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  "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",
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  "pageNumber": 25,
  "pageCount": 70,
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  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "The slide uses red boxes to highlight the specific data points that contradict each other.",
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    {
      "bbox": null,
      "kind": "callout",
      "text": "We could not match Momo's reported performance of Hunan Qindao Culture Spread (Hunan Qindao) with the company's statutory fillings in China in a couple of instances. The differences appear to be material.",
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      "kind": "list",
      "text": "Momo reported that it purchased (shared live streaming revenue) $3.9 million in 2016 and $9.1 million in 2017 from Hunan Qindao Culture Spread. However, Hunan Qindao only reported $6.4 million in 2016 and $2.1 million in 2017.\nIt was simply not possible that Hunan Qindao earned $9.1 million in 2017 from live streaming cooperation with Momo",
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      "text": "Revenue: $9.1 million",
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      "text": "We could not match Momo's reported performance of Hunan Qindao Culture Spread (Hunan Qindao) with the company's statutory fillings in China in a couple of instances. The differences appear to be material.",
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      "kind": "source-note",
      "text": "Source: China Filings",
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      "kind": "source-note",
      "text": "Source: Momo 2017 20-F",
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      "kind": "table",
      "text": "Hunan Qindao Culture Spread Income Statement",
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      "kind": "table",
      "text": "Momo Financial Transactions w/ Hunan Qindao Culture Spread And Subsidiaries",
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      "kind": "title",
      "text": "Red Flag 3: Hunan Qindao Culture Spread's China Financials Don't Match Momo's Reported Numbers",
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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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  "loops": [
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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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