{
  "docId": "019dd923-622c-750b-8b95-c91281d84a77",
  "docSlug": "85021cb773d9",
  "documentTitle": "RINO International Corp. (RINO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-11-10 00:00:00",
  "orientation": "portrait",
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  "pageNumber": 11,
  "pageCount": 30,
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  "slideType": "expose_contradiction",
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  "notes": "The slide uses a specific contradiction between 'net income' and 'pretax income' in legal filings to suggest fraudulent activity.",
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  "slideHref": "/slides/019dd923-622c-750b-8b95-c91281d84a77/11",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "RINO's Founders Have Failed to Transfer Income to the Company, and to Let the Company Operate out of the Facilities it Supposedly Leases.",
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    {
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      "kind": "metric",
      "text": "fair value: $2.45",
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      "kind": "paragraph",
      "text": "Excluding the funds raised in December 2009 and possibly assets acquired for the Changxing Island project, RINO's shareholders own little to no productive assets and have received no benefit from the profits VIE purportedly generates. RINO's founders have failed to transfer $120 million in pretax income to the Company.",
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      "kind": "paragraph",
      "text": "One interesting item is that when RINO claims in its more recent filings it is transferring VIE's income to Innomind via a management fee, it states that it transfers 100% of VIE's net income. However, the agreement under which VIE is supposed to make these payments calls for payments of 100% of VIE's pretax income.",
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      "kind": "source-note",
      "text": "16 See Section 1.4 of the Entrusted Management Agreement, exhibit 10.3 to Jade Mountain Corp. Form 8-K filed on October 12, 2007",
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      "kind": "title",
      "text": "RINO's Founders Have Failed to Transfer Income to the Company, and to Let the Company Operate out of the Facilities it Supposedly Leases. What do RINO Shareholders Actually Own? (About $2.45 per Share and Falling)",
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