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  "documentTitle": "dLocal (DLO)",
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      "text": "To Hide a Lie, a Thousand Lies are Needed",
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      "text": "Questionable Consolidated Auditor Choice... 37; Troubling Subsidiary Auditor Choice... 37; Increasing Opacity in Malta Clients' Funds Disclosures... 38; Previous and Ongoing Entanglements with AstroPay... 39; Directa24: DLO's Shadow?... 40",
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      "text": "Involvement of DLO & AstroPay's networks... 42; One Billion Dollars of Insider Selling... 44; General Atlantic is Now Playing with House Money... 45; Insiders Fleeing... 45",
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      "text": "Concerns About Client Funds Segregation... 27; Serious Governance Deficiencies... 32; A Fintech Running on Excel... 33; Repeated Breaches of Malta Tier 1 Capital Requirement... 33; Dodging FCA Regulation... 35; Seemingly Unnecessary Complexity... 36",
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      "text": "Double-entry accounting and the interrelationships among the various financial statements vex book cookers because an accounting lie cannot live in isolation. It must be balanced elsewhere, which creates the need for more balancing lies.",
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      "text": "DLO's revenues are the portions of the total volumes it processes for its merchant clients (\"Total Processing Volume\" or \"TPV\") that it takes as revenue. We believe that these contradictions exist because DLO is misstating its financials.",
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      "text": "2 DLO 1Q22 earnings call: Gross Revenue / TPV = Gross Take Rate. Therefore, Gross Take Rate x TPV = Gross Revenue.",
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      "text": "Conflicting TPV Disclosures",
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