Wages lower than average, and overall unattractive package
Huge turnover: people constantly come and go
"Low-cost" company: you have to bring your own coffe, your own pens, etc.
No clear direction: you start working on a project or a particular market, and then a few weeks later you're told it's not worth it anymore
CEO vs. Managers: your manager can give you an objective in the morning, and in the afternoon, the CEO will come to you directly to say "scrap it, do the opposite". This happens on a regular basis.
Nearly 50 people (inclunding interns), and there is no real HR department