So the market Cap at 1 cent is 2.47M for a total equity of 10.97M.
Where is the catch?

What do you think would happen if they can't pay their loan?

They just got a (up to) 8 million$ contract and moved to a new 6
million$ building (that they are renting; they have just sign a 12
years bail). I would be surprised if they can't find a way to manage
this situation.