{
  "docId": "019dd923-622c-750b-8b9a-a4dd997f734e",
  "docSlug": "bdd2cfc6e1c6",
  "documentTitle": "ADOMANI (ADOM)",
  "authorId": "61_White_Diamond_Research",
  "authorName": "White Diamond Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": null,
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 16,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a 'villain' framing to justify a short position, citing specific financial metrics and legal/governance concerns.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/9uyP7OPLqEz67iZziGG48-8aL0dw5ykas7gp5gn8LEo/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iZGQyY2ZjNmUxYzYvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622c-750b-8b9a-a4dd997f734e/1",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-a4dd997f734e#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe we have found an even better short than OMNT with potential for a 90%+ decline in the next 6 months.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8663-b60c56800cd3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.3,
        "x": 0.14,
        "y": 0.52
      },
      "kind": "image",
      "text": "White Diamond Research TipRanks rating",
      "attrs": null,
      "subkind": "infographic",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06978231-2921-48f8-807f-71ea1312a46a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.75,
        "x": 0.15,
        "y": 0.15
      },
      "kind": "list",
      "text": "In its Reg A+ IPO prospectus from April, 2017, ADOMANI (ADOM), an electric drivetrain provider, forecasted $69M in sales in 2017. The company so far has $0 in revenues for 2017. ADOMANI’s Co-Founder and his partner who solicited ADOMANI stock are convicted felons. The company is primarily a reseller for other manufacturers and its technology is weak. ADOMANI’s fully diluted market cap of over $500M is valued incorrectly way above its peers, such as GreenPower Motor (GPVRF), which has a market cap of only $28M. Starting on October 22, 2017, insider stock options will be exerciseable, as well as warrants to exercise 21 million shares at an exercise price of only $0.10 per share.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e54ae9d3-e4da-4b33-8c0f-cbb859be7c7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "downside: 90%+",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8663-baaa0df980d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.8,
        "x": 0.1,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "Our last few short ideas have done very well. In particular, the online cash back company Ominto (OMNT). On April 12, with the stock trading at $13.59, we published our bearish article here. The stock closed on September 8th at $2.99, for a 78% decline from our call. We believe we have found an even better short than OMNT with potential for a 90%+ decline in the next 6 months. Allow us to introduce you to ADOMANI (ADOM). ADOMANI exploded onto the investment scene on June 15, 2017, selling over 2.5 million shares in the offering at $5 per share.. It was one of the first companies to utilize the new Reg A+ method of crowdfunding to get to the",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "05ff2863-ddcd-4974-adcc-45637d78dd1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.08
      },
      "kind": "title",
      "text": "ADOMANI: Zero Revenues In 2017, Weak Technology, Co-Founder Is A Convicted Felon, 90%+ Near Term Downside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4c6bbdb-2b35-4486-9b75-c016fdadcb03",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "23956b79-517a-472e-a613-9e17e2c60bbf",
      "evidence": "We believe we have found an even better short than OMNT with potential for a 90%+ decline in the next 6 months.",
      "confidence": 0.7
    },
    {
      "name": "Villain slide",
      "slug": "villain-slide",
      "agent": null,
      "layer": "slide",
      "matchId": "fe56760b-f9c8-4392-9228-f0afe1255725",
      "evidence": "ADOMANI: Zero Revenues In 2017, Weak Technology, Co-Founder Is A Convicted Felon, 90%+ Near Term Downside",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "a1a987ed-a123-4f02-9aab-5f3cc4dbdf17",
      "evidence": "The slide explicitly frames the company as a 'villain' to justify a short position.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 1,
      "from": 1,
      "beatId": "1e47e325-4844-40c4-8b52-8ef5ac19e0a3",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The first page critiques ADOMANI, setting a critical tone.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 1,
      "from": 1,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "05546b98-55a6-4688-8f37-0b93b93897d2",
      "evidence": "The first page presents a critical analysis of ADOMANI.",
      "position": 0,
      "objective": "Reveal ADOMANI's weaknesses",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.8,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": "https://imgproxy.kitesheet.com/WKThMgxXnZEfy3X4MHMNjB-ub-voxHZcw-19mmWuyeI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iZGQyY2ZjNmUxYzYvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/otKnrwW0rfJZOZQgXYrwoGzvsuYwLpgP0Ns3r7OQgoE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iZGQyY2ZjNmUxYzYvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/0X7EeGMJ8ykCRBBeiE8WzwMM2o6BeTBJBsA_d-d0M9s/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iZGQyY2ZjNmUxYzYvcDAwMS5qcGc"
}