BearCaution

INS Intelligent Systems Corp: Material Undisclosed Related Party Transactions Cast Doubt on the Integrity of Financial Statements

We believe that Intelligent Systems Corp. (INS) has its employees set up or take control of undisclosed shell companies in Asia, who then partake in undisclosed related party transactions with INS intended to either round-trip revenue back to INS or siphon money out of the company. We believe that materia presented in this report undisclosed related party transactions cast doubt on the integrity of INS’s financial statements. Accordingly, we assign INS a price target of $5.

NBEV NBEV Shareholders got Duped in the Morinda Transaction

We believe that Morinda’s China business is in jeopardy of being totally shut down, supporting our conclusion that any growth Morinda is claiming it has experienced in China, or that NBEV is expecting to realize from China is in the rear-view mirror and irrelevant. Our research combined with our on-the-ground research proves that Morinda is conducting illegal MLM operations in the majority of China provinces/cities that it operates in. Specifically, it is doing business in regions where it does not have a direct selling license to operate in.

TRUL Trulieve Cannabis Corp: Why we believe the Company is a Fraud

Our on the ground due diligence including drone footage suggest that the majority of the company’s cultivation space comes from hoop houses that produce low quality output that is prone to infestation and weather damage.We found extensive ties between Trulieve and ongoing FBI investigations into corruption in North Florida.Trulieve’s initial license approval stinks of corruption and involved multipleOur on the ground due diligence including drone footage suggest that the majority of the company’s cultivation space comes from hoop houses that produce low quality output that is prone to infestation and weather damage. We found extensive ties between Trulieve and ongoing FBI investigations into corruption in North Florida. Trulieve’s initial license approval stinks of corruption and involved multiple undisclosed conflicts of interest. undisclosed conflicts of interest.

WUBA We believe that 58.com (WUBA) is a House of Cards with Little Economic Substance

• Our extensive due diligence, accounting analysis, and review of Chinese SAIC filings suggests to us that WUBA is an accounting house of cards with little economic substance. • We believe that WUBA has failed to disclose that its biggest acquisition Ganji, acquired for $2.8bn, has seen its revenue plummet by over 95% since the acquisition by WUBA. • Our fundamental analysis of WUBA shows that the company’s core business is facing numerous headwinds, including an unfavorable environment for housing and job market. These issues are only emphasized by the recent health crisis in China. • While WUBA raises money from US shareholders on the back of what we believe to be fraudulent financials, insiders at the company are getting rich.

GOTU Brushed Student Counts and Cooked Books: Why We Believe GSX Techedu is the Worst Publicly Traded Education Company

GSX Techedu Inc. (NYSE: GSX) (“GSX Techedu” or “GSX”) is portrayed as a rising star in China’s online education space, having seen its stock more than triple since its NYSE IPO in June 2019. • GSX reports financials to the SEC that we believe are simply too good to be true. Our extensive research including review of PRC Credit Reports, SAIC filings, and web analysis indicate to us that GSX’s success is actually based on a fraudulent scheme.

IIPR Is Innovative Industrial Properties, Inc. (NYSE:IIPR) the WeWork of Cannabis? We think it’s Worse!

● IIPR is a publicly traded REIT focused on cannabis, and we are highly skeptical of the company and its management. ● We visited in person dozens of properties, interviewed neighbors, the county clerks, and reviewed related leases. Our findings are shocking: We believe IIPR has accumulated a highly toxic portfolio of low-quality assets. ● In our opinion IIPR either fails to do basic due diligence on its counterparts or is defrauding investors. ●Our independent analysis concludes that IIPR’s value per share is even under optimistic assumptions no more than $22.29.

NISN We Believe Hebron Technology Co., Ltd. (HEBT) is an Insider Enrichment Scheme without Economic Basis

• We believe HEBT is the quintessential example why we need tighter disclosure and auditing regulations for US listed Chinese companies. We believe HEBT has engaged in egregious wrongdoings that should result in immediate delisting. • HEBT’s stock price has skyrocketed on the back of recent private placements at ever higher prices. These are touted as confirmation of the company, because outside institutional investors are willing to buy at a substantial premium to market price. We discovered that the investors seem to be in fact undisclosed related parties, and we doubt the shares were even paid for! It seems this is a scheme designed to portray real interest in the stock and push the price artificially higher.

LX We Believe LexinFintech Holdings Ltd. (NASDAQ: LX) is a Leverage Time Bomb About to Explode

• LX operates a high-interest rate online consumer lending platform in China. We believe LX’s business model is deeply flawed and set to collapse. Our target price is ZERO. • Giant misstatements in the past and weakness in financial reporting we uncover in this report paint the picture of a company whose financials can simply not be trusted. • Our review of basic web traffic analysis leads us to question if the purported volume by LX is even real in the first place. • Despite LX management touting its Tencent background, major shareholders including JD.com are selling off, showing a lack of confidence in LX’s future. • Our valuation prices in the severe risks hidden from investors. Upon adjustments, we believe the company should have seen an equity decrease of RMB 1.85B. Ultimately, we believe the company is not viable under new Chinese regulations.

CELH Why We Don’t Trust Celsius Holdings Inc. (Nasdaq: CELH) Portrayed Growth

Given the risks noted in this report, we believe investors should exercise caution when thinking about the growth that (judging by market valuation) is assumed to be a foregone conclusion. Combine this with the apparent fraudulent track record of key individuals and an auditor who seems ill-equipped to detect fraud, and you have yourself a perfect set up for a bad awakening. We see the stock declining to a price target of $ and potentially much lower.

SPI SPI Energy Co., Ltd (Nasdaq: SPI): The Perpetual Pump and Dump – Electric Vehicles Will Be No Different

- We believe SPI is an egregious pump and dump company. The company’s stock has had a date with almost all the hottest trends in the recent two years, including Cryptocurrency, CBD, and now Electric Vehicles. - The stock tells a repetitive story of pumping the stock on news of hot strategic establishment, followed by aggressive PR campaigns and ultimately a failing value proposition.

DOYU DOYU – Massive Risk with Suspected Online Gambling Business and Industry-Wide Reform

• We believe DOYU has been involved with illegal online gambling on their platform. Our research indicates that not only is DOYU hosting these illegal activities, but they are actively encouraging their users to gamble on their platform to boost revenue • Recent policy announcements indicate a more stringent regulatory environment that is cracking down on online gambling, order brushing and faking operat-ing numbers. We believe the full scale of the policy reform will be massive • MOMO, another online streaming platform based in China, recently presented terrible financial performance in light of “structural reform”. We believe this is an indicator of what is to come to DOYU

FIZZ We Still Call a Spade a Spade: Why We Believe National Beverage Corp (FIZZ) Might be a Better Short Than Ever

- The recent frenzy in high short interest stocks, most notably GameStop and AMC, has lifted several other stocks and created an attractive short opportunity in FIZZ. - We heard rumors that brokers are circulating positive notes about FIZZ to hedge funds. We believe a lot of the recent buyers do not really understand what they own. - The problems at FIZZ start with horrifc corporate governance, Chairman and CEO Nick Caporella has been on the board for 36 years, his son Joseph for 34. No one new has joined the board in 11 years, and no one is under 60. - The integrity issues at the company show on many fronts like misleading marketing, alleged dealings with undisclosed related parties und undisclosed insider enrichment. Most shocking to us are sexual harassment allegations against FIZZ’s 82-year-old Chairman.

WELL We believe Well Health Technologies is a Toxic Roll-Up

•We believe WELL’s largest ever acquisition, CRH Medical, is highly problematic refecting that WELL hype train is over. Red fags indicate a high likelihood of confict of interest and due diligence failures. Bottom line – CRH appears to be a toxic deal that WELL grossly overpaid for; if this is the best they can buy, shareholders are in trouble. • We uncover the reality of the economic impact of CRH’s key customer “renewal” and it’s not pretty. • It appears WELL has omitted crucial information on many recent acquisitions, including CRH. Acquisitions are marketed as synergistic, and fnancially solid, but evidence uncovered suggests otherwise. • WELL paid a 300% premium for Adracare, a company emerging from bankruptcy with a history of cooked fnancials. • WELL purchased a “proclaimed telehealth” company Circle Medical. However, we believe this is far from reality; that's why Circle’s shareholders cashed out with the WELL deal

TSP L4 Autonomous Truck Driving will not be so simple for TuSimple Holdings Inc. (NASDAQ: TSP) Why we believe the Company is All Smoke and Mirrors

- Despite the company’s attempt to distance itself from China origins, the regulatory uncertainty revolving around Chinese companies listed abroad puts huge headwind on the company’s already uncertain future. - We conclude that TSP is nothing but an empty box that was nicely packaged and irresponsibly dumped on US investors. We see the stock losing up to 50% within a short to medium timeframe once the hype is over.

PKK Peak Fintech Group Inc (NASDAQ: TNT; CSE: PKK): Strong Delisting Candidate on Millions Misappropriated

- Peak Fintech Group, Inc. (NASDAQ: TNT; CSE: PKK) is a Canadian parent to subsidiaries claiming to revolutionize China’s nancial system. - Promotion-driven excitement for PKK’s alleged rampant revenue growth has led a >1,000% rise in its stock during 2021 culminating with a NASDAQ uplisting in early September. - The uplisting has been less than smooth sailing. It took just 11 days for the stock to be halted for ling deciencies and we believe it is destined for delisting. - PKK’s evolution is questionable at best. The company pivoted from failed, wannabe “Find My iPhone” software, to revenue-less IT services, to a fully impaired e-commerce platform before becoming a “hub” for commercial lending in China.

MP MP Materials Corp. (NYSE:MP): Rare Earth Shenanigans in Chamath Backed Company Will Likely Cost Investors Dearly

Rare earth mining company MP Materials Corp came public on the NYSE in November 2020 through a SPAC reverse merger backed by “SPAC King” Chamath Palihapitiya. The company was able to sell itself to investors touting the fact that MP is the biggest rare earth producer in the western world and the only feasible competitor to Chinese producers. In reality, we believe that this is nothing more than a smoke and mirrors show. We found that Shenghe, a related party that accounts for 99% of MP’s revenue, and a significant shareholder, can be traced back to the Chinese central government. The projections that MP puts forth seem completely unattainable, and the company needs to incur capital expenditures that might lead it back into bankruptcy.

SOL We believe ReneSola is a Fraudulent Company; Most Projects Never Existed

ReneSola (NASDAQ: SOL) is a pure downstream player in the solar industry. The company is focused on developing and operating solar projects. The company originated in China and went public in 2008 on NASDAQ, after it was already previously listed on the London AIM exchange. Our on the ground due diligence, filings review, and communications with local municipalities in Europe indicate that SOL has been vastly misrepresenting its project development pipeline. We believe SOL is a fraudulent company that drastically overrepresents its project pipeline to access the US capital markets. SOL is led by what we believe to be a fraudulent team whose legal difficulties will ultimately also cause problems for SOL public shareholders. We see over 40% downside from current prices.

PLTK We Believe Playtika Holding Corp. (NASDAQ: PLTK) Is Another Piggy Bank For Chinese Insiders That Was Recklessly Dumped On Public Investors

Playtika Holding Corp (NASDAQ: PLTK) is an online gaming company that went public on the NASDAQ in January 2021. Our research indicates that the company was recklessly stripped of its cash and loaded with debt just prior to its initial public offering. PLTK is basically the only major mobile gaming company with a huge debt balance. we believe PLTK’s short-termism comes at the expense of lasting shareholder and business value. Looming regulatory risks and an aggressive monetization strategy make the business unsustainable. We consider PLTK’s insiders’ debt-financed dividend payment and plans to sell as indicative of their intent to extrac.

EMO Infamous Stock Promoter Backed Emerita Resources (TSXV: EMO): Bait-and-Switch Track Record And Rampant Misrepresentation

- EMO is a Stan Bharti related junior mining company. The company’s stock has risen over 2000% over the last year, from CAD 0.20 to a high of CAD 4.14/sh. - Stan Bharti is in our view an infamous stock promoter involved in many notorious firms including Brazilian Potash, Flora Growth LLC, that on average declined by over 80%.

NIO We Believe NIO Plays Valeant-esque Accounting Games to Inflate Revenue and Boost Net Income Margins to Meet Targets

Today, we reveal what we consider an audacious scheme by NYSE-listed NIO. Reminiscent of the Philidor-Valeant relationship, NIO is likely using an unconsolidated related party to exaggerate revenue and profitability. Presumably, with these stellar operating results in mind, retail investors have bid NIO’s shares up >450% since 2020, making it one of China’s most valuable EV companies. Allow us to introduce you to Wuhan Weineng (“Weineng”), the convenient difference-maker helping NIO exceed lofty growth and profitability estimates on The Street. Despite being formed by NIO and a consortium of investors in late 2020, this unconsolidated related party has already generated billions in revenue for NIO. While this rapid growth is impressive on the surface, our investigation has found Weineng might be to NIO what Philidor was to Valeant. Just as Philidor aided Valeant in habitually making numbers, NIO has curiously exceeded estimates since establishing Weineng.

ZTO ZTO Express Inc. (NYSE: ZTO): China’s “Best-in-Class” Logistics Company is Really “Best in Show”

We Believe Financials are Fake and Insiders are Stealing from the Company. It is our view that ZTO’s apparently superior margins are, in fact, just the result of its potentially falsified financial statements. We believe ZTO has underreported revenue and costs to engineer these standout results. Our report highlights corroborating evidence including incessant capital raising, accounting inconsistencies, and numerous conflicts of interest which contradict ZTO’s exceptional margins.

GWH Caught Red-Handed: We Present Evidence that ESS Tech Inc.’s Biggest Customer is Really an Undisclosed Related Party Without Operations

ESS Tech Inc. (“ESS”, NYSE: GWH) develops and produces utility-scale batteries for long-duration storage of electricity employing a “simple yet revolutionary technology: iron, salt and water” The market for long-duration battery storage is highly competitive and technically challenging. We argue ESS’s claims about its technology are overstated and targeted at creating investor hype for laypeople regarding the field of battery engineering.