“JR” of Jehoshaphat Research makes the case that Universal Display Corporation (OLED) is experiencing a significant deterioration in its business fundamentals, following the expiration of key patents. In order to maintain the illusion of robust growth, JR believes that the Company has employed a number of creative accounting maneuvers to delay this serious impact to its financials. With OLED’s accounting “cookie jar” now empty, it is Jehoshaphat’s view that reality will begin to show in 2023 in the form of missed revenue expectations.