Friday, April 22, 2022 8:02:27 PM
PHI Group Inc CC 4/22/2022 Transcript transcribed by Lady Di
Ladies and gentlemen. Thank you very much for taking the time to join our conference call today. Actually this is not the most optimal time for me to have the call, I just landed in VN couple hours ago, it’s about 4am right now. But, I said we would have a call this week so I want to keep my promise to do that. It’s been very hectic and taxing and thank you for your patience as well.
I want to address a number of items here of interest and concern for all of our shareholders. I know you have been asking about BB and the loan programs, etc etc. Part of my trip to VN this time is to work on the ADE project, I will share with you on that a little bit later on, but because of the time constraints and the circumstance I want to be very very brief here. Of course the safe harbor statement: we are public company so any information that is forward looking cannot always be performed according to plans, so please keep that in mind. I don’t want to repeat myself as many times I have in the past a microcap stock can be very risky, you all know, especially OTC market level.
As you know, the BB, We have postponed the BB, we have not given up on it yet because a number of reason when we started out to announce the BB program at that time our market cap was only a few million dollars and we could have done it easily. But then, we couldn’t do it. You know we continue with the BB because we know there are too many shares out there. At one time or another some of our creditors converted shares at very low price that also hurted the market as well. But we know that what we are doing, I strongly believe the valuation will be very much higher than it is right now. the fact of the matter is we have priorities for the company and what is the best way, the most optimum way to spend our funds when we have it. You know we have a number of loans that are still pending with very low interest rate, cost of capital is quite reasonable and will be a good way to retire our shares and that is also part of our plan and I will share with you the status of our loans as well.
So the BB is still on, the company can from time to time go out to the market to BB shares on the open market or can have negotiated transactions with private parties, but of course we have a number of commitments and competence we need to comply with that is why we do what is right when it makes the most economic sense for the company and for our shareholders. We have a number of projects that can use cash for better reasons but BB is part of our commitment and we have not given up on that plan yet and and will do it from time to time.
As far as the loans are concerned, we have a number of loans we have applied to and we have been working on. Some of them are closer than the others. Two of them we need to do much more DD, I was in Zurich the previous week and we planned to have a meeting with one group in particular but couldn’t arrange that meeting. We don’t consider that transaction if we cannot verify some things in person, so but that is still not dead yet.
We have other loans we have made a lot of progress. One of them in particular we have set up the spv, we have opened the corporate account. We still need to do some more DD and compliance before that can be completed. There is also another loan with Egypt, we have also set up the account to receive the funds have gone through DD, tax, clearance, and also background check and all that. Still one more item that needs to be resolved and I plan to do that first week of may and the meeting will be probably in Italy with the lenders and their attorneys. That is the plan, it’s not closed yet but it’s not something that is dead.
The situation with Kota, to be very honest with everyone, with our shareholders and kota as well. We have delayed the closing because of the timing of the closing of the loans. But, Kota management is quite open and friendly and willing to work with us. You know of course if they choose to they can decide not to do the deal anymore, but they has been patient and working with us to close this transaction. Especially with the 75 million dollar loan. Actually, That loan we are not going to get all the money at once, in tranches. The lender has confirmed that they will be working with us to get this done as quickly as possible.
The deal with 5 Grain, you know, at this stage it’s not realistic to buy 70% of that company and we discussed with them and modified the transaction and don’t need to take majority interest in the company. We have come up with a plan which will be even much better for both sides especially for us. We will set up a distillery in CA and US material and use sorghum from Kansas and Texas as well and do the distilling ourselves.
With the technology and the recipe and “trade secret” that empire spirt has over many many decades and we also bring some advantage to the equation as well. So it will be a new organic Baiju distilled in the US, first of it’s kind. And you know the valuation of kewchou baiju itself and some of the other spirit companies in asia they have a very high multiples and I think working with the market we enter into can set us apart and we can command much better valuation as well and we believe just like tequila when it first came to market it took time to for people to recognize but after a certain period of time, people get used to it and its become very popular.
We believe Empire spirit can make a very big difference.
We have something new, it’s too early to share at this stage as far as product line and new formulations are concerned. That will come in later. I think once we can show the new brand, the bottles, the design together and are ready to launch and the new facilities and so forth it will be very impressive. It will come it’s not something that will come overnight but we’ve been working on it very diligently. Sometime people just see things on the surface and it’s hard to understand what’s been going on.
One bright spot for us also is the listing of Carbon CO-1-0 carbon coin. Part of the reason I wanted to keep the cc today as I mentioned for sure it would happen this week and also it would coincide with the listing of carbon and also april 22nd is the earth day so it’s a good timing for everything. Why do a CC on Friday? it may be a harbinger or omen of bad things. You know news is news, information is information, truth is truth. Whatever the reality we can say at any moment in time it up to people to perceive or to take it but we had a good reason to the call on Friday like this. Yep.
I want to share with you a little bit more about the funds and also the ADE. We have made tremendous progress with the ADE. The asia diamond exchange. We spend probably 4 years on this project already. It has taken a lot of time and the most of time during the last 2 years because of the covid situation we couldn’t get things done, just like a lot of other companies as well. A lot of airlines even like ? Pacific and Hong Kong are not getting back to normal and many many companies are still under stress and it has affected us a lot in many ways but at the same time our partner, Mr. Ben Smet in Europe and his team and myself we have worked nonstop, continuously with diamondteers, with major groups in Europe, in South africa, Botswanna, Dubai and Antewerp,. And we have a very very strong support that was not there like 3-4 years ago.
In this section: have to correct the location names: And part of my trip I want to share with you I want to share my screen with you.
This is the new are in long thoung (?) district and Donai (?) province we’ll be doing our ADE. The upper area is 1200 hectares and the are below is about 900 hectares. Initially we came in Chu Lai in the quanam (?) province central VN during the past year the provicial govt has agreed to give us 240 hectares for the multi commodities center comprable to the dubai multi commodities center and to also set up the ADE there.
All of the conditions there are excellent, there’s nothing wrong with conditions in terms of transportation, in terms of access and proximity to the airport and support system and all that but only one issue the weather you know sometime in the winter in monsoon season it can be very adverse and that’s not something we can control. And later the latter part of 2020 the long Thong international airport got started and got expedited.
This is a huge huge airport and that initially the first few years can accommodate 25 million passengers per year but the capacity the goal is to go up to 100million passengers per year. We came in and applied for 600 hectare out of this area for the ADE and for the processing zone but because of the govt plan to build a multi logistic and multi commodity industrial zone so we have come back and applied for the entire area both the upper part and the lower part. And so I’m back in the country to work on this project at the moment with the govt.
The upper part is the airport and the lower part is the multi commodity, multi logistic center and the ADE is planned to be in this area. Sometime people think this is a big undertaking, this is a huge project. Yes indeed it is a huge undertaking and we are very fortunate to be the only group that has been able to organize to put this together with the help of our key partner mr. Ben Smet and also his team in Europe. And Mr. Ben smet is the gentlemen who set up the Dubai Diamond Exchange back in 2002-2004 and with a vast....
so many raised hands, sorry I’m not going to be able to take any personal comment at this time.
And we, as mentioned will hold the IPC when the conditions are right. Right now the travelling in VN is improving but still not totally improved capacity yet. We plan to come back with our team to organize that very soon.
I want to give you an over update, I think the most concern are the loans right now and we are working very hard to bring them to closing. The carbon mitigation program will definitely go forward and grow and expand and we have more and more companies that want to join us in providing the carbon credits and joining our program. Empire spirit we will continue to show you progress so that will be a very positive will be very robust for the company.
I think because the time constraints, the fact that the BB and the loans that most of you are concerned, it want to address those and we continue to work on these. I’m in VN for this week and hopefully we’ll be able to provide new updates through news release and another CC when the conditions are right are ready. Some of you may feel very disheartened and concerned about the share price of our stock in the market. There has been a lot of pressure, we recognize that.
But we believe that will change. Fundamentally we are sound. Our projects are on the right track, going well. We will be able to show them with results. That’s what everybody’s been looking for. I’m committed to fulfilling my obligation and my duty. My plege to you we’ll get this finished we’ll get this done. I hope you have a good weekend. It’s a little bit late for me it’s almost 4:30 in the am local time right now.
I think I’ll get some sleep. We have a full working day tomorrow, even saturday here. You know I have been working very very hard not leaving no stone unturned making sure that we do everything in our capacity to finish our job. We can try to be a builder but without the blessing of the divine it’s not up to us. It’s not about money, it’s not about business, it’s about mission we need to accomplish and I’m fullycommitted to doing that.
Sorry, I’m a little bit tired and my voice may not be very strong but my spirit is srong and I’m fully committed to get this done. I hope you have a great weekend. Thank you for your patience. Thank you for your criticism as well. I thank you for them all. I know I can take it. I’m up to do the job, Whatever you have to say, you have to say. I cannot get offended. I fully understand and I appreciate you feedbacks and your encouragement and sometimes even your bashing as well. I take them all. But most importantly I’ll finish and do the job. I will not give up. Thank you. Very much. Have a good weekend and may god bless us all. Thank you. Bye bye.
Source: https://www.youtube.com/watch?v=XsALNTd2xYU&t=9s
Phi Group Inc. CC 02/22/2022 Transcript
Transcribed by VRNAQLR
Introduction: Ukraine/Russia Boosheet
Greetings. Welcome, ladies and gentlemen, thank you very much for taking your time to join us. And todays conference call. I'm sorry It was a short notice, but I thought it would be important for us to have this call because of a number of reasons. You know, all of you are aware of the tensions that are going on between Russia and Ukraine and the US just announced the first wave of sanctions.
And, you know, the escalation of forces on the ground. And also the uncertainty that is caused by this conflict can be kind of affect all of us in different ways and today, the S&P 500 enters the correction territory and you know a lot of other Indexes also took a beating from the SP 500, Dow Jones and the Nasdaq and Russell 2000, including our stock as well.
And I believe I think this is important time for us to be aware of what's going on with the company and have a good understanding because the three factors that affect a lot of us who are in market, those of you who already know the greed factor and then hope and fear. But you know the worst of it is fear. We fear when we do not have correct, accurate information we can make wrong decisions. Sometimes things that can come back to hurt us or we may regret for a long time.
And you know the tensions between Russia and Ukraine, will also cause the energy price to rise, to escalate and that will make the job of the Fed more difficult to tame inflation, which has gone up so much compared to many many decades ago. But you know, tensions will also go away. Major events in history have come and go, so we need to look at the big picture and take a long term view and don’t get panicked.
You know, sometimes on small things and sometimes in our stock you know, today is down and a lot off you, some of you have shown the kind of fear and anxiety and some have expressed some very – I wouldn’t say depressing, but you know very concerning sentiments. So let me turn off my phone. I don't want it to interfere with our call here.
To The Point
So that being said, you know, I don't want to belabor myself or spend too much time on the safe harbor statement, which is all too familiar with us. You know, it's part of the routine in every presentation of public companies because things in the future may not be as exactly as what we planned to see happen, and because of factors that are beyond our control, you know, known and unknown risks and uncertainty and so forth, so.
That being said, you know I will not spend too much time on it today I want to do a recap on the last quarter earnings the quarter ended December 31st, 2021 and also bring you up to date on some of the recent progress so that you know that we have a bright future. It's just not the now and what already happened and some of you say, “oh. We didn't generate any revenue.”
Yeah, we admitted that we didn't but in the last quarter and even before that, we have devoted a lot of our energy and effort on a number of things. Of course, you know, building the Asia Diamond Exchange is our biggest undertaking among the other things. But then the last quarter, we also started working on the KOTA transaction and then launching CO2-1-0 Carbon mitigation program and also the Five Grain acquisition. For the last quarter, we didn't generate any new revenues.
Actually the $5000 in the book, it was from a contract consulting agreement we have had and they still owe us some money on that. It's not all, but we, you know, we only collected that much during the last quarter and our focus well mainly was on the acquisition of Five Grains Spirit Company and KOTA companies as well as the launching of the CO2-1-0 Carbon Corp you know as we mentioned the filing and also all of you are aware and now on the expansion side, you know we recorded a very big increase in expenses actually they total operating expenses were $9.9 million compared to only like over like over $109,000 for the three months ended 2020 December 31st.
The big increase in total operating expenses between the two periods was mainly due to an increase of about $9.8 million in professional services in connection with the development of the blockchain and crypto technology development project.
And you know, we didn't pay with cash, so it was from our shares. But Even so you know we recorded you know it as it has to be it's an accounting expense even though you know we didn't spend hard cash or greenbacks on it.
And so the last from operation from the quarter ended December 31st, 2021 was about $9.9 million and the total net loss including the administrative and salaries and general expenses, you know, total was about 10 and a half million dollars and again you know the bulk of it you know more than the 90% of it which mainly due to the professional services that we pay for in connection with the development of the crypto and blockchain technology programs and those, you know, will benefit us in the long term.
It's just not one or two quarters, you know, so please keep that in mind and you say cash [outlay?] and cash that we have put out, but it will come back to benefit us. And of course you know we can always offset future income, you know, with the accumulated deficit.
So it's not something waste, it is not. Please keep that in mind and why, you know, we didn't record the kind of revenue we would we'd wished to have and part of it, you know, the vinafilms as all of you have known.
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.
I will share with you a little bit on how we can capitalize on the situation and make it beneficial for our company. So whatever you see on the filing today, you know is not representative of what's going to happen in the next three or six months because between now and then there'll be a lot of changes for the better. As we say 'cause with the closing of one or two acquisition, we be able to consolidate the numbers financial result from those target companies into PHI Group and that would change the picture very dramatically, yeah.
And. Going forward, you know I want to share with you a number of progress that we have made during the last quarter and even up to date. You know under KOTA transaction, even though we have not closed transaction yet, we have been able to arrange a bridge financing for KOTA to go ahead and wrap up the new revenue growth initiative and shareholder of the Company of our company through our contact, you know, stepped up and provided that the financing for KOTA to be able to capture the opportunity and ramp up their production their contract.
And the marketing and also operation requirements in order to meet the growth target. It sounds very, very bold very audacious yet very high goal. But yeah, KOTA Management and we believe you know we're able to accomplish those milestones. So that's them. 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. It's not done yet, but among the ones who have signed up with we believe you know, we'll be able to close some of them, if not all of them. So it's still in the work. It's not done yet, but you know it's not something we have given up or anything.
We will only announce and share with our shareholders and the public when it's already clear and firm. So please keep that in mind. You know we are not done with those yet. And then on the Five Grain acquisition front, we have made some very, very interesting progress as well. As far as the financing for this acquisition, we have worked, been working on a number of avenues. And whichever that comes first and more appropriate or suitable, we will choose that one to complete the transaction.
There are a couple of investors in Asia that have shown interest in participating. So that is very promising as well. And I will need to meet with them in person very soon to workout the details, but in principle you know they have agreed to doing certain things that we help expedite the close enough transaction.
And on the Empire Spirit side, the good thing is we have already been able to get the commitment of a number of growers in Vietnam that will be willing to grow sorghum for us in order to supply to Five Grain, but also to provide to Empire Spirit as well because we have already designed and will be launching an off brand of empire spirit to hit the market sooner than later because initially we were planning to wait until the closing of the transaction before we do that.
But now we have rethought the strategy and want to launch our own brand, even before the closing of the five grain acquisition. So those are very, very positive progress, especially growing Sorghum in Vietnam for example, you know it shows a number of benefits. Number one, of course. You know we can use the grain for our baijiu for our liquor stealing, but the same time, you know the sorghum stock and so forth can be used to make pellet, you know for energy and then to generate energy as well. So its one stone, two, two or three birds.
You know, it's a good thing. Before in Asia, mainly they were thinking of growing grain, I mean sorghum. There are number of companies that have set out to grow sorghum just mainly for energy purposes. And on the CO2-1-0 Corp corporation, the Carbon Mitigation program we have that Choky is running. We are now in the pancake swap period but the company has already taken steps to go ahead and list the token on an exchange in the very near future and also alongside, you know, we also have a marketing program to broadcast to propagate, I mean to share our information with the general public on a wider, wider scale. So to let people know.
So we believe in the next few months we'll see very good progress with the CO2-1-0 Carbon Corp program and the good thing is we have been able to get a number of project owners from hydro power producers in Indonesia through solar energy companies in Vietnam and here in the US also in Canada. And also we have also reached out to Latin America to South America, yeah. So we'll be working very hard and very aggressively to expand our bandwidth and our coverage so that there will be more and more people being able to come and join our program. So that's having very good progress and we believe it will, it will get better and better.
And the fun side. Yeah, we we have a minor change with the domicile, I mean the address of the fund will be moving them to a new location. And you know I will have to go back to Luxembourg to find a place for the long term office together with our fund and all our subfunds and also other operation that would be a conduit between the Luxembourg and Asia as well. So for the time being.
We have make that that change and we'll move forward with the launching of the fund toward the end of this quarter and early next quarter. Well, the good news is, besides the private investors that we have known on a personal basis who have shown interest in commitments invest into the fund, we actually have not really done any broad scale, I mean, marketing for the fund yet, but recently we have signed up with the trade commission of the US Department of Commerce and together with the US Embassy in the UAE, in Switzerland, and the UK, and so forth so toward the end of March and we'll be meeting with a number of major investors in Dubai and in Abu Dhabi through the setup and arrangement of the US Department of Commerce and US Embassy in UAE and then around the middle of April will be also meeting with some major investors introduced by US Embassy in Switzerland.
So alongside with our private network, you know we have also been able to obtain the support of the US government in connection with a number of major investors in a number of countries, and then we will go to Hong Kong to Singapore, Japan, and Mexico between now and the end of the year. So we believe overtime, our funds will be better and better recognized and we'll be able to provide a point of interest for other groups to participate, and you know the neat thing we have and sometimes you know, I don't like to be like a broken record every time talking about the Asia Diamond exchange.
But it's the biggest thing we are doing because right now no other companies doing it and we are the only company that has this tremendous opportunity and we have made a lot of progress in spite of the adverse effects of COVID-19. But our partner in Europe, I want to use the term partners because you have a number of few core partners in this that have driven the process, that have gathered the interest, that have kept the momentum, that have been able to recruit people from around the world to join us and you know we our group has set up the International Diamond Bank in Botswana that will be a conduit for investment into the diamond exchange also to support [diamondteers?] operation.
You know, at the ADE and beyond as well. And, you know the Kimberley Process certification has been approved. I need to go back to Vietnam, maybe next week or the following week to work with the central and provincial government to get ready for the international press conference and also to prepare for licensing and to start the construction process.
As times go by, we get more and more people that become aware of our initiative. Just this past week, there's a group of Italian investors who have operations in other parts of Asia and they want to come and join us to be part of the multiple Commodities Center to set up their manufacturing there with us and we're talking about big, big groups with hundreds of millions of dollars.
It's not just one small shop, you know, and things like that the momentum has been built and has been getting better and better and better every day. And sometimes you know, of course, you know, our shareholders, I don't blame you, because of course we want to see stock appreciation. You know, sometimes if you wake up in the day and see they stock going down, you know, it's not a good feeling at all.
And you know, I myself as a shareholder in the company, you know. None of us, management have sold one single share. We have not sold any share. We will continue to accumulate, you know and buy more share in the company. We're not selling because you know we know this will be a create outcome and through all of this. So you know when you see other company, people are selling and don't say, oh, Henry is doing the same thing? No, I am not. I have not.
And I will not be selling shares in anytime soon. And every time of course I or anybody management of the company if we sell any stock you know we have to disclose with the SEC you will see right away. In the next day or two and then we cannot hide. So please and don't let the bother you at all. No I'm totally committed to the company, to our shareholders. You know, my stake is in the company. I'm not doing it just for myself, but for everybody as well.
So please take the longview and as I mentioned before, you know if this is not the appropriate stock for you, you know I don't want you to [leverage] your house and put money into the company. You have to plan accordingly you know that you can handle the fluctuation in the marketplace and also you know you have enough of a [??torrent of free step??], there would be suitable for you.
So please be careful but personally I say you know I'm totally committed and I have full faith in what we are doing and of course you know with the grace of God we believe that. We will get to where we are, we will and it will be a good thing for everyone. So I wanted to take a short amount of your time today just to bring you up to date to share with you, because this is the time of uncertainty and a lot of people can be affected by fear and you know, make the wrong decision.
So please keep that in mind and know that I'm totally committed to move forward and devote my time and energy to finish the task before us. Of course, we have multiple things going, but the biggest thing for us is still the Asia diamond exchange, which we believe will we change the fortune not of our company alone, but you know, even for the country of Vietnam and many, many people that are connected with this project throughout the world as well. Alright, thank you very much, ladies and gentlemen, and have a good evening.
Source: https://www.youtube.com/watch?v=bv_E2-ClQos
2/8/2022 - Conference Call Transcription $PHIL
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01/27/2022 - Conference Call transcript
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PHIL Conference Call Transcript - 01/20/2022 - Transcribed by msb341-Lady Di
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Ladies and gentlemen. Thank you very much for taking the time to join our conference call today. Actually this is not the most optimal time for me to have the call, I just landed in VN couple hours ago, it’s about 4am right now. But, I said we would have a call this week so I want to keep my promise to do that. It’s been very hectic and taxing and thank you for your patience as well.
I want to address a number of items here of interest and concern for all of our shareholders. I know you have been asking about BB and the loan programs, etc etc. Part of my trip to VN this time is to work on the ADE project, I will share with you on that a little bit later on, but because of the time constraints and the circumstance I want to be very very brief here. Of course the safe harbor statement: we are public company so any information that is forward looking cannot always be performed according to plans, so please keep that in mind. I don’t want to repeat myself as many times I have in the past a microcap stock can be very risky, you all know, especially OTC market level.
As you know, the BB, We have postponed the BB, we have not given up on it yet because a number of reason when we started out to announce the BB program at that time our market cap was only a few million dollars and we could have done it easily. But then, we couldn’t do it. You know we continue with the BB because we know there are too many shares out there. At one time or another some of our creditors converted shares at very low price that also hurted the market as well. But we know that what we are doing, I strongly believe the valuation will be very much higher than it is right now. the fact of the matter is we have priorities for the company and what is the best way, the most optimum way to spend our funds when we have it. You know we have a number of loans that are still pending with very low interest rate, cost of capital is quite reasonable and will be a good way to retire our shares and that is also part of our plan and I will share with you the status of our loans as well.
So the BB is still on, the company can from time to time go out to the market to BB shares on the open market or can have negotiated transactions with private parties, but of course we have a number of commitments and competence we need to comply with that is why we do what is right when it makes the most economic sense for the company and for our shareholders. We have a number of projects that can use cash for better reasons but BB is part of our commitment and we have not given up on that plan yet and and will do it from time to time.
As far as the loans are concerned, we have a number of loans we have applied to and we have been working on. Some of them are closer than the others. Two of them we need to do much more DD, I was in Zurich the previous week and we planned to have a meeting with one group in particular but couldn’t arrange that meeting. We don’t consider that transaction if we cannot verify some things in person, so but that is still not dead yet.
We have other loans we have made a lot of progress. One of them in particular we have set up the spv, we have opened the corporate account. We still need to do some more DD and compliance before that can be completed. There is also another loan with Egypt, we have also set up the account to receive the funds have gone through DD, tax, clearance, and also background check and all that. Still one more item that needs to be resolved and I plan to do that first week of may and the meeting will be probably in Italy with the lenders and their attorneys. That is the plan, it’s not closed yet but it’s not something that is dead.
The situation with Kota, to be very honest with everyone, with our shareholders and kota as well. We have delayed the closing because of the timing of the closing of the loans. But, Kota management is quite open and friendly and willing to work with us. You know of course if they choose to they can decide not to do the deal anymore, but they has been patient and working with us to close this transaction. Especially with the 75 million dollar loan. Actually, That loan we are not going to get all the money at once, in tranches. The lender has confirmed that they will be working with us to get this done as quickly as possible.
The deal with 5 Grain, you know, at this stage it’s not realistic to buy 70% of that company and we discussed with them and modified the transaction and don’t need to take majority interest in the company. We have come up with a plan which will be even much better for both sides especially for us. We will set up a distillery in CA and US material and use sorghum from Kansas and Texas as well and do the distilling ourselves.
With the technology and the recipe and “trade secret” that empire spirt has over many many decades and we also bring some advantage to the equation as well. So it will be a new organic Baiju distilled in the US, first of it’s kind. And you know the valuation of kewchou baiju itself and some of the other spirit companies in asia they have a very high multiples and I think working with the market we enter into can set us apart and we can command much better valuation as well and we believe just like tequila when it first came to market it took time to for people to recognize but after a certain period of time, people get used to it and its become very popular.
We believe Empire spirit can make a very big difference.
We have something new, it’s too early to share at this stage as far as product line and new formulations are concerned. That will come in later. I think once we can show the new brand, the bottles, the design together and are ready to launch and the new facilities and so forth it will be very impressive. It will come it’s not something that will come overnight but we’ve been working on it very diligently. Sometime people just see things on the surface and it’s hard to understand what’s been going on.
One bright spot for us also is the listing of Carbon CO-1-0 carbon coin. Part of the reason I wanted to keep the cc today as I mentioned for sure it would happen this week and also it would coincide with the listing of carbon and also april 22nd is the earth day so it’s a good timing for everything. Why do a CC on Friday? it may be a harbinger or omen of bad things. You know news is news, information is information, truth is truth. Whatever the reality we can say at any moment in time it up to people to perceive or to take it but we had a good reason to the call on Friday like this. Yep.
I want to share with you a little bit more about the funds and also the ADE. We have made tremendous progress with the ADE. The asia diamond exchange. We spend probably 4 years on this project already. It has taken a lot of time and the most of time during the last 2 years because of the covid situation we couldn’t get things done, just like a lot of other companies as well. A lot of airlines even like ? Pacific and Hong Kong are not getting back to normal and many many companies are still under stress and it has affected us a lot in many ways but at the same time our partner, Mr. Ben Smet in Europe and his team and myself we have worked nonstop, continuously with diamondteers, with major groups in Europe, in South africa, Botswanna, Dubai and Antewerp,. And we have a very very strong support that was not there like 3-4 years ago.
In this section: have to correct the location names: And part of my trip I want to share with you I want to share my screen with you.
This is the new are in long thoung (?) district and Donai (?) province we’ll be doing our ADE. The upper area is 1200 hectares and the are below is about 900 hectares. Initially we came in Chu Lai in the quanam (?) province central VN during the past year the provicial govt has agreed to give us 240 hectares for the multi commodities center comprable to the dubai multi commodities center and to also set up the ADE there. All of the conditions there are excellent, there’s nothing wrong with conditions in terms of transportation, in terms of access and proximity to the airport and support system and all that but only one issue the weather you know sometime in the winter in monsoon season it can be very adverse and that’s not something we can control. And later the latter part of 2020 the long Thong international airport got started and got expedited.
This is a huge huge airport and that initially the first few years can accommodate 25 million passengers per year but the capacity the goal is to go up to 100million passengers per year. We came in and applied for 600 hectare out of this area for the ADE and for the processing zone but because of the govt plan to build a multi logistic and multi commodity industrial zone so we have come back and applied for the entire area both the upper part and the lower part. And so I’m back in the country to work on this project at the moment with the govt.
The upper part is the airport and the lower part is the multi commodity, multi logistic center and the ADE is planned to be in this area. Sometime people think this is a big undertaking, this is a huge project. Yes indeed it is a huge undertaking and we are very fortunate to be the only group that has been able to organize to put this together with the help of our key partner mr. Ben Smet and also his team in Europe. And Mr. Ben smet is the gentlemen who set up the Dubai Diamond Exchange back in 2002-2004 and with a vast.... so many raised hands, sorry I’m not going to be able to take any personal comment at this time.
And we, as mentioned will hold the IPC when the conditions are right. Right now the travelling in VN is improving but still not totally improved capacity yet. We plan to come back with our team to organize that very soon.
I want to give you an over update, I think the most concern are the loans right now and we are working very hard to bring them to closing. The carbon mitigation program will definitely go forward and grow and expand and we have more and more companies that want to join us in providing the carbon credits and joining our program. Empire spirit we will continue to show you progress so that will be a very positive will be very robust for the company.
I think because the time constraints, the fact that the BB and the loans that most of you are concerned, it want to address those and we continue to work on these. I’m in VN for this week and hopefully we’ll be able to provide new updates through news release and another CC when the conditions are right are ready. Some of you may feel very disheartened and concerned about the share price of our stock in the market. There has been a lot of pressure, we recognize that.
But we believe that will change. Fundamentally we are sound. Our projects are on the right track, going well. We will be able to show them with results. That’s what everybody’s been looking for. I’m committed to fulfilling my obligation and my duty. My plege to you we’ll get this finished we’ll get this done. I hope you have a good weekend. It’s a little bit late for me it’s almost 4:30 in the am local time right now.
I think I’ll get some sleep. We have a full working day tomorrow, even saturday here. You know I have been working very very hard not leaving no stone unturned making sure that we do everything in our capacity to finish our job. We can try to be a builder but without the blessing of the divine it’s not up to us. It’s not about money, it’s not about business, it’s about mission we need to accomplish and I’m fullycommitted to doing that.
Sorry, I’m a little bit tired and my voice may not be very strong but my spirit is srong and I’m fully committed to get this done. I hope you have a great weekend. Thank you for your patience. Thank you for your criticism as well. I thank you for them all. I know I can take it. I’m up to do the job, Whatever you have to say, you have to say. I cannot get offended. I fully understand and I appreciate you feedbacks and your encouragement and sometimes even your bashing as well. I take them all. But most importantly I’ll finish and do the job. I will not give up. Thank you. Very much. Have a good weekend and may god bless us all. Thank you. Bye bye.
Source: https://www.youtube.com/watch?v=XsALNTd2xYU&t=9s
Phi Group Inc. CC 02/22/2022 Transcript
Transcribed by VRNAQLR
Introduction: Ukraine/Russia Boosheet
Greetings. Welcome, ladies and gentlemen, thank you very much for taking your time to join us. And todays conference call. I'm sorry It was a short notice, but I thought it would be important for us to have this call because of a number of reasons. You know, all of you are aware of the tensions that are going on between Russia and Ukraine and the US just announced the first wave of sanctions.
And, you know, the escalation of forces on the ground. And also the uncertainty that is caused by this conflict can be kind of affect all of us in different ways and today, the S&P 500 enters the correction territory and you know a lot of other Indexes also took a beating from the SP 500, Dow Jones and the Nasdaq and Russell 2000, including our stock as well.
And I believe I think this is important time for us to be aware of what's going on with the company and have a good understanding because the three factors that affect a lot of us who are in market, those of you who already know the greed factor and then hope and fear. But you know the worst of it is fear. We fear when we do not have correct, accurate information we can make wrong decisions. Sometimes things that can come back to hurt us or we may regret for a long time.
And you know the tensions between Russia and Ukraine, will also cause the energy price to rise, to escalate and that will make the job of the Fed more difficult to tame inflation, which has gone up so much compared to many many decades ago. But you know, tensions will also go away. Major events in history have come and go, so we need to look at the big picture and take a long term view and don’t get panicked.
You know, sometimes on small things and sometimes in our stock you know, today is down and a lot off you, some of you have shown the kind of fear and anxiety and some have expressed some very – I wouldn’t say depressing, but you know very concerning sentiments. So let me turn off my phone. I don't want it to interfere with our call here.
To The Point
So that being said, you know, I don't want to belabor myself or spend too much time on the safe harbor statement, which is all too familiar with us. You know, it's part of the routine in every presentation of public companies because things in the future may not be as exactly as what we planned to see happen, and because of factors that are beyond our control, you know, known and unknown risks and uncertainty and so forth, so.
That being said, you know I will not spend too much time on it today I want to do a recap on the last quarter earnings the quarter ended December 31st, 2021 and also bring you up to date on some of the recent progress so that you know that we have a bright future. It's just not the now and what already happened and some of you say, “oh. We didn't generate any revenue.”
Yeah, we admitted that we didn't but in the last quarter and even before that, we have devoted a lot of our energy and effort on a number of things. Of course, you know, building the Asia Diamond Exchange is our biggest undertaking among the other things. But then the last quarter, we also started working on the KOTA transaction and then launching CO2-1-0 Carbon mitigation program and also the Five Grain acquisition. For the last quarter, we didn't generate any new revenues.
Actually the $5000 in the book, it was from a contract consulting agreement we have had and they still owe us some money on that. It's not all, but we, you know, we only collected that much during the last quarter and our focus well mainly was on the acquisition of Five Grains Spirit Company and KOTA companies as well as the launching of the CO2-1-0 Carbon Corp you know as we mentioned the filing and also all of you are aware and now on the expansion side, you know we recorded a very big increase in expenses actually they total operating expenses were $9.9 million compared to only like over like over $109,000 for the three months ended 2020 December 31st.
The big increase in total operating expenses between the two periods was mainly due to an increase of about $9.8 million in professional services in connection with the development of the blockchain and crypto technology development project.
And you know, we didn't pay with cash, so it was from our shares. But Even so you know we recorded you know it as it has to be it's an accounting expense even though you know we didn't spend hard cash or greenbacks on it.
And so the last from operation from the quarter ended December 31st, 2021 was about $9.9 million and the total net loss including the administrative and salaries and general expenses, you know, total was about 10 and a half million dollars and again you know the bulk of it you know more than the 90% of it which mainly due to the professional services that we pay for in connection with the development of the crypto and blockchain technology programs and those, you know, will benefit us in the long term.
It's just not one or two quarters, you know, so please keep that in mind and you say cash [outlay?] and cash that we have put out, but it will come back to benefit us. And of course you know we can always offset future income, you know, with the accumulated deficit.
So it's not something waste, it is not. Please keep that in mind and why, you know, we didn't record the kind of revenue we would we'd wished to have and part of it, you know, the vinafilms as all of you have known.
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.
I will share with you a little bit on how we can capitalize on the situation and make it beneficial for our company. So whatever you see on the filing today, you know is not representative of what's going to happen in the next three or six months because between now and then there'll be a lot of changes for the better. As we say 'cause with the closing of one or two acquisition, we be able to consolidate the numbers financial result from those target companies into PHI Group and that would change the picture very dramatically, yeah.
And. Going forward, you know I want to share with you a number of progress that we have made during the last quarter and even up to date. You know under KOTA transaction, even though we have not closed transaction yet, we have been able to arrange a bridge financing for KOTA to go ahead and wrap up the new revenue growth initiative and shareholder of the Company of our company through our contact, you know, stepped up and provided that the financing for KOTA to be able to capture the opportunity and ramp up their production their contract.
And the marketing and also operation requirements in order to meet the growth target. It sounds very, very bold very audacious yet very high goal. But yeah, KOTA Management and we believe you know we're able to accomplish those milestones. So that's them. 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. It's not done yet, but among the ones who have signed up with we believe you know, we'll be able to close some of them, if not all of them. So it's still in the work. It's not done yet, but you know it's not something we have given up or anything.
We will only announce and share with our shareholders and the public when it's already clear and firm. So please keep that in mind. You know we are not done with those yet. And then on the Five Grain acquisition front, we have made some very, very interesting progress as well. As far as the financing for this acquisition, we have worked, been working on a number of avenues. And whichever that comes first and more appropriate or suitable, we will choose that one to complete the transaction.
There are a couple of investors in Asia that have shown interest in participating. So that is very promising as well. And I will need to meet with them in person very soon to workout the details, but in principle you know they have agreed to doing certain things that we help expedite the close enough transaction.
And on the Empire Spirit side, the good thing is we have already been able to get the commitment of a number of growers in Vietnam that will be willing to grow sorghum for us in order to supply to Five Grain, but also to provide to Empire Spirit as well because we have already designed and will be launching an off brand of empire spirit to hit the market sooner than later because initially we were planning to wait until the closing of the transaction before we do that.
But now we have rethought the strategy and want to launch our own brand, even before the closing of the five grain acquisition. So those are very, very positive progress, especially growing Sorghum in Vietnam for example, you know it shows a number of benefits. Number one, of course. You know we can use the grain for our baijiu for our liquor stealing, but the same time, you know the sorghum stock and so forth can be used to make pellet, you know for energy and then to generate energy as well. So its one stone, two, two or three birds.
You know, it's a good thing. Before in Asia, mainly they were thinking of growing grain, I mean sorghum. There are number of companies that have set out to grow sorghum just mainly for energy purposes. And on the CO2-1-0 Corp corporation, the Carbon Mitigation program we have that Choky is running. We are now in the pancake swap period but the company has already taken steps to go ahead and list the token on an exchange in the very near future and also alongside, you know, we also have a marketing program to broadcast to propagate, I mean to share our information with the general public on a wider, wider scale. So to let people know.
So we believe in the next few months we'll see very good progress with the CO2-1-0 Carbon Corp program and the good thing is we have been able to get a number of project owners from hydro power producers in Indonesia through solar energy companies in Vietnam and here in the US also in Canada. And also we have also reached out to Latin America to South America, yeah. So we'll be working very hard and very aggressively to expand our bandwidth and our coverage so that there will be more and more people being able to come and join our program. So that's having very good progress and we believe it will, it will get better and better.
And the fun side. Yeah, we we have a minor change with the domicile, I mean the address of the fund will be moving them to a new location. And you know I will have to go back to Luxembourg to find a place for the long term office together with our fund and all our subfunds and also other operation that would be a conduit between the Luxembourg and Asia as well. So for the time being.
We have make that that change and we'll move forward with the launching of the fund toward the end of this quarter and early next quarter. Well, the good news is, besides the private investors that we have known on a personal basis who have shown interest in commitments invest into the fund, we actually have not really done any broad scale, I mean, marketing for the fund yet, but recently we have signed up with the trade commission of the US Department of Commerce and together with the US Embassy in the UAE, in Switzerland, and the UK, and so forth so toward the end of March and we'll be meeting with a number of major investors in Dubai and in Abu Dhabi through the setup and arrangement of the US Department of Commerce and US Embassy in UAE and then around the middle of April will be also meeting with some major investors introduced by US Embassy in Switzerland.
So alongside with our private network, you know we have also been able to obtain the support of the US government in connection with a number of major investors in a number of countries, and then we will go to Hong Kong to Singapore, Japan, and Mexico between now and the end of the year. So we believe overtime, our funds will be better and better recognized and we'll be able to provide a point of interest for other groups to participate, and you know the neat thing we have and sometimes you know, I don't like to be like a broken record every time talking about the Asia Diamond exchange.
But it's the biggest thing we are doing because right now no other companies doing it and we are the only company that has this tremendous opportunity and we have made a lot of progress in spite of the adverse effects of COVID-19. But our partner in Europe, I want to use the term partners because you have a number of few core partners in this that have driven the process, that have gathered the interest, that have kept the momentum, that have been able to recruit people from around the world to join us and you know we our group has set up the International Diamond Bank in Botswana that will be a conduit for investment into the diamond exchange also to support [diamondteers?] operation.
You know, at the ADE and beyond as well. And, you know the Kimberley Process certification has been approved. I need to go back to Vietnam, maybe next week or the following week to work with the central and provincial government to get ready for the international press conference and also to prepare for licensing and to start the construction process.
As times go by, we get more and more people that become aware of our initiative. Just this past week, there's a group of Italian investors who have operations in other parts of Asia and they want to come and join us to be part of the multiple Commodities Center to set up their manufacturing there with us and we're talking about big, big groups with hundreds of millions of dollars.
It's not just one small shop, you know, and things like that the momentum has been built and has been getting better and better and better every day. And sometimes you know, of course, you know, our shareholders, I don't blame you, because of course we want to see stock appreciation. You know, sometimes if you wake up in the day and see they stock going down, you know, it's not a good feeling at all.
And you know, I myself as a shareholder in the company, you know. None of us, management have sold one single share. We have not sold any share. We will continue to accumulate, you know and buy more share in the company. We're not selling because you know we know this will be a create outcome and through all of this. So you know when you see other company, people are selling and don't say, oh, Henry is doing the same thing? No, I am not. I have not.
And I will not be selling shares in anytime soon. And every time of course I or anybody management of the company if we sell any stock you know we have to disclose with the SEC you will see right away. In the next day or two and then we cannot hide. So please and don't let the bother you at all. No I'm totally committed to the company, to our shareholders. You know, my stake is in the company. I'm not doing it just for myself, but for everybody as well.
So please take the longview and as I mentioned before, you know if this is not the appropriate stock for you, you know I don't want you to [leverage] your house and put money into the company. You have to plan accordingly you know that you can handle the fluctuation in the marketplace and also you know you have enough of a [??torrent of free step??], there would be suitable for you.
So please be careful but personally I say you know I'm totally committed and I have full faith in what we are doing and of course you know with the grace of God we believe that. We will get to where we are, we will and it will be a good thing for everyone. So I wanted to take a short amount of your time today just to bring you up to date to share with you, because this is the time of uncertainty and a lot of people can be affected by fear and you know, make the wrong decision.
So please keep that in mind and know that I'm totally committed to move forward and devote my time and energy to finish the task before us. Of course, we have multiple things going, but the biggest thing for us is still the Asia diamond exchange, which we believe will we change the fortune not of our company alone, but you know, even for the country of Vietnam and many, many people that are connected with this project throughout the world as well. Alright, thank you very much, ladies and gentlemen, and have a good evening.
Source: https://www.youtube.com/watch?v=bv_E2-ClQos
2/8/2022 - Conference Call Transcription $PHIL
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01/27/2022 - Conference Call transcript
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PHIL Conference Call Transcript - 01/20/2022 - Transcribed by msb341-Lady Di
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