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  "documentTitle": "China Internet Nationwide Financial Services Inc. (CIFS)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-12-20 00:00:00",
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  "notes": "The slide uses a series of logical deductions to expose potential financial fraud in related party transactions.",
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      "text": "This implies that each company received debt financing ranging from approximately $10 million to $60 million. The only problem is that these companies appear to be empty boxes that would never receive loans remotely approaching this range.",
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      "text": "implied loan volume: $60,221,328",
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      "kind": "paragraph",
      "text": "CIFS claims that it generated revenue in 2015 for arranging loans for two related parties. This appears to be a lie. The related parties, Luye and Beiruichen, purportedly accounted for $421,105 of revenue.",
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      "text": "18 CIFS F1, p. 119. 19 CIFS F1, p. F-21. 20 CIFS F1, pp. 87-92.",
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      "text": "Estimated funding range for Luye and Beiruichen",
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      "kind": "title",
      "text": "Even CIFS's Revenue from 2 Disclosed Related Parties Appears to be Fraudulent",
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