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  "documentTitle": "Qutoutiao, Inc. (QTT)",
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  "presentationDate": "2019-12-10 00:00:00",
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  "notes": "The slide uses a 'fraud-exposure' framework to highlight discrepancies between public filings and private credit reports.",
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      "text": "Given that both of the suspect line items are accruals, we calculated the balance sheet accruals ratio for Dianguan. The result was one we had never seen before – Dianguan’s 2018 accruals ratio was 152.5%.",
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      "text": "The biggest red flags in Dianguan’s financials were its revenues, assets and liabilities, as credit reports show that these line items were significantly overstated in comparison to SAIC filings in 2018.",
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      "text": "In a normal situation, an accruals ratio greater than 10% would be considered a red flag. In our opinion, an accruals ratio greater than 100% is a crystal-clear indicator of accounting fraud.",
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