Yes, you are ALL CORRECT !!!!
To allow what started out as a FINE company just a few short years ago with ~ 75 million shares outstanding at a share price north of $1.00 and to see the share structure miserably erode to 250+ million shares outstanding at 5 cents a share. Without hesitation, that is clearly a weak CEO who was influenced by all the wrong parties. In life, you have to allow sufficient time for these individuals to hang themselves.
Mustang is a typical case where the Board of Directors should have been abolished some years ago, as well as, the Canadian Regulators for permitting these executive compensation packages without any positive performance milestones achieved for shareholders. "No performance for shareholders = No CEO Pay". It's that SIMPLE!!!!!!!!!! You don't require an advanced education to figure this out. It's common sense!!!!