{
  "docId": "019dd923-622c-750b-8b99-0c6502d9e87e",
  "docSlug": "0dd3bb0497df",
  "documentTitle": "American Battery Metals Corporation / Comstock Mining Inc. (ABML / LODE)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-10 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 65,
  "pageCount": 73,
  "prevPage": 64,
  "nextPage": 66,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 15,
  "notes": "Uses red callout boxes and arrows to point out specific suspicious items in the capitalization table.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-0c6502d9e87e/65",
  "deckHref": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-0c6502d9e87e#slide-65",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.17,
        "x": 0.02,
        "y": 0.51
      },
      "kind": "callout",
      "text": "The Founder and CEO has no invested capital",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01c40d24-b876-46f9-8200-442c484a3366",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.16,
        "x": 0.71,
        "y": 0.76
      },
      "kind": "callout",
      "text": "The Company still doesn't appear to have any employees per LinkedIn",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15b78ab3-fc4c-4f75-bc8f-27e00c5a5f8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.71,
        "y": 0.29
      },
      "kind": "callout",
      "text": "We Believe Few, If Any, Business Models Achieve Commercial Success Within Three Years",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3e16f38c-5b60-4af6-b8c8-6e0d988eb1fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.16,
        "x": 0.71,
        "y": 0.59
      },
      "kind": "callout",
      "text": "$500k to the Founder, but for what reason?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b50269fa-3296-43f0-b324-70798c19b775",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.19,
        "x": 0.02,
        "y": 0.66
      },
      "kind": "callout",
      "text": "The press release claimed “$2.0m for a 10% stake”. In reality, the investment was made with 375,000 AQMS shares and not cash.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0aafcaf-a4c7-4124-9aa7-4cd0674ead70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "A close evaluation of the transaction shows that neither the CEO/founder of LiNiCo or Aqua Metals are putting any real cash into the deal. In fact, the Founder is receiving $500,000, but for no explicitly clear reason.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8705-a78cb6957953",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.78,
        "x": 0.11,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "A close evaluation of the transaction shows that neither the CEO/founder of LiNiCo or Aqua Metals are putting any real cash into the deal. In fact, the Founder is receiving $500,000, but for no explicitly clear reason. The SEC filings reference a “3-Year Financial Model” for the Company, which Spruce Point believes is a short-sighted time period for any new business venture to achieve commercial success.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c883aa9e-dddd-422a-939a-ffc6950474ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.54,
        "x": 0.23,
        "y": 0.45
      },
      "kind": "table",
      "text": "Capitalization Table of LiNiCo",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1d60336-e4a1-4cda-8dcf-d8b7c92ad500",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "The Mysterious LiNiCo Corporation (Cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d62e653-1636-4b8b-b7b4-8b58a2b3a3d6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "CEO quote contradiction",
      "slug": "ceo-quote-contradiction",
      "agent": null,
      "layer": "slide",
      "matchId": "34d5ff02-a1b3-4a87-bdb0-775be97c7966",
      "evidence": "The press release claimed \"$2.0m for a 10% stake\". In reality, the investment was made with 375,000 AQMS shares and not cash.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "dddec009-bf65-4eb3-9b41-ecdd26325fff",
      "evidence": "The slide systematically identifies and highlights suspicious financial and operational claims to build a case of potential fraud.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 73,
      "from": 41,
      "beatId": "ec16cf87-0887-460f-99c4-b1c5fcae4ac2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck concludes with a call to action, urging investors to be cautious",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}