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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": "The slide uses a long, aggressive headline to frame the company's accounting practices as deceptive.",
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      "text": "In a real business earning revenue the old-fashioned way - sell a product or service to a customer who forks over cash - the rev rec policy doesn't typically run the length of the Iliad.",
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      "kind": "paragraph",
      "text": "Excerpts from the prospectus detailing revenue recognition policies for 'Revenue Recognition', 'Foundry Revenue', and 'Biosecurity Revenue'.",
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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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      "text": "Ginkgo's filings are opaque and make it difficult to answer a critical question: how much of its reported revenue – already a charade given its related-party dependence - is actually cash, versus non-cash “revenue” that is just an accounting fiction? The red flag is obvious: the revenue recognition policy in the prospectus spans a preposterous four pages and is impossible to decipher. In a real business earning revenue the old-fashioned way - sell a product or service to a customer who forks over cash – the rev rec policy doesn’t typically run the length of the Iliad.",
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