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  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-10-24 00:00:00",
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  "notes": "The slide uses forensic accounting logic to challenge the legitimacy of reported cash movements between the WFOE and VIE.",
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      "text": "It is almost inconceivable that NQ would have been able to execute the purported transaction.",
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      "text": "As you can see below, the VIE entities lost $3.8 million in 2011. Yet, cash at the VIE increased by $66 million...",
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      "text": "NQ Beijing via a registered capital increase... NQ would have a much greater ability to commit fraud.",
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      "text": "It is almost inconceivable that NQ would have been able to execute the purported transaction. Because the VIE is owned by PRC nationals...",
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      "text": "NQ's SEC disclosures and SAIC financials make clear that it is purporting to have loaned IPO dollars directly to the VIE...",
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      "text": "An attorney from a leading PRC law firm that is highly experienced in working with VIEs said that he and his partners had never seen any private — Anonymous Attorney",
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      "text": "Footnotes 64-67 detailing SAIC files, SEC filings, and PRC regulations.",
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