{
  "docId": "019dd923-622c-750b-8b98-72ad4dd9da96",
  "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": 21,
  "pageCount": 70,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 30,
  "notes": "The slide uses a red box to visually isolate the 'Undisclosed' entities from the 'Disclosed' ones.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/21",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Undisclosed entities provide the opportunity for the legal management of the Company to extract benefits for themselves or hide the true nature of the operations.",
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      "toolName": "Visual emphasis",
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      "kind": "paragraph",
      "text": "Below are the nine undisclosed first levels subs that Spruce Point has discovered. Undisclosed entities provide the opportunity for the legal management of the Company to extract benefits for themselves or hide the true nature of the operations.",
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      "kind": "source-note",
      "text": "Source: SAIC, Spruce Point Consultant, Company Reports",
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      "kind": "table",
      "text": "Table of Beijing Momo subsidiaries with disclosure status, ownership, establishment date, and capitalization.",
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      "kind": "title",
      "text": "Red Flag 2: VIE Structure Contains Undisclosed Companies (Cont'd)",
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  "metrics": [],
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      "evidence": "The slide explicitly identifies 'undisclosed' entities as a 'Red Flag' for potential financial manipulation.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
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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?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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