SHAREHOLDER VALUE ADDED SINCE THE AUGUST 2022 OFFER FROM SKIP CAPITAL, page-28

From my understanding, there could be a few reasons a BOD presents/recommends a bid to shareholders.

1. Because they are required by law to present anything that could be construed as a fair offer to shareholders (whether or not they believe personally that it's a true valuation).
2. Because they want to exit and eliminate the risk/commitment required from themselves (even if they know that beyond that risk is considerable upside).

This statement is lost on me:
"dare I say they even shifted the last quarter's expenses around to show a loss as well... just to make it look like the offer was appealing to be done with an investment that is losing money"

If they did this it would mean they are depriving themselves of upside that they could see if they argued for true value instead of hiding true value. They are all considerable shareholders so why would they deprive themselves of a cent or 2 which could result in a loss of thousands/hundreds of thousands of dollars?

.005 (half a cent) x just 5,000,000 shares = $25,000.00
.010 (one cent) x just 5,000,000 shares = $50,000.00
.020 (two cents) x just 5,000,000 shares = $100,000.00

You'd have to be pretty desperate to sell to rob yourself of thousands of dollars.

My point is they either believe its true value and are prepared to go ahead with the sale or, they don't believe its good value and are only presenting the offer as they are lawfully required to do so.

There's little to no chance they are prepared to make the company appear less valuable just to trick shareholders into selling/accepting when doing so would hit their own hip pockets significantly. They are also shareholders.