Groupon efforts to give a bad name to accounting are caught out
The Groupon situation continues to deteriorate. As noted earlier, their financial forecasts were full of holes. Now they are altering their revenue forecast to reflect the earlier fiction of gross income which is now restated to reflect payments to merchants.
If a groupon costs $10 then $5 +/- is paid to the merchant. Previously Groupon claimed $10 as revenue. Their restated S-1 to the SEC reflects real revenue as $5 in this example.
Who knows if they will even make IPO. There is so much insidiousness about this company. Their last raise was designed to pay out investors and founders. Not a good sign.