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  "docId": "019dd923-622c-750b-8b96-2aaa9a21fcbb",
  "docSlug": "dbe8cd7c1d0d",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-29 00:00:00",
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  "pageNumber": 5,
  "pageCount": 11,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 8,
  "notes": "This is a forensic research note exposing financial inconsistencies and alleged fraud.",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "NQ was forced to quickly lie about the identities of its second and third largest customers, and it stated the impossible.",
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      "kind": "list",
      "text": "1) China SPs are required to pay Business Tax... 2) YDT's A/P balance was $3.4 million... 3) PRC GAAP mandates that YDT report its gross revenue...",
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      "kind": "paragraph",
      "text": "NQ was asked to provide the names of its second and third-largest customers... Chairman Lin via Gavin Kim stated that NQ's second and third largest customers are 'UNPay' and 'Info2Cell'.",
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      "kind": "paragraph",
      "text": "NQ disclosed that a total of 30.4% of 2012 revenue were collected from wireless carriers... The second largest 2012 source would have accounted for $10.1 million... NQ was forced to quickly lie about the identities of its second and third largest customers.",
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      "kind": "paragraph",
      "text": "We assume that Mr. Kim meant UMPay... It is clear that NQ, which has always been reluctant to disclose this information... NQ had to lie on the fly, and made a mistake.",
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      "kind": "source-note",
      "text": "3 http://www.umpay.com/englishumpay/overview/introduction.html 4 http://info2cell.com/aboutus/ 5 NQ 2012 20-F, p. 63. 6 In the F-1/A-7 p. F-23, NQ discloses that Client 'A' is China Mobile.",
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      "kind": "title",
      "text": "Lie #4: NQ's second and third largest customers are UMPay and Info2Cell, respectively.",
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      "evidence": "The slide explicitly labels a section 'Lie #4' and uses mathematical deduction to prove a contradiction in financial reporting.",
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      "evidence": "The analysis of NQ's SAIC financials",
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