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  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "Includes excerpts from Allonnia, LLC Consolidated Statements of Changes in Members' Equity and Assets table.",
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      "text": "Aside from the overall amount of revenue and deferred revenue being implausible - we estimate $6.3MM of deferred revenue per Allonnia employee - the timing of when Ginkgo booked these amounts from Allonnia strains credibility and suggests they are clearly fictitious.",
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      "text": "deferred revenue: $6.3MM",
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      "text": "Aside from the overall amount of revenue and deferred revenue being implausible - we estimate $6.3MM of deferred revenue per Allonnia employee - the timing of when Ginkgo booked these amounts from Allonnia strains credibility and suggests they are clearly fictitious. We lay out the timeline of key events. First, in December 2019, Allonnia closed a $33MM Series A financing, according to its financials attached at the end of SPAC prospectus. The cash was reflected on its balance sheet as of 12/31/2019.",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates",
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