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  "documentTitle": "Qutoutiao, Inc. (QTT)",
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      "text": "We want to point out QTT's biggest lies, as well its key omissions and non-responses to many of our most important points because, as a long-held maxim of common law says, silence is a tacit admission of guilt.",
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      "text": "1. QTT has failed to explain why its reported revenues in China are significantly lower than those they reported to US investors.\n2. QTT has provided no proof of its cash and short-term investments balance, and we have found additional reasons for concern. Namely, missing interest income in 3Q19.\n3. QTT has failed to address the additional RMB 1.61 billion in customer advances reported by its Chinese subsidiaries that are absent from its SEC filings.\n4. QTT's attempt to blame the inconsistencies in Dianguan's filings in China on gross vs. net revenue presentation only make its situation worse.\n5. QTT's attempt to explain its rationale for the Dianguan acquisition highlight the absurdity of its story.\n6. Dianguan's website, which QTT is apparently so proud of, is far less functional and looks less professional than the websites of the agents QTT claimed to do little-to-no business with. In fact, yesterday the “contact us” button was entirely removed from Dianguan's website.\n7. In our view, QTT has continued to deceive investors with regards to the scope, nature and quantity of its related party transactions.\n8. QTT's explanation of the economics of its “loyalty program” only included the “user engagement” portion of its loyalty program expenses, which our analysis of QTT's filings shows, accounts for less than half of its total loyalty program expenses.\n9. QTT's disclosures regarding insider sales are welcome, but QTT's reluctance to disclose the current holdings of its Insiders and Principal Shareholders raises serious questions.",
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      "text": "On December 27, 2019, QTT issued a response to our report with a headline stating that it was “false and misleading,” using the same tired formula of responding (poorly, in our opinion) to only a few points, while ignoring arguably the most serious issues we brought up. QTT only addressed seven points and did so with explanations that were, in our view, vague and, in some cases, contained blatant material misrepresentations.",
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      "text": "Report Date: January 17, 2020\nCompany: Qutoutiao, Inc.\nTicker: QTT US\nIndustry: Interactive Media and Services\nStock Price (USD): $4.20\nMarket Cap (USD, Millions): $1,056.1",
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      "kind": "quote",
      "text": "silence is a tacit admission of guilt — Common Law Maxim",
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      "text": "1 https://scholarship.law.cornell.edu/cgi/viewcontent.cgi?article=3598&context=clr",
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      "kind": "title",
      "text": "QTT's Top 12 Lies and Omissions for the New Year",
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