PHI Group Inc (PHIL)

[mythical_phenix]

Calm before the storm? These convertible notes typically convert 180 days after they were issued. That would be beginning of March for you date challenged readers. From a 10Q referencing that time range:

11. ISSUANCES OF SHORT-TERM CONVERTIBLE NOTES

On March 3, 2023, the Company issued a Convertible Promissory Note to 1800 Diagonal Lending LLC, a Virginia limited liability company, for $55,000.00, with interest rate of eight percent (8%) per annum. Any Principal Amount or interest on this Note which is not paid when due shall bear interest at the rate of twenty two percent (22%) from the due date thereof until the same is paid (“Default Interest”). The per share conversion price into which Principal Amount and interest (including any Default Interest) under this Note shall be convertible into shares of Common Stock hereunder (the “Conversion Price”) shall equal $0.001 during the one hundred eighty days following the issuance date, or 61% multiplied by the market price any time after the first one hundred eighty days. Market price is defined as the average of the two lowest trading prices for the Company’s Common Stock during the ten trading day period ending on the latest trading day prior to the conversion date.

On March 14, 2023, the Company issued a Convertible Promissory Note to Mast Hill Fund, L.P., a De a Delaware limited partnership, for $185,000.00, with interest rate of twelve percent (12%) per annum. Any Principal Amount or interest on this Note which is not paid when due shall bear interest at the rate of the lesser of (i) sixteen percent (16%) per annum and (ii) the maximum amount permitted by law from the due date thereof until the same is paid (“Default Interest”). The per share conversion price into which Principal Amount and interest (including any Default Interest) under this Note shall be convertible into shares of Common Stock hereunder (the “Conversion Price”) shall equal $0.001, subject to adjustment as provided in this Note.

They actual terms and conditions may be different that what we read here. What if today's conversion was the $55K note and the $185K note is up in a week or so?