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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "Uses a direct SEC filing excerpt to substantiate the claim of circular capital flow.",
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      "kind": "callout",
      "text": "Joyn paid us a non-refundable $20.0 million prepayment for services to be provided under the Joyn FSA and made an additional $15.0 million prepayment for services during the year ended December 31, 2019.",
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      "kind": "paragraph",
      "text": "We note a particularly alarming and aggressive feature of the structure: immediate “prepayments” from related parties back to Ginkgo. In Joyn’s case, the filings disclose $35MM of prepayments, which Ginkgo presumably booked as “Foundry revenue” or deferred “revenue.” The prepayments are similar in amount to the $25MM contribution in Joyn by Ginkgo and Ginkgo’s related party investors – a rather elegant mathematical outcome where what’s contributed is what’s spiffed back.",
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      "kind": "source-note",
      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, [link]; yellow highlights are ours for emphasis; image from Ginkgo 8-K exhibit, [link].",
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      "kind": "title",
      "text": "Excerpt from Prospectus, Sept 17, 2021",
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