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  "docSlug": "990838b0a753",
  "documentTitle": "NQ Mobile (NQ)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2014-04-13 00:00:00",
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  "notes": "The slide functions as a forensic analysis of NQ Mobile's financial reporting, alleging systemic fraud.",
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      "text": "NQ's larger than expected revenue growth and increased guidance are the only tools it has as it attempts to keep its stock price up.",
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      "text": "NQ announced that it yet again spent a lot of money on what is likely a little company called Tianjin HuaYong Wireless Technology Ltd. (vLife). (vLife had only raised a total of $500,000 since inception in 2006, and appears to have previously operated a dating website.)",
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      "text": "NQ's larger than expected revenue growth and increased guidance are the only tools it has as it attempts to keep its stock price up. However, NQ had to do some back flips in order to report this inflated revenue.",
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      "text": "These checklists incorporate the standard presumption of honesty. As a result, auditors are not visiting a company’s customers to make sure revenue is accurate nor are they visiting suppliers to confirm whether the company’s volumes match up with the financials they are reporting.",
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      "text": "NQ's Revenue Growth is a Desperate Attempt to Keep a Floor under the Stock Price",
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      "kind": "title",
      "text": "NQ Continued its Pattern of Overpaying for Acquisitions in Order to Roundtrip Revenue",
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