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  "documentTitle": "Plug Power Inc. (PLUG)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-19 00:00:00",
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  "notes": "Uses a red arrow to visually connect the warrant provision in the 10-K to the adjustment table.",
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      "kind": "callout",
      "text": "PLUG likely would not have been able to secure these deals without offering warrants to Walmart and Amazon. Yet management believes that it should get full credit for this as revenue, AND that the warrants should not count against gross profit",
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      "text": "Highlights from PLUG Q4 2017 Investor Letter",
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      "text": "Gross Profit: 1.6",
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      "kind": "paragraph",
      "text": "Warrants weren't a perfect method for growing sales on paper: per GAAP rules, PLUG was forced to treat warrant-related expenses as a contra-account against revenue...",
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      "kind": "title",
      "text": "More Accounting Games To Show The Appearance of Faster Top-Line Growth",
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