I don't know what those nuts/bolts anchor to the boat but that definitely doesn't look good. From that pic, they've gone through the glass and are pulling through the wood core. That crack in the glass in the lower portion of your pic doesn't bode well either.
If that's your transom, you better have everyone onboard wearing life jackets at all times as its not a matter of IF the transom is going to let go, its a matter of WHEN it lets go....and what it takes with it.