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I just want to say this for all the people who believe this should be going faster.
My wife is an EY auditor and works on both public and private clients. Their team, and they are an all star team, takes at least 3-4 weeks to complete smaller job client 10k’s and about 2 weeks for 10q’s. And these are companies that are and have been current.
My point is, yes, Henry should eventually hire a reputable audit firm with more resources, but that won’t necessarily speed up the process. There are ALOT of moving parts to a well conducted audit and that’s not even having to dig back to the past.
And I’ve mentioned this before, but I can almost assure you the cost of hiring a firm like EY was NOT in the budget. You’re talking hundreds of thousands to millions versus the much lower cost currently being incurred to get current.
Haha and according to Facts' OPINION, there is so much more than has been dug up.
If I'm not mistaken, I think that is the idea with APP (American Pacific Plastics).
AMERICAN PACIFIC PLASTICS, INC.
American Pacific Plastics, Inc. (“APP”) is a Wyoming corporation established in July 2018 to serve as a holding company for the acquisition of Vinafilms JSC (Công ty C? ph?n Màng Bao Bì Tân Vinh Nam Phát - “VNF”), a Vietnamese joint stock company engaged in the manufacturing and sale of plastic thin films.
On August 06, 2018, the Company signed a Business Cooperation Agreement with VNF and its majority shareholder, to exchange fifty-one percent ownership in VNF for Preferred Stock of PHI. According to the Agreement, PHI will be responsible for filing a S-1 Registration Statement with the U.S. Securities and Exchange Commission for APP which will hold 51% equity ownership in VNF, to become a fully-reporting public company in the U.S. Stock Market.
On September 20, 2018, a Stock Swap Agreement was signed by and between Ms. Do Thi Nghieu, the majority shareholder holding 76% of ownership in VNF, and PHI to exchange 3,060,000 shares of ordinary stock of VNF owned by Ms. Do Thi Nghieu for 50 million shares of Class A Series III Cumulative, Convertible, Redeemable Preferred Stock of PHI. Though this transaction was technically closed on September 28, 2018, the Company did not recognize the operations of Vinafilms JSC in its consolidated financial statements as of March 31, 2020 and will only so when a GAAP audit of Vinafilms JSC financial statements is conducted and completed by a PCAOB-registered auditing firm. The Company intends to distribute special share dividend from APP to the Company’s shareholders in conjunction with the filing of the S-1 Registration Statement with the U.S. Securities and Exchange Commission in the future.
As of right now we have no evidence to the contrary that we will not be caught up and current by the first or second week of June. All filings have been made per plan up until this point, there have been small delays along the way, but Henry and the auditor continue to produce so nothing to worry about at this point.
It would be nice to have a tweet from Henry saying they are still on pace, but because he gets roasted every time he does and then delays a few days, he has been advised not to and we no longer have that luxury.
Yes DJK, Facts , and others are taking a little break because there isn't much more to be said at this point. But they've put up so much DD and filled a lot of us in that we can hold the fort down for a little while, give them the well deserved break, and answer some of the well vetted questions that keep being asked.
Many different ways around SOME tax implications, but most of it revolves around earned income. Building a Roth IRA conversion ladder is one of those. Regardless of age, if you have 0 earned income, then you can, after 5 years, start distributing up to the standard deduction tax free.
In addition, with current rules, depending on married or single, you can take capital gains/qualified dividends up to a certain amount tax free as well...as long as you have 0 earned income.
So essentially, build your ladder for 5 years, then retire and start taking the roth withdrawals and selling some stock/taking dividends up to the 0% limit. This would allow for an almost tax free situation, but it would take quite awhile to fully implement.
I would certainly speak to a tax professional about it though. All the different tax loopholes are extremely complex.
What about 'the first or second week of June' did you not understand?
Goal was EOM. But first or second week of June seems to be the more likely scenario. We hope to have the 2020 10k either Friday or Monday and then the 3Q's for 2021 each week following. Whether it's all released separately or they wait to release all at once we don't know.
Yes, I can attest that having a big 4 auditing firm or even a second tier auditing firm with international auditing knowledge would be very pricey and would not be worth the cost at this time. We're talking hundreds of thousands to millions.
Once current with many sub-companies and much larger revenue, that's another story.
EY is not the auditor of PHI Group. EY is, I believe, auditing the Lux Fund and maybe Vinafilms(?). But not PHI Group.
This is the current auditor:
s/ M. S. Madhava Rao
M.S. Madhava Rao
Chartered Accountant
Bangalore, India
March 10, 2021
Insert thumbs up emoji here
Naked shorting didn't really have anything to do with the collapse of Bear Stearns. Stearns was heavily invested in asset-backed securities (and actually increased their exposure to them when things started going bad), in this case mortgage-baked assets that ultimately led to the sub-prime mortgage crisis.
And ALOT of failures led up to the sub-prime mortgage crisis.
Ah and almost the entirety of their "assets" is goodwill, which is not so...good.
And to the point earlier about being current doesn't necessarily mean a price increase: I just took a quick gander at their latest financials and they have a large deficit, are still issuing shares and have a bunch of outstanding notes, including to our fav, EMA. So yeah, financials matter and theirs are still garbage. Ours are too right now, difference is we are expecting something completely different looking within the next month when current.
Ha yeah definitely agree with you there. Total mental battle trying to remember that my money is of better use elsewhere than playing the mortgage off faster. Unless of course we all cash in huge with PHIL and the amount of my mortgage won't be of any concern!
I’ll disagree with you to a certain extend there. Any loan say under 4% I consider free money. I can easily make more than that 8 out of 10 years (conservatively) just investing in an index fund. I’ll use other people’s money at a low interest rate all day to build my own wealth.
Haha yes, or KPMG, or PwC...
I can confirm as well that EY is not auditing, in any way, PHI Group. My wife is an EY auditor and I wouldn't be allowed to invest if EY was auditing PHIL. The Lux Fund and other subsidiaries, yes, but not PHI Group. And here's hoping EY NEVER audits them, as I'd be forced to sell or except penalties!
APR holds Rush Gold that will give the 20/1 dividend. APP will hold Vinafilms, which is expected to also pay a dividend at some point in the future.
If you look through the rest of the appraisals, there are some misspellings, improper text spacings, etc...just doesn't look very professional. Also, can someone explain what converting shares has to do with art appraisal? It's on every single one of them.
https://glinkart.com/certificate-price-for-painting-from-us-center
I'm with Exit6 on this one, something's just not right about those paintings. Can't find them anywhere outside of Glink record. The certificate of authenticity of the paintings between the website and the business plan don't even match up. I'm not saying they are fake, something just doesn't seem right with them.
Also, can't find the "independent" appraisers either. And I'm sure there are multiple people named this, but the fine art critic listed on all of them is Michelle Malkin, which just happens to be the name of a political commentary/journalist/etc. for Fox News and now NewsMax.
I wonder if Greg and his cali king mattress is still on this train? I hope he attends the conference. I'd like an update.
No, PHI Global is not hosting the conference. The WhoIs address info is for Domain By Proxy, which is a GoDaddy company that provides additional privacy.
Thanks! I've followed many boards for almost 10 years and PHIL actually got me to sign up for an account and post something. Figured with this board my first post should be a FACT.
Thanks to all who put up the excellent DD! I honestly have never seen a board quite like this one.
10-Q's are almost always unaudited. Nothing to worry about there.
https://www.investopedia.com/terms/1/10q.asp