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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": "The slide uses a forensic approach to highlight inconsistencies in corporate disclosures.",
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      "kind": "callout",
      "text": "The Business Tax YDT paid, which supports total transaction processing volume and therefore gross revenue of only $2.9 million, is irrelevant.",
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      "text": "NQ has now told the following four versions of Rong Xu's involvement with NQ and YDT: Rong Xu was a consultant to NQ in 2006 and 2007; Rong Xu consulted for NQ for less than six months in 2007; Rong Xu was an employee of NQ from September 1, 2006 to December 31, 2008; Rong Xu was a NQ consultant from spring 2007 until the end of 2007.",
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      "text": "gross revenue: $2.9 million",
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      "text": "It is now clear that YDT was a related party during at least 2006 to 2008. Rong Xu became the Executive Director of YDT in February 2006. Government records show this. NQ, after we caught it in the lie about Rong Xu's overlapping timelines, conceded that Ms. Xu was with NQ at least through December 2008. NQ has taken great pains – and risks – to conceal this.",
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      "text": "However, NQ argues that YDT's $2.9 million of 2012 revenue was recorded on a “net” basis – i.e., net of what YDT paid NQ and its other customers. In our initial report, we pointed out that there are two other items in YDT's financial statements that evidence the $2.9 million is a gross revenue figure, and not net: YDT's Business Tax payments and its accounts payable.",
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      "text": "The Business Tax YDT paid, which supports total transaction processing volume and therefore gross revenue of only $2.9 million, is irrelevant. The Business Tax YDT paid, along with its accounts payable and cash balance show that its 2012 gross revenue was only $2.9 million.",
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      "text": "For a comprehensive discussion of the varying explanations, see: http://seekingalpha.com/article/1803082-nq-mobile-1-question-5-answers?source=yahoo",
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