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      "text": "advances from advertising customers: RMB 1.61 Billion",
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      "text": "The advertising agencies we spoke to told us that they collect advances from customers and remit amounts, less their fee, to Jifen (not Dianguan) on a monthly basis as services are delivered, which conflicts with QTT's claims.",
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      "text": "QTT reported only RMB 155 Million of total advances from advertising customers on the group consolidated balance sheet... while Shanghai Jifen reported RMB 1.76 Billion in advances... QTT provided no explanation for this RMB 1.61 Billion (~$230 million) difference.",
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      "text": "4. QTT's attempt to blame the inconsistencies in Dianguan's filings in China on gross vs. net revenue presentation only make its situation worse:",
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      "text": "The differences between the SAIC report and the credit report for Dianguan are mainly attributable to different presentation methods. In the SAIC report, we presented revenues and costs on a net basis, while in the credit report we were suggested to present on a gross basis.",
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      "text": "The differences between the SAIC report and the credit report for Dianguan are mainly attributable to different presentation methods. In the SAIC report, we presented revenues and costs on a net basis, while in the credit report we were suggested to present on a gross basis. The net profit and net asset (total equity) in the two presentations had no material differences with each other. — QTT",
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