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  "documentTitle": "Danimer Scientific (DNMR)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "Based on the SEC lawsuit, Armor Holdings engaged in improper accounting practices in body armor contracts by using \"distributor net\" accounting, after senior officers were put on notice by outside auditors. This practice understated the Company's accrued liabilities and accounts receivable by disguising certain commissions owed to sales intermediaries.",
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      "text": "Based on the SEC lawsuit, Armor Holdings engaged in improper accounting practices in body armor contracts by using “distributor net” accounting, after senior officers were put on notice by outside auditors.",
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      "text": "26. Armor Holdings was on notice that AHP's \"distributor net\" accounting was improper. For example, on March 12, 2001, Armor Holdings' outside auditor emailed comments to certain senior officers, indicating that the \"distributor net\" practice understated accrued liabilities and accounts receivable; and that the company should record a receivable for the gross amount due, together with an accrual for commissions.",
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      "text": "21. From in or around 2001 through June 2007, AHP also employed a separate accounting practice - hereinafter described as \"distributor net\" - that disguised in the books and records of Armor Holdings roughly $4,371,278 in commissions paid to third-party intermediaries who brokered the sale of goods to foreign governments.",
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      "kind": "quote",
      "text": "the comptroller believed “it would be wholly inappropriate, based on the guidance in EITF [Emerging Issues Task Force] 99-19 to record the revenues net.” — SEC",
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      "text": "Accounting Warnings At Armor Under Croskrey",
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