Replies to post #82194 on PHI Group Inc (PHIL)

[LOCOGOD]

What would be really fun is if Phil used the $500k to buy back 5bill shares at .0001.

[gettingideas]

Not a buyback. It is a loan conversion. Company owed him over $1 milion before, but and he converted 1/2 of that into newly issued shares:

"NOTE 7 – DUE TO OFFICERS
 
Due to officer, represents loans and advances made by officers and directors of the Company and its subsidiaries, unsecured and due on demand. As of March 31, 2021 and June 30, 2020, the balances were $1,680,243 and $1,696,274, respectively.
 
Officers/Directors 
March 31, 2021  June 30, 2020
Henry Fahman  $1,016,893   $1,032,924 
Tâm Bui   $663,350   $663,350 
Total  $1,680,243   $1,696,274 
"
Pay attention to the wording the PR - it doest say he took out $500k from his pocket and purchased the shares at the market, but that he "converted" his debt into restricted common shares:

"On August 19, 2021 Henry Fahman converted $500,000 of the loan that he made to PHI Group on 02/07/2020 into 103,279,112 shares of restricted Common Stock of PHI Group, Inc. to increase his direct ownership in the Company. "

Since there are not restricted common shares in the treasury, he had to issue them.