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  "documentTitle": "Qutoutiao, Inc. (QTT)",
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      "text": "This leaves us with a serious question: where is the RMB 930 million (~$135 million) of missing revenue?",
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      "text": "revenue: RMB 930 million",
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      "text": "QTT failed to provide any legitimate explanation for the disparity between the revenues it reported in the U.S. and those it reported in China...",
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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:",
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      "text": "Contrary to QTT's aspersions, we are actually very familiar with U.S. GAAP accounting...",
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      "text": "2. 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:",
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      "text": "Nevertheless, we agree with QTT on one point: it is incorrect to simply sum the revenues of subsidiaries for comparison to U.S. GAAP revenues...",
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      "text": "In response to our concerns over QTT's cash balance, QTT offered some additional information about its short-term investments balance...",
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      "text": "The consolidated financial statements for Qutoutiao are prepared in accordance with U.S. GAAP. Dianguan and Jifen are both wholly owned subsidiaries...",
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      "text": "The consolidated financial statements for Qutoutiao are prepared in accordance with U.S. GAAP. Dianguan and Jifen are both wholly owned subsidiaries of Qutoutiao and any internal transactions between the two are fully eliminated upon consolidation. It is incorrect to simply sum up the accounts of subsidiaries on a standalone basis and draw comparisons with the consolidated statements. — Qutoutiao, Inc.",
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      "text": "2 2018 20-F, p. 26-27\n3 QTT 2018 20-F, p. F-4",
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