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Bird tells SEC it overstated revenue for two years
- silexia 4y agoYet another VC backed scam goes bankrupt. If you want to build a long term business that generates wealth for you and benefits your customers and employees, avoid Venture Capitalists like the plague.
- thot_experiment 4y agoI agree with your sentiment here, but the problem is that everyone else is also cheating so playing honestly is a losing move. Is there a grassroots way to undermine capital at scale? How do we remove the cheaters from the table? How do you make the system naturally resilient to grift? Personally I think we should just outlaw rich people by way of direct wealth redistribution via taxes and see how that shakes out.
- rahimnathwani 4y agoBird said it had recorded revenue on certain trips even when customers lacked sufficient “preloaded ‘wallet’ balances.” The company said it should have reported the unpaid balances on its financial statements as deferred revenue." This doesn't make sense. Deferred revenue is money you've received, that's not yet due. But the paragraph describes the opposite: money you've not yet received, that is already due. Unpaid balances are just accounts receivable and, unless you don't expect to be paid, you should count them in your revenue.