PHI Group Inc (PHIL)

[mythical_phenix]

APR phantasies versus realities:

From a press release dated 19 December 2017:

APR has shipped 2,400 pounds of gold ore concentrates and will be able to report revenues from this transaction for the quarter ended December 31, 2017. Furthermore, APR plans on continual shipping of gold concentrates while ramping up production.
The Company expects to report additional shipments and revenues from APR in the coming weeks along with other significant corporate developments.

From the 10-Q for quarter ending 31 December 2017:

The Company had $432,000 in revenue for the quarter ended December 31, 2017 as compared to $40,000 in revenue for the quarter ended December 31, 2016, an increase of $392,000 between the two periods. The reason for the increase in revenues between the two periods was due to sales of goods by one of the Company’s subsidiaries during the current period versus revenue from consulting services during the corresponding quarter last year.

This $432,000 was the only revenue recorded and it was recorded as 'accounts receivable' where it stayed until...

From the 10-K for the year ending 30 June 2019:

Management reviews the composition of accounts receivable and analyzes historical bad debts. As of June 30, 2019, the Company wrote off $432,000 of accounts receivable from the previous fiscal year due to non-collectibility.

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