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  "docSlug": "85021cb773d9",
  "documentTitle": "RINO International Corp. (RINO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-11-10 00:00:00",
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  "notes": "The slide uses a forensic accounting approach to highlight potential fraud by comparing inventory advances to raw material consumption.",
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      "text": "The least believable account balance above is advances for inventory. The advances for inventory are far too many times the raw material balance to be taken seriously.",
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      "text": "advances for inventory: $84,358,237",
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      "text": "If RINO keeps only one day of raw materials on hand... it would have effectively prepaid 138 to 355 days worth of raw materials... RINO claims to purchase 93% of its raw materials from only two suppliers.",
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      "text": "The least believable account balance above is advances for inventory. The advances for inventory are far too many times the raw material balance to be taken seriously.",
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      "kind": "paragraph",
      "text": "Below is the asset portion of RINO's balance sheet over the prior three quarters. Note how cash (much of which RINO raised in a $100 million offering on December 7, 2009) has declined by $46.5 million in six months.",
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      "text": "RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. 11. — Footnote 24",
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      "text": "24 RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. 11.",
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      "text": "Comparison table of advances for inventory vs raw material and calculated days of processing time",
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      "text": "Balance sheet table showing assets from 12/31/09 to 6/30/10",
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      "kind": "title",
      "text": "Given the Flow of Funds from Shareholders to VIE, We Suspect that a Portion of the Paper Assets are Covering Up Misappropriation.",
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