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  "documentTitle": "dLocal (DLO)",
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  "authorName": "Carson Block",
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  "presentationDate": "2022-11-16 00:00:00",
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  "notes": "The slide highlights discrepancies in financial reporting between different versions of prospectuses.",
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      "text": "We theorize that the 1.5% interest rate is likely equivalent to what the company would have earned on the cash balance, and therefore was needed to plug the hole created by having actually funded the loan.",
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      "text": "2.11.3. Employee Share Purchase Plan (\"ESPP\") ... As of December 31st, 2020, the loan repayment had not started and therefore neither the shares nor the loan, were outstanding.",
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      "text": "By making the claims that the loan was never funded and that the exercises took place in a different fiscal year, DLO exhibits a clear willingness to change accounts and facts.",
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      "kind": "quote",
      "text": "Disclosure of loan balances of $16.8m at March 31 2021 and $31.5m Dec 31, 2020 are removed. — DLocal 424B1",
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