{ "docId": "019dd923-622c-750b-8b9a-b6ac143339fe", "docSlug": "adeb4abb32d3", "documentTitle": "GreenPower Motor Company (GP)", "authorId": "61_White_Diamond_Research", "authorName": "White Diamond Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-12-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 29, "pageCount": 32, "prevPage": 28, "nextPage": 30, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 3, "notes": "The slide uses a 'villain critique' approach to undermine the company's credibility by comparing it to a past failed venture (Versatile Systems).", "elementsJson": [ "screenshot", "paragraph" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-b6ac143339fe/29", "deckHref": "/decks/019dd923-622c-750b-8b9a-b6ac143339fe", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-b6ac143339fe.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-b6ac143339fe#slide-29", "components": [ { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.66 }, "kind": "callout", "text": "The Versatile Systems Failure", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "794b50ba-2b4a-4877-a588-d4de3d783bc4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.52 }, "kind": "callout", "text": "Fraser Atkinson: GreenPower's CEO With A Shady History", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6931456-24be-41fd-b4b6-cd174604b575", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "We believe investors in GP should take a close look at the company's Chairman, CEO and largest shareholder, Fraser Atkinson, whose track record points not just to an inability to manage the business to its financial targets but to an alarming disregard for his fiduciary duty to shareholders.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70fa-7556-8662-1e954ed83fa3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.19 }, "kind": "paragraph", "text": "Porterville, CA June 5, 2018 - GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) (\"GreenPower\") announces that it has received an order for 100 buses from Creative Bus Sales...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "205e6139-8d6c-4d77-90b6-6e5beb450f29", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.44 }, "kind": "paragraph", "text": "ABC Companies – On 9/30/20, GreenPower announced that it has added ABC Bus as an authorized dealer in New York. However, as we've stated earlier, GreenPower has not sold a Buy America compliant vehicle.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3c73f293-d2ec-4d3c-94bf-191b95da3049", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.39 }, "kind": "paragraph", "text": "Green Commuter – GreenPower's only remaining customer is Green Commuter, a Southern California-based vanpool operator which we described earlier in this report.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "48b56e08-40a0-44b8-8fde-4889b3565618", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.56 }, "kind": "paragraph", "text": "We believe investors in GP should take a close look at the company's Chairman, CEO and largest shareholder, Fraser Atkinson, whose track record points not just to an inability to manage the business...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "52c9f421-2da5-4e15-ac1d-60147be76723", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.34 }, "kind": "paragraph", "text": "Unfortunately for GreenPower, only 20 of the 100 ordered EV Stars were delivered, the last five delivered in September 2019, as we stated earlier in this report.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "af5a31df-75d6-4ffb-8723-83342dd7a75c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.7 }, "kind": "paragraph", "text": "Atkinson was the CFO and board member of Versatile Systems from 2003 to 2014... We believe the setup for investors in GreenPower is strikingly similar.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec4c65d2-8e58-4b7a-9fe8-4601115cd5c8", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"This 100 bus order represents our largest order to date. This is further validation of the compelling nature of GreenPower EV products and the acceptance of our product by the market in general!\" — Brendan Riley, President of GreenPower", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70fa-7556-8662-23a06db4e0fc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.54, "x": 0.23, "y": 0.16 }, "kind": "title", "text": "GREENPOWER RECEIVES ORDER FOR 100 BUSES", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bdf1a110-2057-45c3-b78c-4d8be8c7952e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "villain-critique", "slug": null, "matchId": "88262e6c-4319-4c4a-bb9d-bf9eddbf1861", "evidence": "The slide explicitly attacks the CEO's character and past business failures to discredit the current company.", "confidence": 0.9 } ], "arcBeats": [ { "to": 32, "from": 16, "beatId": "0103b7b9-a8c3-4870-8917-56ef6a2782dd", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Conclusion and valuation reveal", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [ { "to": 29, "from": 24, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "f0a0108c-9c65-4444-83cc-8ff1c450c447", "evidence": "Warning about federal funding eligibility", "position": 1, "objective": "Highlight the risks of non-compliance", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }