If you only have one mode when there should be five, it does sound like you have a short somewhere.
Mine arrived today as well and I pretty much agree with all the comments so far. Internally it’s a step up in quality compared to the other budget S5s out there, so it’s a bargain at $3. The metal switch housing is very unusual at this price, but I particularly dislike that sharp tail cap. Luckily all body parts and internals are fully interchangeable with the ‘other’ S5s so you can mix-n-match. I now have the best of both worlds - threaded pill for better heat sinking and a more comfortable tail cap that also tail stands a lot better.