PHI Group Inc (PHIL)

[mythical_phenix]

I fired up the HP. It's been a while since I've done that, but it still going strong. From the last 10Q there are some 247 Million shares outstanding. At a 1:1500 reverse, that will leave some 165K outstanding. There are currently (again from the last 10Q) some $2.4 million in short term notes payable. There is also $1.4 Million due to officers, but let us ignore that for a moment. The 'restructuring' has a clause which allows debt to be converted at a 25% discount to the ten-day average prior to the conversion. If we look at recent activity, let us assume a value of 75% of .0028 as such a conversion factor. If all the $2.4 Million in short-term notes payable was converted, that would be some 1.15 Billion shares, or after the reverse, 766K shares, far exceeding the currently issued amount of 165K. Ouch to the hapless common shareholder if that happened.
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