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  "documentTitle": "TAL Education Group (TAL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-07-02 00:00:00",
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  "notes": "This is a research note page from a short-seller report (likely Muddy Waters or similar) alleging accounting fraud.",
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      "kind": "paragraph",
      "text": "We also have Firstleap's onshore historical revenues, expenses, and gross profit. Much of the financials for Firstleap's network of learning centers flowed through the Beijing VIE...",
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      "text": "On January 22, 2016, TAL reported that it completed the acquisition of 100% of Firstleap. The purported purchase price of $46.58 million...",
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      "text": "Like Shunshun and Guangzhou One-on-One, Firstleap was one of TAL's major investments in FY2016 and FY2017. Management claimed deferred revenue of $45.09 million at the time it acquired Firstleap...",
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      "kind": "paragraph",
      "text": "Picking over TAL's blogs shows tuition is Rmb 15,000 for 8 months... On the Q2 call, CFO Rong Luo noted that total enrollment as of the end of August 2015 was \"around\" 20,000 students...",
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      "kind": "source-note",
      "text": "3 TAL FY2016 20-F, p. F-48\n4 These are recent tuition rates... 5 Per calls to Firstleap's customer service line. 6 TAL FY2016 Q2 conference call...",
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      "kind": "title",
      "text": "Firstleap: Another Fraudulent Accounting Lever",
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      "kind": "title",
      "text": "First, Facts",
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