{
  "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": 7,
  "pageCount": 29,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "Grizzly Reports short-seller research note.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-dcf15c64a194/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-dcf15c64a194",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-dcf15c64a194.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-dcf15c64a194#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.55,
        "x": 0.118,
        "y": 0.685
      },
      "kind": "callout",
      "text": "Filings show Morinda is operating illegally 6 out of 10 Provinces/Cities",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a2356d9-6b16-46ed-b231-792825fcbeee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.118,
        "y": 0.86
      },
      "kind": "list",
      "text": "City of Chongqing; City of Shenyang, Liaoning Province; Cities of Jinan, Weihai, Rongcheng and Rushan, Shandong Province",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b7914c7-25d4-4194-ba31-e5b6768beb68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Cash Flow: 8,067,645",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8654-e72eacb19168",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.055,
        "w": 0.764,
        "x": 0.118,
        "y": 0.118
      },
      "kind": "paragraph",
      "text": "million on a GAAP basis and $5.3 million after adjustments. The Q1 press release fails to mention that NBEV's legacy business is falling sharply, contracting 13% in Q1. Furthermore, the highly touted Marley brand assets, acquired in June 2017, is already facing challenges:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40212082-904b-451d-9726-7d0493e14947",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.055,
        "w": 0.764,
        "x": 0.118,
        "y": 0.57
      },
      "kind": "paragraph",
      "text": "Finally, based on NBEV 2019 Q1 financial results, which broke out Morinda’s revenue contribution, Morinda generated revenue of $48.2 million, implying an annualized run-rate of $192.9 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0f15092-5fd7-4524-98a9-ed953500c313",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.175,
        "w": 0.764,
        "x": 0.118,
        "y": 0.195
      },
      "kind": "quote",
      "text": "Net revenue for the New Age segment decreased by 13% from $11.6 million for the three months ended March 31, 2018 to $10.1 million for the three months ended March 31, 2019...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbc6781f-4d99-4df8-9833-3020445ad519",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Net revenue for the New Age segment decreased by 13% from $11.6 million for the three months ended March 31, 2018 to $10.1 million for the three months ended March 31, 2019. — 2019 Q1 SEC filing",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8654-e3d58600515e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.125,
        "w": 0.605,
        "x": 0.118,
        "y": 0.43
      },
      "kind": "table",
      "text": "Revenues, Adjusted Net Income, Operating Cash Flow for 2016, 2017, 2018",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9aa74db0-3823-4ac4-90b6-edfc2362fca3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "47c48821-86a0-4a40-acf0-0cefdf65914d",
      "evidence": "The slide explicitly claims illegal operations and inflated financial reporting.",
      "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
}