{
  "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": 19,
  "pageCount": 35,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Includes a screenshot of a Korean forum post (38.co.kr) used as evidence of suspicious activity.",
  "elementsJson": [
    "headline_text",
    "screenshot",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-10da7de2b83a/19",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-10da7de2b83a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-10da7de2b83a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-10da7de2b83a#slide-19",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We conclude that there is no active involvement of Calidus in this contract.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b394-dd64cb8c6bd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.58,
        "x": 0.31,
        "y": 0.83
      },
      "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": "4cd04c9f-f0d0-4d1a-a1b5-29e9e9ca1d55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.52,
        "x": 0.24,
        "y": 0.22
      },
      "kind": "image",
      "text": "Screenshot of 38.co.kr forum post regarding Goldrone",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eaadb6ab-e81b-4194-8e3f-e1a1b659c799",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.59
      },
      "kind": "paragraph",
      "text": "In both the local Korean article and Goldrone's notice, there is a mention of “Calidus” as an “introducer” between EOS and Goldrone. We concluded that there is no active involvement of Calidus in this contract.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfa2f0e0-efc4-4127-834c-4f9fffb9a6ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.78,
        "x": 0.11,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "Calidus is a UAE defense company that has partnered with EOS in February 2025... We believe that Calidus indeed made a simple introduction... but has no involvement beyond this.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d77f5009-dcf3-41e1-a074-aec1c80d9212",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "It's been several years since I spent all my severance pay. I was looking at going public, but I don't know what they are doing, let alone going public. My bloody money is my severance pay for sleeping, not eating, and working hard. If you are a company official, shouldn't you contact them to see what the company is doing? — Anonymous forum user on 38.co.kr",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b394-e25973c8500b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.12,
        "x": 0.44,
        "y": 0.57
      },
      "kind": "source-note",
      "text": "Source: www.38.co.kr",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3e77bedb-70f8-43bd-b354-7857b2705c90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.13
      },
      "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": "9507edd7-eed5-4832-ada5-af66c7fbff5d",
      "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
}