{
  "docId": "019dd923-622c-750b-8b99-acb9ee1902a4",
  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 65,
  "pageCount": 79,
  "prevPage": 64,
  "nextPage": 66,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses red boxes and arrows to visually connect the real estate report to the subsidiary list and contrast it with the 10-K property list.",
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      "kind": "callout",
      "text": "Given our previous concerns about Monster’s capital expenditures and PP&E reporting we were surprised to see that the Company’s recent 10-K did not explicitly call out a $29 million industrial facility purchase in Pacoima, California in Q4 2024.",
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      "kind": "image",
      "text": "Excerpt from Monster 10-K Subsidiaries list",
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      "kind": "image",
      "text": "Excerpt from Monster 10-K Properties section",
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      "kind": "paragraph",
      "text": "Given our previous concerns about Monster’s capital expenditures and PP&E reporting we were surprised to see that the Company’s recent 10-K did not explicitly call out a $29 million industrial facility purchase in Pacoima, California in Q4 2024. We had to uncover the purchase by looking carefully at their newly listed subsidiary.",
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      "kind": "source-note",
      "text": "Source: Monster 2024 10-K, Lee & Associates report",
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      "kind": "table",
      "text": "Lee & Associates Commercial Real Estate Report showing $29M transaction for Aff Vaughn LLC",
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      "kind": "title",
      "text": "Why Did Monster Not Say It Purchased A Property In 2024?",
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      "evidence": "Repeated use of 'expose_contradiction' slides to highlight discrepancies in Monster Beverage's reporting and operations.",
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