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  "docSlug": "8db914091b66",
  "documentTitle": "Spreadtrum Communications (SPRD)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-06-28 00:00:00",
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  "notes": "This is a page from a short-seller report (likely Muddy Waters or similar) questioning the financial integrity of SPRD.",
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      "text": "The near simultaneous turnover in 2009 among SPRD's CFO, audit committee, and auditor is troubling.",
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      "text": "operating cash flow",
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      "text": "V. The near simultaneous turnover in 2009 among SPRD's CFO, audit committee, and auditor is troubling. Given that the turnover occurred while SPRD was in the midst of a stunning turnaround, did the resignations and removal have anything to do with discomfort about SPRD's accounting?",
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      "kind": "paragraph",
      "text": "The PRC Enterprise Income Tax law requires that companies pay provisional income tax on a monthly or quarterly basis. If SPRD generated $75.3 million in pre-tax profit in 2010, why didn't it make any cash tax payments?",
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      "text": "VI. We note that the sizes of five balance sheet / cash flow statement accounts grew tremendously in 2010. These accounts are among those that we consider high risk because they are primarily evidenced by paper documentation. The abundance of paper accounts on the balance sheet was one of the early signs to us that Rino International Corp. was a fraud.",
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      "text": "Concerning Operating Cash Flow Accounts: Inventories, Prepayments, Accounts payable, Advances from customers, Accrued expenses. Data for 2008, 2009, 2010.",
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