{
  "docId": "019dd923-622c-750b-8b9a-dcf15c64a194",
  "docSlug": "9350276739a4",
  "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": 14,
  "pageCount": 29,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a comparative case study approach to suggest that Morinda faces similar risks to NHTC, which previously suffered a stock price collapse following a CCTV exposé.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-dcf15c64a194/14",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-dcf15c64a194",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-dcf15c64a194.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-dcf15c64a194#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The article stated that “the Chinese authorities suspended the registration and approval of direct selling amid a nationwide crackdown on wrongdoing in the health products market”, and this means Morinda and other direct-selling companies in China are not expected to increase their presence in cities/provinces any time soon.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8655-619f54921895",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.15,
        "x": 0.74,
        "y": 0.04
      },
      "kind": "image",
      "text": "Grizzly Reports logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ff10027-e8f8-43c9-be4d-d3d4f1222bc0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.77,
        "x": 0.12,
        "y": 0.43
      },
      "kind": "paragraph",
      "text": "How NBEV is linked to Natural Health Trends Corp (NHTC)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4795e29f-9df6-488d-be34-2589f927fbd3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.77,
        "x": 0.12,
        "y": 0.59
      },
      "kind": "paragraph",
      "text": "On January 5, 2019, CCTV Channel 13 (China Central Television is the predominant state television broadcaster in China) aired an 18 minute program that alleged NHTC was a pyramid scheme in China.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e5b42df-11f6-4210-871c-5a1e519f5365",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.77,
        "x": 0.12,
        "y": 0.47
      },
      "kind": "paragraph",
      "text": "Natural Health Trends Corp (NHTC) is a NASDAQ listed company, with their main business involved in direct selling to consumers in China. Similar to Morinda, NHTC also operates through multi-level marketing arrangements.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad7f7f83-c7fc-4125-b3c2-e914f1f3c3df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.77,
        "x": 0.12,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Chinese authorities suspended the registration and approval of direct selling amid a nationwide crackdown on wrongdoing in the health products market.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4b42aa1-020c-4953-977f-c668ae9f2aa0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“the Chinese authorities suspended the registration and approval of direct selling amid a nationwide crackdown on wrongdoing in the health products market” — Unattributed",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8655-669ef9fc9d5f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Antagonist introduction",
      "slug": "antagonist-introduction",
      "agent": null,
      "layer": "slide",
      "matchId": "78d1265a-226e-47fe-9dd8-ac3acf0faf19",
      "evidence": "The article stated that “the Chinese authorities suspended the registration and approval of direct selling amid a nationwide crackdown on wrongdoing in the health products market”, and this means Morinda and oth",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "argument-from-analogy",
      "slug": null,
      "matchId": "7bd6a6d7-a531-454a-b52c-ad1b17473c90",
      "evidence": "Comparing Morinda's business model and product to NHTC's failed case in China.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 7,
      "beatId": "a96740a1-913c-445b-a075-3ee419e171a9",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the issues with Morinda's operations and NBEV's links to Natural Health Trends Corp (NHTC)",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}