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  "docSlug": "69cc18cfe079",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-24 00:00:00",
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  "pageNumber": 12,
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  "notes": "The slide presents evidence of a fake address and billing discrepancies to support a short-seller thesis.",
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      "kind": "callout",
      "text": "This contradiction affirms our conclusion that YDT is a sham counterparty.",
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      "text": "Days Sales Outstanding: 167 days",
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      "kind": "paragraph",
      "text": "We subscribed to NQ’s paid mobile apps via carrier billing on 17 different prepaid SIMs in order to see whether YDT shows up as the SP. Unsurprisingly, it did not.",
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      "kind": "paragraph",
      "text": "The days sales outstanding from YDT stood at 167 days at December 31, 2012, despite the purported contract between NQ and YDT requiring settlement within 30 days. This contradiction affirms our conclusion that YDT is a sham counterparty.",
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      "kind": "quote",
      "text": "The office of the Community Residents' Committee located nearby never heard of the company Yidatong and one member became borderline irate by the suggestion that Yidatong could be located at the same address as the school.",
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      "kind": "source-note",
      "text": "17 NQ 2012 20-F, Exhibit 10.11, p. 6. In addition, an Agreement between NQ and China Mobile also has terms of 45 days. NQ 2012 20-F, Exhibit 10.13, p. 8.",
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      "text": "Address verification table for Yidatong.",
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