{
  "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",
  "aspectRatio": 0.7070758,
  "pageNumber": 5,
  "pageCount": 30,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a series of 'X relationship is fabricated' headers to structure the evidence against the company.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-c91281d84a77/5",
  "deckHref": "/decks/019dd923-622c-750b-8b95-c91281d84a77",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-c91281d84a77.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-c91281d84a77#slide-5",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We confirmed that Lai is not an FGD customer.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdf1-01f26c51a1e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.57
      },
      "kind": "paragraph",
      "text": "Bao relationship is likely fabricated. We think it is probable that RINO did not work on any FGD projects for Bao or its subsidiaries, despite its claim in the Investor Presentation to have done so.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ec22a44-7a2f-424e-a9d7-013b6ebdc643",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Lai relationship is fabricated. We confirmed that Lai is not an FGD customer. The Investor Presentation claims that Lai is an FGD customer. However, Lai has two FGD systems, and no work was contracted or sub-contracted to RINO.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b046fbd-9618-43f5-84dd-a8bf022731a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "Chongqing relationship is fabricated. We confirmed that Chongqing is not an FGD customer. RINO's 2009 Form 10-K states that RINO has installed an FGD system at Chongqing. However, our contact stated that Chongqing is currently building its first FGD system.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39cb6b7f-2170-4bdb-884d-a7ba44381085",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.44
      },
      "kind": "paragraph",
      "text": "Changli relationship is fabricated. We confirmed that Changli is not currently an FGD customer. However, RINO's 2009 Form 10-K states that RINO had installed an FGD system at Changli. Changli is presently soliciting bids for its first FGD system.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e26d2f27-8797-4a3a-90b8-2379175ad7cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"[RINO’s] technology has no advantage beside not producing wastewater.\" — Contact at Lai",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdf1-04f3db1214f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.14,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "8 See Appendix A. 9 RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. 11. 10 Id. 11 www.ifragroup.com.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ede5269-e0d3-45ee-a4b6-8148d85b9fb6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "32adb4e6-46de-4779-be8b-02dd71e5077b",
      "evidence": "Systematic debunking of company claims regarding customer contracts.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 1,
      "beatId": "dafe3c6d-3fca-43c8-858e-2993475fef13",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document introduces the problems with RINO's financials and management",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 3,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "6b4c210b-3e5f-4d3f-a471-d80605876ea2",
      "evidence": "The document highlights contradictions in RINO's VAT payment disclosures",
      "position": 0,
      "objective": "Reveal contradictions in RINO's VAT payment disclosures",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}