I agree with everything you said. One thing though, I don't believe the $.05/share is completely arbitrary, otherwise why not just ask for $1/share or more. They must have put some form of logic into how they're valuing their company in order to attract new investors
Another observation, their "Total Assets Most Recent Year End" is the same number as what they listed on their 3FQ22 10-Q as "Total Assets" as of 4/30/2021. Consequently, these are not new financial numbers for FY2022.