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  "documentTitle": "IonQ Inc. (IONQ)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-05-03 00:00:00",
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  "notes": "The slide uses a narrative structure to expose a contradiction between public press releases and subsequent 10Q footnote disclosures.",
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      "text": "The tripling of “bookings” a few weeks before IonQ began trading was simply a hoax, using a related-party deal to create the illusion of growth.",
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      "text": "The tripling of “bookings” a few weeks before IonQ began trading was simply a hoax, using a related-party deal to create the illusion of growth. The Sep 9, 2021, press release that announced the bookings spike failed to explain that it was driven by the University of Maryland Q-Lab announcement the day before and their $20MM “investment.” In fact, the press release went to great lengths to mislead investors, by separately breaking out the Q-Lab deal as an example of “operating momentum” de-linked from the 3X bookings growth. It wasn’t until the 10Q filing on Nov 15, 2021 that a key sentence appeared in the footnotes – that UMD would pay IonQ $14MM for “certain quantum computing services and facility access related to the National Quantum Lab at UMD.” We find the words “at UMD” to be misleading as well, as the press release stated that the purported lab “will be located...next to IonQ’s headquarters....”",
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      "kind": "source-note",
      "text": "Source: https://www.sec.gov/ix?doc=/Archives/edgar/data/1824920/000119312521329877/d235265d10q.htm",
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      "text": "12. RELATED PARTY TRANSACTIONS. Transactions with UMD and Duke. As described in Note 5... In addition, the Company entered into an amendment to its operating lease... In September 2021, the Company entered into a multiyear deal with UMD to provide certain quantum computing services and facility access related to the National Quantum Lab at UMD in exchange for payments totaling $14 million.",
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      "kind": "title",
      "text": "Excerpts from Related Party footnotes from IonQ’s 10Q filing for Q3 2021",
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