Bear in mind, page-46

Yes fair comment aries, and when a small company is drilling in a desert that is perhaps just a desert and not an oil field it cuts its cloth so to speak. It downsizes from 31 staff 7 directors and overpaid CEO to an appropriately small team and similarly makes other changes to match its junior status. What it shouldn't do is to provide inexact and misleading information to inflate its assets while continuing its indulgent ways. So yes the company does have the problem you identify but that's not the only one nor the most frustrating.