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  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2013-10-29 00:00:00",
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  "notes": "The slide uses a 'fraud-exposure' framework to systematically dismantle management's narrative.",
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      "text": "NQ management during Q&A on conference call: “Yidatong reports net revenues associated to a portion that would be earned by them for their services, and not the gross amount that is being passed to the carriers on behalf of the developers like NQ”.",
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      "kind": "paragraph",
      "text": "Our report anticipated the lie that YDT’s financial statements show net revenue, as opposed to gross. NQ was hoping that investors would not read the report clearly enough to read the proof that the sales number is a gross number.",
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      "kind": "paragraph",
      "text": "There are three ways of knowing that NQ is lying:",
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      "text": "NQ’s attempt to explain away this inconvenient listing with a carrier does not address several problems, including that in Yidatone’s Shanghai SAIC filing (the corporate registration) the contact person provided has an NQ email address (Netqin was NQ’s former name).",
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      "text": "NQ management during Q&A on conference call: “Yidatone reports net revenues associated to a portion that would be earned by them for their services, and not the gross amount that is being passed to the carriers on behalf of the developers like NQ”.",
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      "text": "“Yidatong reports net revenues associated to a portion that would be earned by them for their services, and not the gross amount that is being passed to the carriers on behalf of the developers like NQ” — NQ management",
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      "text": "Table showing contact details for Tianjin Yidatone Technology Development Co., Ltd.",
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      "text": "Shanghai SAIC registration details for Tianjin Yidatone Technology Development Co., Ltd. Shanghai Branch.",
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      "text": "Lie #3: YDT’s SAIC financials, which show revenue that is a fraction of what would be required for NQ to generate $20.2 million in revenue through YDT, are reported net of payments to NQ.",
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