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  "docId": "019dd923-622c-750b-8b9a-a4dd997f734e",
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  "documentTitle": "ADOMANI (ADOM)",
  "authorId": "61_White_Diamond_Research",
  "authorName": "White Diamond Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
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  "notes": "This slide uses a 'villain critique' style to dismantle the credibility of the subject company by contrasting their PR statements with third-party disclosures and SEC filings.",
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      "kind": "callout",
      "text": "ADOMANI's PR is misleading in saying that the drivetrain is ADOMANI's.",
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      "text": "So it’s not even ADOMANI’s drivetrain. ADOMANI’s PR is misleading in saying that the drivetrain is ADOMANI’s. Why didn’t ADOMANI mention EDI in its PR? While we couldn’t find any mention of EDI in ADOMANI’s recent PRs or website, it did show up in an old SEC filing.",
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      "kind": "paragraph",
      "text": "“ADOMANI will be licensing and purchasing EDI’s technology and ADOMANI will be a manufacturing and marketing arm for EDI.”",
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      "kind": "paragraph",
      "text": "But here’s the ironic thing. Blue Bird (BLBD) released a PR two days earlier that read a bit different. Their PR did say that the electric bus chassis was developed “in conjunction with California-based ADOMANI”. However, it then says it “operates on an energy-efficient electric drivetrain supplied by Efficient Drivetrains, Inc. (EDI).”",
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      "kind": "paragraph",
      "text": "taking its bus on tour, beginning with California schools ...\" That sounds very impressive, and implies ADOMANI has its own all-electric bus to show to schools. But that’s not the case.",
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      "kind": "paragraph",
      "text": "Further, EDI CEO, Joerg Ferchau, is listed as an advisor to ADOMANI in the 2014 S-1 and like the other advisors, was granted an option to acquire from 100k-250k ADOM common stock at 10 cents per share. With a value at current prices of over $1M, we doubt Joerg is going to be in too much of a hurry to correct ADOMANI’s PRs. At least until he can cash in those options.",
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      "kind": "paragraph",
      "text": "On July 13, 2017, ADOMANI announced: “ADOMANI and Blue Bird Introduce All-New Electric School Bus.” The PR states: “this announcement marks ADOMANI’s first opportunity to accelerate the design, manufacture and marketing of its zero-emission drivetrains for new vehicles and for use in existing vehicles.”",
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      "kind": "paragraph",
      "text": "The previous day, GreenPower Motor had put out a PR stating “GreenPower’s Synapse 72 School Bus Commences Demonstration Tour”. In fact, ADOMANI’s subsidiary, School Bus Sales of California was part of the tour with GreenPower because it is a dealer for GreenPower buses.",
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      "kind": "quote",
      "text": "ADOMANI will be licensing and purchasing EDI’s technology and ADOMANI will be a manufacturing and marketing arm for EDI. — ADOMANI S-1 Filing (2014)",
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      "kind": "title",
      "text": "An Avalanche Of Outstanding Shares, Options, And Warrants",
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