Epoxy ding repair bubble board

Found a real cheap project board but the bottom is a mess. Looks like a lot of sand through and weird epoxy bubbles along with multiple holes. Almost like something dripped on the bottom and ate away in certain spots. Crazy thing is the top is perfect. Not a single problem!

That said, it’s epoxy so I’m trying to figure out what caused it? Strangest thing I’ve seen. I’m guessing some kind of contamination causing the bubbles, but the holes? All the exposed weave?