@PeterKing, sounds like you left out perhaps one of the most significant bug, namely; excessively high management renumeration/salary ...
I am not surprised at all you left the above out, as the other bugs would fit in with the line of argument you were trying to construct to "explain" these bugs were typical of a small cap company.
Since you invited us to point out at any other bugs, can you please give us a revised version of your analysis and let us know how such high management salaries/renumerations fits in with small cap companies or as you say; we are wrong in our perception of the factors these bugs have a play in ?!
