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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": 26,
  "pageCount": 70,
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  "density": "overcrowded",
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  "notes": "Uses red boxes to highlight specific mismatched figures in the tables.",
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      "text": "These discrepancies indicate that at best the auditor has not checked the relationship between this subsidiary and Beijing Momo. At worst, it is further evidence that the murky undisclosed relationship between Momo and agents may well be used for transactions other than the claimed broadcaster activity.",
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      "kind": "list",
      "text": "Hunan Qindao Network Media only reported prepayments of $14,328 (fourteen thousand dollars). There is also no deferred revenue account. The other payables, which could be where a prepayment is recorded was $3.85 million, closer but still $2.2 million short of Momo's financial statements",
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      "kind": "list",
      "text": "Hunan Qindao Network Media Co Ltd was reported to have received an advance payment of revenue sharing from Momo amounting to $5.1 million",
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      "kind": "metric",
      "text": "revenue sharing advance: $5.1 million",
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      "kind": "paragraph",
      "text": "These discrepancies indicate that at best the auditor has not checked the relationship between this subsidiary and Beijing Momo. At worst, it is further evidence that the murky undisclosed relationship between Momo and agents may well be used for transactions other than the claimed broadcaster activity.",
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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": "Financial comparison table between Hunan Qindao Culture Spread Co (2016/2017) and Hunan Qindao Network Media Co (2017)",
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      "kind": "title",
      "text": "Red Flag 3: Hunan Qindao Culture Spread's China Financials Don't Match Momo's Reported Numbers (Cont'd)",
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      "evidence": "The slide explicitly identifies a 'Red Flag' and uses financial discrepancies to argue for potential fraud or undisclosed relationships.",
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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?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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