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Thursday, January 24, 2019 1:28:14 PM
You all remember when PHIL bought the gold mines and magical mining machine on 2 September 2017. lol! Anyhow, there is an amended 8-K filed 21 February 2018 that changes the details a bit.
Basically, the price paid is $5,000,000 in combination of case and promissary note and $20,000,000 of Class A Series II preferred stock with an original issue price of $5.00/share. Thats 4,000,000 shares for anyone math challenged. According to the amendment, this stock is convertible into PHIL common stock 2 years after the date of the sale at a ratio of Original Issue price + cumulative 8% dividends / 0.75 times PHIL common stock.
Using today's price, that's $23.328 Million / 0.75 * 0.0006 = 51.84 Billion with a B shares. LOL!
Anyhow, that is not the mystery. The most recent 10Q and the most recent 10K both refer to this deal and note that the shares paid was actually 10,000,000.
How can that be? No 8K to explain this discrepancy.
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