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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
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  "authorName": "Ben Axler",
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      "text": "Bad Debts Now Being Recognized",
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      "text": "Prior year audit recognized no problems!",
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      "text": "It appears to be more than a casual mistake that Revenues and Net Income were overstated by 68% and 98%, respectively in 2018.",
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      "text": "Spruce Point uncovered financial statements filed recently on Jan 20, 2021 for Leidos Security Detection & Automation LLC. This represents its business with the UAE, specifically a project tied to the Abu Dhabi Int'l Airport started in 2016. It appears to be more than a casual mistake that Revenues and Net Income were overstated by 68% and 98%, respectively in 2018. Leidos management would not have seen this prior to announcing the SD&A acquisition from L3Harris for $1.0bn in Feb 2020. Leidos claims the total acquisition does $500m of Revenues and $75m of EBITDA, yet we find concrete evidence that Revenues and Net Income, for a portion of the overall deal, were overstated by $5.5m and $4.2m, respectively.",
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      "kind": "source-note",
      "text": "Source: Company Number: FC034649 1) (AED 30.8 – 15.5) / 3.67 UAE Dirham per US$. The parent company owns 49% of these profits",
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      "kind": "title",
      "text": "Is This Fraud At L3Harris UAE Business?",
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