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  "docSlug": "340e94a59fc0",
  "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 red boxes to highlight specific line items in a financial table to draw attention to the alleged accounting irregularity.",
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      "text": "It appears patently obvious to us that IonQ announced the $14MM deal on Sep 9 and then instantly billed UMD for $4MM by Sep 30.",
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      "text": "Accounts receivable: $4,000",
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      "kind": "paragraph",
      "text": "Our research leads us to conclude that the Q-Lab doesn’t even exist, yet IonQ already appears to be using it conjure revenue out of thin air. The related party disclosure in the 10Q filed on Nov 15, 2021, suggests that IonQ had already booked $4MM of accounts receivable and $3.8MM of unearned revenue with UMD and Duke as of Sep 30, 2021. The filing doesn’t state how much of the $4MM is with UMD vs. Duke, but it appears patently obvious to us that IonQ announced the $14MM deal on Sep 9 and then instantly billed UMD for $4MM by Sep 30.",
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      "kind": "quote",
      "text": "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. — IonQ 10Q filing for Q3 2021",
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      "text": "Source: https://www.sec.gov/ix?doc=/Archives/edgar/data/1824920/000119312521329877/d235265d10q.htm",
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      "text": "Financial table showing Assets and Liabilities for Sep 30, 2021 and Dec 31, 2020",
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      "kind": "title",
      "text": "Excerpts from Related Party footnotes from IonQ’s 10Q filing for Q3 2021",
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