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  "docSlug": "9c995cfa26e4",
  "documentTitle": "Porch Group Inc (PRCH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-08 00:00:00",
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      "kind": "callout",
      "text": "Alternative View: By having CEO Ehrlichman purchase Lowe's shares... was the Company using this as diversion from taking a goodwill impairment? Porch's losses increased from $50.4m to $103.2m...",
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      "kind": "callout",
      "text": "Spruce Point critically analyzed a transaction whereby Lowe's... sold Porch equity directly to Porch CEO Ehrlichman... Porch recorded the $33m 'discount'... as a compensation expense. The SEC questioned this... The Company explicitly stated it was not a party to the Lowe's stock transaction... This bold statement contradicts what Porch told the SEC earlier.",
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      "kind": "callout",
      "text": "This bold statement contradicts what Porch told the SEC earlier that the transaction should be viewed as stock compensation. If Porch was not a party to the transaction, why is it recorded in Porch’s financial statements?",
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      "kind": "paragraph",
      "text": "Porch next considered whether the transaction was clearly for a purpose of compensation... Porch management was unable to conclude that the transaction between the Porch CEO and Lowe's was clearly for a purpose other than compensation.",
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      "kind": "paragraph",
      "text": "During 2019, Porch did not grant any equity awards... Porch was required to recognize a compensation expense under FASB ASC Topic 718 in the aggregate amount of $33,231,717...",
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      "kind": "quote",
      "text": "Porch was required to recognize a compensation expense under FASB ASC Topic 718 in the aggregate amount of $33,231,717 with respect to Mr. Ehrlichman’s share purchase from Lowes. This amount is being excluded from the 2020 Summary Compensation Table as Porch was not a party to the transaction and does not view the stock purchase by Mr. Ehrlichman as compensatory. — Porch Prospectus Jan 29, 2021",
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      "kind": "source-note",
      "text": "Source: Porch and PROPTECH Response To SEC Comment Letter: Nov 16, 2020",
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      "text": "Source: Porch Prospectus Jan 29, 2021",
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      "kind": "title",
      "text": "Did Porch Lie Directly To the SEC? Porch Can't Keep Its Story Straight Regarding Its Shady Accounting",
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