PHI Group Inc (PHIL)

[mythical_phenix]

Notes payable mysteries...

From the most recent amended 10Q for the quarter ending 9/30/2022 we learn the following:

During the quarter ended September 30, 2022, the Company issued the following short-term notes: $180,000 with Alvah & Doris Veit Foundation for administrative fees paid on behalf of the Company in connection with a financing program, $54,959 with two shareholders, $25,000 with Legacy Environmental Solutions, and $50,000 with Tin Thanh Group. The balance of these new short-term notes as of September 30, 2022 was $299,959.

Alvah & Doris Veit Foundation. What in the world?
http://veitfoundation.org/WordPress/about-us/

The Foundation’s mission is two-fold. First, to provide Academic Grants to graduates of Camden, NJ High Schools who are entering college in pursuit of an Engineering degree.

The second purpose is to provide Grants for Christian Evangelical Missions [501- (c)(3)] that are actively sharing the Gospel of Jesus Christ.

Merchant cash advance mystery:

From the most recent 10Q for the quarter ending 12/21/2022 we learn the following:

NOTES PAYABLE: As of December 31, 2022, Notes Payable consist of $950,880 in short-term notes payable, $43,750 in PPP loan, $889,500 in convertible promissory notes and $226,160 in Merchant Cash Advance loans.

and...

ITEM 1. LEGAL PROCEEDINGS
Except for some merchant cash advance cases that are in the process of being settled, the Company is not a party to any material pending legal proceedings and, to the best of its knowledge, no such action by or against Company has been threatened.

Are these legal proceedings the NY State Apex Funding and Iruka Capital suits against the PHIL? I'd sure like to know where in 'the process' the settlement is. lol! And what exactly does the PHIL use to qualify for a merchant cash advance loan? Aren't these issued against a company's future receivables? What receivables does PHIL have?

Very curious indeed.
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