I hope it doesn't happen, but I wouldn't guarantee it never happening in a public forum. All I'm saying is that it is well within the realm of possibility that a reverse split along the lines of 1:4,000 or 1:5,000 or even 1:6,000 shares can happen sometime soon. I'm cautiously optimistic about the upcoming quarterly report, and I really hope to see revenue from the deals PHIL has done so far, especially the Vinafilms deal. Supposedly they had $765,000 in EBITDA in 2017, and we were told it is on track to increase.
What I know for sure is that PHIL has taken on loads of debt.
From the last 10-q alone there's been more than half a million dollars taken on in debt (see below). I really hope PHIL can show a positive cash flow and the ability to pay these debts off in cash and not in stock. If that's the case, I have confidence PHIL will take off and will be cruising along to break 52 week highs. If we have net negative cash flow, a reverse split might be inevitable.
On July 10, 2018, the Company issued a new convertible promissory note to Power Up Lending Group for $73,000, with an interest rate of 8%, convertible to Common Stock of the Company at 42% discount to the average of the two lowest trading prices or closing bids during the ten trading days immediately prior to the date of conversion and a prepayment premium of 150%. The maturity date of this note is April 30, 2019.
On July 17, 2018, the Company issued a new convertible promissory note to Auctus Fund LLC for $75,000, with an interest rate of 12% and convertible to Common Stock of the Company at 50% discount to the average of the two lowest trading prices during the twenty five trading days immediately prior to the date of conversion. The maturity date of this note is July 17, 2019.
On July 23, 2018, the Company issued a new convertible promissory note to One44 Capital LLC for $90,000, with an interest rate of 10% and convertible to Common Stock of the Company at 45% discount to the average of the two lowest trading prices during the twenty trading days immediately prior to the date of conversion. The maturity date of this note is July 23, 2019.
On August 06, 2018, the Company issued a new convertible promissory note to Power Up Lending Group for $38,000, with an interest rate of 8%, convertible to Common Stock of the Company at 42% discount to the average of the two lowest trading prices or closing bids during the ten trading days immediately prior to the date of conversion and a prepayment premium of 150%. The maturity date of this note is May 15, 2019.
On August 30, 2018, the Company issued a new convertible promissory note to Power Up Lending Group for $73,000, with an interest rate of 8%, convertible to Common Stock of the Company at 42% discount to the average of the two lowest trading prices or closing bids during the ten trading days immediately prior to the date of conversion and a prepayment premium of 150%. The maturity date of this note is June 15, 2019.
On September 25, 2018, the Company issued a new convertible promissory note to Power Up Lending Group for $38,000, with an interest rate of 8%, convertible to Common Stock of the Company at 42% discount to the average of the two lowest trading prices or closing bids during the ten trading days immediately prior to the date of conversion and a prepayment premium of 150%. The maturity date of this note is July 15, 2019.
On September 26, 2018, the Company issued a new convertible promissory note to JSJ Investments, Inc. for $144,750, with an interest rate of 10% and convertible to Common Stock of the Company at 50% discount to the average of the two lowest trading prices during twenty trading days immediately prior to the date of conversion and a prepayment premium of 150%. The maturity date of this note is 9/26/2019.
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