If starting from scratch, and in South America... I wouldn't say acceptable, but that's normal over there.
Looks like much of their expenditure was on concessions. Corporate expenses and EBS look at bit high and I'd like to see those come down, but overall, a company has to spend to get something back.
Re: dilution. Again normal for this type of stock. Don't forget, it IS a high risk spec stock, it's not a blue chip. Risk and potential reward are correspondingly higher.
If starting from scratch, and in South America... I wouldn't say...
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