Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Also, filing at a deadline is extremely common for a lot of companies. Everyone waits till the last minute.
Also also, not saying this is the reason, but filing last minute could also be because certain things are being worked on with the hopes of being able to add them to the filing instead of having to file amendments and other subsequent filings.
Henry just has to give documentation to the accountant/auditor. He doesn't file it. That's what the accountant/auditor is paid to do. You get what you pay for. That's where we're at right now, no sense in continuing to complain about it. We aren't quite out of the paperwork hole yet. File the 10-K and the next 10-Q and then there is a break for (hopefully) a new auditing company with more resources to be retained.
As for someone younger, more tech savvy taking over...two of the most important roles of any CEO is experience and relationships. They are there to enable and facilitate, not worry about the tactical stuff. What you're describing he needs is a high functioning VP.
100% agree about the revenues though. These really need to start being seen by EOY, with a build up of filed paperwork/projections/etc. along the way.
And Henry has said OVER AND OVER again, NO R/S unless it's absolutely necessary for an uplist (which would ultimately be beneficial to shareholders). So unless he himself says that's back on the table, let's drop that talk.
There is a lot going on with PHIL right now, so I wouldn't just jump to loan conversion for these shares. These shares could just as easily be related to the S-8 that was filed. We won't know until we see the 10-K.
Side note, the restricted shares went down.
So on 9/29 you bought 11.2M shares somewhere in between .0055 and .0065 to 'ride this boat with us' and bring your total back up to 121.2M. And between then and now (all of 7 trading days) you have sold all but 50M...makes perfect sense. To each their own I suppose.
I guess the fear of the major shareholders dumping shares in a short period of time and having a large effect on share price can recede some.
The below message was from a week ago, so clearly he's not too concerned with Henry's past that has been well documented multiple times here.
Cordova1947 Thursday, 09/30/21 10:17:13 AM
Post # of 87652
Hey everyone, I hope you all are feeling better today than as a few days ago. I couldn't resist, but I bought 11.2 cheap shares yesterday bringing my total owned to date at 121.2 million shares. Ready to ride this boat one more time with you guys and gals. Lets close today somewhere in the .007's.
Nothing wrong with being frustrated, but he seems more directionally lost than anything right now.
One day he's done with PHIL and Henry, dumping his shares. A few days later he's back on board buying millions. Then he's telling everyone to watch out. Now he's saying we'll see which way it goes, Henry will tweet...and so on. So it's pretty hard to trust anything he's putting out.
The new 8-K has:
Old entity name change officially to Empire Spirits, Inc. as the holding company for Five Grains, plus new EIN.
And new entity incorporation in Wyoming for C02-1-0 CARBON Corp, and new EIN.
New 8K out: https://www.sec.gov/Archives/edgar/data/0000704172/000149315221024445/form8-k.htm
Setting up and positioning companies for 5G and crypto.
And with that statement you are correct. You need an EIN to open up a bank account for a business (unless you're a sole proprietor), you need it to truly recognize revenue and file taxes, apply for business permits, etc.
Basically a foundational step to being a legitimate company in the US. So I'm going to say this is good thing and shows that piece by piece things are getting done. Not as fast as most would like due to many different factors, but still getting done.
Well now you're just talking yourself in circles. First you don't need to apply for it, oh but now you do apply for it. And you apply for it so you can file corporate taxes....yes, that's the point.
Ok, so ADE has been incorporated in Wyoming for awhile, now it has the EIN with the IRS so it can file federal taxes and be a legitimate US tax filing company, got it.
No steam though, ok.
Actually no. You are NOT automatically assigned an EIN. I own my own business and know the process well. You have to apply for one with the IRS, before or after, filing incorporation papers with whichever state you choose to do business in. So this was a conscious move to apply for and be granted an EIN with the IRS.
With that said, knowing you just so confidently put that out there, it makes me wonder what other statements you have made that are also incorrect.
Anyway, you only apply for an EIN if you are wanting to be recognized as a taxed-entity in the US. No one wants to be taxed, so I say...steam on!
An official IRS EIN and the fact that it is now an IRS recognized entity would be what he's referring to in the instance of the 8-K. This would be something new since the Articles of Incorporation in Wyoming and was dated as of yesterday and would indicated some form of 'steam ahead' as things are moving forward.
Hey Facts, did you know that there are 7 days in the week and they are all named differently? Today is Thursday. Tomorrow is Friday.
Then it’s Saturday, and by Saturday afternoon I’ll be on a beach in R-E-L-A-X mode.
Simply put, yes, Henry can disclose what would be considered guidance or projected operating revenue, and to what extent will just be up to the company. It could be quarter-by-quarter or year-by-year. With that said, future projections can bring some liabilities and headaches that some companies just don't want to deal with. Henry has obviously been extremely cautious with forward looking statements and safe harbor, so it'll be interesting to see how much of a sneak peek he's willing to give before the audited financials are released.
I went back and read my post and didn’t see where I stated it currently qualifies.
I merely pointed out there are multiple ways to qualify and the information you were giving was inaccurate, particularly the part about having to be net positive.
You think all the tech companies that get into the nasdaq operate in the positive? I’ll answer that for you as well. They’re highly leveraged with loads of debt.
You’re conveniently leaving out information for some of what you’re saying and other parts are absolutely wrong. Please stop spreading false and partial information.
You really need to read (and understand) what you’re talking about before you post it.
Here’s your own stated article for your reference.
https://www.investopedia.com/ask/answers/nasdaq-listing-requirements/#listing-requirements-for-all-companies
Let me jump right to the point for you:
The Bottom Line
A company has four ways to get listed on the NASDAQ, depending on the underlying fundamentals of the company. If a company does not meet certain criteria, such as the operating income minimum, it has to make it up with larger minimum amounts in another area, like revenue. This helps to improve the quality of companies listed on the exchange.
And you base this off a few weeks of volatility while getting current? Interesting insights. Thanks.
I love when fortune favors us baldies!
Let me lay this to rest. I have public accounting experience and the SEC DOES NOT need to review the documents to be current. The SEC does not have the bandwidth to review every filing company every time they file something. The SEC is required to and periodically chooses companies to review every 1-3 years since SOX was passed. There is up to a 20 day period when they do have comments, etc. but this is not relevant right now. PHIL will be legally current when the Qs have been filed.
Just wanted to pipe in on the CVD diamonds. You are correct that lab grown diamonds are a rising industry. However, Henry literally just mentioned in his tweet that part of the center will have a lab grown diamond exchange. So that base is covered.
PHI Group, Inc. invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation at the Emerging Growth Conference.
New York, June 18, 2021 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com, PHIL), a company primarily focused on running PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”), and building the Asia Diamond Exchange (“ADE”) in Vietnam, is pleased to announce that it has been invited to present at the Emerging Growth Conference on June 23, 2021.
This upcoming live, interactive online event on Wednesday June 23, 2021 will give existing shareholders and the investment community the opportunity to interact with the Company’s Chairman and CEO Henry Fahman in real time.
Mr. Fahman will perform a presentation and may subsequently open the floor for questions. Please ask your questions during the event and Mr. Fahman will do his best to get through as many of them as possible.
PHI Group, Inc. will be presenting at 12:30 PM Eastern time for 30 minutes.
Please register here to ensure you are able to attend the conference and receive any updates that are released.
Here is the unique registration link: https://goto.webcasts.com/starthere.jsp?ei=1473091&tp_key=f82736754c&sti=phil
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and we will also release a link to that after the event.
If you open all of the PHIL News items recently and scroll down to the bottom of each article there is a PHIL mention in the "Other stocks on the move" section with a link to PHIL.
I just want this to be reiterated. EY is NOT auditing PHI Group. They are auditing the Lux Fund and maybe some international subs. This doesn’t take away from the legitimacy of PHIL, just want to clarify.
Interesting, my daughter is the one who taught me the chart math after her shapes and patterns lesson time at daycare yesterday. So sounds like you’re in good hands with your little girl teaching you.
Ok Hydra, I'll do my best. You really have to pay attention though.
If you start on June 1 and you count that day and the next day (2 days), they were both up days. And then, now stay with me here, if you count the next 2 days, 1, 2, those days were down or flat. Now here comes the real doozie! If you follow that pattern over the next 8 trading days you will see the same exact pattern.
MIND BLOWING.
Now let's see if this earth shattering mathematically-proven equation continues tomorrow!
No joke it's 'Hocus Pocus' reasoning. Looking at a chart to determine where ANY stock is going to land the next day is probably about as accurate as a meteorologist in Texas. Lighten up. We are exponentially higher than we were a few weeks ago with NO catalysts. It's just a matter of sitting back and waiting for them to drop.
After an extremely exhaustive look at the chart (wink), since Jun. 1 we have basically gone 2 up days then 2 down days, 2 up days then 2 down days...so if my extremely complicated modeling calculations are correct, tomorrow should put us on an up day.
Ha wish I could. If she went digging into sub companies that would be riding a very thin legal line. The only thing I can confirm is that EY is not officially auditing PHI Group the parent company right now.
If there are questions about the public filings related to financial statements I can probably help interpret those. That’s about all the super powers I have.
Hi, unfortunately this list of PHI Group securities does not mean anything. My wife is an EY auditor and we have to submit our independence every quarter. EY has a database of ALL securities, mortgage companies, financial institutions, etc.
If you’ll notice the green shield and check mark on the right that stands for Permissible Security, all this means is that EY employees are allowed to invest in PHIL. If PHIL was a client of EY then this would be the red CP sign and employees (myself included) would not be allowed to invest in PHIL.
As I’ve said in the past, EY is very likely auditing/peer reviewing certain aspects of PHIL subs and the Lux fund, but they are not directly involved in auditing PHIL. They are very strict and I can guarantee I would not be allowed to invest if they were.
I’m with you on Glink. Something just seems off, even much of the business plan that has been posted doesn’t seem legit. And when we dug into the artwork, something was off there as well. Don’t have enough info to make a sound final decision, but I agree something just doesn’t seem right with it.
Fortunately it’s a very small piece in a much larger puzzle, so it doesn’t worry me too much about PHIL as a whole, but Glink Apps itself gives me pause for sure.
There we go! Haha I’m hoping PHIL will continue to climb the ladder and I won’t have to be Saving_Ryan anymore and can be MakeItRain_Ryan. But then it won’t be a financial play on words with the movie, so…tough choice.
Look, I know you’re just sensitive since you’re flipping PHIL, or maybe you’ve paid the Clay man his dues, but there’s a literary device called sarcasm that gets used from time to time. Loosen up.
Of course he didn’t almost say that.
PHIL had a good week. Even Clays elementary crayon weekly chart shows it. So just enjoy the win this week instead of wishfully thinking it goes back down to .0035 on (Tuesday) so you can flip it some more.
Yeah, thats two days now of him talking about foundation levels and building our steps upward.
Today he almost said 'flippers beware.'
Clay is just a salesman. Nothing more. Good for him. He goes where there are lots of eyes (yay us for having a bunch of new eyes looking at PHIL) and posts his 'charts' ultimately trying to sell his 'Secure Your Freedom' schtick for $2500.
Not to mention that he's posted two relatively positive PHIL videos two days in a row now. That means there isn't much bad he is seeing but still wants to post here since he knows lots of people are reading the board right now.
Hey, no need to go outside Texas for bourbon. We can stick with the cliché and be Texas proud. Plenty good bourbons to choose from: Garrison Brothers, Balcones, Ranger Creek...the list goes on.
A nice PHIL day has me thinking of having a glass tonight. Cheers!
Basically there’s no way to exactly tell what that is for from the report. To keep accounting simple things can get grouped into one category. So this could be for literally fees setting up the fund with the bank, for EY to audit the fund, etc…really anything that can be labeled as an expense associated with setting up the fund.
Audit expenses
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit Fees
The negotiated package fees billed by M.S. Madhava Rao, an independent accountancy firm, are $18,000 for the audit of the Company’s annual consolidated financial statements for the fiscal year ended June 30, 2019 and for the review of unaudited financial statements for the quarters ending 9/30/2019, 12/31/2019 and 3/31/2020.
All Other Fees
The Company did not pay M.S. Madhava Rao or DylanFloyd Accounting & Consulting, the Company’s predecessor auditor, any non-audit fees for fiscal year 2019 or 2018.