{
  "docId": "019dd923-622c-750b-8b97-33c94b343b12",
  "docSlug": "3b4b265e529e",
  "documentTitle": "Solutions 30 (S30)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-05-24 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 3,
  "pageCount": 6,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses direct quotes from audit disclaimers to expose the contradiction between company claims and report reality.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-33c94b343b12/3",
  "deckHref": "/decks/019dd923-622c-750b-8b97-33c94b343b12",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-33c94b343b12.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-33c94b343b12#slide-3",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Despite it being incontrovertible that Mr. Sator and S30 were misrepresenting the nature of the reviews, S30 continued to publicly mischaracterize them as “audits.”",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6ab-fb7289aec2bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "We give S30 credit for being ballsy. On April 28th when S30 issued a press release announcing its 2020 results, it should have been obvious to S30's board that EY was questioning the numbers; yet, the board went ahead and authorized the release anyway.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49d99a02-666a-4d84-922f-9fe9d678c65f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "Image from the Deloitte report: The objective of our engagement was not to audit the accounts of the Client, nor to express any audit opinion on them at any time...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6aaa67e8-6767-4420-872c-d94d9f82b715",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Investors who read only S30's press release hopefully characterizing the investigation as an exoneration might be surprised by recent events. But investors who carefully read the firms' actual reports probably aren't.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a282a79-045e-4094-b724-752f678222dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.29
      },
      "kind": "paragraph",
      "text": "S30 and its supervisory board chairman Alexander Sator had been misrepresenting the nature and results of the investigation ever since S30 put outs its April Fools' Day press release.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82a304c5-f908-4d63-b0cc-5050a5340870",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.75
      },
      "kind": "paragraph",
      "text": "Despite it being incontrovertible that Mr. Sator and S30 were misrepresenting the nature of the reviews, S30 continued to publicly mischaracterize them as \"audits.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9438a036-f746-4014-880d-4f76f772c08c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "Image from the DK report: Finally, our mission does not constitute an audit or a limited examination carried out in accordance with applicable professional standards.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ebe6d25-0fcf-442e-ace2-bc9fa1824168",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.35
      },
      "kind": "quote",
      "text": "Solutions 30 and its leaders have been the subject of very serious accusations that the independent audit has fully rejected...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee8486a0-94cc-4894-b47b-cf2eaa766842",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Solutions 30 and its leaders have been the subject of very serious accusations that the independent audit has fully rejected...” — Alexander Sator",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6ab-ff5b5c6f89cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.78,
        "x": 0.11,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "3 https://www.solutions30.com/wp-content/uploads/2021/04/S30_Audit_Conclusions-EN.pdf",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67258dba-1347-401f-9c41-de8a0e59f9fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "title",
      "text": "Can anybody really be surprised?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0d667d7-89b9-4a87-ab12-12a529e8a90a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 3,
      "from": 2,
      "beatId": "274c4d8f-7eb6-434b-83f6-c251e4da5255",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The first two exposition slides present the problem",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 4,
      "from": 3,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "1143035e-68b1-4cc1-960c-98c654b18a3b",
      "evidence": "The two exposition slides present surprising contradictions",
      "position": 0,
      "objective": "The author's analysis reveals contradictions",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}