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  "docSlug": "86dfa89096f8",
  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 18,
  "pageCount": 70,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses screenshots of Chinese corporate registry data (Qixin) to prove that Momo retroactively corrected financial filings and ownership transfer dates.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/18",
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  "components": [
    {
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      "kind": "callout",
      "text": "This material information about Tang Yan’s ownership of Momo Technology HK Company Ltd and the charge of “Filing corporate information with the intent to conceal the truth and falsify” have never been disclosed to investors.",
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      "kind": "image",
      "text": "Beijing Momo, 2016 Annual Report, Record Correction",
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      "kind": "list",
      "text": "Beijing Momo resolved this issue on November 29, 2017 by filling amendments to past financial reports and ownership statements on November 27, 2017. Beijing Momo corrected fillings in each year from 2013 to 2016. Revenues and costs appear to have both been materially misstated.\nImportantly, the date on which Purple Sky and Matrix (to be discussed in red flag 5) transferred their share in Beijing Momo to Tang Yan was changed from the October 24, 2013 to October 10, 2013",
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      "text": "This material information about Tang Yan’s ownership of Momo Technology HK Company Ltd and the charge of “Filing corporate information with the intent to conceal the truth and falsify” have never been disclosed to investors.",
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      "kind": "quote",
      "text": "“Filing corporate information with the intent to conceal the truth and falsify” — SAIC charge description",
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      "kind": "source-note",
      "text": "Source: qixin.com",
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      "kind": "title",
      "text": "Red Flag 1: Undisclosed Charges Against Momo By The SAIC (Cont’d)",
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      "evidence": "The slide explicitly labels the content as a 'Red Flag' and uses evidence to expose undisclosed corporate record corrections.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.",
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      "evidence": "Slides 17-28 expose the iceberg of Momo's problems, revealing undisclosed charges and complex VIE structure.",
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      "objective": "What are the implications of Momo's undisclosed charges and complex VIE structure?",
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