Replies to post #196 on Phoenix Rising Companies Inc (PRCX)

[ddds]

DD information about Mr. Liu FaKuan, the seller of Henan Wandi Mining Product Development Co, Ltd.

By referring to the following purchase agreement.
https://sec.report/Document/0001640334-20-000431/

There are a few court cases can be find in www.qcc.com, This is a very useful website for DD mainland China companies. Unfortunately it is in Chinese only. However, google translate can help!

DD summary of Henan Wandi Mining Product Development Co, Ltd.
https://www.qcc.com/csusong/813ca4ed997ff56a8c882cadde525577

(A) Is Mr. Liu still own the company?
original link: https://www.qcc.com/wenshuDetail/d542c45ae9af3ccc37825f6985668225.html
google translate: https://translate.google.com/translate?hl=&sl=zh-CN&tl=en&u=https%3A%2F%2Fwww.qcc.com%2FwenshuDetail%2Fd542c45ae9af3ccc37825f6985668225.html

This record mentioned the share ownership of Mr. Liu in Henan Wandi Mining Product Development Co, Ltd. is freeze by the court since May 2017.

original link: https://www.qcc.com/wenshuDetail/896be622b509846205d43f018a48dbdb.html
google translate: https://translate.google.com/translate?sl=zh-CN&tl=en&u=https%3A%2F%2Fwww.qcc.com%2FwenshuDetail%2F896be622b509846205d43f018a48dbdb.html

This record highlight the fact that Mr. Liu has an unpaid loan of CNY 10.4 million. Henan Wandi Mining Product Development Co, Ltd and You Zhou Shenhuo Kuanfa Mining Company Ltd have the obligation to pay the debt.

(B) 24 million tons of coal?
original link: https://translate.google.com/translate?sl=zh-CN&tl=en&u=https%3A%2F%2Fwww.wanglu.net%2Fthread%2Ft4-177078-0.html
google translate: https://translate.google.com/translate?sl=zh-CN&tl=en&u=https%3A%2F%2Fwww.wanglu.net%2Fthread%2Ft4-177078-0.html

This is "REPORT ON EVALUATION AND CONSULTATION OF MINING RIGHT OF HENAN WANDI MINERAL PRODUCT DEVELOPMENT COMPANY, LTD." mentioned in the 8K.

"The estimated recoverable reserves of the whole area are 764,800 tons, and the recoverable reserves of 228,700 tons that need to be collected from the transfer income. The comprehensive mining loss rate of the mine is 20%, the production scale is 150,000 tons/year, the total service life of the mine is 3.64 years, and the transfer income service is required. The period is 1.08 years, and the evaluated product plan is raw coal. The product does not include tax at a sales price of 470 yuan/ton, the mining rights equity coefficient is 3.9%, and the discount rate is 8%."

There is no mention of 24 million tons!

We have to question how the management in RSSV do their DD in Mr. Liu and his "Henan Wandi Mining Product Development Co, Ltd.".