Lots of things i don't understand about the present price - 1....

Lots of things i don't understand about the present price -
1. 2015 report shows NPAT and before what we used to call extraordinary or abnormal items, of $3 mill, 2.5 times more than previous year.
2. Same year balance sheet shows current ratio of 23 to 4!!
3. Present market cap is $12M for a company with net assets of $34 mill!!
4. MV is now 7.5c with an all time high of 51 c in May 2015. That 51 would put the cap at around present net asset value. OK, so let's discount the MP by 50% - that's 25c, not 7!!!
5. Since the last report, company has opened about 4 new markets in Europe.
6. In June 2015, they issued almost 20 million shares at 45c each (those guys would be screaming)

The next year's report (Dec 2016) will be out very soon (i think), so what's wrong with the company?
Have they messed up big time? I can't see anything that is holding it below 25c which is still 1/2 net assets
Any thoughts?