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  "docSlug": "377026890e4d",
  "documentTitle": "B. Riley Financial, Inc. (RILY)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2023-02-08 00:00:00",
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  "notes": "The slide uses a short-seller research report style to critique RILY's capital allocation and loan portfolio quality.",
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      "text": "We don't see a path to profitability for AREN and we would be surprised if both RILY's debt and equity positions were wiped out by the end of 2023.",
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      "text": "CORZQ US Equity price chart",
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      "kind": "paragraph",
      "text": "The Arena Group Holdings Inc (AREN) has not yet issued a going concern warning, but we would not be surprised if it did so soon. In Q3 2022, AREN had just $13 million in cash, after incurring $14 million in net operating losses.",
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      "kind": "paragraph",
      "text": "Core Scientific, Inc, (CORZQ) is already bankrupt. RILY has a $42 million unsecured loan which is likely never to be repaid. RILY has also offered CORZQ $70 million in highly secured debtor-in-possession (DIP) financing.",
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      "kind": "paragraph",
      "text": "Cadiz Inc. (CDZI), is a water management company that is trying to break into the cannabis industry. CDZI generated less than $1 million in revenue YTD through Q3 2022 and has a $50 million loan facility with RILY.",
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      "text": "Page 9 of 22",
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      "evidence": "The document agitates these problems, detailing the losses from GREE, XELA, and BRIV, and highlighting the company's opaque loan book.",
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