The Noteholders didn't convert that many shares this week which is expected since the stock price is higher so there will be less shares on conversion. Looks like 100 million shares got converted no big deal and was easy to be absorbed with all the volume. Also if you look at the Market Cap of many OTC stocks that use to be in PHIL's range they are a whole lot higher than a 4 thousand Market Cap which means PHIL has room to grow. IMO
PHI GROUP INC. @PHIGROUP · Dec 28, 2020 $PHIL Our O/S has reached 14.4B due to some recent note conversions. We have discussed with our note holders to minimize conversions and want to pay the note balances in cash ASAP. We greatly appreciate our note holder investors who have graciously worked with us thru this.