{
  "docId": "019dd923-622c-750b-8b9a-d0035fa339d8",
  "docSlug": "7894b8dace42",
  "documentTitle": "New Age Beverage Corp. (NBEV)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-27 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 5,
  "pageCount": 29,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a 'Grizzly Reports' branding, indicating a short-seller research note style.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "photo"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-d0035fa339d8/5",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-d0035fa339d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-d0035fa339d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-d0035fa339d8#slide-5",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The Morinda merger seemed almost too good to be true.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a66d-1d7932d379a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.15,
        "x": 0.73,
        "y": 0.24
      },
      "kind": "image",
      "text": "Tahitian Noni Juice bottle",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1da289f2-6f4a-4558-8620-a56856836fdc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.5,
        "x": 0.14,
        "y": 0.67
      },
      "kind": "list",
      "text": "sales were $177.4 million; adjusted net income was $7.7 million; operating cash flow was $6.1 million",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1bb3c356-d174-4769-8f10-a33fc6a28bb3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.117,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "Morinda is a multilevel marketing company. Founded in 1996, Morinda sells various health products, but 90% of its revenue is generated from its Tahitian Noni Juice product.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67d29bde-5479-4d94-bd3d-63459f61fcbd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.117,
        "y": 0.55
      },
      "kind": "title",
      "text": "More To The Morinda Transaction Than Meets The Eye",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9dea7c2-f587-4d25-a547-d58278832712",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.117,
        "y": 0.135
      },
      "kind": "title",
      "text": "Some Background on Morinda",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a973c1ff-f413-4654-84d7-ee128ae51161",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.117,
        "y": 0.59
      },
      "kind": "title",
      "text": "China Financials don't add up",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc70cf71-af3e-4bee-a465-954b9e3d0f02",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "8fac3fea-5e53-4fd5-a748-1c2367ff5219",
      "evidence": "The slide explicitly questions the financial legitimacy of a merger and highlights historical legal issues.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 5,
      "beatId": "7f612236-6aaf-4457-9b08-3b219864448b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document reveals contradictions in NBEV's business dealings",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 3,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "5ad8ead3-31b8-46a0-a991-d19503dd6865",
      "evidence": "The document reveals the contradiction in NBEV's financials",
      "position": 0,
      "objective": "What are the implications of NBEV's overstated financials?",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    },
    {
      "to": 11,
      "from": 5,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "9842c038-72c7-4242-963f-f10d127825d6",
      "evidence": "The document exposes contradictions in NBEV's business dealings",
      "position": 1,
      "objective": "What are the underlying issues with NBEV's business dealings?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}