Here are the facts concerning the Kona payment this month based on information released by $PHIL.
The Kona payment needs to be made this month the 5G payment can be pushed back and the buyback can be extented.
We have a contractual agreement with vinafilms, but so far because of COVID situation, we cannot get the audit done. And now in Vietnam actually just the 15 of this month you know now travel commercial flights are open again you know so we can arrange for our auditor to come back and finish the audits for vinafilms in the very near future too. Yeah, we just had a talk with some of them just this morning about the audit. Also about audit of KOTA companies as well.
So that's still on our books and we will try to complete that as soon as possible. And of course many of you very eager or anxious whichever way we want to say regarding the buyback of shares, honestly at this juncture right now we are not buying back shares right at this moment. We have said in the language and in the announcement and the filing with the SEC as well that we have extended the buy back until the end of this quarter. But between now and then you know there is some priorities we need to pay attention to, especially the closing of the KOTA companies acquisition. The one for Five Grain you know we need to make a payment. That can be negotiated, because we still have until September to do the final closing.
Here is info from the Kona 8K.
Item 1.01 Entry into Material Definitive Agreements
Effective January 26, 2022, PHI Group, Inc. (“the Registrant”) signed Agreements of Purchase and Sale with KOTA Construction LLC and KOTA Energy Group LLC, both of which are California limited liability companies (collectively referred to as “KOTA”), to acquire 50.10% of Kota Energy Group LLC for $12,524,469 and 50.10% of Kota Construction LLC for $51,600,531, totaling $64,125,000, to be paid in cash. The closing date of these transactions shall be the date on which the closing actually occurs, which is expected to happen as soon as possible and no later than forty-five days from the effective day.
45 days puts us at 3/12/2022 which is the deadline the Kona payment must be made. This payment will be made no matter what IMO.
Henry said he secured 80 percent of the 64,125,000 in the Kona CC on 02/22/2022. 64,125,000 X 80% = 51,300,000 (already secured) Total remaining to be secured by 3/12/2022 - 12,825,000
And more recently we've been able to work with a US lender that has agreed to provide 80% of the financing for the acquisition of the KOTA Companies both KOTA construction and KOTA Energy Group.
We are currently working on the other 20% so that we have the complete package for the closing of this transaction. You know of course we have lender here in the US and also lenders from abroad that we have submitted or disclosed to the SEC through our 8K filings and so forth. We've been working with them very closely. There have been some very good progress.
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