{
  "docId": "019dd923-622c-750b-8b9b-10da7de2b83a",
  "docSlug": "c78b3291dbca",
  "documentTitle": "Electro Optic Systems Holdings Limited (EOS.AX)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-02-06 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 35,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 15,
  "notes": "Includes a table of financial statements for Goldrone from 2015-2019.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-10da7de2b83a/11",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-10da7de2b83a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-10da7de2b83a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-10da7de2b83a#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "It seems to us that Goldrone has essentially stopped doing business since 2019.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b393-f84e5a84260e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.567,
        "x": 0.315,
        "y": 0.828
      },
      "kind": "disclaimer",
      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e3f37dc-30dd-4882-adce-09537990df9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Income: 0",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b394-0349faeb39c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.764,
        "x": 0.118,
        "y": 0.635
      },
      "kind": "paragraph",
      "text": "It appears that, in 2019, Goldrone seized its previous drone certification and training activity, which we estimate has been material in terms of revenue for the company. Goldrone used to operate the training business behind the headquarters, in a small building with a training field as shown in the screenshot below:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ae5d3ac0-3522-4149-9224-64d44d340888",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.095,
        "w": 0.764,
        "x": 0.118,
        "y": 0.525
      },
      "kind": "paragraph",
      "text": "It seems to us that Goldrone has essentially stopped doing business since 2019. One quote we notice on the Seoul exchange website is \"Trading will resume once the audit report for the previous fiscal year is confirmed\", which explains why the data ends in 2019, and strengthens our beliefs that Goldrone is currently almost idle.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d88d20a9-3a5d-4ef0-ae1f-f981cdb02d3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Trading will resume once the audit report for the previous fiscal year is confirmed — Seoul exchange website",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b393-ff7f61bb58ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.51,
        "x": 0.245,
        "y": 0.222
      },
      "kind": "table",
      "text": "Financial Statements for Goldrone (2015-2019)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c4d739e-d24c-4b8e-9fc4-e8b0f3a52bbd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.092,
        "w": 0.764,
        "x": 0.118,
        "y": 0.138
      },
      "kind": "title",
      "text": "EOS Behind the Hype: Unmasking the Dark Reality of the Mysterious Korean Contract",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0cb78d1b-ab60-4c06-9607-2f040d4cea6f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "cd955e7b-6846-40b3-a615-ef64f8cb5edb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The report presents various contradictions and questionable claims",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}