Michael promises great conditions but asks you to complete an "assignment". In it you have to produce a full-sized report on extremely technical problem, which is obviously something they have issues with. The report must be exhaustive and he REFUSES to compensate it in ANY form. Effectively the company uses a predatory practice using applicants to solve their tasks as free labour.
You can tell that initial offer is too good (90k) because even director there gets 70k approx.
Additionally, interview is for a leadership position and there was no board except him. For a small company I would expect CFO, CEO or a tech expert.