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  "docSlug": "6b24b447d2c2",
  "documentTitle": "TMC the metals company Inc. (TMC)",
  "authorId": "56_Bonitas_Research",
  "authorName": "Bonitas Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses a table to contrast company-reported data against regulatory records to prove financial misrepresentation.",
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      "kind": "callout",
      "text": "To us, the evidence suggests TMC overstated its NORI exploration expenditures in its SEC filings to give investors a false scale of its operations.",
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      "text": "Exploration Expenses: 124%",
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      "text": "Evidence reveals that TMC artificially inflated its 2019 reported exploration expenditures by 100%+ giving investors a false scale of its operations.",
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      "text": "Source: TMC S-4, ISA NORI Public Information, ISA Marawa Public Information",
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      "text": "ARTIFICIALLY INFLATED EXPLORATION EXPENSES",
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