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  "documentTitle": "Quintis Limited (QIN)",
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  "notes": "The slide uses financial disclosure excerpts to argue that the company's business model is potentially unsustainable, bordering on a Ponzi scheme.",
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      "text": "To summarise, TFS’s mark-to-model approach to biological asset valuations and revenue recognition policies allow it to leverage real capital. Accordingly, we believe that the only factor that would prevent this business from being a Ponzi scheme is whether or not the underlying products are a feasible investment.",
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      "text": "TFS would not have been able to meet its US$100M revenue target, save for its policy to allow revenue to be recognised significantly in advance of any future cash payment.",
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      "text": "So how does TFS float its business without investor cash flows? It appears that management leverage high institutional revenue as a platform to obtain access to debt financing.",
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      "text": "Excerpts from TFS debt offering announcement detailing restricted cash and escrow conditions.",
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      "text": "NOTE 10: OTHER FINANCIAL ASSETS (NON-CURRENT) table showing cash deposits.",
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      "text": "TFS displays significant difficulty actually converting wholesale investors’ revenues into cash.",
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