Here, I'll do the analysis for you.
So the unaudited Vinafilms financials' show 235,103,311 Vietnamese Dong of profit after tax for FYE Dec 2020. That is $10257 USD!! That is embarrassing.
Another key point is to look at Net Revenue. It's 338,190,116,310 VND. looks good right? ok, go look at cash received from customers (383,418,257,230 VND) and then cash paid to suppliers (330,626,641,713 VND). This is a known tactic to inflate sales. It's called "Channel Stuffing". I've seen this in the Cannabis boom when 2 LP's were caught buying and selling product back to each other to inflate their revenues. Most people don't catch a detail like that since all they care about is revenues. Well, I'm not most people. Details everyone.
Even after the fake sales, they're still 1,351,085,194 VND in the hole. That's how the math adds up. It's simple.
And here's some more proof of the "channel stuffing". You can bet every red cent you have that the "suppliers" for Vinafilms are American Pacific Plastics and Saigon Plastic Packaging.
Do Thi Nghieu, a main investor and owner of both privately owned Vinafilms JSC and Saigon Plastic Packaging Joint Stock Company (listed on Vietnams stock Exchange) just converted a defunct branch of Vinafilms JSC (still existent and independent from
$PHIL) registered under a different address from main Vinafilms JSC into independent New Vinafilms JSC and then agreed with Henry to swap Phi Group referred stock for 51% of stock in New Vinafilms JSC. Henry's game here was to convince Do Thi Nghieu that when New Vinafilms JSC subsidiary will be owned by Phi Group he will then spin it off and list as a US public company which will be a windfall for both. Henry created another subsidiary called American Pacific Plastics, Inc which now owns the shares of New Vinafilms JSC.
On the $PHIL filings, they omit on purpose the word "Tân" from the translation of the company name which means "New":
2. ACQUISITION OF 51% EQUITY INTEREST IN VINAFILMS JOINT STOCK COMPANY
On August 06, 2018, signed a Business Cooperation Agreement with Vinafilms JSC (Công ty C? ph?n Màng Bao Bì Tân Vinh Nam Phát), a Vietnamese joint stock company, with principal business address at Lot G9, Road No. 9, Tan Do Industrial Zone, Duc Hoa Ha Village, Duc Hoa District, Long An Province, Vietnam, hereinafter referred to as “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 Securities and Exchange Commission for American Pacific Plastics, Inc., a subsidiary of PHI that holds the 51% equity ownership in VNF, to become a fully-reporting public company in the U.S. Stock Market."
But it is more telling to prove it what comes up when you look up the company by its Vietnamese name mentioned in $PHIL Group filings (last 10-Q): "Công ty C? ph?n Màng Bao Bì Tân Vinh Nam Phát". It becomes clear that the company purchased by $PHIL is in fact "New Vinafilms JSC" and that it is a separate entity from the original "Vinafilms JSC":
