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  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2013-11-06 00:00:00",
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  "notes": "This is a text-heavy research note page from a short-seller report.",
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      "kind": "callout",
      "text": "YDT repeatedly needs loans despite having NQ subsidize its overhead, employing no more than 15 people, and receiving NQ's money before NQ does.",
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      "kind": "callout",
      "text": "YDT takes 60 days to collect from China Mobile when NQ takes no more than 45 days.",
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      "text": "We believe that these “loans” were actually ways of providing YDT a way to pay down fictitious ARs until cash could be raised from sales of NQ stock.",
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      "text": "DSO: 167 days",
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      "text": "NQ's DSO from YDT at the end of 2012 was a whopping 167 days... takes no more than 45 days to receive payment from China Mobile.",
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      "kind": "paragraph",
      "text": "According to NQ's contract with China Mobile, China Mobile must pay NQ for subscription fees billed in a given month with 15 days of the end of the month... as short as 15 days.",
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      "kind": "paragraph",
      "text": "However, as we showed in our initial report, NQ is YDT's contact point for multiple carriers... This argument does not hold water.",
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      "text": "As we stated in our initial report, if the relationship between YDT and NQ were legitimate, YDT would not be receiving interest-free loans from NQ that totaled approximately $5 million... It has no legitimate need for repeated loans.",
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      "text": "6 Calculation methodology is purported NQ revenue received from YDT in 2012 of $20.2 million, divided by 365 days, and then divided into NQ's purported AR from YDT of $9.4 million. 7 NQ 2011 F-1, ex. 10.13.",
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