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  "documentTitle": "New Age Beverage Corp. (NBEV)",
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  "presentationDate": "2019-06-27 00:00:00",
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      "text": "In other words, NBEV is reliant on equity raises to keep the business afloat.",
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      "text": "New Age Beverages Corp Price, Normalized Diluted EPS (TTM), and Cash from Operations (TTM) chart.",
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      "text": "It seems like the majority of the money raised, was used to fund the Morinda transaction.",
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      "text": "The company conducted numerous equity financings in 2018. According to its 2018 10K, it had 4 equity raises throughout 2018:",
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      "text": "We uncovered what we believe may have been fraud in NBEV's biggest transaction to date. This does not only warrant scrutiny on Morinda itself, but also on NBEV's overall strategy. We believe that once investors and stakeholders start to understand the truth about Morinda, NBEV will have a harder time approaching the public market for equity investments.",
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      "text": "A key problem we see with this strategy is that NBEV's roll-up has resulted in a company that is notoriously unprofitable and does not generate cash flow. In other words, NBEV is reliant on equity raises to keep the business afloat.",
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