PHI Group Inc (PHIL)

[Djk0689]

Vinafilms Revenues and projections

This is a quote from the financials on when we will see the revenues.

"Company did not recognize the operations of Vinafilms JSC in its consolidated financial statements as of September 30, 2020. However, it intends to combine Vinafilms’ operating results when GAAP audits of Vinafilms JSC financial statements are conducted and completed by a PCAOB-registered auditing firm"

This is a quote from the acquisition files for current revenues and future revenues. I think many are forgetting Henry walked into a problem with the accounting books. They were ok for Vietnam but not compliant with GAAP audit standards.

"In accordance with Vinafilms’ domestically audited annual report containing financial statements for the year ended December 31, 2017, it generated $25 million in revenues and $765,000 in EBITDA in 2017. It has recently installed a German state-of-the-art plastic film processing system and will add two more of these to meet the growing domestic and international demand for its products. Vinafilms also plans to enter a joint venture with a leading Vietnamese plastic bag manufacturing company with an aim to bring combined revenues to over $150 million per year by the end of 2019"


Henry also helped get a 2nd machine to double the production and now has 3 locations. These revenues didn't disappear just because he took over. The company didn't stop doing business and shut its doors. We are not seeing a true picture because the audit is not done. Image is for 3 tax payer ID numbers. Those that know how to find the tax info off the Vietnam Government reporting sites will be pleased with what they find. Links I have provided in the past.