critiques ADOMANI's sales projections.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "tension", "title": "The text serves as a short-seller research note highlighting a discrepancy between company guidance and financial 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": 55, "componentCount": 7, "textChars": 1220, "nDataPoints": 4, "notes": "The text serves as a short-seller research note highlighting a discrepancy between company guidance and financial filings.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:09:29.022+00", "seconds": 5.77, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-a4dd997f734e/8", "deck": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "What has ADOMANI sold so far in 2017 from this impressive pipeline? Absolutely nothing. A donut.", "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 02:33:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-4d9550506e07", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "2017 revenue: $0", "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": "2026-04-23 02:33:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-57abfe4943e7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.13, "y": 0.09 }, "kind": "paragraph", "text": "fire. See their investor presentation in their Form 1-A offering statement, exhibit 13.1. ADOMANI shows how their technology allows them to replace an existing internal combustion engine with an electric engine to lower fuel cost while maintaining performance.", "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 20:09:29.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00419156-bf6a-4497-b244-72b0009aef2b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.13, "y": 0.55 }, "kind": "paragraph", "text": "What has ADOMANI sold so far in 2017 from this impressive pipeline? Absolutely nothing. A donut. 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It can't, and better fits the definition of a daydream: “a pleasant visionary usually wishful creation of the imagination.”", "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 02:33:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-398b36c2b2f3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.19 }, "kind": "paragraph", "text": "Nothing in ADOMANI’s presentation is more egregious than how they use the term “Pipeline”. The standard definition is “an activity that is between the starting point and the completion point.” ADOMANI claims a $275M pipeline, but $150M of that is “VWS not identified.” If the customer has not even been identified, how can the sales process have been started? 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We can see one of these PRs in 2015 when they signed up to be the Factor Representative for GreenPower Motors (GPVRF) in California. ADOMANI claimed they will “bring 50 GreenPower zero emission school buses into the state in 2016 and an additional 100 in 2017”. And here we are in late 2017, and the company is stuck on 0 buses from GreenPower.", "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 20:09:27.181+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51fef25d-a972-4e3c-a73c-32927192c5c2", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.71 }, "kind": "paragraph", "text": "Again, over a year later and 0 buses have been sold. We doubt Mr. Oldridge would make this statement today regarding its partnership with ADOMANI. We wouldn’t know, however, as we have tried to get in contact with GreenPower investor relations three times but they have stealthily avoided us each time.", "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 20:09:27.181+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c1b1cb5-7939-4fd0-9b7a-e088ce5bde88", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.48 }, "kind": "paragraph", "text": "Then on June 2, 2016, ADOMANI embarked on more daydreams with GreenPower, when GreenPower issued a PR titled: “GreenPower Announces 9 Letters Of Intent Received By ADOMANI For 25 GreenPower All-Electric School Buses.”", "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 20:09:27.181+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8393a13e-0641-4c72-8a6c-2a321d2fdc7b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.57 }, "kind": "quote", "text": "“While most of these letters of intent are for Type C school buses, we are also seeing interest for the Type A school buses as well. Our factory representative agreement signed with ADOMANI late last year has continued to be an exceptional partnership, enabling us to rapidly pursue market opportunities in California,” stated Phillip Oldridge, CEO of GreenPower.", "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 20:09:27.181+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81157c4d-2290-4c93-a7b1-a5cac60662ed", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“While most of these letters of intent are for Type C school buses, we are also seeing interest for the Type A school buses as well. 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ADOMANI’s technology seems to only consist of electronics to control the motor and transmission, along with some adapters", "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 20:09:29.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "552ea9ed-946d-4d2b-be66-fbe86b6134df", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.74, "x": 0.13, "y": 0.37 }, "kind": "paragraph", "text": "The reality is that while electric vehicles can contain some very high levels of technology, ADOMANI’s tech is far less sophisticated. Analyzing ADOMANI’s slide of their drivetrain:", "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 20:09:29.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e112627-b3b3-4b38-b8a8-42414e991bb9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.74, "x": 0.13, "y": 0.17 }, "kind": "paragraph", "text": "We believe one of the reasons why ADOMANI hasn’t made any sales, is that there is no benefit for customers to purchase their drivetrains. We go over their lack of innovative technology in the next section.", "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 20:09:29.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8342a97-833d-446d-810f-64ad822e4203", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.74, "x": 0.13, "y": 0.28 }, "kind": "paragraph", "text": "Throughout its investor presentation and press releases, ADOMANI gives the impression that it has significant technology in electric drivetrains, and that these drivetrains will be used for both new electric vehicles and for the conversion of an existing fleet.", "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 20:09:29.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa6cfe95-934f-49fd-8714-c6b9095251b0", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.74, "x": 0.13, "y": 0.09 }, "kind": "paragraph", "text": "As an investor of ADOMANI, it’s imperative to ask the question: Why hasn’t the company made any sales whatsoever in 2017, despite its lofty forecast and pipeline?", "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 20:09:29.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea275958-1a46-4211-bb85-5addeb09be35", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.13, "y": 0.74 }, "kind": "source-note", "text": "Source: Form 1-A Offering Statement Exhibit 13.1", "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. 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easily be cut out of the sales process.", "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 02:33:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-7e329ad4e1d8", "parentComponentId": null }, { "bbox": { "h": 0.385, "w": 0.722, "x": 0.139, "y": 0.094 }, "kind": "paragraph", "text": "so the electric motor can interface with the old transmission and existing accessories. Certainly these methods help to get a vehicle converted to an electric motor, but what is the real benefit? Electric vehicles get weight reduction by eliminating or simplifying the transmission and running electrical components from the same battery pack that runs the engine. ADOMANI's system has a generator attached to the electric motor which also has to charge a separate battery to run all the vehicle's other electrical components. It also doesn't seem to have the ability to use braking to recharge its own batteries and reduce brake wear like a full electric drivetrain. So at best, ADOMANI has some technology for implementing a very low tech solution, and the real technology is in the batteries, motors, and components purchased from other companies.", "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 20:09:27.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ddc30a4-fa34-4258-bd98-f4c481aee070", "parentComponentId": null }, { "bbox": { "h": 0.145, "w": 0.722, "x": 0.139, "y": 0.415 }, "kind": "paragraph", "text": "In the offering statement ADOMANI states it gets its components from other companies: \"We manufacture and assemble zero-emission electric and hybrid drivetrains and conversion kits from components supplied by third parties. For example, batteries, traction motors, power electronics, connectors, cables, and metal fabrication for battery storage boxes.\"", "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 20:09:27.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b561612-0347-41c5-ac3b-2aee4178dbf1", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.722, "x": 0.139, "y": 0.863 }, "kind": "paragraph", "text": "On June 21, 2017, ADOMANI announced that it \"Takes Delivery Of First All-Electric Type-D School Bus\". The PR further states that \"ADOMANI will be", "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 20:09:27.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "863a3cb4-9be1-4993-8ec5-82f8cb12479b", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.722, "x": 0.139, "y": 0.578 }, "kind": "paragraph", "text": "ADOMANI further states: \"Further, our relationships with these third parties are typically non-exclusive and do not prohibit the other party from working with our competitors.\"", "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 20:09:27.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9e6c520-6c9f-489e-b070-ac816788f2ff", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.722, "x": 0.139, "y": 0.662 }, "kind": "paragraph", "text": "There's no incentive for a prospective customer to order a bus or drivetrain through ADOMANI when it can go straight to the manufacturer. ADOMANI is a middle man that can easily be cut out of the sales process. ADOMANI hasn't made a single sale in 2017, so it offers no advantage to its partners of bulk sales. Clearly ADOMANI doesn't have any priority network or special connections to get more sales to its partners. And its technology isn't innovative. We fail to see how ADOMANI will ever achieve any meaningful sales.", "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 20:09:27.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec5aced3-789e-422c-9740-288993fb5b55", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We manufacture and assemble zero-emission electric and hybrid drivetrains and conversion kits from components supplied by third parties. 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}, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:33:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-251e356acaa9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.53 }, "kind": "paragraph", "text": "So it’s not even ADOMANI’s drivetrain. ADOMANI’s PR is misleading in saying that the drivetrain is ADOMANI’s. Why didn’t ADOMANI mention EDI in its PR? While we couldn’t find any mention of EDI in ADOMANI’s recent PRs or website, it did show up in an old SEC filing.", "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 20:09:29.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24ee208a-835e-4a02-a3bd-5f59bbe8f080", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.67 }, "kind": "paragraph", "text": "“ADOMANI will be licensing and purchasing EDI’s technology and ADOMANI will be a manufacturing and marketing arm for EDI.”", "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 20:09:29.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e5d5ab8-b06d-487e-beef-83bd9adec819", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.41 }, "kind": "paragraph", "text": "But here’s the ironic thing. Blue Bird (BLBD) released a PR two days earlier that read a bit different. Their PR did say that the electric bus chassis was developed “in conjunction with California-based ADOMANI”. However, it then says it “operates on an energy-efficient electric drivetrain supplied by Efficient Drivetrains, Inc. (EDI).”", "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 20:09:29.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45dcc1dc-48a1-438b-bdf6-cea3f5840055", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "taking its bus on tour, beginning with California schools ...\" That sounds very impressive, and implies ADOMANI has its own all-electric bus to show to schools. But that’s not the 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 20:09:29.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5503204d-8ca7-4446-8379-31088cd7c7ed", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.76 }, "kind": "paragraph", "text": "Further, EDI CEO, Joerg Ferchau, is listed as an advisor to ADOMANI in the 2014 S-1 and like the other advisors, was granted an option to acquire from 100k-250k ADOM common stock at 10 cents per share. With a value at current prices of over $1M, we doubt Joerg is going to be in too much of a hurry to correct ADOMANI’s PRs. At least until he can cash in those options.", "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 20:09:29.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99b33315-a6c0-469f-99b4-d620f22717d1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.29 }, "kind": "paragraph", "text": "On July 13, 2017, ADOMANI announced: “ADOMANI and Blue Bird Introduce All-New Electric School Bus.” The PR states: “this announcement marks ADOMANI’s first opportunity to accelerate the design, manufacture and marketing of its zero-emission drivetrains for new vehicles and for use in existing vehicles.”", "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 20:09:29.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc9784ad-66ba-426b-9f85-dbc20a8d5bd9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.15 }, "kind": "paragraph", "text": "The previous day, GreenPower Motor had put out a PR stating “GreenPower’s Synapse 72 School Bus Commences Demonstration Tour”. In fact, ADOMANI’s subsidiary, School Bus Sales of California was part of the tour with GreenPower because it is a dealer for GreenPower buses.", "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 20:09:29.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f549ff12-43f0-4751-9776-6a5a5f0571a9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "ADOMANI will be licensing and purchasing EDI’s technology and ADOMANI will be a manufacturing and marketing arm for EDI. — ADOMANI S-1 Filing (2014)", "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 02:33:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-2a2a37e222f2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.14, "y": 0.87 }, "kind": "title", "text": "An Avalanche Of Outstanding Shares, Options, And Warrants", "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 20:09:29.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13e87955-cfe9-4faa-952b-b237af51347d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5e5e7f07-2778-47bc-9be3-e67c41b0f716", "evidence": "Contrasting company PR with SEC filings to expose misleading claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 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"quote_block" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:09:28.407+00", "seconds": 3.713, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-a4dd997f734e/14", "deck": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "it will be a few more months before the stock gets crushed from what appears to be an inevitable tsunami of selling from insiders.", "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": 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On a fully diluted basis, it has 89.5 million shares outstanding. At the current market price that works out to a market valuation of around $500M.", "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 20:09:28.407+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1675baa3-7304-495a-b9cf-ee485e3ae6d9", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.74, "x": 0.13, "y": 0.21 }, "kind": "paragraph", "text": "Compare that valuation to the $28 million market value of GreenPower (GPVRF) who is a partner of ADOMANI and actually has an electric powered bus. Greenkraft (GKIT) who is ADOMANI’s partner in electric trucks has a market value of around $11M. And Blue bird Corp, which has actual school bus sales of over $900M per year but trades at a value of around $450M. So tiny ADOMANI with no sales, has a market value far above its partners, who, unlike ADOMANI, do have actual products, technology, and substantial sales. How does the company do this? A big factor is its strict lockup period.", "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 20:09:28.407+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17ddb091-3fab-4607-846b-ae1c316c429e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.71 }, "kind": "paragraph", "text": "Based on what Mr. Menerey has said in this interview, it will be a few more months before the stock gets crushed from what appears to be an inevitable tsunami of selling from insiders. But Boustead Securities shares are not under the same lockup period length.", "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 20:09:28.407+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7de9a799-8c85-477c-bbbf-fb553b6b5123", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.13, "y": 0.8 }, "kind": "paragraph", "text": "From the latest 10-Q it says on page 22: \"On May 12, 2017, the Company issued a warrant to purchase 199,659 shares of Common Stock, subject to stock splits or other similar changes in our capital structure, to Boustead Securities, LLC for services rendered in connection with the closing of our IPO. The warrant has an exercise price of $6.00 per share, becomes exercisable on October 22, 2017, and expires on April 25, 2022.\"", "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 20:09:28.407+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae4dba77-657b-4376-adfa-65b66930e061", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.74, "x": 0.13, "y": 0.48 }, "kind": "paragraph", "text": "Short selling outfit The Street Sweeper published an excellent interview with ADOMANI’s CFO, Mr. Menerey. Mr. Menerey is reported to have said: \"Boustead Securities, rightly so, insisted on lockups for all the existing shareholders and the option holders and warrant holders, et cetera. There were a few people released from their lockups. But we still have, I believe it’s in excess of 95, 96 percent of the entire pre-IPO group of shareholders that are locked up for a minimum of six months and more likely for closer to a year.\"", "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 20:09:28.407+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df28d3a0-4712-4103-909d-fcb88fc4326d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Boustead Securities, rightly so, insisted on lockups for all the existing shareholders and the option holders and warrant holders, et cetera. There were a few people released from their lockups. But we still have, I believe it's in excess of 95, 96 percent of the entire pre-IPO group of shareholders that are locked up for a minimum of six months and more likely for closer to a year.\" — Mr. Menerey, CFO", "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 02:33:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-e35fd8c87f9f", 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That’s some heavy dilution, and the company will only receive about $2M cash from the warrants. 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But", "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 20:09:28.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "168305b3-7d0a-4afc-8047-d91a5e352293", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.22 }, "kind": "paragraph", "text": "Further on the same page it says the company issued a warrant to purchase 350,000 shares at $5 per share to Redwood Group International. These shares become exercisable on December 16, 2017. That’s 180 days after the June 15th IPO date.", "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 20:09:28.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d4a0b5e-cd2c-4287-99e9-a1c517c44c62", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.52 }, "kind": "paragraph", "text": "The following are the outstanding options to purchase common stock. On page 17 of the Q217 10-Q it says: \"As of June 30, 2017, we had granted options to purchase 30,375,000 shares of Common Stock. 21,218,612 shares of Common Stock are issuable upon the exercise of options vested as of June 30, 2017, at an exercise price of $0.10 per share\"", "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 20:09:28.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa014480-51d0-40f9-97c7-b9f8a81afd73", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "We find from the info in the 10-Q that this date, October 22, will be the first date that a large chunk of ADOM warrants will be able to be exercised. 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So of the 89.5M fully diluted shares, at least 36.5M are locked up for one year. That leaves 53M shares. Subtract 2.5M that were sold in the IPO, and that leaves about 50M shares that could start hitting the market on December 16th.", "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 20:09:28.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c38b3acb-58f9-4070-b600-1a0da1afc144", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "As of June 30, 2017, we had granted options to purchase 30,375,000 shares of Common Stock. 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"text": "The current trading volume of the stock has no chance of being able to absorb the coming supply.", "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 02:33:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70fa-7556-8664-925266bab579", "parentComponentId": null }, { "bbox": { "h": 0.265, "w": 0.724, "x": 0.138, "y": 0.094 }, "kind": "paragraph", "text": 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