To be more clear, when a company becomes public by reverse merger, the history of that company does not just automatically disappear. It is not a new company, or another company.....it is the same company, which changes its name to something else, such as BMGI to PHAR.
It is a requirement to describe the company's history. It is required by OTC, or the SEC...because it is not a new company. However, it would be different if a company just reversed into a shell company, if that shell company had no history prior to the reverse.
So, just as our parents, grandparents, and great grandparents will remain part of our history for as long as we live, so too will all of the history of PHAR remain as part of the company.