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Yep facts that is how I see it to:) We knew big IR was coming after all the sub funds came online and most likely dilution is done and probably most of the buyback agreements are done as well so the stock price isn't a concern for Henry any longer. Go $PHIL
I expect $PHIL to be current by the end of this month. Henry will tweet when filings will be coming. We know what filings will be coming next week. Henry already told us below. As to the following week we don't know but I am sure Henry will Tweet when the next 10K will be ready. 10-K's take longer since they are fully audited.
$PHIL Dear Valued Shareholders, we are waiting for our auditor’s final approval in order file the Q1 for FY ended June 2020 after hours today, as we progress towards current status. We expect Q2 and Q3 to be filed early next week. Thank you for your continued support. God Bless!
https://twitter.com/PHIGROUP
The fact that Henry is starting the promotion phase is a good sign. Here are two thoughts.
1. Henry has completed the buyback and is just trying to get current as soon as possible to move all those billions of shares to the company's account and retire them.
2. There is still a little more note holder dilution and Henry is trying to get the stock buy volume above a billion shares a day to absorb the remaining dilution so the last note holder will be gone before the company becomes current and the mega news can be released IMO. During this time Henry is buying the remainder of the last note holder shares through a third party. Go $PHIL
I would say Yes since Henry wants to look to the future as soon as possible:) Lets get these past filings dead and buried as soon as possible so we go look to the future where there are blue skies ahead. Go $PHIL
I think when $PHIL hits limited tier status on OTC Markets within six months of current date they may go to limited status this will allow brokers like Fidelity to allow $PHIL to be bought. More brokers more stock buy volume:)
LIMITED INFORMATION
Designed for companies with financial reporting problems, economic distress, or in bankruptcy, that make the limited information they have publicly available. Companies in this category have limited financial information not older than six months available on www.otcmarkets.com, on the SEC's EDGAR system or, for companies in bankruptcy, through publicly available information filed with a United States Bankruptcy Court.
Companies who provide adequate information within six months of the current date may qualify for Limited Information.
The Company Profile must be verified through OTCIQ in order to qualify for this tier.
https://www.otcmarkets.com/corporate-services/information-for-pink-companies
My Crystal Ball Said
sdhunter all Q's say unadited because they don't go through a full audit like the 10-K does and requires an auditor letter. Like this one from the last PHIL 10-K A company CFO told me that the auditor still looks at the 10-Q to make sure every looks ok but I don't think they need to sign off on them. Go $PHIL
AUDITORS’ REPORT
MS Madhava Rao
18115 Topham St., Tarzana, CA 91335
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders
PHI Group Inc.
2323 Main Street,
Irvine, CA 92614
Opinion on the Financial Statements
We have audited the accompanying Consolidated balance sheet of PHI Group, Inc. (the “Company”) as of June 30, 2019, the related statements of operations, changes in shareholders’ deficit and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2019, and the results of its operations and its cash flows for the period June 30, 2019, in conformity with accounting principles generally accepted in the United States of America.
Consideration of the Company’s Ability to Continue as a Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 22 to the financial statements, the Company has incurred losses since inception, has accumulated a significant deficit, has negative cash flows from operations, and currently has no revenues. These factors raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 22. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ M. S. Madhava Rao
M.S. Madhava Rao
Chartered Accountant
Bangalore, India
March 10, 2021
It will be an interesting power hour today with an eventful week next week. Go $PHIL
Yep that is how they roll:) Go $PHIL
I am not implying anything so you will just have to wait for the tweet like everyone else is:)
Now my Crystal ball is spitting out $PHIL Fortune Cookies.
I just got my Crystal Ball Back from the shop it says.
"Look for a tweet tomorrow" that's all for now it is still warming up:)
Yep facts don't matter anymore go $PHIL
I would say yes since Henry needs to be current and give himself time to transfer all the billions of buyback shares to his account before the end of June or he will need to extend the buyback date. Seems like the last note holder backed off or was taken out just before the next filing will be released most likely tomorrow. Go $PHIL
I know the one that can't spell pretty well and he changes his tune when he gets filled that is how he rolls. Go $PHIL
Sdhunter - Thanks for all the DD you are doing on Vinafilms to show they are a real and very profitable company. GO $PHIL
And no gaps doesn't get better than that looking forward to the .003 break coming this week or maybe even today:)
Sorry I misunderstood the question he can retire shares at anytime he wants to once they are in his name. He may wait to do it in one shot if the filing cost money. Go $PHIL
Yep Kenny and it won't be a long wait either IMO. GO $PHIL
Henry doesn't have any of those shares in the company's name yet so no. After $PHIL is current and Henry can transfer the shares into the company's name, he can retire them. That is how I see it anyway.
Best part about that article is that it is free advertising for $PHIL
Disclosure: we hold no position in PHIL either long or short and we have not been compensated for this article.
I like that $PHIL doesn't have any gaps to worry about currently. Unfortunately, we both know when Henry releases the news we think he will that will definitely change:)
Happy Easter All!
When $PHIL goes to the Nasdaq GO $PHIL
Based on the last 8K filed on the share buyback and dividend they appear tied together because the shares have to decrease so not as many shares need to be issued as a dividend. If Henry can't buyback enough shares by 6/30/21 both the share buyback and APR dividend date will be extended. Since the OS has been increasing, I would expect the share buyback and APR dividend date to be extended another 3 to 6 months. I could be wrong and all the negotiated transactions Henry has in place could buyback enough shares after $PHIL is current where the dividend date could remain the same. I think Henry wasn't expecting this increase in the shares since the last noteholder wanted to convert shares. Also, I agree with what has been mentioned on the board that Henry will extend the dividend date if APR isn't built up enough where the dividend wouldn't have enough value to shareholders and just be a worthless piece of paper. GO $PHIL
SECTION 7 – REGULATION FD DISCLOSURE
Item 7.01 Regulation FD Disclosure
The information in this Item 7.01 of this Current Report is furnished pursuant to Item 7.01 and shall not be deemed “filed’ for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.
I. Extension of Repurchase Date for the Company’s Common Stock
On December 28, 2020, the Board of Directors of PHI Group, Inc., a corporation originally incorporated in the State of Nevada on June 08, 1982 and redomiciled in the State of Wyoming on September 20, 2017 (the “Company”), adopted the following resolutions in lieu of a meeting:
WHEREAS, on June 29, 2020 the Company’s Board of Directors passed a corporate resolution to extend the time period for the repurchase of its own shares of common stock from the open market from time to time in accordance with the terms mentioned below:
1. Purpose of Repurchase: To enhance future shareholder returns.
2. Details of Repurchase:
a. Class of shares to be repurchased: Common Stock of PHI Group, Inc.
b. Total number of repurchasable shares: Up to 13 billion shares, or more as may be needed.
c. Total repurchase amount: To be determined by prevalent market prices at times of transaction.
d. Methods of repurchase: Open market purchase and/or negotiated transactions.
e. Repurchase period: As soon as possible until December 31, 2020.
f.
The Company intends to fund the proposed share repurchase program with the proceeds from the disposal of a portion of certain non-core assets and from anticipated revenues of the Company.
g.
The share repurchase program will be in full compliance with state and federal laws and certain covenants with the Company’s note-holders.
WHEREAS, in light of the adverse effects due to the prevalent coronavirus pandemic as well as the Company’s current corporate priorities, its Board of Directors has determined that it is in the best interests of the Company and its shareholders to further extend the Common Stock repurchase period to June 30, 2021.
BE IT RESOLVED, that the Corporation is authorized to repurchase its own shares of common stock from the open market from time to time in accordance with the terms mentioned below:
1. Purpose of Repurchase: To enhance future shareholder returns.
2. Details of Repurchase:
a. Class of shares to be repurchased: Common Stock of PHI Group, Inc.
b. Total number of repurchasable shares: Up to 15 billion shares, or more as may be needed.
c. Total repurchase amount: To be determined by prevalent market prices at times of transaction.
d. Methods of repurchase: Open market purchase and/or negotiated transactions.
e. Repurchase period: As soon as possible until June 30, 2021.
f.
The Company intends to fund the proposed share repurchase program with the proceeds from the disposal of a portion of certain non-core assets and from anticipated revenues of the Company.
g.
The share repurchase program will be in full compliance with state and federal laws and certain covenants with the Company’s note-holders.
II. Extension of Record Date for the Spin-off of Common Stock of American Pacific Resources, Inc.
On December 28, 2020, the Board of Directors of PHI Group, Inc., a corporation originally incorporated in the State of Nevada on June 08, 1982 and redomiciled in the State of Wyoming on September 20, 2017 (the “Company”), adopted the following resolutions in lieu of a meeting:
WHEREAS, on June 29, 2020 the Company’s Board of Directors amended the new dividend ratio and the new Record Date for a special stock dividend from its holdings of Common Stock in American Pacific Resources, Inc., a subsidiary of the Company, to shareholders of Common Stock of the Company as follows: (a) Eligible shareholders: In order to be eligible for the above-mentioned special stock dividend, the minimum amount of Common Stock of PHI Group, Inc. each shareholder must hold as of December 31, 2020 (the New Record Date) is twenty (20) shares; (b) Dividend ratio: All eligible shareholders of Common Stock of the Company as of the new Record Date will be entitled to receive one (1) share of Common Stock of American Pacific Resources, Inc. for every twenty (20) shares of Common Stock of PHI Group, Inc. held by such shareholders as of the new Record date; and (c) Payment Date: the Payment Date for the distribution of the special stock dividend to be ten (10) business days after a registration statement for said special stock dividend shares is declared effective by the Securities and Exchange Commission.
WHEREAS, due to the adverse effects of the coronavirus pandemic, it deems necessary for the Company to further extend the Record Date of the American Pacific Resources, Inc. (“APR”) special stock dividend to June 30, 2021 in order to enable the Company to comply with the contractual obligations in connection with certain outstanding convertible notes and at the same time allow this subsidiary additional time to reach certain milestones that would make the planned spin-off of APR economically significant to the Company’s shareholders;
NOW, THEREFORE, BE IT RESOLVED, that the Company further extend the Record Date to June 30, 2021 and reiterate the provisions for the afore-mentioned stock dividend as follows: (a) Eligible shareholders: In order to be eligible for the above-mentioned special stock dividend, the minimum amount of Common Stock of PHI Group, Inc. each shareholder must hold as of June 30, 2021 (the New Record Date) is twenty (20) shares; (b) Dividend ratio: All eligible shareholders of Common Stock of the Company as of the new Record Date will be entitled to receive one (1) share of Common Stock of American Pacific Resources, Inc. for every twenty (20) shares of Common Stock of PHI Group, Inc. held by such shareholders as of the new Record date; and (c) Payment Date: the Payment Date for the distribution of the special stock dividend to be ten (10) business days after a registration statement for said special stock dividend shares is declared effective by the Securities and Exchange Commission.
https://www.otcmarkets.com/filing/html?id=14587044&guid=NzdpUeKdSJTnyth
I can't wait for the Q's to be filed either. I am interested in the revenue section of the Q's. Like the one we had in the last 10-K filed. Go $PHIL
Your DD is not perfect try again. Did you know $PHIL is doing a share buyback and retiring billions of shares that will impact the Market cap of the company also many OTC stocks like V P E R have a higher market cap than $PHIL Also, the 10-K won't come out next week if you did even a little DD you would know this let me help you out.
PHI GROUP INC
@PHIGROUP
·
23h
$PHIL Dear Valued Shareholders, just an update to let you know we have a lot of positive things happening, and now expect to file the Q's for FY'20 next week, on our way to getting fully current. Wishing you all a joyous Easter weekend. Stay safe & God bless!
https://twitter.com/PHIGROUP
Thanks for the response Facts.
Facts have you heard about this $PHIL rumor? It is the first I am hearing of it. Maybe it came from this PR.
https://www.globenewswire.com/fr/news-release/2020/05/12/2032264/0/en/PHI-Group-Enters-Strategic-Agreement-with-Natural-Well-Technical-Ltd.html
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=162939040
$PHIL - Ain't No Stoppin Us Now!
We're on the move!
Ain't No Stoppin Us Now!
We've got the groove!
There's been so many things that's held us down
But now it looks like things are finally comin' around
I know we've got, a long long way to go
And where we'll end up, I don't know
But we won't let nothin' hold us back
We're putting our selves together
We're polishing up our act!
If you felt we've been held down before
I know you'll refuse to be held down anymore!
Don't you let nothing, nothing
Stand in your way!
I want ya'll to listen, listen
To every word I say, every word I say!
Ain't No Stoppin Us Now!
We're on the move!
Ain't No Stoppin Us Now!
We've got the groove!
Ain't No Stoppin Us Now!
We're on the move!
Ain't No Stoppin Us Now!
We've got the groove!
I know you know someone that has a negative vow
And if you're trying to make it they only push you aside
They really don't have, no where to go
Ask them where they're going, they don't know
But we won't let nothin' hold us back
We're gonna put our selves together
We're gonna polish up our act!
And if you've ever been held down before
I know you'll refuse to be held down anymore!
Don't you let nothing, nothing
Stand in your way!
I want ya'll to listen, listen
To every word I say, every word I say!
Ain't No Stoppin Us Now!
We're on the move!
Ain't No Stoppin Us Now!
We've got the groove!
Ain't No Stoppin Us Now!
We're on the move!
Ain't No Stoppin Us Now!
We've got the groove!
Hopefully the Note Holder finished selling today. If the Note Holder was using market maker CFGN they were at .02 at the end of the day. Hopefully that means they are done selling so the filings can come out next week without Note Holder selling pressure. It will be interesting with the OTC Markets share update will say today. Go $PHIL
My guess they are probably close to .0026 since that is what the MM's forced the price down to:) GO $PHIL
Hi Haddie - almost the whole band is back together here:) Wait until Henry wants the stock to go up:) GO $PHIL
Just a bunch of board Pooplution if you ask me LOL Go $PHIL
Yep, and after the buyback is complete and Henry doesn't need to worry about keeping the stock price low any longer look for a huge promotion campaign to get the word out:) During one of the CC's Henry was shocked that so many people heard about $PHIL without any type of promotion. Go $PHIL
I am 100 percent sure your crystal ball is broken and can't be fixed LOL. GO $PHIL
Keep seeing stock predictions like this one for $PHIL
https://gov.capital/stock/phil-stock/
I hear Henry is pretty good at Let's Make-A-Deal:) Go $PHIL
sdhunter - Thanks for putting together the $PHIL slideshow your info on Vinafilms is very interesting. I look forward to hearing some big things announced soon for $PHIL. Go $PHIL
https://docs.google.com/presentation/d/1BYAOb46KrCcM6x40mUe_RXsvrujTa4jH2C1sUXJ066U/mobilepresent?slide=id.gc6284bdf5d_0_1014
I would say that is a good guess:) Henry didn't say how he resolved the balance maybe it was a combination of converting shares and a cash payment we will know when it is reported in the SEC filings. Go $PHIL
PHI GROUP INC
@PHIGROUP
·
Mar 18
$PHIL We have discussed and reached amicable terms to resolve the balance with our last convertible note holder. Details will be reported in our filings with the Securities and Exchange Commission. Best regards and God bless!