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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": "This appears to be a forensic research note exposing potential financial fraud or audit negligence.",
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      "text": "Recall, our view is that the cash probably is no there at all and this is just a book keeping/balancing exercise.",
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      "text": "Failure to validate that receivables from NQ's largest purported trade debtor, Yidatong, are aged over four months beyond what the contracts permits. Permitting NQ to reclassify significant costs from Cost of Sales to R&D.",
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      "text": "It's hard to imagine a scenario where cash and cash equivalents would be a level 2 asset. But, surprisingly, the auditor classified 2012 cash and cash equivalents as a level 2 asset.",
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      "text": "The consolidated term deposit balance was $58.5 million and the parent co term deposit was $0. We question the audit procedures and if PWC has qualified accounting staff working on this audit.",
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      "text": "At December 31, 2011, the Company reported consolidated cash and cash equivalents of $69 million and parent company cash of $49 million. The VIE reported a net increase in cash of $66 million, which is mathematically impossible.",
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      "text": "Level 1 inputs - observable, quoted prices for identical assets or liabilities in active markets. Level 2 inputs - quoted prices for similar assets or liabilities in active markets.",
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