Ann: FY24 Results Presentation, page-148

I think you’re twisting the reality of their model to make it sound more like an agent than it actually is.

The company does much more than act as an intermediary and handle payment and logistics. The company still has to curate the products it displays on its site and market them, and again the company rarely had a relationship with the actual brand, which makes it less like a marketplace. I trust the technical side of it is contentious, but perhaps the company is taking a stand, that it is not merely an agent based on principle.

Also, I think it’s highly unlikely there are other issues other than this accounting classification with respect to this audit. The company and its board has categorically stated that revenue recognition is the only substantive issue remaining. If this is not true, then they have withheld material information to the market, which is a huge offense. This explanation makes a lot more sense than the “oh yeah I dunno about that, who knows what else is lurking in there”. You’re trying to stir up doubt where there likely isn’t any.