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  "documentTitle": "Ginkgo Bioworks (DNA)",
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  "authorName": "Scorpion Capital",
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  "notes": "The slide uses a 'gotcha' narrative style to highlight a discrepancy between financial reporting and operational reality.",
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      "text": "Here’s the giveaway: the start dates of the 6 Allonnia employees listed on LinkedIn indicate that the first didn’t start until July 2020, meaning Allonnia had no employees at the time Ginkgo booked deferred revenue from it.",
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      "text": "deferred revenue: $24.5MM",
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      "text": "Second, after Allonnia closing a $33MM financing in December 2019, Ginkgo turned around and immediately booked $24.5MM in deferred revenue from Allonnia as of 12/31/2019...",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, Scorpion Capital analysis and estimates",
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