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  "docSlug": "85021cb773d9",
  "documentTitle": "RINO International Corp. (RINO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-11-10 00:00:00",
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  "pageNumber": 16,
  "pageCount": 30,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 9,
  "notes": "The slide uses a short-seller research style to cast doubt on the company's financial integrity by highlighting auditor failures and implausible asset composition.",
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      "text": "The table below shows our calculations of RINO’s tangible operating assets over its total operating asset base.",
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      "text": "tangible operating assets percentage: 8.3%",
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      "kind": "paragraph",
      "text": "For RINO, the problem with balance sheets is that they need to balance. As RINO manufactures profits that inflate the equity side of its balance sheet, it needs to show corresponding increases in assets.",
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      "kind": "paragraph",
      "text": "Auditors vary in their diligence in confirming the authenticity of the aforementioned documents. There is an ongoing shareholder lawsuit against RINO’s current auditor, Frazer Frost LLP.",
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      "kind": "source-note",
      "text": "Source: China Sky One Medical Inc. shareholder lawsuit website; SEC filings; Muddy Waters Research notes.",
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      "text": "RINO tangible operating assets vs total operating assets table",
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      "kind": "title",
      "text": "The Amount of “Paper” Assets on RINO’s Balance Sheet is Implausible for its Business.",
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