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  "documentTitle": "IonQ Inc. (IONQ)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-05-03 00:00:00",
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  "notes": "The slide uses a 'round-tripping' argument, contrasting revenue received from related parties against expenses paid to them.",
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      "text": "In other words, IonQ spent $414K with its two largest customers, who then turned around and “purchased” $164K of quantum computing access and services.",
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      "text": "related party revenue: $164K",
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      "text": "In other words, IonQ’s revenue is not only negligible but whatever little scraps they’ve scrounged up are related-party round-tripping. Of the whopping $233K of total Q3 2021 revenue, $164K or 70% was from UMD and Duke.",
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      "text": "The related party disclosure then exposes the circular nature of the flows – in Q3, IonQ expensed $313K of R&D as transactions with UMD and Duke as well as $101K in other items. In other words, IonQ spent $414K with its two largest customers, who then turned around and “purchased” $164K of quantum computing access and services.",
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      "text": "As described in Note 5 – Agreements with UMD and Duke, the Company entered into a License Agreement and Option Agreement with UMD and Duke...",
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      "text": "The Company’s results from transactions with UMD and Duke, as reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss are detailed below (in thousands): — IonQ 10Q Filing",
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      "text": "Source: https://www.sec.gov/ix?doc=/Archives/edgar/data/1824920/000119312521329877/d235265d10q.htm",
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      "text": "Revenue, Cost of revenue, R&D, Sales and marketing, G&A for 2021/2020 periods.",
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      "text": "Excerpts from Related Party footnotes from IonQ’s 10Q filing for Q3 2021",
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