<p><pre><code> Bird 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."
</code></pre>
This doesn't make sense.<p>Deferred revenue is money you've received, that's not yet due.<p>But the paragraph describes the opposite: money you've <i>not</i> yet received, that <i>is</i> already due.<p>Unpaid balances are just accounts receivable and, unless you don't expect to be paid, you should count them in your revenue.
Yet 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.