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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 'smoking gun' narrative to highlight suspicious financial disclosures.",
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      "kind": "callout",
      "text": "Kalo Ingredients disclosure in SPAC prospectus",
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      "text": "As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received.",
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      "text": "deferred revenue: $11.9 million",
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      "text": "As a third example with another smoking gun – a buried but relatively easy one to find if one paid close attention – we note the case of Kalo Ingredients, another related-party “customer.” Kalo was founded in Mar 2021 and appears to be another shell with zero employees. That of course did not prevent Ginkgo from booking $12MM of deferred revenue from it as of 3/31/21 – a rather quick round-trip as it was only formed two weeks prior on 3/15/21 per a Massachusetts corporate registry filing. This time, the prospectus just spits it out: the entire $11.9 deferred revenue is comprised of “non-cash consideration.” The key sentence is literally the second to last one in a 3 page “Summary of Arrangement” and “Accounting Analyses” of Ginkgo’s Kalo “collaboration,” buried near the very end of the prospectus. The non-cash consideration received is of course the round-tripped investment in Kalo.",
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      "text": "“As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received.”",
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      "text": "As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received. — Soaring Eagle Acquisition Corp prospectus",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates",
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