SPECIMEN · synthetic figures · not a real issuer · illustrative only
How a red flag is made
A specimen training record, in full.
This is the shape of the record behind a flag. Every figure on this page is synthetic and belongs to no filing;
the issuer does not exist. The structure is exactly what a real training record carries: the engine
trigger surface, every signed annotation chain including the one that dissented, the disagreement,
the lead reviewer's adjudication, and the timestamp and hash of each chain as written.
Annotators work historical filings and issue no opinion on any company; the flag itself is issued by Ursa.
This page is generated from the same publish object and validated by the same publication gate as a real record.
Engine trigger surface
SPECIMEN INDUSTRIAL HOLDINGS LTD (synthetic) (SPEC) · tier FLAG ·
e-company 4.62 · dimensions fired: M2, dso, C2_recv
A gray flag is a detected hard contradiction, pending confirmation — not a verdict.
Signed annotation chains (3 of 3)
CPA · 14 yrs Big-4 audit · Annotator #0345
contradiction_pending
① Observation
SPECIMEN — FY20XX revenue of 2,140 against 2,065 in the prior year (income statement, as printed); trade receivables 402 against 388 (balance sheet); net cash from operating activities 268 against 251. Sloan accruals for the period read 0.104 on the engine panel; the Beneish M-score reads −1.00.
② Inference
SPECIMEN — Receivables and revenue move together, but the segment note discloses that 31.0% of FY20XX revenue came from a single counterparty against 19.5% in the prior year, while the allowance against receivables is unchanged at 6. A concentration moving that far with a static allowance is not something the filing reconciles anywhere.
③ Fraud signal
SPECIMEN — The concentration shift and the unchanged allowance cannot both be right unless the counterparty's credit standing improved; nothing in the filing asserts that. What would explain it away: a disclosed guarantee, a shortened payment term, or a post-period settlement. None appear.
20-F · FY20XX · Note 21 — Segment Information One customer accounted for 31.0% of revenue (prior year: 19.5%)supports inference
CA (HKICPA) · 9 yrs forensic accounting · Annotator #0346
contradiction_pending
① Observation
SPECIMEN — Same figures as filed: revenue 2,140 / 2,065; receivables 402 / 388; allowance 6 / 6; single-counterparty share 31.0% / 19.5% per the segment note.
② Inference
SPECIMEN — Reading the cash-flow statement alongside the balance sheet, the 268 of operating cash includes 41 of "other working capital" that the notes do not decompose. Removing it leaves operating cash below the prior year despite higher revenue.
③ Fraud signal
SPECIMEN — The undecomposed working-capital line is doing the work that makes operating cash look stable. That needs an account. What would explain it away: a note breaking out the 41, or a disclosed one-off receipt.
20-F · FY20XX · Note 21 — Segment Information One customer accounted for 31.0% of revenue (prior year: 19.5%)supports inference
Annotator #0347
reconciles
① Observation
SPECIMEN — Same figures as filed. The directors' report discloses a framework agreement signed in the period under which the counterparty prepays 30% of each order.
② Inference
SPECIMEN — With 30% prepayment disclosed, a rising share of revenue from that counterparty mechanically raises receivables less than proportionally, and the static allowance is consistent with a partially prepaid balance.
③ Fraud signal
SPECIMEN — The concentration is disclosed and the prepayment term accounts for the allowance being unchanged. I can name the mechanism rather than merely note the absence of an alarm. The working-capital line is a fair point but is quantified in the interim statement.
SPECIMEN — The prepayment term accounts for the allowance but not for the undecomposed working-capital line. The contradiction narrows but does not close on the documents available; a note breaking out the 41 would settle it.
Resolution: cannot_settle
opened 2026-08-01T13:00:00 UTC ·
resolved 2026-08-02T10:20:00 UTC · never modified
Published state: resolved ·
corpus verdict cannot_settle.
A red flag that cannot show all of the above does not ship — that is enforced by the
publication gate, not by convention.