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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
☒
ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended: JUNE 30, 2024
or
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _________________________to _____________________________________
PHI GROUP, INC.
(n/k/a
PHILUX GLOBAL GROUP INC)
(Exact
name of
registrant
as specified in its charter)
Wyoming |
|
001-38255-NY |
|
90-0114535 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
17011
Beach Blvd., Suite 900, Huntington Beach, CA |
|
92647 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: 714-642-0571
2323
Main Street, Irvine, CA |
|
92614 |
(Former
name or former address, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
Common
Stock |
|
PHIL |
|
OTC
Markets |
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
☐ No ☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has
been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit and post such files).
Yes
☐ No ☒
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (ss229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant’s knowledge, indefinitive proxy or information statement incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
Yes
☐ No ☒
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☐ |
Smaller
reporting company ☒ |
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s
most recently completed fiscal quarter:
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of October
15, 2024, there were 46,873,940,565 shares of the registrant’s $0.001 par value Common Stock and 600,000 shares of Class B Series
I Preferred Stock issued and outstanding.
TABLE
OF CONTENTS
The
statements contained in this annual report that are not historical facts are “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995 with respect to our financial condition, results of operations and business,
which can be identified by the use of forward-looking terminology, such as “estimates,” “projects,” “plans,”
“believes,” “expects,” “anticipates,” “intends,” or the negative thereof or other variations
thereon, or by discussions of strategy that involve risks and uncertainties. All forward-looking statements are based largely on current
expectations and beliefs concerning future events that are subject to substantial risks and uncertainties. Actual results may differ
materially from the results suggested herein. Factors that may cause or contribute to such differences include, but are not limited to,
the company’s ability to develop and successfully market the products and services described in this report (and the costs associated
therewith); their acceptance in the marketplace; technical difficulties or errors in the products and/or services; the company’s
customer and active prospect base containing a substantially lower number of interested customers than the company anticipates; the failure
to consummate the pending acquisitions, joint ventures and/or strategic alliances at all (or on a timely basis) due to various reasons;
difficulty integrating or managing multiple companies from technology, operational and marketing aspects; the success (and cost) of new
marketing strategies as a result of mergers and acquisitions; unfavorable critical reviews; increased competition (including product
and price competition); entrance of new competitors into the market; timing and significance of additional new product and service introductions
by the company and its competitors; general economic and market factors, including changes in securities and financial markets; technology
obsolescence, the adequacy of working capital, cash flows and available financing to fund the company’s business model and the
proposed acquisitions or investments ; and other risks and uncertainties indicated throughout this report and from time to time in the
company’s releases and filings including without limitation filings with the Securities and Exchange Commission. As used in this
report, the terms “we,” “us,” “our,” the “company” and “PHI” mean PHI Group,
Inc. and the term “common stock” means PHI Group, Inc.’s common stock, $.001 par value per share (unless context indicates
a different meaning).
PART
I
ITEM
1. BUSINESS OVERVIEW
INTRODUCTION
PHI
Group, Inc. (n/k/a Philux Global Group Inc) (the “Company” or “PHI”) (www.philuxglobal.com) is primarily
engaged in mergers and acquisitions, advancing Philux Global Funds, SCA, SICAV-RAIF, a “Reserved Alternative Investment Fund”
(“RAIF”) under the laws of Luxembourg, and developing the Asia Diamond Exchange in Vietnam. Besides, the Company provides
corporate finance services, including merger and acquisition advisory and consulting services for client companies through our wholly
owned subsidiary Philux Capital Advisors, Inc. (formerly PHI Capital Holdings, Inc.) (www.philuxcapital.com) and invests in selective
industries and special situations aiming to potentially create significant long-term value for our shareholders. Philux Global Funds
intends to include a number of sub-funds for investment in select growth opportunities in the areas of renewable energy, real estate,
infrastructure, healthcare, agriculture, and the Asia Diamond Exchange in conjunction with the International Financial Center in Vietnam.
BACKGROUND
Originally
incorporated on June 8, 1982 as JR Consulting, Inc., a Nevada corporation, the Company applied for a Certificate of Domestication and
filed Articles of Domestication to become a Wyoming corporation on September 20, 2017. In the beginning, the Company was foremost engaged
in mergers and acquisitions and had an operating subsidiary, Diva Entertainment, Inc., which operated two modeling agencies, one in New
York and one in California. In January 2000, the Company changed its name to Providential Securities, Inc., a Nevada corporation, following
a business combination with Providential Securities, Inc., a California-based financial services company. In February 2000, the Company
then changed its name to Providential Holdings, Inc. In October 2000, Providential Securities withdrew its securities brokerage membership
and ceased its financial services business. Subsequently, in April 2009, the Company changed its name to PHI Group, Inc. From October
2000 to October 2011, the Company and its subsidiaries were engaged in various transactions in connection with mergers and acquisitions
advisory and consulting services, real estate and hospitality development, mining, oil and gas, telecommunications, technology, healthcare,
private equity, and special situations. In October 2011, the Company discontinued the operations of Providential Vietnam Ltd., Philand
Ranch Limited, a United Kingdom corporation (together with its subsidiaries Philand Ranch - Singapore, Philand Corporation - US, and
Philand Vietnam Ltd. - Vietnam), PHI Gold Corporation (formerly PHI Mining Corporation, a Nevada corporation), and PHI Energy Corporation
(a Nevada corporation), and mainly focused on acquisition and development opportunities in energy and natural resource businesses.
The
Company is currently promoting Philux Global Funds, SCA, SICAV-RAIF by launching Philux Global Select Growth Fund and potentially other
sub-funds for investment in real estate, renewable energy, infrastructure, agriculture, healthcare and the International Financial Center
and Asia Diamond Exchange in Vietnam. In addition, Philux Capital Advisors, Inc. (formerly Capital Holdings, Inc.), a wholly owned subsidiary
of the Company, continues to provide corporate and project finance services, including merger and acquisition (M&A) advisory and
consulting services for U.S. and international companies. The Company has also formed Philux Global Advisors, Inc. to serve as the investment
advisor to Philux Global Funds and other potential fund clients in the future.
In
May 2023, the company signed a business cooperation agreement with SSE Global JSC, a Vietnamese joint stock company, to establish SSE
Global Group, Inc., a Wyoming corporation, (www.sseglobalgroup.com) to commercialize a self-sustainable energy technology.
In
June 2023 the Company signed a business cooperation agreement with Saphia Alkali JSC, a Vietnamese joint stock company, to form Sapphire
Alkali Global Group in the United States to finance, manufacture, sell and distribute Saphia Alkali’s proprietary products on a
worldwide basis.
In
December 2023 the Company signed an Agreement for Comprehensive Cooperation Agreement with a Vietnamese inventor (the “Inventor”)
to cooperate in the development and implementation of a proprietary clean energy technology using geomagnetic energy and focus on the
following areas: (1) Applying the Inventor’s proprietary inventions that are specifically designed to exploit the earth’s
available geomagnetic energy to generate energy and store energy without using an energy storage system (ESS), (2) Producing and providing
generators using the earth’s available geomagnetic energy, (3) Producing engines (spaceships, airplanes, ships, cars, trains, motorcycles,
etc.) powered by the earth’s available geomagnetic energy, and (4) Developing additional multiple new technologies that the Inventor
has studied and researched. The Parties agree to use Philux Global Energy, Inc., a Wyoming corporation and wholly-owned subsidiary of
Philux Global Group, Inc., Registration Number 2022-001066221, incorporated on January 3, 2022, as the operating company to commercialize
energy-related products based on the proprietary researches and developments of the Inventor group. The Inventor group filed a Provisional
Patent Application with the US Patent and Trademark Office (USPTO) for the “Multi-Impulse Energy System” and shall assign
and transfer certain intellectual properties related to energy generation using the earth’s available geomagnetic energy to Philux
Global Energy, Inc. for commercialization.
The
Company intends to integrate these clean energy technologies in the new subsidiary to be established in United Arab Emirates which will
replace its former subsidiary CO2-1-0 (CARBON) Corp. to continue engaging in carbon emission mitigation using blockchain and crypto technologies.
No
assurances can be made that the Company will be successful in achieving its plans.
BUSINESS
STRATEGY
PHI’s
strategy is to:
1.
Identify, build, acquire, commit and deploy valuable resources with distinctive competitive advantages;
2.
Identify, evaluate, acquire, participate and compete in attractive businesses that have large, growing market potential;
3.
Build an attractive investment that includes points of exit for investors through capital appreciation or spin-offs of business units.
SUBSIDIARIES:
As
of October 15, 2024, the Company has the following subsidiaries: (1) Asia Diamond Exchange, Inc., a Wyoming corporation (100%), (2) Philux
Global Funds SCA, SICAV-RAIF, a Luxembourg Reserved Alternative Investment Fund (100%), (3) Philux Luxembourg Development S.A., a Luxembourg
corporation (100%), (4) PHI Luxembourg Holding SA, a Luxembourg corporation (100%), (5) Philux Global General Partners SA, a Luxembourg
corporation (100%), (6) Philux Capital Advisors, Inc., a Wyoming corporation (100%), (7) Philux Global Advisors, Inc., a Wyoming corporation
(100%), (8) Philux Global Healthcare, Inc., a Wyoming corporation (100%), (9) Philux Global Energy Inc., a Wyoming corporation (100%),
and (10) Philux Global Vietnam Investment and Development Company Ltd., a Vietnamese limited liability company (100%)
ASIA
DIAMOND EXCHANGE AND INTERNATIONAL FINANCIAL CENTER IN VIETNAM
Along
with the establishment of Philux Global Funds, the Company has worked with the Authority of Chu Lai Open Economic Zone in Central Vietnam
and the Provinces of Quang Nam and Dong Nai, Vietnam, to develop the Asia Diamond Exchange for lab-grown, rough and polished diamond
together with a multi-commodities and logistics centers.
Mr.
Ben Smet, who successfully established the Dubai Diamond Exchange in 2002-2005, has been leading fulltime a group of experts for the
setup of the Asia Diamond Exchange since January 2018. He has brought together the main trading players in the rough diamond industry
to come to Vietnam. He has also established a partnership with the biggest player in the rough trading and polishing business and engaged
other main international diamond trading groups to join the overall venture.
The
Company has taken the decision to move the greater part of the ADE rough and polishing venture, first to an Industrial Zone to be established
close to the new international Airport in Long Thanh District, Dong Nai Province, Vietnam, and currently aiming at the Thanh Da Peninsula
in conjunction with the contemplated International Financial Center. This location change has caused that the entire KPC Process and
administration had to be adapted and redone with renewed financial input, mostly carried by Mr. Smet.
Mr.
Smet has started a structuring project, in order for PHI to set up and establish an International Financial Center in conjunction with
the Asia Diamond Exchange. This will be similar as what Mr. Smet has established successfully for Dubai in 2002-2005 and this now incorporating
the international changes of the last decade.
Once
the Company has effectuated all budgeting and all financial requirements and obligations, the ongoing process will effectively materialize
and Mr. Smet then shall transfer the entire venture to Philux Global Group, Inc.
The
Company has incorporated Asia Diamond Exchange, Inc., a Wyoming corporation, ID number 2021-001010234, as the holding company for the
development of the Asia Diamond Exchange in Vietnam.
PHILUX
GLOBAL FUNDS SCA, SICAV-RAIF
On
June 11, 2020, the Company received the approval from the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and successfully
established and activated PHILUX GLOBAL FUNDS SCA, SICAV-RAIF (the “Fund”), Registration No. B244952, a Luxembourg bank fund
organized as a Reserved Alternative Investment Fund in accordance with the Luxembourg Law of July 23, 2016 relative to reserved alternative
investment funds, Law of August 23, 2016 relative to commercial companies, and Modified Law of July 12, 2013 relative to alternative
investment fund managers.
The
following entities had previously been engaged to support the Fund’s operations: a) Custodian Bank: Hauck & Aufhauser Privatbankiers
AG, b) Administrative Registrar & Transfer Agent: Hauck & Aufhauser Alternative Investment Services S.A., c) Fund Manager: Hauck
& Aufhauser Fund Services S.A., d) Fund Attorneys: DLP Law Firm SARL and VCI Legal, e) Investment Advisor: PHILUX Capital Advisors,
Inc., f) Fund Auditors: E&Y Luxembourg and E&Y Vietnam, g) Fund Tax Advisor: ATOZ Tax Management, Luxembourg, h) Fund Independent
Asset Valuator: Cushman & Wakefield, Vietnam. Currently the Fund is in the process of changing the custodian bank, administrative
registrar & transfer agent, investment advisor and the fund manager.
The
Fund is an umbrella fund intended to contain one or more sub-fund compartments for investing in select opportunities in the areas of
real estate, infrastructure, renewable energy, agriculture, healthcare and especially the Asia Diamond Exchange and the International
Financial Center in Vietnam.
Other
subsidiaries of the Company that are established in conjunction with PHILUX Global Funds include PHI Luxembourg Development S.A., PHILUX
Global General Partners SA, and PHI Luxembourg Holding SA. Website: www.philuxfunds.com.
PHILUX
CAPITAL ADVISORS, INC.
Philux
Capital Advisors, Inc. was originally incorporated under the name of “Providential Capital, Inc.” in 2004 as a Nevada corporation
and wholly owned subsidiary of the Company to provide merger and acquisition (M&A) advisory services, consulting services, project
financing, and capital market services to clients in North America and Asia. In May 2010, Providential Capital, Inc. changed its name
to PHI Capital Holdings, Inc. It was re-domiciled as a Wyoming corporation on September 20, 2017 and changed its name to “PHILUX
Capital Advisors, Inc.” on June 03, 2020. This subsidiary has successfully managed merger plans for a number of privately held
and publicly traded companies and continues to focus on serving the Pacific Rim markets in the foreseeable future. Website: www.philuxcapital.com.
PHILUX
GLOBAL ADVISORS, INC.
Incorporated
in April 2022 as a Wyoming corporation, Philux Global Advisors, Inc. will serve as the investment advisor for Philux Global Funds SCA
SICAV-RAIF.
PHILUX
GLOBAL HEALTHCARE, INC.
Philux
Global Healthcare, Inc., a Wyoming corporation, was established in February 2023 to replace Phivitae Healthcare, Inc., as a subsidiary
of the Company to cooperate with Dr. Dung Anh Hoang of Belgium and his affiliates to develop a software management system for intensive
care units in Vietnam and launch medical bioplastic products that have ready buyers in Europe and Africa. The Company intends to use
this subsidiary as a holding company to acquire and consolidate targets in the healthcare industry.
PHILUX
GLOBAL ENERGY, INC.
On
January 3, 2022, the Company incorporated “PHILUX GLOBAL ENERGY, INC.” as a subsidiary of the Company to develop renewable
energy technologies and serve as the holding company for acquiring energy-related business.
In
May 2023, the company signed a business cooperation agreement with SSE Global JSC, a Vietnamese joint stock company, to establish SSE
Global Group, Inc., a Wyoming corporation, (www.sseglobalgroup.com) to commercialize a self-sustainable energy technology.
In
December 2023 the Company signed an Agreement for Comprehensive Cooperation Agreement with a Vietnamese inventor (the “Inventor”)
to cooperate in the development and implementation of a proprietary clean energy technology using geomagnetic energy and focus on the
following areas: (1) Applying the Inventor’s proprietary inventions that are specifically designed to exploit the earth’s
available geomagnetic energy to generate energy and store energy without using an energy storage system (ESS), (2) Producing and providing
generators using the earth’s available geomagnetic energy, (3) Producing engines (spaceships, airplanes, ships, cars, trains, motorcycles,
etc.) powered by the earth’s available geomagnetic energy, and (4) Developing additional multiple new technologies that the Inventor
has studied and researched. The Parties agree to use Philux Global Energy, Inc., a Wyoming corporation and wholly-owned subsidiary of
Philux Global Group, Inc., Registration Number 2022-001066221, incorporated on January 3, 2022, as the operating company to commercialize
energy-related products based on the proprietary researches and developments of the Inventor group. The Inventor group filed a Provisional
Patent Application with the US Patent and Trademark Office (USPTO) for the “Multi-Impulse Energy System” and shall assign
and transfer certain intellectual properties related to energy generation using the earth’s available geomagnetic energy to Philux
Global Energy, Inc. for commercialization.
ITEM 1A. RISK FACTORS
RISK FACTORS
Investment in our securities is subject to various
risks, including risks and uncertainties inherent in our business. The following sets forth factors related to our business, operations,
financial position or future financial performance or cash flows which could cause an investment in our securities to decline and result
in a loss.
General
Risks Related to Our Business
Our
success depends on our management team and other key personnel, the loss of any of whom could disrupt our business operations.
Our
future success will depend in substantial part on the continued service of our senior management and certain external experts. The loss
of the services of one or more of our key personnel and/or outside experts could impede implementation and execution of our business
strategy and result in the failure to reach our goals. We do not carry key person life insurance for any of our officers or employees.
Our future success will also depend on the continued ability to attract, retain and motivate highly qualified personnel in the diverse
areas required for continuing our operations. We cannot assure that we will be able to retain our key personnel or that we will be able
to attract, train or retain qualified personnel in the future.
Risks
Related to Mergers and Acquisitions
Our
strategy in mergers and acquisitions involves a number of risks and we have a limited history of successful acquisitions. Even when an
acquisition is completed, we may have to continue our service for integration that may not produce results as positive as management
may have projected.
The
Company continues evaluating various opportunities and negotiating to acquire other companies, assets and technologies. Acquisitions
entail numerous risks, including difficulties in the assimilation of acquired operations and products, diversion of management’s
attention from other business concerns, amortization of acquired intangible assets and potential loss of key employees of acquired companies.
We have limited experience in assimilating acquired organizations into our operations. Although potential synergy may be achieved by
acquisitions of related technologies and businesses, no assurance can be given as to the Company’s ability to integrate successfully
any operations, personnel, services or products that have been acquired or might be acquired in the future. Failure to successfully assimilate
acquired organizations could have a material adverse effect on the Company’s business, financial condition and operating results.
Acquisitions
involve a number of special risks, including:
● |
failure
of the acquired business to achieve expected results; |
● |
diversion
of management’s attention; |
● |
failure
to retain key personnel of the acquired business; |
● |
additional
financing, if necessary and available, could increase leverage, dilute equity, or both; |
● |
the
potential negative effect on our financial statements from the increase in goodwill and other intangibles; and |
● |
the
high cost and expenses of completing acquisitions and risks associated with unanticipated events or liabilities. |
These
risks could have a material adverse effect on our business, results of operations and financial condition since the values of the securities
received for the consulting service at the execution of the acquisition depend on the success of the company involved in acquisition.
In addition, our ability to further expand our operations through acquisitions may be dependent on our ability to obtain sufficient working
capital, either through cash flows generated through operations or financing activities or both. There can be no assurance that we will
be able to obtain any additional financing on terms that are acceptable to us, or at all.
Risks
associated with private equity (PE) funds
There
are, broadly, five key risks to private equity investing:
1.
Operational risk: The risk of loss resulting from inadequate processes and systems supporting the organization. It is a
key consideration for investors regardless of the asset classes that funds invest into.
2.
Funding risk: This is the risk that investors are not able to provide their capital commitments and is effectively the
‘investor default risk’. PE funds typically do not call upon all the committed investor capital and only draw capital once
they have identified investments. Funding risk is closely related to liquidity risk, as when investors are faced with a funding shortfall
they may be forced to sell illiquid assets to meet their commitments.
3.
Liquidity risk: This refers to an investor’s inability to redeem their investment at any given time. PE investors
are ‘locked-in’ for between five and ten years, or more, and are unable to redeem their committed capital on request during
that period. Additionally, given the lack of an active market for the underlying investments, it is difficult to estimate when the investment
can be realized and at what valuation.
4.
Market risk: There are many forms of market risk affecting PE investments, such as broad equity market exposure, geographical/sector
exposure, foreign exchange, commodity prices, and interest rates. Unlike in public markets where prices fluctuate constantly and are
marked-to-market, PE investments are subject to infrequent valuations and are typically valued quarterly and with some element of subjectivity
inherent in the assessment. However, the market prices of publicly listed equities at the time of sale of a portfolio company will ultimately
impact realization value.
5.
Capital risk: The capital at risk is equal to the net asset value of the unrealized portfolio plus the future undrawn commitments.
In theory, there is a risk that all portfolio companies could experience a decline in their current value, and in the worst-case drop
to a valuation of zero. Capital risk is closely related to market risk. Whilst market risk is the uncertainty associated with unrealized
gains or losses, capital risk is the possibility of having a realized loss of the original capital at the end of a fund’s life.
There
are two main ways that capital risk brings itself to bear - through the failure of underlying companies within the PE portfolio and suppressed
equity prices which make exits less attractive. The former is impacted by the quality of the fund manager, i.e. their ability to select
portfolio companies with good growth prospects and to create value, hence why fund manager selection is key for investors. The condition,
method, and timing of the exit are all factors that can affect how value can be created for investors.
Risks
Associated with Building and Operating a Diamond Exchange
Fundamentally,
the key requirements for a successful diamond exchange include the following:
1.
Supply: One of the most important things for a successful trading hub is the ability to secure ample, stable, and sustainable
supply of commodities. In the case of a diamond exchange, adequate supply of rough diamond must be secured to make it successful.
2.
Capital: Besides the infrastructure, facilities, systems, and amenities to operate the diamond exchange, the organizers
must be able to arrange very large amounts of capital to facilitate the trade and other business activities related to the exchange.
3.
Participants: The organizers must be able to attract a large number of international diamonteers to participate in the
exchange. There is no guarantee that people will come when the exchange is built.
4.
Venue: The venue must be able to provide competitive advantages compared with existing diamond exchanges in the world in
terms of (a) modern facilities, latest technologies and state-of-the-art provisions, (b) tax relief, (c) financial facilitating network
from big investors, (d) retail banking, lending institutions and foreign exchange facilities, (e) licenses and registrations, (f) global
multi-commodities trading flatform, and (g) other amenities.
Risks
Associated with International Markets
As
some of our business activities are currently involved with international markets, any adverse change to the economy or business environment
in these countries could significantly affect our operations, which would lead to lower revenues and reduced profitability.
Some
of our business activities are currently involved with non-US countries. Because of this presence in specific geographic locations, we
are susceptible to fluctuations in our business caused by adverse economic or other conditions in this region, including stock market
fluctuation. A stagnant or depressed economy in these countries generally, or in any of the other markets that we serve, could adversely
affect our business, results of operations and financial condition.
Risks
Related to Our Securities
Insiders
have substantial control over the company, and they could delay or prevent a change in our corporate control, even if our other stockholders
wanted such a change to occur.
Though
our executive officers and directors as of the date of this report, in the aggregate, only hold a small portion of our outstanding common
stock, we have the majority voting rights associated with the Company’s Class B Series I Preferred Stock, which decision may allow
the Board of Directors to exercise significant control over all matters requiring stockholder approval, including the election of directors
and approval of significant corporate transactions. This could delay or prevent an outside party from acquiring or merging with us even
if our other stockholders wanted it to occur.
The
price at which investors purchase our common stock may not be indicative of the prevailing market price.
The
stock market often experiences significant price fluctuations that are unrelated to the operating performance of the specific companies
whose stock is traded. These market fluctuations could adversely affect the trading price of our shares. Investors may be unable to sell
their shares of common stock at or above their purchase price, which may result in substantial losses.
Since
we do not currently meet the requirements for our stock to be quoted on NASDAQ, NYSE MKT LLC or any other senior exchange, the tradability
in our securities will be limited under the penny stock regulations.
Under
the rules of the Securities and Exchange Commission, as the price of our securities on the OTCQB or OTC Markets is below $5.00 per share,
our securities are within the definition of a “penny stock.” As a result, it is possible that our securities may be subject
to the “penny stock” rules and regulations. Broker-dealers who sell penny stocks to certain types of investors are required
to comply with the Commission’s regulations concerning the transfer of penny stock. These regulations require broker-dealers to:
*Make
a suitability determination prior to selling penny stock to the purchaser;
*Receive
the purchaser’s written consent to the transaction; and
*Provide
certain written disclosures to the purchaser.
These
requirements may restrict the ability of broker/dealers to sell our securities, and may affect the ability to resell our securities.
Our
compliance with the Sarbanes-Oxley Act and SEC rules concerning internal controls may be time consuming, difficult and costly for us.
It
may be time consuming, difficult and costly for us to develop and implement the internal controls and reporting procedures required by
the Sarbanes-Oxley Act. We may need to hire additional financial reporting, internal controls and other finance staff in order to develop
and implement appropriate internal controls and reporting procedures. If we are unable to comply with the internal controls requirements
of the Sarbanes-Oxley Act, we may not be able to obtain the independent accountant certifications that the Sarbanes-Oxley Act requires
publicly traded companies to obtain.
ITEM
1B. UNRESOLVED STAFF COMMENTS.
None.
ITEM
2. DESCRIPTION OF PROPERTIES
As
of June 30, 2024, the Company did not own any realty or equipment.
ITEM
3. LEGAL PROCEEDINGS
The
Company is currently not a party to any material pending legal proceedings and, to the best of its knowledge, no such action by or against
Company has been threatened.
ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
PART
II
ITEM
5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The
Company’s Common Stock is currently trading on the OTC Markets under the symbol “PHIL”. The following sets forth the
high and low prices of the Company’s Common Stock in the US for the most recent month, two most recent quarters and each quarter
during the preceding two fiscal years.
The
prices for the Company’s common stock quoted by brokers are not necessarily a reliable indication of the value of the Company’s
common stock.
Per Share Common Stock Prices for the Month | |
High | | |
Low | |
Ended September 30, 2024 | |
| 0.0003 | | |
| 0.0002 | |
Per Share Common Stock Prices for the Quarter | |
High | | |
Low | |
Quarter Ended June 30, 2024 | |
| 0.0005 | | |
| 0.0002 | |
Per
Share Common Stock Prices by Quarter
For
the Fiscal Year Ended June 30, 2024
| |
High | | |
Low | |
Quarter Ended June 30, 2024 | |
| 0.0005 | | |
| 0.0002 | |
Quarter Ended March 31, 2024 | |
| 0.0006 | | |
| 0.0002 | |
Quarter Ended December 31, 2023 | |
| 0.0006 | | |
| 0.0002 | |
Quarter Ended September 30, 2023 | |
| 0.0007 | | |
| 0.0004 | |
Per
Share Common Stock Prices by Quarter
For
the Fiscal Year Ended June 30, 2023
| |
High | | |
Low | |
Quarter Ended June 30, 2023 | |
| 0.0008 | | |
| 0.0005 | |
Quarter Ended March 31, 2023 | |
| 0.0025 | | |
| 0.0001 | |
Quarter Ended December 31, 2022 | |
| 0.0020 | | |
| 0.0008 | |
Quarter Ended September 30, 2022 | |
| 0.0026 | | |
| 0.0005 | |
Holders
of Common Equity:
As
of October 15, 2024 there are approximately 1,605 shareholders of record of the Company’s common stock, of which 1,299 are active.
Dividends:
Cash
dividend: The Company has not declared or paid a cash dividend to common stock shareholders since the Company’s inception. The
Board of Directors presently intends to retain any earnings to finance company operations and does not expect to authorize cash dividends
to common shareholders in the foreseeable future. Any payment of cash dividends in the future will depend upon Company’s earnings,
capital requirements and other factors.
ITEM
6. SELECTED FINANCIAL DATA
June 30, | |
2024 | | |
2023 | | |
2022 | |
Net revenues | |
$ | 5,000 | | |
$ | 25,000 | | |
$ | 30,000 | |
Income (loss) from operations | |
$ | (1,157,772 | ) | |
$ | (1,000,623 | ) | |
$ | (16,899,928 | ) |
Net other income (expense) | |
$ | (7,037,608 | ) | |
$ | (4,608,523 | ) | |
$ | (4,254,515 | ) |
Net income (loss) | |
$ | (8,195,380 | ) | |
$ | (5,609,146 | ) | |
$ | (21,154,443 | ) |
Net income (loss) per share | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Total assets | |
$ | 90,856 | | |
$ | 294,215 | | |
$ | 469,963 | |
Total liabilities | |
$ | 9,744,823 | | |
$ | 8,516,216 | | |
$ | 7,013,465 | |
ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Except
for the audited historical information contained herein, this report specifies forward-looking statements of management of the Company
within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934 (“forward-looking
statements”) including, without limitation, forward-looking statements regarding the Company’s expectations, beliefs, intentions
and future strategies. Forward-looking statements are statements that estimate the happening of future events and are not based on historical
facts. Forward- looking statements may be identified by the use of forward-looking terminology, such as “could”, “may”,
“will”, “expect”, “shall”, “estimate”, “anticipate”, “probable”,
“possible”, “should”, “continue”, “intend” or similar terms, variations of those terms
or the negative of those terms. The forward-looking statements specified in this report have been compiled by management of the Company
on the basis of assumptions made by management and considered by management to be reasonable. Future operating results of the Company,
however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.
The assumptions used for purposes of the forward-looking statements specified in this report represent estimates of future events and
are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification
and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives
require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated
or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. In addition,
those forward-looking statements have been compiled as of the date of this report and should be evaluated with consideration of any changes
occurring after the date of this report. No assurance can be given that any of the assumptions relating to the forward-looking statements
specified in this report are accurate and the Company assumes no obligation to update any such forward-looking statements.
RESULTS
OF OPERATIONS FOR THE YEARS ENDED JUNE 30, 2024 AND JUNE 30, 2023
Revenues:
The
Company received $5,000 from consulting services for the fiscal year ended June 30, 2024 as compared to $25,000 from consulting services
for the fiscal year ended June 30, 2023.
Operating
Expenses:
The
Company incurred total operating expenses of $1,162,772 for the fiscal year ended June 30, 2024 as compared to $1,025,623 for the year
ended June 30, 2023. The increase of operating expenses between the two fiscal periods in the amount of $137,149 includes an increase
of $305,740 in the development costs of the Asia Diamond Exchange, offset by a decrease of $149,700 in salaries and wages, a decrease
of $440 in general and administrative expenses, and a decrease of $18,451 in professional services.
Income
(loss) from operations:
The
Company had a loss from operations of $1,157,772 for the fiscal year ended June 30, 2024 as compared to a loss from operations of $1,000,623
for the fiscal year ended June 30, 2023. This represents an increase of $157,149 in loss from operations during the current fiscal year
as compared to that of the precious year. This was mainly due to a decrease of $20,000 in revenue, an increase of $305,740 in the development
costs of the Asia Diamond Exchange, offset by a decrease of $149,700 in salaries and wages, a decrease of $440 in general and administrative
expenses, and a decrease of $18,451 in professional services as mentioned above.
Other
income (expense):
The
Company had net other expenses of $7,037,608 for the fiscal year ended June 30, 2024 as compared to net other expenses of $4,608,523
for the fiscal year ended June 30, 2024. The net variance of $2,429,085 between the two fiscal periods was primarily due to decrease
of $451 in other income, a decrease in interest expenses in the amount of $534,569 and an increase in other expenses in the amount of
$2,963,202. As for other expenses, the Company incurred $6,637,341 under this category during the fiscal year ended June 30, 2024, primarily
due to a loss in the amount of $325,713 in connection with conversion of notes, penalties of $1,408,906 from loans and notes payable,
and total financing costs of $1,435,191, as compared to $3,674,139 in other expenses during the previous fiscal year. Interest expenses
for the current fiscal year is $400,303 as compared to interest expenses of $934,872 for the previous fiscal year.
Net
income (loss):
The
Company had a net loss of $8,195,380 for the fiscal ended June 30, 2024, as compared to a net loss of $5,609,146 for the fiscal year
ended June 30, 2023, representing an increase of $2,586,234 in net loss between the two fiscal years. The net loss per share based on
the basic and diluted weighted average number of common shares outstanding for the fiscal years ended June 30, 2024 and June 30, 2023
was both $(0.00).
CASH
FLOWS
We
had in cash and cash equivalents of $303 as of June 30, 2024 as compared to $17,765 in cash and cash equivalents as of June 30, 2024,
respectively.
Net
cash used in our operating activities was $1,967,750 for the fiscal year ended June 30, 2024 as compared to cash used in operating activities
of $1,572,400 for the fiscal year ended June 30, 2023. The variance in cash used in operating activities between the two fiscal periods
was $395,350.
There
was no cash provided by or used in investing activities during the fiscal year ended June 30, 2024, compared to $3,557 cash provided
by investing activities during the same period ended June 30, 2023.
Net
cash provided by financing activities was $1,949,682 for the fiscal year ended June 30, 2024 as compared with net cash provided by
financing activities of $1,520,712 for the fiscal year ended June 30, 2023. The net cash provided by financing activities for the
current fiscal year primarily came from net notes payable in the amount of $167,511 and $1,867,790 from common stock and common
stock to be issued.
HISTORICAL
FINANCING ARRANGEMENTS
SHORT
TERM NOTES PAYABLE AND ISSUANCE OF COMMON STOCK
In
the course of its business, the Company has obtained short-term loans from individuals and institutional investors and from time to time
raised money by issuing restricted common stock of the Company under the auspices of Rule 144. These notes typically bear interest rates
ranging from 0% to 36% per annum but sometimes may have higher interest rates (Notes 8 & 10).
CONVERTIBLE
PROMISSORY NOTES
The
Company has also from time to time issued convertible promissory notes to various private investment funds for short-term working capital
and special projects. Typically, these notes bear interest rates from 5% to 12% per annum, mature within one year, are convertible to
common stock of the Company at a discount ranging from 42% to 50%, and may be repaid within 180 days at a prepayment premium ranging
from 130% to 150% (Note 8).
COMPANY’S
PLAN OF OPERATION FOR THE FOLLOWING 12 MONTHS
In
the next twelve months the Company aims to focus on commercializing the geomagnetic energy technology, advancing the Philux Global Select
Growth Fund under Philux Global Funds SCA, SICAV-RAIF, developing the Asia Diamond Exchange and International Financial Center in Vietnam
as well as carrying out merger and its acquisition program and also investing in special situations. We will also continue to provide
advisory and consulting services to international clients through our wholly owned subsidiary Philux Capital Advisors, Inc. and Philux
Global Advisors, Inc.
The
Company will continue to work on the multiple financing agreements amounting to several billion dollars with international investor groups,
as reported in various 8-K filings with the Securities and Exchange Commission. The Company intends to use these funds to commercialize
the geomagnetic energy technology, advance the Philux Global Select Growth Fund under Philux Global Funds SCA, SICAV-RAIF, implement
the Asia Diamond Exchange and International Financial Center in Vietnam as well as carry out merger and its acquisition program. We have
devoted intense efforts on closing some of these transactions and expect to begin receiving capital through these sources in the near
future to support our business plan.
FINANCIAL
PLANS
MATERIAL
CASH REQUIREMENTS: We must raise substantial amounts of capital to fulfill our business plans. We intend to use equity, debt and project
financing to meet our capital needs for investments and acquisitions.
Management
has taken action and formulated plans to meet the Company’s operating needs through June 30, 2025 and beyond. The working capital
cash requirements for the next 12 months are expected to be generated from operations and additional financing. The Company also plans
to generate revenues from its consulting services, merger and acquisition advisory services, and acquisitions of target companies with
positive cash flows.
AVAILABLE
FUTURE FINANCING ARRANGEMENTS: The Company may use various sources of funds, including short-term loans, long-term debt, equity capital,
and project financing as may be necessary. The Company believes it will be able to secure the required capital to implement its business
plan.
EQUITY
LINE OF CREDIT WITH INSTITUTIONAL INVESTOR
On
March 01, 2022, the Company entered into an equity purchase agreement with an institutional investor (“The Investor”) as
follows:
The
Investor will provide an equity line of up to $10,000,000 to the Company, pursuant to which the Company has the right, but not the obligation,
during the 24 months after an effective registration of the underlying shares, to issue a notice to the Investor (each a “Drawdown
Notice”) which shall specify the amount of registered shares of common stock of the Company (the “Put Shares”) that
the Company elects to sell to the Investor, from time to time, up to an aggregate amount equal to $10,000,000.
The
pricing period of each put will be the 7 trading days immediately following receipt of the Put Shares (the “Pricing Period”).
The
purchase price per share shall mean 90% of the average of the 2 lowest volume-weighted average prices of the Common Stock during the
Pricing Period, less clearing fees, brokerage fees, other legal, and transfer agent fees incurred in the deposit (the “Net Purchase
Amount”). The Investor shall pay the Net Purchase Amount to the Company by wire for each Drawdown Notice within 2 business days
of the end of the Pricing Period.
The
put amount in each Drawdown Notice shall not be less than $50,000 and shall not exceed the lesser of (i) $500,000 or (ii) 200% of the
average dollar trading volume of the Common Stock during the 7 trading days immediately before the Put Date, subject to Beneficial Ownership
cap.
There
shall be a 7 trading day period between the receipt of the Put Shares and the next put.
The
Company intends to file an S-1 Registration Statement with the Securities and Exchange Commission for this Equity Line of Credit.
ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The
following discussion about PHI Group Inc.’s market risk involves forward-looking statements. Actual results could differ materially
from those projected in the forward-looking statements.
Currency
Fluctuations and Foreign Currency Risk
Some
of our acquisition targets and partner companies are located outside of the United States and use currencies other than the U.S. dollar
as the official currencies of those countries. The fluctuations of exchange rates in these countries may affect the value of our business.
Interest
Rate Risk
We
do not have significant interest rate risk, as most of our debt obligations are primarily short-term in nature to individuals, with fixed
interest rates.
Valuation
of Securities Risk
Since
some of our income in the past was paid with the marketable securities, the value of our assets may fluctuate significantly depending
on the market value of the securities we hold.
ITEM
8. FINANCIAL STATEMENTS
PHI
GROUP, INC.
INDEX
TO FINANCIAL STATEMENTS
|
|
M.S.
Madhava Rao Chartered Accountant
316,
1st cross, 7th block, 4th phase,
BSK
3rd Stage, Bengaluru, India 56085
Tel
No: +91 8861838006, email: mankalr@yahoo.com
|
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(To
be provided)
PHI
GROUP, INC. (A/K/A PHILUX GLOBAL GROUP INC.) AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 303 | | |
$ | 19,765 | |
Marketable securities | |
| - | | |
| 420 | |
Other current assets | |
| 58,333 | | |
| 241,426 | |
Total
current assets | |
| 58,636 | | |
| 261,611 | |
Other assets: | |
| | | |
| | |
Investments | |
| 32,220 | | |
| 32,604 | |
Total
Assets | |
| 90,856 | | |
| 294,215 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’
DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
| 626,730 | | |
| 616,245 | |
Sub-fund obligations | |
| 1,624,775 | | |
| 1,624,775 | |
Accrued expenses | |
| 1,795,874 | | |
| 1,485,310 | |
Short-term loans and notes payable | |
| 4,460,981 | | |
| 1,164,685 | |
Convertible Promissory Notes | |
| 5,000 | | |
| 297,805 | |
Due to Officers | |
| 278,812 | | |
| 1,027,782 | |
Advances from customers | |
| 952,650 | | |
| 1,079,038 | |
Derivative liabilities
and Note Discount | |
| - | | |
| 1,220,576 | |
Total
Liabilities | |
| 9,744,823 | | |
| 8,516,216 | |
| |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
Preferred Stock, $0.001
par value; 500,000,000
shares authorized. 600,000
shares of Class B Series I issued and outstanding as of 06/30/2024
and 06/30/2023 respectively. Par value: | | | 600 | | |
| 600 | |
APIC - Class B Series I | |
| 1,840 | | |
| 1,840 | |
Total Preferred Stock | |
| 2,440 | | |
| 2,440 | |
Common stock, $0.001 par value; 60 billion shares authorized; 46,873,940,565 shares issued and outstanding on 06/30/2024; 60 billion shares authorized and 31,429,380,453 shares issued and outstanding on 6/30/2023, respectively, adjusted for 1 for 1,500 reverse split effective March 15, 2012. Par value: | |
| 46,873,941 | | |
| 39,414,493 | |
APIC - Common Stock | |
| 29,109,985 | | |
| 32,773,102 | |
Common Stock to be issued | |
| 1,890,290 | | |
| 22,500 | |
Common Stock to be cancelled | |
| (35,500 | ) | |
| (35,500 | ) |
Treasury stock: 484,767 shares as of 6/30/24
and 6/30/23, respectively - cost method. | |
| (44,170 | ) | |
| (44,170 | ) |
Accumulated deficit | |
| (85,514,751 | ) | |
| (77,319,372 | ) |
Total Acc. Other Comprehensive Income (Loss) | |
| (1,936,201 | ) | |
| (3,035,495 | ) |
Total stockholders’
deficit | |
| (9,653,967 | ) | |
| (8,222,002 | ) |
Total
liabilities and stockholders’ deficit | |
$ | 90,856 | | |
$ | 294,214 | |
The
accompanying notes form an integral part of these audited consolidated financial statements
PHI
GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENT OF OPERATIONS
FOR
THE YEARS ENDED
| |
2024 | | |
2023 | |
| |
JUNE
30, | |
| |
2024 | | |
2023 | |
Net revenues | |
| | | |
| | |
Consulting,
advisory and management services | |
$ | 5,000 | | |
$ | 25,000 | |
Total
revenues | |
| 5,000 | | |
| 25,000 | |
Operating expenses: | |
| | | |
| | |
Salaries and wages | |
| 210,300 | | |
| 360,000 | |
Professional services, including non-cash compensation | |
| 76,791 | | |
| 95,242 | |
Asia Diamond Exchange development costs | |
| 770,588 | | |
| 464,848 | |
General and administrative | |
| 105,093 | | |
| 105,533 | |
Total operating expenses | |
| 1,162,772 | | |
| 1,025,623 | |
| |
| | | |
| | |
Income
(loss) from operations | |
| (1,157,772 | ) | |
| (1,000,623 | ) |
| |
| | | |
| | |
Other income and expenses | |
| | | |
| | |
| |
| | | |
| | |
Other income | |
| 37 | | |
| 488 | |
Interest expense | |
| (400,303 | ) | |
| (934,872 | ) |
Other expenses | |
| (6,637,341 | ) | |
| (3,674,139 | ) |
Net
other income (expenses) | |
| (7,037,608 | ) | |
| (4,608,523 | ) |
| |
| | | |
| | |
Net
income (loss) | |
$ | (8,195,380 | ) | |
$ | (5,609,146 | ) |
| |
| | | |
| | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | |
Weighted average number of shares outstanding: | |
| | | |
| | |
Basic | |
| 44,127,075,436 | | |
| 34,455,935,655 | |
Diluted | |
| 44,127,075,436 | | |
| 34,455,935,655 | |
The
accompanying notes form an integral part of these audited consolidated financial statements
PHI
GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR
THE YEARS ENDED JUNE 30, 2024 AND 2023
| |
2024 | | |
2023 | |
Cash flows from operating
activities: | |
| | | |
| | |
Net income
(loss) from operations | |
$ | (8,195,380 | ) | |
$ | (5,609,146 | ) |
Mark-to-market adjustments | |
| 1,491,657 | | |
| (2,455,157 | ) |
Net change due to non-cash
issuance of stock | |
| 3,428,526 | | |
| 4,845,007 | |
Fund in transit | |
| - | | |
| 9,500 | |
Acc. Other Comprehensive
Inc (Loss) | |
| (1,612,555 | ) | |
| | |
Reserve for loan penalties | |
| 1,958,703 | | |
| | |
Adjustments to reconcile
net income to net cash used in operating activities: | |
| | | |
| | |
(Increase)
decrease in assets and prepaid expenses | |
| | | |
| | |
Marketable securities | |
| 420 | | |
| 126 | |
Total deferred financing
costs | |
| 241,426 | | |
| 114,434 | |
Total (increase) decrease
in assets and prepaid expenses | |
| (58,333 | ) | |
| - | |
Increase
(decrease) in accounts payable and accrued expenses | |
| | | |
| | |
Accounts payable | |
| 10,485 | | |
| 440 | |
Sub-fund obligations | |
| - | | |
| 50,000 | |
Accrued expenses | |
| 893,689 | | |
| 553,893 | |
Advances from customers
and client deposits | |
| (126,388 | ) | |
| 413,604 | |
Derivative liabilities | |
| - | | |
| 504,899 | |
Total
increase (decrease) in accounts payable and accrued expenses | |
| 777,785 | | |
| 1,522,836 | |
Net
cash provided by (used in) operating activities | |
| (1,967,750 | ) | |
| (1,572,400 | ) |
| |
| | | |
| | |
Cash flows from investing
activities: | |
| | | |
| | |
Net
cash provided by (used in) investing activities | |
| - | | |
| 3,557 | |
| |
| | | |
| | |
Cash flows from financing
activities: | |
| | | |
| | |
Net Loans from Directors/Officers | |
| (85,619 | ) | |
| (49,435 | ) |
Notes payable (net) | |
| 167,511 | | |
| 29,352 | |
Common Stock (including
stock to be issued) | |
| 1,867,790 | | |
| 1,540,795 | |
Net
cash provided by (used in) financing activities | |
| 1,949,682 | | |
| 1,520,712 | |
Net decrease in cash and
cash equivalents | |
| (18,068 | ) | |
| (48,131 | ) |
Cash and cash equivalents, beginning of period | |
| 17,765 | | |
| 67,896 | |
Cash
and cash equivalents, end of period | |
$ | 303 | | |
$ | 17,765 | |
The
accompanying notes form an integral part of these audited consolidated financial statements
PHI
GROUP, INC. AND SUBSIDIARIES
STATEMENT
OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR
THE YEARS ENDED JUNE 30, 2024 AND JUNE 30, 2023
| |
Shares | | |
Par
Value | | |
Capital | | |
Shares | | |
Value | | |
Capital | | |
Shares | | |
Amount | | |
cancelled | | |
issued | | |
Gain
(loss) | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
Additional | | |
Preferred
| | |
Stock | | |
Additional | | |
| | |
Common | | |
Common
| | |
Other | | |
| | |
Total | |
| |
Common
Stock | | |
Paid-in | | |
Stock | | |
Par | | |
Paid-in | | |
Treasury | | |
Stock | | |
Stock to be | | |
Stock to be | | |
Comprehensive | | |
Accumulated | | |
Shareholder | |
| |
Shares | | |
Par
Value | | |
Capital | | |
Shares | | |
Value | | |
Capital | | |
Shares | | |
Amount | | |
cancelled | | |
issued | | |
Gain
(loss) | | |
Deficit | | |
Deficit | |
Balance at Fiscal
Year Ended June 30, 2022 | |
| 31,429,380,289 | | |
$ | 31,429,381 | | |
$ | 34,394,912 | | |
| 600,000 | | |
$ | 600 | | |
$ | 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 0 | | |
$ | (572,591 | ) | |
$ | (71,717,973 | ) | |
$ | (6,543,502 | ) |
Common Shares issued for conversions
of promissory notes during the quarter ended September 30, 2022 | |
| 392,096,775 | | |
| 392,097 | | |
($ | 158,483 | ) | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 233,614 | |
Common Shares issued for exercise of warrants during
the quarter ended September 30, 2022 | |
| 2,279,166,666 | | |
| 2,279,167 | | |
$ | 115,913 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 2,395,080 | |
Common Shares cancelled during quarter ended September
30, 2022 | |
| -454,758,300 | | |
| (454,758 | ) | |
($ | 90,952 | ) | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | (545,710 | ) |
Balance as of December 31,
2022 | |
| 33,645,885,430 | | |
| 33,645,886 | | |
$ | 34,261,391 | | |
| 600,000 | | |
$ | 600 | | |
$ | 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 16,000 | | |
$ | (572,022 | ) | |
$ | (74,155,929 | ) | |
$ | (6,881,906 | ) |
Common Shares issued for conversions
of promissory notes during the quarter ended March 31, 2023 | |
| 1,909,744,449 | | |
| 1,909,744 | | |
| (333,569 | ) | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | 1,576,175 | |
Common Shares issued for conversions
of promissory notes | |
| 1,909,744,449 | | |
| 1,909,744 | | |
| (333,569 | ) | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | 1,576,175 | |
Common Shares issued for cash
during the quarter ended March 31, 2023 | |
| 609,309,245 | | |
| 609,309 | | |
| 15,556 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 624,865 | |
Common Shares issued for contractual
obligation during the quarter ended March 31, 2023 | |
| 185,000,000 | | |
| 185,000 | | |
| - | | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | 185,000 | |
Common Shares issued for contractual
obligation | |
| 185,000,000 | | |
| 185,000 | | |
| - | | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | 185,000 | |
Balance as of March 31, 2023 | |
| 36,349,939,124 | | |
| 36,349,940 | | |
| 33,943,377 | | |
| 600,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 396,000 | | |
$ | (2,966,071 | ) | |
$ | (75,932,642 | ) | |
$ | (8,286,628 | ) |
Common Shares issued for conversion
of notes | |
| 1,568,970,299 | | |
| 1,568,970 | | |
| -594,093 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 974,877 | |
Common Shares issued for cash | |
| 1,495,583,852 | | |
| 1,495,583 | | |
| -576,187 | | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 919,396 | |
Balance at fiscal year ended
June 30, 2023 | |
| 39,414,493,275 | | |
| 39,414,493 | | |
| 32,773,102 | | |
| 600,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 22,500 | | |
$ | (3,035,495 | ) | |
$ | (77,319,372 | ) | |
$ | (8,222,002 | ) |
Common shares issued for conversion
of notes by Brin Financial Corporation during 9/30/23 quarter | |
| 171,561,860 | | |
| 171,562 | | |
| (68,625 | ) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 102,937 | |
Common Shares issued for exercise
of warrants by Mast Hill Fund LP during 9/30/23 quarter | |
| 2,931,619,052 | | |
| 2,931,619 | | |
| (1,175,299 | ) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,756,320 | |
Common shares issued for conversion
of note by 1800 Diagonal Lending LLC during 9/30/23 quarter | |
| 187,540,984 | | |
| 187,541 | | |
| (112,525 | ) | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 75,016 | |
Balance at quarter ended September
30, 2023 | |
| 42,705,215,171 | | |
| 42,705,215 | | |
| 31,416,653 | | |
| 600,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 759,562 | | |
$ | (3,035,916 | ) | |
$ | (80,309,276 | ) | |
$ | (8,540,992 | ) |
Common Stock issued for stock
purchase agreements with current shareholders under Rule 144 | |
| 468,407,608 | | |
| 468,408 | | |
| (172,404 | ) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 296,004 | |
Common Stock issued for conversion
of promissory note | |
| 119,000,000 | | |
| 119,000 | | |
| (59,500 | ) | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 59,500 | |
Balance at quarter ended December
31, 2023 | |
| 43,292,622,779 | | |
| 43,292,623 | | |
| 31,184,749 | | |
| 600,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 1,128,388 | | |
$ | (2,053,646 | ) | |
$ | (82,021,213 | ) | |
$ | (8,546,330 | ) |
Common shares issued for conversion
of note by Mast Hill Fund LP during March 2024 quarter | |
| 1,024,372,467 | | |
| 1,024,372 | | |
| (614,623 | ) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 409,749 | |
Common Stock issued for stock
purchase agreements with current shareholders under Rule 144 | |
| 1,583,493,940 | | |
| 1,583,494 | | |
| (876,068 | ) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 707,426 | |
Common Shares issued for consulting
service | |
| 250,000,000 | | |
| 250,000 | | |
| (150,000 | ) | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 100,000 | |
Balance as of March 31, 2024 | |
| 46,150,489,186 | | |
| 46,150,489 | | |
| 29,544,058 | | |
| 600,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 1,106,790 | | |
| (1,949,117 | ) | |
| (83,711,642 | ) | |
| (8,936,654 | ) |
Balance | |
| 46,150,489,186 | | |
| 46,150,489 | | |
| 29,544,058 | | |
| 600,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 1,106,790 | | |
| (1,949,117 | ) | |
| (83,711,642 | ) | |
| (8,936,654 | ) |
Common shares issued for conversion
of note by 1800 Diagonal Lending LLC on 5/10/2024 | |
| 723,451,379 | | |
| 723,452 | | |
| (434,072 | ) | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 289,380 | |
Common shares issued for conversion
of note by 1800 Diagonal Lending LLC | |
| 723,451,379 | | |
| 723,452 | | |
| (434,072 | ) | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 289,380 | |
Balance as of June 30, 2024 | |
| 46,873,940,565 | | |
| 46,873,941 | | |
| 29,109,985 | | |
| 600,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 1,890,290 | | |
| (1,936,201 | ) | |
| (85,514,751 | ) | |
| (9,653,967 | ) |
Balance | |
| 46,873,940,565 | | |
| 46,873,941 | | |
| 29,109,985 | | |
| 600,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 1,890,290 | | |
| (1,936,201 | ) | |
| (85,514,751 | ) | |
| (9,653,967 | ) |
The
accompanying notes form an integral part of these audited consolidated financial statements.
PHI
GROUP, INC. AND SUBSIDIARIES
(a/k/a
PHILUX GLOBAL GROUP INC.)
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – NATURE OF BUSINESS
PHI
Group, Inc. (n/k/a Philux Global Group Inc) (the “Company” or “PHI”) (www.philuxglobal.com) is primarily
engaged in promoting Philux Global Funds, SCA, SICAV-RAIF, a “Reserved Alternative Investment Fund” (“RAIF”)
under the laws of Luxembourg, developing the Asia Diamond Exchange in conjunction with the International Financial Center in Vietnam
and advancing a breakthrough “pure” geomagnetic energy technology that may potentially revolutionize the energy industry
worldwide. Besides, the Company provides corporate finance services, including merger and acquisition advisory and consulting services
for client companies through our wholly owned subsidiaries Philux Capital Advisors, Inc. (www.philuxcapital.com) and Philux Global
Advisors, Inc. and participates in selective industries and special situations aiming to potentially create significant long-term value
for our shareholders. Philux Global Funds intends to include a number of sub-funds for investment in select growth opportunities in the
areas of renewable energy, real estate, infrastructure, healthcare, agriculture and the Asia Diamond Exchange together with the International
Financial Center in Vietnam.
BACKGROUND
Originally
incorporated on June 8, 1982 as JR Consulting, Inc., a Nevada corporation, the Company applied for a Certificate of Domestication and
filed Articles of Domestication to become a Wyoming corporation on September 20, 2017. In the beginning, the Company was foremost engaged
in mergers and acquisitions and had an operating subsidiary, Diva Entertainment, Inc., which operated two modeling agencies, one in New
York and one in California. In January 2000, the Company changed its name to Providential Securities, Inc., a Nevada corporation, following
a business combination with Providential Securities, Inc., a California-based financial services company. In February 2000, the Company
then changed its name to Providential Holdings, Inc. In October 2000, Providential Securities withdrew its securities brokerage membership
and ceased its financial services business. Subsequently, in April 2009, the Company changed its name to PHI Group, Inc. From October
2000 to October 2011, the Company and its subsidiaries were engaged in various transactions in connection with mergers and acquisitions
advisory and consulting services, real estate and hospitality development, mining, oil and gas, telecommunications, technology, healthcare,
private equity, and special situations. In October 2011, the Company discontinued the operations of Providential Vietnam Ltd., Philand
Ranch Limited, a United Kingdom corporation (together with its subsidiaries Philand Ranch - Singapore, Philand Corporation - US, and
Philand Vietnam Ltd. - Vietnam), PHI Gold Corporation (formerly PHI Mining Corporation, a Nevada corporation), and PHI Energy Corporation
(a Nevada corporation), and mainly focused on acquisition and development opportunities in energy and natural resource businesses.
The
Company is currently focused on Philux Global Funds, SCA, SICAV-RAIF by launching Philux Global Select Growth Fund and potentially other
sub-funds for investment in real estate, renewable energy, infrastructure, agriculture, healthcare and the Asia Diamond Exchange and
International Financial Center in Vietnam. In addition, Philux Capital Advisors, Inc. a wholly owned subsidiary of the Company, continues
to provide corporate and project finance services, including merger and acquisition (M&A) advisory and consulting services for U.S.
and international companies. The Company has also formed Philux Global Advisors, Inc. to serve as the investment advisor to Philux Global
Funds and other potential fund clients in the future.
In
May 2023, the company signed a business cooperation agreement with SSE Global JSC, a Vietnamese joint stock company, to establish SSE
Global Group, Inc., a Wyoming corporation, (www.sseglobalgroup.com) to commercialize a self-sustainable energy technology.
In
June 2023 the Company signed a business cooperation agreement with Saphia Alkali JSC, a Vietnamese joint stock company, to form Sapphire
Alkali Global Group in the United States to finance, manufacture, sell and distribute Saphia Alkali’s proprietary products on a
worldwide basis.
In
December 2023 the Company signed an Agreement for Comprehensive Cooperation Agreement with a Vietnamese inventor (the “Inventor”)
to cooperate in the development and implementation of a proprietary clean energy technology using geomagnetic energy and target the following
areas: (1) Applying the Inventor’s proprietary inventions that are specifically designed to exploit the earth’s available
geomagnetic energy to generate energy and store energy without using an energy storage system (ESS), (2) Producing and providing generators
using the earth’s available geomagnetic energy, (3) Producing engines (spaceships, airplanes, ships, cars, trains, motorcycles,
etc.) powered by the earth’s available geomagnetic energy, and (4) Developing additional multiple new technologies that the Inventor
has studied and researched. The Parties agree to use Philux Global Energy, Inc., a Wyoming corporation and wholly-owned subsidiary of
Philux Global Group, Inc., Registration Number 2022-001066221, incorporated on January 3, 2022, as the operating company to commercialize
energy-related products based on the proprietary researches and developments of the Inventor group. The Inventor group has filed a Provisional
Patent Application for the Multi-Impulse Energy Technology with the U.S. Patent and Trademark Office (USPTO) and will transfer certain
intellectual properties related to energy generation using the earth’s available geomagnetic energy to Philux Global Energy, Inc.
for commercialization.
No
assurances can be made that the Company will be successful in achieving its plans.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES
OF CONSOLIDATION
The
consolidated financial statements include the accounts of (1) PHI Group, Inc., its subsidiaries including (2) PHILUX Global Funds SCA,
SICAV-RAIF, a Luxembourg bank fund designed to hold a number of subfund compartments for investing in various selective industries, (3)
PHI Luxembourg Development S.A., the mother holding company for PHILUX Global Funds, (4) PHI Luxembourg Holding S.A., (5) PHILUX Global
General Partner S.A., (6) Asia Diamond Exchange, Inc., a Wyoming corporation (100%), (7) PHILUX Capital Advisors, Inc., a Wyoming corporation
(100%), and Philux Global Advisors, Inc., a Wyoming corporation, collectively referred to as the “Company.” The other subsidiaries
of the Company were not active during the fiscal year ended June 30, 2024. All significant inter-company transactions have been eliminated
in consolidation.
USE
OF ESTIMATES
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
CASH
AND CASH EQUIVALENTS
The
Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible
into cash to be cash equivalents.
MARKETABLE
SECURITIES
The
Company’s securities are classified as available-for-sale and, as such, are carried at fair value. Securities classified as available-for-sale
may be sold in response to changes in interest rates, liquidity needs, and for other purposes.
Each
investment in marketable securities typically represents less than twenty percent (20%) of the outstanding common stock and stock equivalents
of the investee, and each security is quoted on a national exchange or on the OTC Markets. As such, each investment is accounted for
in accordance with the provisions of ASC 320 (previously SFAS No. 115).
Unrealized
holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s
equity. Realized gains and losses for securities classified as available-for-sale are reported in earnings based upon the adjusted cost
of the specific security sold. On June 30, 2024 and 2023 the marketable securities have been recorded at $0 and $420, respectively, based
upon the fair value of the marketable securities at that time.
ACCOUNTS
RECEIVABLE
Management
reviews the composition of accounts receivable and analyzes historical bad debts. There was no account receivable or bad debt during
the fiscal ended June 30, 2024.
IMPAIRMENT
OF LONG-LIVED ASSETS
Effective
January 1, 2002, the Company adopted ASC 350 (Previously SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”),
which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, “Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of,” and the accounting and reporting provisions
of APB Opinion No. 30, “Reporting the Results of Operations for a Disposal of a Segment of a Business.” The Company periodically
evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses
to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated
to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount
by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined
in a similar manner, except that fair market values are reduced for the cost of disposal.
PROPERTY
AND EQUIPMENT
Property
and equipment are stated at cost. Maintenance and repair costs are charged to expense as incurred; costs of major additions and betterments
are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated
from the accounts and any resulting gain or loss is reflected in income. Depreciation is computed using the straight-line method over
the estimated useful lives of the assets, ranging from three to ten years.
DEPRECIATION
AND AMORTIZATION
The
cost of property and equipment is depreciated over the estimated useful lives of the related assets. Depreciation and amortization of
fixed assets are computed on a straight-line basis.
NET
EARNINGS (LOSS) PER SHARE
The
Company adopted the provisions of ASC 260 (previously SFAS 128). ASC 260 eliminates the presentation of primary and fully diluted earnings
per share (“EPS”) and requires presentation of basic and diluted EPS. Basic EPS is computed by dividing income (loss) available
to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average
number of shares of common stock outstanding for the period and common stock equivalents outstanding at the end of the period.
The
net earnings (loss) per share is computed as follows:
SCHEDULE
OF NET EARNINGS (LOSS) PER SHARE
Basic
and diluted loss per share: |
|
2024 |
|
|
2023 |
|
Numerator: |
|
|
|
|
|
|
|
|
Net
income (loss): |
|
$ |
(8,195,380 |
) |
|
$ |
(5,609,146 |
) |
Denominator: |
|
|
|
|
|
|
|
|
Basic
weighted average number of common shares outstanding: |
|
|
44,127,075,436 |
|
|
|
34,455,935,655 |
|
Basic
net income per share |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
Diluted
weighted average number of common shares outstanding: |
|
|
44,127,075,436 |
|
|
|
34,455,935,655 |
|
Diluted
net income (loss) per share: |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
STOCK-BASED
COMPENSATION
Effective
July 1, 2006, the Company adopted ASC 718-10-25 (previously SFAS 123R) and accordingly has adopted the modified prospective application
method. Under this method, ASC 718-10-25 is applied to new awards and to awards modified, repurchased, or cancelled after the effective
date. Additionally, compensation cost for the portion of awards that are outstanding as of the date of adoption for which the requisite
service has not been rendered (such as unvested options) is recognized over a period of time as the remaining requisite services are
rendered.
FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
Value - Definition and Hierarchy
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the
inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities
within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
A
fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of
unobservable inputs by requiring that the most observable inputs are to be used when available.
Valuation
techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized
into three levels based on the inputs as follows:
Level
1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability
to access.
Level
2 - Valuations based on inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly.
Level
3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Fair
value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that
are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily
available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability
at the measurement date. The availability of valuation techniques and observable inputs can vary from investment to investment and are
affected by a wide variety of factors, including; type of investment, whether the investment is new and not yet established in the marketplace,
the liquidity of markets, and other characteristics particular to the transaction.
To
the extent that valuation is based upon models or inputs that are less observable or unobservable in the market, the determination of
fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher
or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment
exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used
to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy
in which the fair value measurement falls in its entirety is determined based upon the lowest level input that is significant to the
fair value measurement.
Fair Value - Valuation Techniques and Inputs
The Company holds and may invest public securities
traded on public exchanges or over-the-counter (OTC), private securities, real estate, convertible securities, interest bearing securities
and other types of securities and has adopted specific techniques for their respective valuations.
Equity Securities in Public Companies
Unrestricted
The
Company values investments in securities that are freely tradable and listed on major securities exchanges at their last reported sales
price as of the valuation date. To the extent these securities are actively traded and valuation adjustments are not applied, they are
categorized in Level 1 of the fair value hierarchy.
Securities
traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or 3 of the fair value
hierarchy.
Restricted
Securities
traded on public exchanges or over-the-counter (OTC) where there are formal restrictions that limit (i.e. Rule 144 holding periods and
underwriter’s lock-ups) their sale shall be valued at the closing price on the date of valuation less applicable discounts. The
Company may apply a discount to securities with Rule 144 restrictions. Additional discounts may be assessed if the Company believes there
are other mitigating factors which warrant the additional discounting. When determining potential additional discounts, factors that
will be taken into consideration include, but are not limited to; securities’ trading characteristics, volume, length and overall
impact of the restriction as well as other macro-economic factors. Valuations should be discounted appropriately until the securities
may be freely traded.
If
it has been determined that the exchange or OTC listed price does not accurately reflect fair market value, the Company may elect to
treat the security as a private company and apply an alternative valuation method.
Investments
in restricted securities of public companies may be included in Level 2 of the fair value hierarchy. However, to the extent that significant
inputs used to determine liquidity discounts are not observable, investments in restricted securities in public companies may be categorized
in Level 3 of the fair value hierarchy.
The
Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, marketable securities, short-term
notes payable, convertible notes, derivative liability and accounts payable.
As
of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying
values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments.
Effective
July 1, 2008, the Company adopted ASC 820 (previously SFAS 157), Fair Value Measurements and adopted this Statement for the assets
and liabilities shown in the table below. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value,
establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value
measurements. The adoption of ASC 820 did not have a material impact on our fair value measurements. ASC 820 permits the Company to defer
the recognition and measurement of the nonfinancial assets and nonfinancial liabilities until January 1, 2010. At June 30, 2023, the
Company did not have any nonfinancial assets or nonfinancial liabilities that are recognized or disclosed at fair value. ASC 820 requires
that financial assets and liabilities that are reported at fair value be categorized as one of the types of investments based upon the
methodology mentioned in Level 1, Level 2 and Level 3 above for determining fair value.
Assets
measured at fair value on a recurring basis are summarized below. The Company also has convertible notes and derivative liabilities as
disclosed in this report that are measured at fair value on a regular basis until paid off or exercised.
The
Company uses various approaches to measure fair value of available-for-sale securities, while applying the three-level valuation hierarchy
for disclosures, specified in ASC 820. Our Level 1 securities were measured using the quoted prices in active markets for identical assets
and liabilities.
The
company’s policy regarding the transfers in and/or out of Level 3 depends on the trading activity of the security, the volatility
of the security, and other observable units which clearly represents the fair value of the security. If a level 3 security can be measured
using a more fairly represented fair value, we will transfer these securities either into Level 1 or Level 2, depending on the type of
inputs.
REVENUE
RECOGNITION STANDARDS
ASC
606-10 provides the following overview of how revenue is recognized from an entity’s contracts with customers: An entity recognizes
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services.
Step
1: Identify the contract(s) with a customer.
Step
2: Identify the performance obligations in the contract.
Step
3: Determine the transaction price – The transaction price is the amount of consideration in a contract to which an entity expects
to be entitled in exchange for transferring promised goods or services to a customer.
Step
4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction
price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised
in the contract.
Step
5: Recognize revenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it
satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control
of that good or service).
The
amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied
at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service
to a customer). For performance obligations satisfied over time, an entity recognizes revenue over time by selecting an appropriate method
for measuring the entity’s progress toward complete satisfaction of that performance obligation. (Paragraphs 606-10 25-23 through
25-30).
In
addition, ASC 606-10 contains guidance on the disclosures related to revenue, and notes the following:
It
also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive
information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts with
customers. Specifically, Section 606-10-50 requires an entity to provide information about:
-
Revenue recognized from contracts with customers, including disaggregation of revenue into appropriate categories.
-
Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities.
-
Performance obligations, including when the entity typically satisfies its performance obligations and the transaction prices is that
is allocated to the remaining performance obligations in a contract.
-
Significant judgments, and changes in judgments, made in applying the requirements to those contracts.
Additionally,
Section 340-40-50 requires an entity to provide quantitative and/or qualitative information about assets recognized from the costs to
obtain or fulfill a contract with a customer.
The
Company’s revenue recognition policies are in compliance with ASC 606-10. The Company recognizes consulting and advisory fee revenues
in accordance with the above-mentioned guidelines and expenses are recognized in the period in which the corresponding liability is incurred.
ADVERTISING
The
Company expenses advertising costs as incurred. Advertising costs for the years ended June 30, 2024 and 2023 were zero and $500, respectively.
COMPREHENSIVE
INCOME (LOSS)
ASC
220-10-45 (previously SFAS 130, Reporting Comprehensive Income) establishes standards for reporting and display of comprehensive income,
its components and accumulated balances. Comprehensive income is defined to include all changes in equity, except those resulting from
investments by owners and distributions to owners. Among other disclosures, SFAS No. 130 requires that all items that are required to
be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed
with the same prominence as other financial statements. As of June 30, 2024 and 2023, respectively, accumulated other comprehensive income
(loss) of ($1,936,201) and ($3,035,495) are presented on the accompanying consolidated balance sheets.
INCOME
TAXES
The
Company accounts for income taxes in accordance with ASC 740 (previously SFAS No. 109, “Accounting for Income Taxes”). Deferred
taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences, and deferred
tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts
of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities
are adjusted for the effects of changes in tax laws and rates on the date of enactment.
REPORTING
OF SEGMENTS
ASC
280 (previously Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise and Related Information),
which supersedes Statement of Financial Accounting Standards No. 14, Financial Reporting for Segments of a Business Enterprise, establishes
standards for the way that public enterprises report information about operating segments in annual financial statements and requires
reporting of selected information about operating segments in interim financial statements regarding products and services, geographic
areas and major customers. ASC 280 defines operating segments as components of an enterprise about which separate financial information
is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing
performance. The Company operated in one revenue-generating segment during the years ended June 30, 2024 and June 30, 2023.
RISKS
AND UNCERTAINTIES
In
the normal course of business, the Company is subject to certain risks and uncertainties. The Company provides its service and receives
marketable securities upon execution of transactions. Consequently, the value of the securities received from customers can be affected
by economic fluctuations and each customer’s business growth. The actual realized value of these securities could be significantly
different than recorded value.
RECENT
ACCOUNTING PRONOUNCEMENTS
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06-Debt-Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting
For Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments
by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as
a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions
that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify
for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual
and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15,
2020.
Update
No. 2018-13 – August 2018
Fair
Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement
Modifications:
The following disclosure requirements were modified in Topic 820:
1.
In lieu of a roll-forward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level
3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities.
2.
For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an
investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to
the entity or announced the timing publicly.
3.
The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement
as of the reporting date.
Additions:
The following disclosure requirements were added to Topic 820; however, the disclosures are not required for nonpublic entities:
1.
The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements
held at the end of the reporting period.
2.
The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable
inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average
if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution
of unobservable inputs used to develop Level 3 fair value measurements.
The
amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2019.
Update
No. 2018-07 – June 2018
Compensation
– Stock Compensation (Topic 718)
Improvements
to Nonemployee Share-Based Payment Accounting
Main
Provisions: The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods
and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance
on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest
and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions
in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment
awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to
the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under
Topic 606, Revenue from Contracts with Customers.
The
amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim
periods within that fiscal year.
Update
No. 2017-13 - September 2017
Revenue
Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606)
FASB
Accounting Standards Updates No. 2014-09, Revenue from Contracts with Customers (Topic 606), issued in May 2014 and codified in ASC Topic
606, Revenue from Contracts with Customers, and No. 2016-02.
The
transition provisions in ASC Topic 606 require that a public business entity and certain other specified entities adopt ASC Topic 606
for annual reporting 3 periods beginning after December 15, 2017, including interim reporting periods within that reporting period. FN2
All other entities are required to adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2018, and interim reporting
periods within annual reporting periods beginning after December 15, 2019.
Update
No. 2016-10 - April 2016
Revenue
from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing
The
core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services
to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To achieve that core principle, an entity should apply the following steps:
1.
Identify the contract(s) with a customer.
2.
Identify the performance obligations in the contract.
3.
Determine the transaction price.
4.
Allocate the transaction price to the performance obligations in the contract.
5.
Recognize revenue when (or as) the entity satisfies a performance obligation.
The
amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify
the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining
the related principles for those areas.
The
Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact
they may have on the Company’s financial statements. In most cases, management has determined that the implementation of these
pronouncements would not have a material impact on the financial statements taken as a whole.
NOTE
3 – OTHER CURRENT ASSETS
The
Company’s marketable securities are classified as available-for-sale and, as such, are carried at fair value. All of the securities
are comprised of shares of common stock of the investee. Securities classified as available-for-sale may be sold in response to changes
in interest rates, liquidity needs, and for other purposes. Each investment in marketable securities represents less than twenty percent
(20%) of the outstanding common stock and stock equivalents of the investee, and each security is nationally quoted on the National Association
of Securities Dealers OTC Bulletin Board (“OTCBB”) or the OTC Markets. As such, each investment is accounted for in accordance
with the provisions of SFAS No. 115.
The
Company did not own any marketable securities available for sale as of June 30, 2024.
SCHEDULE
OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES
Securities
available for sale |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
June
30, 2024 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
June
30, 2023 |
|
$ |
- |
|
|
$ |
420 |
|
|
$ |
- |
|
|
$ |
420 |
|
During
the fiscal year ended June 30, 2024, there was no transfer of securities from level 3 to level 2.
NOTE
4 – OTHER ASSETS
The
Other Assets comprise of the following as of June 30, 2024 and 2023.
SCHEDULE
OF OTHER ASSETS
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
Investment
in Philux Global Funds |
|
|
32,220 |
|
|
|
32,604 |
|
|
|
|
- |
|
|
|
|
|
Total
Other Assets |
|
$ |
32,220 |
|
|
$ |
32,604 |
|
Investments
as of June 30, 2024 consist of $32,220 in the initial General Partner, Limited and Ordinary Shares of Philux Global Funds SCA, SICAV-RAIF
based on the exchange rate as of June 30, 2024.
NOTE
5 – PROPERTY AND EQUIPMENT
As
of June 30, 2024 the Company did not have any property or equipment.
NOTE
6 – CURRENT LIABILITIES
Current
liabilities of the Company consist of the followings as of June 30, 2024 and 2023:
SCHEDULE OF CURRENT LIABILITIES
Current
Liabilities |
|
June
30, 2024 |
|
|
June
30, 2023 |
|
Accounts
payable |
|
|
626,730 |
|
|
|
616,245 |
|
Sub-fund
obligations |
|
|
1,624,775 |
|
|
|
1,624,775 |
|
Accrued
expenses |
|
|
1,795,874 |
|
|
|
1,485,310 |
|
Short-term
loans and notes payable |
|
|
4,460,981 |
|
|
|
1,164,685 |
|
Convertible
Promissory Notes |
|
|
5,000 |
|
|
|
297,805 |
|
Due
to officers |
|
|
278,812 |
|
|
|
1,027,782 |
|
Advances
from customers and client deposits |
|
|
952,650 |
|
|
|
1,079,038 |
|
Derivative
liabilities and Note Discount |
|
|
- |
|
|
|
1,220,576 |
|
Total
Current Liabilities |
|
|
9,744,823 |
|
|
|
8,516,216 |
|
ACCRUED
EXPENSES: Accrued expenses as of June 30, 2024 consist of $1,238,095 in accrued salaries, $543,834 in accrued interest from notes and
loans and $10,000 from accrued financing costs.
NOTES
PAYABLE (NET): Notes payable consist of $1,919,153 in short-term notes and loans payable and $2,541,828 of reserve for note extensions
and amendments.
ADVANCES
FROM CUSTOMERS AND CLIENT DEPOSITS
Advances
from Customers and Client Deposits were $952,650 as of June 30, 2024.
SUB-FUND
OBILGATIONS: As of June 30, 2023, the Company has received $800,000 from European Plastic Joint Stock Company towards the expenses for
setting up the energy sub-fund, $518,409 from Saigon Pho Palace Joint Stock Company and $150,000 from Sinh Nguyen Co., Ltd. towards the
expenses for setting up the real estate sub-fund, and $156,366.25 from TECCO Group towards the expenses for setting up the infrastructure
sub-fund, respectively, under the master PHILUX Global Funds. The Company recorded these amounts as liabilities until these sub-funds
are set up and capitalized, at which time the sub-fund participants will receive 49% of the general partners’ portion of ownership
in the relevant sub-funds for a total contribution of $2,000,000 each. The Company recorded a total of $1,624,775 as of June 30, 2024
as well as June 30, 2022 as sub-fund obligations.
NOTE
7- DUE TO OFFICERS AND DIRECTORS
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 June 30, 2024 and 2023 , the balances were $278,812 and $1,027,782, respectively.
SCHEDULE
OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS
Officers/Directors |
|
June
30, 2024 |
|
|
June
30, 2023 |
|
Henry
Fahman (Chairman and CEO) |
|
|
278,812 |
|
|
|
364,432 |
|
Tam
Bui (former Director and COO) |
|
|
- |
|
|
|
663,350 |
|
Total |
|
$ |
278,812 |
|
|
$ |
1,027,782 |
|
NOTE
8 – LOANS AND PROMISSORY NOTES
SHORT
TERM NOTES PAYABLE:
In
the course of its business, the Company has obtained short-term loans from individuals and institutional investors and from time to time
raised money by issuing restricted common stock of the Company under the auspices of Rule 144. As of June 30, 2024, the Company had $4,460,981
in short-term notes payable consisting of $1,769,921 of regular short-term notes and $43,750 SBA loan, $105,482 in merchant cash advances
and $2,541,828 of reserve for loan extensions and amendments. These notes typically bear interest rates ranging from 0% to 36% per annum.
CONVERTIBLE
PROMISSORY NOTES:
As
of June 30, 2024, the principal balance of the only outstanding convertible note was $5,000.
NOTE
9 – BASIC AND DILUTED NET LOSS PER SHARE
Net
loss per share is calculated in accordance with SFAS No. 128, “Earnings per Share”. Under the provision of SFAS No. 128,
basic net loss per share is computed by dividing the net loss for the period by the weighted-average number of common shares outstanding
for the period. Diluted EPS is based on the weighted-average number of shares of common stock outstanding for the period and common stock
equivalents outstanding at the end of the period. Basic and diluted weighted average numbers of shares for the year ended June 30, 2024
were the same since the inclusion of Common stock equivalents is anti-dilutive.
NOTE
10. STOCKHOLDER’S EQUITY
As
of June 30, 2024, the total number of authorized capital stock of the Company consisted of Sixty Billion shares of voting Common Stock
with a par value of $0.001 per share and Five Hundred Million shares of Preferred Stock with a par value of $0.001 per share.
Treasury
Stock
The
balance of treasury stock as of June 30, 2024 was 487,767 shares valued at $44,170 based on cost basis.
Common
Stock
During
the fiscal year ended June 30, 2024, the Company issued the following shares of its Common Stock for cash, conversion of promissory notes,
warrant exercise, and consulting service:
SCHEDULE
OF CONVERSIONS OF COMMON STOCK
7/1/2023 |
|
Beginning
balance: |
|
39,414,493,275 |
Issuances: |
|
Warrant
exercise: |
|
2,931,619,052 |
|
|
Conversion
of notes: |
|
2,225,916,690 |
|
|
Issuances
for cash to certain shareholders under Rule 144: |
|
2,051,901,548 |
|
|
Issuance
for consulting service: |
|
250,000,000 |
|
|
Total
issuances: |
|
7,459,447,290 |
6/30/2024 |
|
Ending
balance: |
|
46,873,940,565 |
As
of June 30, 2024, there were 46,873,940,565 shares of the Company’s common stock issued and outstanding.
Preferred
Stock
There
was no issuance of Preferred Stock during the fiscal year ended June 30, 2024. As of June 30, 2024, there were 600,000 shares of Class
B Series I Preferred Stock issued and outstanding.
NOTE
11 – STOCK-BASED COMPENSATION PLANS
1)
On February March 18, 2015, the Company adopted an Employee Benefit Plan to set aside 1,000,000 shares of common stock for eligible employees
and independent contractors of the Company and its subsidiaries. As of June 30, 2024 the Company has not issued any stock in lieu of
cash under this plan.
2)
On September 23, 2016, the Company issued incentive stock options and nonqualified stock options to certain key employee(s) (Henry Fahman
– CEO/CFO) and directors (Tam Bui, Henry Fahman, and Frank Hawkins constitute the Board of Directors) as deferred compensation.
The options allow the holders to acquire the Company’s Common Stock at the fair exercise price of the Company’s Common Stock
on the grant date of each option at $0.24 per share, based on the 10-days’ volume-weighted average price prior to the grant date.
The number of options is equal to a total of 6,520,000. The options terminate seven years from the date of grant and become vested and
exercisable after one year from the grant date. The following assumptions were used in the Monte Carlo analysis by Doty Scott Enterprises,
Inc., an independent valuation firm, to determine the fair value of the stock options:
SCHEDULE
OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS
Risk-free
interest rate |
|
|
1.18 |
% |
Expected
life |
|
|
7
years |
|
Expected
volatility |
|
|
239.3 |
% |
Vesting
is based on a one-year cliff from grant date.
Annual
attrition rates were used in the valuation since ongoing employment was condition for vesting the options.
The
fair value of the Company’s Stock Options as of issuance valuation date is as follows:
SCHEDULE
OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE
Holder | |
Issue
Date | |
Maturity Date | |
Stock
Options | | |
Exercise
Price | | |
Fair
Value at Issuance | |
| |
| |
| |
| | |
| | |
| |
Tam Bui | |
9/23/2016 | |
9/23/2023 | |
| 875,000 | | |
| Fixed
price: $0.24 | | |
$ | 219,464 | |
Frank Hawkins | |
9/23/2016 | |
9/23/2023 | |
| 875,000 | | |
| Fixed
price: $0.24 | | |
$ | 219,464 | |
Henry Fahman | |
9/23/2016 | |
9/23/2023 | |
| 4,770,000 | | |
| Fixed
price: $0.24 | | |
$ | 1,187,984 | |
The
stock options under this plan expired on September 23, 2023.
3)
On September 9, 2021, the Company adopted the PHI Group 2021 Employee Benefit Plan and set aside 2,600,000,000 shares of its common stock
to provide a means of non-cash remuneration to selected eligible employees and independent contractors (“Eligible Participants”)
of the Company and its subsidiaries. On September 17, 2021, the Company filed Form S-8 Registration Statement under the Securities Act
of 1933 with the Securities and Exchange Commission to register these shares for the above-mentioned plan. As of June 30, 2024 the Company
has issued a total of 2,407,196,586 shares for consulting services and salaries under the PHI Group 2021 Employee Benefit Plan.
NOTE
12 –OTHER INCOME (EXPENSE)
Net
Other Income (Expense) for the fiscal year ended June 30, 2024 consists of the following:
SCHEDULE
OF OTHER INCOME (EXPENSE)
OTHER
INCOME (EXPENSES) |
|
FY
ended
June
30, 2024 |
|
Interest
expense |
|
|
(400,303 |
) |
Other
income |
|
|
37 |
|
Net
other income/expense |
|
|
(6,637,341 |
) |
NET
OTHER INCOME (EXPENSES) |
|
|
(7,037,608 |
) |
NOTE
13 – RELATED PARTY TRANSACTIONS
The
Company recognized a total of $210,000 in salaries for the President and Chief Executive Officer and the Secretary and Treasurer of the
Company during the year ended June 30, 2024.
Due
to officers which represents loans and advances made by officers and directors of the Company and its subsidiaries, unsecured and due
on demand. As of June 30, 2024, the balance due the President and Chief Executive Officer of the Company was $278,812.
As
of June 30, 2024 the members of the Board of Directors, the Secretary and Treasurer and a former director of the Company owned a total
of 600,000 shares of Class B Series I Preferred Stock.
NOTE
14 – INCOME TAXES
No
provision was made for income tax since the Company has significant net operating loss carry forward. Through June 30, 2024, the Company
incurred net operating losses for tax purposes of approximately $85,514,751. The net operating loss carry forward may be used to reduce
taxable income through the year 2037. Net operating loss for carry forwards for the State of California is generally available to reduce
taxable income through the year 2027. The availability of the Company’s net operating loss carry-forward is subject to limitation
if there is a 50% or more positive change in the ownership of the Company’s stock.
“Under
section 6501(a) of the Internal Revenue Code (Tax Code) and section 301.6501(a)-1(a) of the Income Tax Regulations (Tax Regulations),
the IRS is required to assess tax within 3 years after the tax return was filed with the IRS.”
NOTE
15 – CONTRACTS AND COMMITMENTS
1.
EQUITY LINE OF CREDIT WITH INSTITUTIONAL INVESTOR
On
March 01, 2022, the Company entered into an equity purchase agreement with Mast Hill Fund LP (“The Investor”) as follows:
The
Investor has agreed to provide an equity line of up to $10,000,000 to the Company, pursuant to which the Company has the right, but not
the obligation, during the 24 months after an effective registration of the underlying shares, to issue a notice to the Investor (each
a “Drawdown Notice”) which shall specify the amount of registered shares of common stock of the Company (the “Put Shares”)
that the Company elects to sell to the Investor, from time to time, up to an aggregate amount equal to $10,000,000.
The
pricing period of each put will be the 7 trading days immediately following receipt of the Put Shares (the “Pricing Period”).
The
purchase price per share shall mean 90% of the average of the 2 lowest volume-weighted average prices of the Common Stock during the
Pricing Period, less clearing fees, brokerage fees, other legal, and transfer agent fees incurred in the deposit (the “Net Purchase
Amount”). The Investor shall pay the Net Purchase Amount to the Company by wire for each Drawdown Notice within 2 business days
of the end of the Pricing Period.
The
put amount in each Drawdown Notice shall not be less than $50,000 and shall not exceed the lesser of (i) $500,000 or (ii) 200% of the
average dollar trading volume of the Common Stock during the 7 trading days immediately before the Put Date, subject to Beneficial Ownership
cap.
There
shall be a 7 trading day period between the receipt of the Put Shares and the next put.
The
Company intends to file an S-1 Registration Statement with the Securities and Exchange Commission for this Equity Line of Credit as part
of its alternative financing plan.
2.
AGREEMENT WITH TECCO GROUP FOR PARTICIPATION IN PHILUX INFRASTRUCTURE FUND COMPARTMENT OF PHILUX GLOBAL FUNDS
On
August 10, 2020, Tecco Group, a Vietnamese company, signed an agreement with PHI Luxembourg Development SA, a subsidiary of the Company,
to participate in the proposed infrastructure fund compartment of PHILUX Global Funds SCA, SICAV-RAIF. According to the agreement, Tecco
Group will contribute $2,000,000 for 49% ownership of the general partners’ portion of said infrastructure fund compartment. As
of June 30, 2024, Tecco Group has paid a total of $156,366.25 towards the total agreed amount.
3.
INVESTMENT AND FINANCING AGREEMENTS
As
of June 30, 2024, the Company and its subsidiaries have eight active agreements for loan financing, asset management, partnership, joint
venture, and memorandum of understanding with international investor groups for a total of 6.5 billion U.S. dollars, as reported in various
8-K filings with the Securities and Exchange Commission. The Company has been working closely with these investor groups and expects
to begin receiving capital through these sources in the near future to support its investment and acquisition programs.
4.
DEVELOPMENT OF THE ASIA DIAMOND EXCHANGE AND INTERNATIONAL FINANCIAL CENTER IN VIETNAM
Along
with the establishment of Philux Global Funds, the Company has worked with the Authority of Chu Lai Open Economic Zone in Central Vietnam
and the Provinces of Quang Nam and Dong Nai, Vietnam in the past to develop the Asia Diamond Exchange for lab-grown, rough and polished
diamond together with a multi-commodities logistics center.
Mr.
Ben Smet, who successfully established the Dubai Diamond Exchange in 2002-2005, has been leading fulltime a group of experts for the
setup of the Asian Diamond Exchange since January 2018. He has brought together main trading players in the rough diamond industry to
come to Vietnam. He has also established a partnership with the biggest player in the rough trading and polishing business and engaged
other main international diamond trading groups to join the overall venture.
The
Company has taken the decision to move the greater part of the ADE rough and polishing venture, first to an Industrial Zone to be established
close to the new international Airport in Long Thanh District, Dong Nai Province, Vietnam and is currently aiming for the Thanh Da Peninsula
in conjunction with the contemplated International Financial Center. This location change has caused that the entire KPC Process and
administration had to be adapted and redone with renewed financial input, mostly carried by Mr. Smet.
Once
the Company has effectuated all budgeting and all financial requirements and obligations, the ongoing process will effectively materialize
and Mr. Smet then shall transfer the entire venture to Philux Global Group, Inc.
5.
Investment Commitment AgreementS WITH Saigon Silicon City JSC
On
February 21, 2023, Philux Global Group Inc. (a/k/a PHI Group, Inc.) and its subsidiaries Philux Global Funds SCA, SICAV-RAIF and Philux
Global Vietnam Investment and Development Company, Ltd., (collectively referred to as “the Investor”) signed an Investment
Commitment Agreement with Saigon Silicon City Joint Stock Company (“SSC”) whereby the Investor is committed to providing
or causing to be provided a total of five hundred million U.S. dollars (USD 500,000,000) for investment in Saigon Silicon City for the
first phase of construction and subsequent additional capital as needed to complete its entire development and investment program over
a 52-hectare of land at Lot I6 & I7, Road D1, Saigon High Technology Park, Long Thanh My Ward, District 9, Ho Chi Minh City, Vietnam.
According
to the Investment Commitment Agreement, within thirty days of the signing of this Agreement, the Investor will provide or cause to be
provided fifty million U.S. dollars (USD 50,000,000) for SSC to resume the implementation of its building plan. Additional tranches of
fifty million U.S. dollars (USD 50,000,000) will be released to SSC at regular intervals as needed to ensure uninterrupted construction
progress. Both Parties shall determine and stipulate the terms and conditions for the Investment Commitment in writing prior to the release
of funds to SSC. Upon the signing of this Agreement, SSC shall make a deposit of Five Hundred Thousand U.S. Dollars (USD 500,000) with
the Investor as earnest money for legal, administrative and processing fees in connection with the Investment Commitment Agreement. This
amount will be fully refundable to SSC if the Investor fails to fulfill its commitment as mentioned in the Agreement. The Investor intends
to use a portion of the financing commitments from certain international institutional and ultra-high net worth investors for investment
in Saigon Silicon City.
Effective
March 21, 2023, Philux Global Group and Saigon Silicon City JSC signed an amendment to amend Article 2 of the afore-mentioned Investment
Commitment Agreement as follows: “Due to additional administrative and legal requirements in connection with the Investor’s
release of funds, within thirty days of the signing of this Amendment, the Investor will provide or cause to be provided fifty million
U.S. dollars (USD 50,000,000) for SSC to resume the implementation of its building plan. Additional amounts of capital will be provided
to SSC by the Investor at various intervals as needed to ensure uninterrupted construction until the completion of the project.”
On
April 21, 2023, both parties signed an amendment to extend the delivery of the first investment tranche to Saigon Silicon City JSC within
forty-five days commencing April 21, 2023.
On
June 05, 2023, Philux Global Vietnam Investment and Development Co. Ltd., a subsidiary of Philux Global Group Inc. (f/k/a PHI Group,
Inc.), and Saigon Silicon City JSC (“SSC”) signed an Agreement to terminate the Investment Commitment Agreement previously
entered into by the two parties on February 21, 2023 in its entirety.
On
June 05, 2023 Philux Global Group Inc. (a/k/a PHI Group, Inc.) (the “Investor”/”Provider”) signed an Investment
Commitment Agreement with SSC whereby the Investor/Provider is committed to arranging up to one and half billion U.S. dollars (USD 1,500,000,000)
as may be needed to complete the SSC’s entire development and investment program over a 52-hectare of land at Lot I6 & I7,
Road D1, Saigon High Technology Park, Long Thanh My Ward, District 9, Ho Chi Minh City, Vietnam.
According
to the Investment Commitment Agreement, upon the signing of this Agreement, the SSC shall make a deposit of Five Hundred Thousand U.S.
Dollars (USD 500,000) with Philux Global Group as earnest money for legal, administrative and processing fees in connection with the
Investment Commitment Agreement. This amount will be fully refundable to SSC if the Company fails to fulfill its commitment as mentioned
in the Agreement
Within
thirty days after the deposit of at least two hundred thousand U.S. dollars (USD 200,000) of the refundable earnest money as mentioned
above, the Investor/Provider will provide or cause to be provided fifty million U.S. dollars (USD 50,000,000) for SSC to resume the implementation
of its building plan. Additional tranches of funds will be released to SSC at regular intervals as needed to ensure uninterrupted construction
progress. Both Parties shall determine and stipulate the terms and conditions for the Investment Commitment in writing prior to the release
of funds to SSC. The Investor/Provider intends to use a portion of the financing commitments from certain international institutional
and ultra-high net worth investors for investment in SSC.
6.
BUSINESS COOPERATION AGREEMENT WITH SSE GLOBAL JSC
In
May 2023, the Company signed a Business Cooperation Agreement with SSE Group JSC, a Vietnamese joint stock company, to jointly cooperate
in the areas of energy efficiency and mitigation of global greenhouse gas (GHG) emissions by using SSE Group’s proprietary technologies.
According
to the agreement, SSE Group JSC and Philux Global Group Inc. have incorporated “SSE Global Group Inc.,” a Wyoming corporation,
Registration ID 2023-00127, (www.sseglobalgroup.com) to apply SSE Group’s breakthrough technologies for the energy industry,
especially to improve fuel efficiency and mitigate global GHG emissions.
7.
BUSINESS COOPERATION AGREEMENT WITH SAPHIA ALKALI JOINT STOCK COMPANY
On
June 27, 2023, SAPHIA ALKALI JOINT STOCK COMPANY, a Vietnamese joint stock company with principal business address at No 27, Sub-alley
1, Alley 104, Viet Hung Street, Viet Hung Ward, Long Bien District, Hanoi City, Vietnam, represented by Mrs. Nguyen Phuong Dung, its
Chairperson, hereinafter referred to as “SAP,” and PHI GROUP INC. (/n/k/a PHILUX GLOBAL GROUP INC, hereinafter referred to
as “PGG,” signed a Business Cooperation Agreement and agreed to undertake the followings:
-
SAP and PGG agree to jointly cooperate primarily in the areas of alkali technologies as well as any other business that may be considered
mutually beneficial.
-
Specifically, SAP and PGG will initially focus on forming a company in the United States (“NewCo”) to finance, manufacture,
sell and distribute SAP’s proprietary alkali products on a worldwide basis, except Vietnam and certain territories that are handled
directly by SAP.
-
SAP will initially make available and transfer certain technologies as may be needed to NewCo to serve the needs of this Business Cooperation
Agreement.
-
The relationship established between SAP and PGG by this Agreement shall be exclusive with respect to the areas of SAP’s proprietary
technologies outside of Vietnam.
-
The Parties shall agree on the roles, responsibilities and benefits of each party in connection with NewCo or other particular business
undertakings, which shall be detailed in a separate definitive agreement.
-
The parties herein shall determine the capital structure of NewCo in a separate subsequent addendum to this Business Cooperation Agreement.
8.
ISSUANCE OF CONVERTIBLE PROMISSORY NOTE
On
November 9, 2023, the Company issued a Convertible Promissory Note to 1800 Diagonal Lending LLC, a Virginia limited liability company,
for $58,500.00, with a one-time interest charge of seventeen percent (17%) to be applied on the issuance date to the principal amount.
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”). Accrued, unpaid Interest and outstanding principal,
subject to adjustment, shall be paid in eight (8) payments with the first six (6) payments each in the amount of $10,326.34; and the
final two (2) payments each in the amount of $2,000.00 (a total payback to the Holder of $65,958.00). At any time following an Event
of Default, the Holder shall have the right, to convert all or any part of the outstanding and unpaid amount of this Note into fully
paid and non-assessable shares of Common Stock at the conversion price equal to 58% multiplied by the lowest trading price for the Common
Stock during the twenty (20) Trading Days prior to the conversion date. On May 10, 2024, 1800 Diagonal Lending LLC converted the balance
of this note, together with accrued interest and other charges into 723,451,379 shares of Common Stock of the Company.
9.
Agreement for Comprehensive Cooperation WITH a Vietnamese RENEWABLE ENERGY Inventor
On
December 8, 2023, a Vietnamese engineer (the “Inventor”), and the Company entered into an Agreement for Comprehensive Cooperation
Agreement and agreed to undertake the followings:
a)
Applying the Inventor’s proprietary inventions that are specifically designed to exploit the earth’s available geomagnetic
energy to generate energy and store energy without using an energy storage system (ESS).
b)
Producing and providing generators using the earth’s available geomagnetic energy.
c)
Producing engines (spaceships, airplanes, ships, cars, trains, motorcycles, etc.) powered by the earth’s available geomagnetic
energy.
d)
Developing additional multiple new technologies.
The
Parties agree to use Philux Global Energy, Inc., a Wyoming corporation and wholly-owned subsidiary of Philux Global Group, Inc., Registration
Number 2022-001066221, incorporated on January 3, 2022, as the operating company to commercialize energy-related products based on the
proprietary researches and developments of the Inventor.
The
Inventor and his associates have filed a Provisional Patent Application with the U.S. Patent and Trademark Office (USPTO) and will assign
and transfer certain intellectual properties related to energy generation and energy storage using the earth’s available geomagnetic
energy to Philux Global Energy, Inc. for commercialization.
Both
the Registrant and the Inventor mutually warrant that the intellectual properties and technologies that have been developed and/or will
have been developed by the Inventor shall never be used for warfare purposes under any circumstances.
10.
EXTENSION FOR REPURCHASE OF THE COMPANY’S COMMON STOCK
On
June 28, 2024, the Company’s Board of Directors passed a corporate resolution to extend the time period for the repurchase of its
own shares of common stock from the open market from time to time in accordance with the terms mentioned below and subject to liquidity
conditions, availability of funds, cash balances, cash flow conditions, satisfaction of certain open contractual obligations and the
judgment of the Company’s Board of Directors and Management with respect to optimal use of potentially available funds in the future:
A. |
Purpose
of Repurchase: To enhance shareholder value. |
B |
Details
of Repurchase: |
|
a. |
Class
of shares to be repurchased: Common Stock of PHI Group, Inc. (a/k/a Philux Global Group, Inc.) |
|
b. |
Number
of repurchasable shares: As many as economically conducive and optimal for the Company and its shareholders. |
|
c. |
Total
repurchase dollar amount: To be determined by prevalent market prices at the times of transaction. |
|
d. |
Methods
of repurchase: Open market purchase and/or negotiated transactions. |
|
e. |
Repurchase
period: As soon as practical until December 31, 2024. |
|
f. |
The
Company intends to fund the proposed share repurchase program with proceeds from certain long-term financing programs, future earnings,
disposition of applicable non-core assets and other potential sources, subject to liquidity, availability of funds, comparative judgment
of optimal use of available cash in the future, and satisfaction of certain open contractual obligations. |
|
g. |
The
share repurchase program will be in full compliance with state and federal laws and certain covenants with the Company’s creditors
and may be terminated at any time based on future circumstances and judgment of the Company. |
11.
INVESTMENT MANAGEMENT AGREEMENT WITH A ULTRA-HIGH NETWORTH INVESTOR GROUP
On
February 14, 2024, Philux Capital Advisors, Inc., a subsidiary of the registrant, (the” Investment Manager”), signed an Asset
Management Agreement (the “Agreement”) with a ultra-high-net-worth investor group (the “Investor Party”) to manage
a total principal amount of Five Hundred Sixty Two Million Five Hundred Thousand United States Dollars (“the Investment Fund”)
on behalf of the Investor Party for investment in different transactions to be selected, advised and managed by the Investment Manager
for a period of five years. According to the Agreement, the Investment Manager shall receive 5% annual management fee of the principal
amount and share 30% profits from the Investment Fund.
The
Company intends to allocate a large portion of the Investment Fund for initial investment in Saigon Silicon City project, the development
of the International Financial Center and the Asia Diamond Exchange in Vietnam, Philux Global Energy’s geomagnetic energy technology
initiatives and a potential joint venture with a leading international AI chip manufacturer to set up manufacturing facilities in Vietnam.
In addition, the Company plans to implement its share buyback program as previously announced.
This
event was reported on Form 8-K filed with the Securities and Exchange Commission on February 21, 2024.
12.
COMMON STOCK TO BE ISSUED
As
of June 30, 2024, the Company recorded $1,890,290 as Common Stock to be issued to a number of current shareholders of the Company in
connection with stock purchase agreements under Rule 144.
13.
INVESTMENT MANAGEMENT AGREEMENT WITH A ULTRA-HIGH NETWORTH INVESTOR GROUP
On
April 14, 2024, Philux Capital Advisors, Inc., a subsidiary of the registrant, (the” Investment Manager”), signed an Asset
Management Agreement (the “Agreement”) with a ultra-high-net-worth investor group (the “Investor Party”) to manage
a total principal amount of Fifty Million United States Dollars (“the Investment Fund”) on behalf of the Investor Party for
investment in different transactions to be selected, advised and managed by the Investment Manager for a period of five years. According
to the Agreement, the Investment Manager shall receive 5% annual management fee of the principal amount and share 30% profits from the
Investment Fund.
14.
BUSINESS DEVELOPMENT AND STRUCTURING CONSULTANCY AGREEMENT FOR THE ASIAN DIAMOND EXCHANGE
On
June 27, 2024, Dr. d’Orleans de France Benedict Carl William (a/k/a Ben C. Smet), an individual, with principal residence address
in Schindellegi-Feusisberg, Switzerland signed a Business Development and Structuring Consultancy Agreement with the Company regarding
the design and implementation of the Asian Diamond Exchange (“ADE”) in Vietnam. Dr. D’Orleans de France agrees to continue
undertaking and establishing the maintenance of all agreed diamond groups for participating and coming over to the PHI venture in Vietnam
on the chosen location, maintaining all established contacts with the main operational worldwide diamond trading platforms and after
all legal requirements and financial budgets are in place by the Company, securing the Vietnamese Kimberly Process Certification (KPC)
requirements when all the requirements are established and secured, endeavoring to maintain all world-level diamond player involvements
and secured participations with all relevant groups, advising and informing the Company of all steps taken and all next steps to be taken
to make the ADE and the planned financial center a success.
Both parties
agree that the Company shall pay the Consultant a total of Twenty-Five Million U.S. Dollars (USD 25,000,000) for the services that have
been rendered and those to be rendered as mentioned above in order to complete the structuring, design and implementation of the Asian
Diamond Exchange. The schedule of compensation payments shall be mutually agreed upon by both parties
by private agreement.
The
foregoing description of the nature and essential points of the Business Development and Structuring Consultancy Agreement dated June
27, 2024 between Dr. D’Orleans de France and the Company is qualified in its entirety by reference to the full text of said Agreement,
which was filed as Exhibit 10.1 to Current Report on Form 8-K with the Securities and Exchange Commission on July 8, 2024.
NOTE
16 - GOING CONCERN UNCERTAINTY
As
shown in the accompanying consolidated financial statements, the Company has accumulated deficit of $85,514751 and total stockholders’
deficit of $9,653,967 as of June 30, 2024. These factors as well as the uncertain conditions that the Company faces in its day-to-day
operations with respect to cash flows create an uncertainty as to the Company’s ability to continue as a going concern. The financial
statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management
has taken action to strengthen the Company’s working capital position and generate sufficient cash to meet its operating needs
through June 30, 2025 and beyond.
NOTE
17 – SUBSEQUENT EVENTS
On
July 5, 2024, Dr. D’Orleans de France Benedict Carl William (a/k/a Ben C. Smet), an individual (the “Consultant”),
with principal residence address in Schindellegi-Feusisberg, Switzerland signed a Business Development and Structuring Consultancy Agreement
with the Company regarding the design and implementation of the International Financial Center in Vietnam. Dr. D’Orleans de France
agrees to continue undertaking the following:
WHEREAS,
Dr. D’Orleans de France has been leading full-time a group of experts since January 2018 for the setup of the Asian Diamond Exchange
(“ADE”) in Vietnam for the Company and has entered into a separate Business Development and Structuring Consultancy Agreement
with the Company for this Asian Diamond Exchange project.
WHEREAS,
recently he has started a structuring project, in order for the Company to set up and establish an International Financial Center on
the Thanh Da Peninsula, Ho Chi Minh City, Vietnam in conjunction with the afore-mentioned Asian Diamond Exchange project. This will be
similar as what he has established successfully for Dubai in 2002-2005 and is now incorporating the international changes of the last
two decades together with combined information and data from another leading international financial center in Europe.
Dr.
D’Orleans de France and Company have agreed as follows:
A.
Business
Development and Structuring Consultancy Services. The Consultant has provided and will
continue to provide the business development and structuring consulting services mentioned
in the foregoing Recitals and any other services that may be required to assist the Company
to successfully plan, design, develop, establish, and operate the International Financial
Center in Vietnam. |
The
Consultant will continue to advise, assign, undertake, execute and implement, as the case may be, all the next necessary steps to be
taken to make the International Financial Center in Vietnam a success, which involves a comprehensive set of key requirements spanning
legal, regulatory, infrastructural, and strategic aspects as outlined below:
I. |
Legal
and Regulatory Framework |
|
1. |
Robust
Legal System: A transparent and reliable legal system that enforces contracts and property rights effectively. |
|
|
|
|
2. |
Effective
Regulatory Environment: A regulatory framework aligned with international standards that ensures fair and efficient market operations. |
|
|
|
|
3. |
Favorable
Tax Policies: Competitive tax regimes, including low corporate taxes, double taxation treaties, and incentives for foreign investors. |
|
|
|
|
4. |
AML
and CTF Compliance: Strong anti-money laundering (AML) and counter-terrorist financing (CTF) measures in place, compliant with
global standards. |
II. |
Economic
and Financial Stability |
|
1. |
Macroeconomic
Stability: A stable economic environment with low inflation, sustainable public debt, and consistent economic growth. |
|
|
|
|
2. |
Sound
Financial Sector: A diverse and well-regulated financial services sector, including banking, insurance, asset management, and
fintech. |
|
|
|
|
3. |
Developed
Capital Markets: Liquid and efficient capital markets offering a range of investment instruments. |
|
1. |
High-Quality
Physical Infrastructure: Modern office spaces, reliable utilities, and efficient transportation networks. |
|
|
|
|
2. |
Advanced
Technological Infrastructure: Robust IT and telecommunications infrastructure, supporting digital transactions and cybersecurity. |
|
|
|
|
3. |
International
Connectivity: Excellent connectivity through international airports, seaports, and internet. |
|
1. |
Skilled
Workforce: Access to a highly educated and skilled workforce, particularly in finance, law, and technology. |
|
|
|
|
2. |
Ongoing
Professional Development: Continuous training and development programs to keep the workforce competitive. |
|
|
|
|
3. |
High
Quality of Life: High standards of living, healthcare, education, and social amenities to attract and retain international talent. |
|
1. |
Effective
Regulatory Bodies: Independent and efficient regulatory authorities overseeing financial activities and ensuring compliance. |
|
|
|
|
2. |
Presence
of Major Financial Institutions: Establishment of key international banks, insurance companies, asset managers, and professional
services firms. |
|
|
|
|
3. |
Supportive
Professional Services: Availability of legal, accounting, consulting, and other professional services. |
VI. |
Political
and Social Stability |
|
1. |
Political
Stability: A stable and predictable political environment. |
|
|
|
|
2. |
Good
Governance: High levels of transparency, accountability, and ethical practices in both public and private sectors. |
|
|
|
|
3. |
Cultural
Openness: A welcoming environment for international businesses and professionals, promoting diversity and inclusivity. |
VII. |
Strategic
Positioning |
|
1. |
Global
Integration: Active participation in international financial networks and adherence to global financial standards. |
|
|
|
|
2. |
Market
Access: Easy access to regional and international markets. |
|
|
|
|
3. |
Effective
Branding and Promotion: Strong marketing strategies to position the IFC as a leading global financial hub. |
VIII. |
Risk
Management and Compliance |
|
1. |
Robust
Risk Management: Comprehensive risk management frameworks to handle financial, operational, and systemic risks. |
|
|
|
|
2. |
Compliance
Mechanisms: Efficient systems to ensure adherence to local and international regulations and standards. |
IX. |
Innovation
and Sustainability |
|
1. |
Commitment
to Sustainability: Policies promoting environmental sustainability and green finance. |
|
|
|
|
2. |
Encouragement
of Innovation: Support for fintech and financial innovation through regulatory sandboxes and incentives. |
X. |
International
Relations |
|
1. |
Bilateral
and Multilateral Agreements: Strategic treaties and agreements to facilitate international trade and investment. |
|
|
|
|
2. |
Strong
Diplomatic Relations: Maintaining robust diplomatic ties with key global economies and financial centers. |
B. |
Purpose
of Engagement. The Company is desirous of achieving the above-mentioned objectives to enable it to implement its business plan.
The engagement will be on an exclusive basis. |
|
|
C. |
Term
of Engagement/Termination. The term of our engagement hereunder shall be for a period of two (2) years (“Engagement Period”)
commencing the date of the signing of this Agreement. However, it is both Parties’ intention and commitment to complete this
undertaking within six (6) months of the effective date and after the Free Economic Zone on Thanh Da Island, Ho Chi Minh City, subject
to satisfaction of mutual and financial obligations by both Parties. |
Once
the Company has effectuated all budgeting and all financial requirements and obligations, the ongoing process will effectively materialize,
and the Consultant then shall transfer the entire IFC venture to the Company.
Both parties agree that the Company shall pay the Consultant
a total of Fifteen Million U.S. Dollars (USD 15,000,000) for the services that have been rendered and those to be rendered as set forth
above in order to complete the structuring, design and implementation of the IFC project. The schedule of compensation payments shall
be mutually agreed upon by both parties by private agreement.
The
foregoing description of the nature and essential points of the Business Development and Structuring Consultancy Agreement for the Development
and Establishment of an International Financial Center in Vietnam dated July 5, 2024 between Dr. D’Orleans de France and the Company
is qualified in its entirety by reference to the full text of said Agreement, which was filed as Exhibit 10.1 to the Current Report on
Form 8-K with the U.S. Securities and Exchange Commission on July 9, 2024.
These
financial statements were approved by management and available for issuance on October 15, 2024. Subsequent events have been evaluated
through this date.
ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM
9A. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
As
required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management carried
out an evaluation, with the participation of our Chief Executive Officer, of the effectiveness of the design and operation of our disclosure
controls and procedures (as defined in Rules 13a-15(e) of the Exchange Act), as of the period covered by this report. Disclosure controls
and procedures are defined as controls and other procedures that are designed to ensure that information required to be disclosed by
us in reports filed with the SEC under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified
in the SEC’s rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive
officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Based upon their evaluation,
our management (including our Chief Executive Officer) concluded that our disclosure controls and procedures were not effective as of
June 30, 2023, based on the material weaknesses defined below.
Internal
Control over Financial Reporting
Management’s
Annual Report on Internal Control of Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over
financial reporting is a set of processes designed by, or under the supervision of, a company’s principal executive and principal
financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with GAAP and includes those policies and procedures that:
|
● |
pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of our assets, |
|
● |
provide
reasonable assurance that our transactions are recorded as necessary to permit preparation of our financial statements in accordance
with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors,
and |
|
● |
provide
reasonable assurance regarding prevention or timely detection of authorized acquisition, use or disposition of our assets that could
have a material effect on our financial statements. |
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. It should be noted that
any system of internal control, however well designed and operated, can provide only reasonable, and not absolute, assurance that the
objectives of the system will be met. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Under
the supervision and with the participation of management, including its principal executive officer and principal financial officer,
the Company’s management assessed the design and operating effectiveness of internal control over financial reporting as of June
30, 2024 based on the framework set forth in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
We
have identified material weaknesses in our internal control over financial reporting.
If
we fail to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report
our financial results in a timely manner, which may adversely affect investor confidence in our company.
The
material weaknesses related to a lack of a full segregation of duties and to our lack of sufficient personnel in our accounting and financial
reporting functions with sufficient experience and expertise with respect to the application of U.S. GAAP and related financial reporting.
Based
on this assessment, management concluded that the Company’s internal control over financial reporting was not effective as of June
30, 2024.
Management’s
Remediation Plan
We
plan to take steps to enhance and improve the design of our internal control over financial reporting. During the period covered by this
annual report on Form 10-K, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses,
we plan to implement the following changes in the future:
(i) |
appoint
additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and |
|
|
(ii) |
adopt
sufficient written policies and procedures for accounting and financial reporting. |
The
remediation efforts set out in (i) are largely dependent upon our company securing additional financing to cover the costs of implementing
the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control
issues, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making
can be faulty and that breakdowns can occur because of simple error or mistake.
Management
believes that despite our material weaknesses set forth above, our consolidated financial statements for the fiscal year ended June 30,
2024 are fairly stated, in all material respects, in accordance with US GAAP.
Attestation
Report of the Registered Accounting Firm
This
Annual Report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal
control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered
public accounting firm pursuant to Rule 308(b) of Regulation S-K, which permits the Company to provide only management’s report
in this Annual Report.
Changes
in Internal Control over Financial Reporting
No
changes in the Company’s internal control over financial reporting have come to management’s attention during the Company’s
last fiscal quarter that have materially affected, or are likely to materially affect, the Company’s internal control over financial
reporting.
ITEM 9B. OTHER MATTERS
None.
PART
III
ITEM
10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS, COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT
The
following table sets forth certain information as of June 30, 2024, with respect to the Directors and Executive Officers of the Company.
NAME |
|
AGE |
|
POSITION |
Henry
D. Fahman |
|
71 |
|
Chairman
of the Board, President, Acting CFO |
Tina
T. Phan |
|
57 |
|
Treasurer,
Secretary |
Frank
Hawkins |
|
84 |
|
Director |
Steve
Truong |
|
63 |
|
Director |
Directors
are elected at the annual meeting of shareholders and hold office until the following annual meeting and until their successors are elected
and qualified. All Executive Officers serve at the discretion of the Board of Directors. The Company’s securities are not registered
under Section 12(g) of the Exchange Act. Accordingly, the Directors and Executive Officers of the Company are not required to file reports
under Section 16(a) of that act.
Henry
D. Fahman has more than 30 years’ experience in general management, finance, investments and corporate strategy. He has
been President and Chairman of the Board of PHI Group, Inc. since January 2000, and is currently Acting Financial Officer of the
Company. Mr. Fahman served as President and Chairman of the Board of Providential Securities, Inc. from its inception in October
1992 to October 2000. He holds a B.S., magna cum laude, in business administration from the University of California at Berkeley,
with emphasis in finance and economic analysis and policy, and is a graduate of the Advanced Management Program (AMP166) from
Harvard Business School. He has also attended other Executive Education programs at Harvard Business School and Stanford University,
including Mergers and Acquisitions, Creating Competitive Advantage, and Advanced General Management. Previously, he served as a
Resettlement Coordinator for the United Nations High Commissioner for Refugees. Mr. Fahman also serves as Chairman/Managing Director
of PHILUX Capital Advisors, Inc., a wholly owned subsidiary of the Company, Chairman of PHILUX Global Funds SCA, SICAV-RAIF, and Executive Chairman of Philux Global Energy, Inc., a Wyoming corporation.
Mr. Fahman is the husband of Tina T. Phan, our Secretary and Treasurer.
Frank
Hawkins, Director has been a Director of the Company since April 2009 and Mr. Hawkins is a founder and CEO of Hawk Associates with
30 years of award-winning investor relations experience, Mr. Hawkins has earned the wide respect of Wall Street’s investment community
for straight talk and integrity. He was formerly vice president/corporate relations and planning and head of the investor relations program
at Knight-Ridder, Inc. in Miami. Mr. Hawkins started his career as an agent handler in clandestine collection operations for the Defense
Intelligence Agency in Germany and went on to become a foreign and war correspondent, international businessman, senior corporate executive
and president of the Access Asia Group in Hong Kong. He has lived in eight countries. He has been involved in stock listings in Tokyo
and Frankfurt and company presentations in London, Zurich, Geneva and Singapore. Fluent in German, he is a graduate of Cornell University
and author of “Ritter’s Gold,” an adventure novel published in several languages by the New American Library. He is
a member of the Association of Former Intelligence Officers and the Audubon Society and is listed in Who’s Who in America and Who’s
Who in the World. He serves on the board of the Florida Keys Electric Cooperative.
Steve
Truong, Director
Effective
July 01, 2023, the Company’s Board of Directors appointed Mr. Steve Truong as a new member of the Board of Directors. Born in 1960,
Mr. Truong brings to the Company a wealth of comprehensive knowledge in the areas of operation, finance, general management, strategic
research and analysis, policy development and investigation. He holds a Bachelor of Economics from the University of Waterloo, a Bachelor
of Business Administration from Simon Fraser University, a Master of Business Administration from Taft University, and is currently pursuing
a Doctor of Business Administration from California Southern University.
Mr.
Truong has work experience in both private and public sectors. He has held various senior positions during his career. Previously, as
a Naval Officer with the Royal Canadian Navy, he coordinated, liaised, and provided logistical support to operational and administrative
military units at a national and international level, including the Canadian Armed Forces’ United Nations (UN) taskings.
Mr.
Truong has been actively involved in negotiating and arranging debt financing and equity investment, between international lenders and
investment institutions and for clients seeking funding for projects. He has also been assisting in mergers and acquisition activities,
as well as assisting private companies to get listed in the US Stock Markets. He holds a Series 65 license – Uniform Investment
Advisers from the North American Securities Administrators Associations. He currently serves as a member of the Board of Directors and
Secretary of Sports Pouch Beverage Company, Inc., a Nevada corporation, and a member of the Board of Directors, Vice President and Secretary
of Chinh Picasso Global Group, Inc., a Wyoming corporation.
Tina
T. Phan has been Treasurer of the Company since April 2009. She served as a Director and Secretary of the Company from January 2000
to April 10, 2009 and was Vice President of Operations of Providential Securities, Inc. from 1995 to 2000. Mrs. Phan holds a B.S. in
management information system from California State University, Los Angeles. Currently Mrs. Phan serves as Treasurer and Secretary of
the Company and a member of the Board of Directors of PHI Luxembourg Development S.A., the mother holding company of PHILUX Global Funds.
Mrs. Phan is the wife of Henry D. Fahman.
ITEM
11. EXECUTIVE COMPENSATION
(a)
Any compensation received by officers, directors, and management personnel of the Company will be determined and approved from time to
time by the Board of Directors of the Company as it deems appropriate and reasonable. Officers, directors, and management personnel of
the Company will be reimbursed for any out-of-pocket expenses incurred on behalf of the Company.
Except
for any non-cash payments mentioned in this report, there was no monetary compensation paid to any officers of the Company during the
year ended June 30, 2024.
(b)
There are no annuity, pension or retirement benefits proposed to be paid to officers, directors, or employees of the Company in the event
of retirement at normal retirement date as there is no existing plan provided for or contributed to by the Company.
(c)
All members of the Company’s Board of Directors, whether officers of the Company or not, may receive an amount yet to be determined
annually for their participation in meetings of the Board and will be required to attend a minimum of four meetings per fiscal year.
The Company reimburses all expenses for meeting attendance or out of pocket expenses connected directly with their Board participation.
ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
1.
The following table sets forth information regarding the beneficial ownership of shares of the Company’s common stock as of June
30, 2024 by (i) all shareholders known to the Company to be beneficial owners of more than 5% of the outstanding common stock; and (ii)
all directors and executive officers of the Company, and as a group (out of 46,873,940,565 shares issued and outstanding):
Title of Class | |
Name and Address of Beneficial Owner (1) | |
Amount of Beneficial Ownership | | |
Percent of Class | |
Common Stock | |
Henry D. Fahman (2) 15272 Flintridge Lane Huntington Beach, CA 92647 | |
| 405,000,000 | | |
| * | |
| |
| |
| | | |
| | |
Common Stock | |
Tina T. Phan (3) 15272 Flintridge Lane Huntington Beach, CA 92647 | |
| 76,887,055 | | |
| * | |
| |
| |
| | | |
| | |
Common Stock | |
Frank Hawkins 18649 Royal Hammock Blvd. Naples, FL 34114 | |
| 200 | | |
| * | |
| |
| |
| | | |
| | |
Common Stock | |
Steve Truong 17896 Wood Rd. Riverside, CA 92506 | |
| 3,342,685 | | |
| * | |
| |
| |
| | | |
| | |
Common Stock | |
Shares of all directors and executive officers as a group (4 persons) | |
| 485,229,913 | | |
| 1.04 | % |
(1) |
Each
person has sole voting power and sole dispositive power as to all of the shares shown as beneficially owned by them. |
(2)
|
Certain
of these shares have been pledged to secure certain obligations of the Company. |
(3)
|
Tina
Phan is the spouse of Henry D Fahman. |
|
*:
Less than 1%. |
2.
The following table sets forth information regarding the beneficial ownership of shares of the Company’s Class B Series I Preferred
Stock as of June 30, 2024 by (i) all Preferred Shareholders known to the Company to be beneficial owners of more than 5% of the outstanding
Preferred Stock; and (ii) all directors and executive officers of the Company, and as a group (out of 600,000 shares of Class B Series
I Preferred Stock).
Title of Class | |
Name and Address of Beneficial Owner (1) | |
Amount of Beneficial Ownership | | |
Percent of Class | |
Class B Series I Preferred Stock | |
Tam Bui 9132 Helm Avenue Fountain Valley, CA 92708 | |
| 155,000 | | |
| 25.83 | % |
| |
| |
| | | |
| | |
Class B Series I Preferred Stock | |
Henry D Fahman 15272 Flintridge Lane Huntington Beach, CA 92647 | |
| 155,000 | | |
| 25.83 | % |
| |
| |
| | | |
| | |
Class B Series I Preferred Stock | |
Frank Hawkins 18649 Royal Hammock Blvd. Naples, FL 34114 | |
| 155,000 | | |
| 25.83 | % |
| |
| |
| | | |
| | |
Class B Series I Preferred Stock | |
Tina Phan (2) 15272 Flintridge Lane Huntington Beach, CA 92647 | |
| 135,000 | | |
| 22.50 | % |
| |
| |
| | | |
| | |
| |
Preferred Shares of all Directors and Executive Officers as a group (four persons) | |
| 600,000 | | |
| 100 | % |
(1) |
Each
person has sole voting power and sole dispositive power as to all of the shares shown as beneficially owned by them. |
(2) |
Tina
Phan is the spouse of Henry D Fahman.
|
ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Henry
D. Fahman, Chairman and Chief Executive Officer of the Company, has from time to time made cash advances to the Company. The advances
are unsecured, interest free and payable on demand.
Certain
of the officers and directors of the Company are engaged in other businesses, either individually or through partnerships and corporations
in which they have an interest, hold an office, or serve on a board of directors. As a result, certain conflicts of interest may arise
between the Company and its officers and directors. The Company will attempt to resolve such conflicts of interest in favor of the Company.
The officers and directors of the Company are accountable to it and its shareholders as fiduciaries, which require that such officers
and directors exercise good faith and integrity in handling the Company’s affairs. A shareholder may be able to institute legal
action on behalf of the Company or on behalf of itself and other similarly situated shareholders to recover damages or for other relief
in cases of the resolution of conflicts is in any manner prejudicial to the Company.
ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit
Fees
The
negotiated package fees billed by the independent accountancy firm, are $26,000 for the audit of the Company’s annual consolidated
financial statements for the fiscal year ended June 30, 2024 and for the review of unaudited financial statements for the quarters ending
9/30/2024, 12/31/2024 and 3/31/2025.
All
Other Fees
The
Company did not pay the independent accountancy firm any fees that are not related to audit and/or review of its financial statements
for fiscal year 2024 or 2023.
PART
IV
ITEM
15. EXHIBITS AND FINANCIAL STATEMENTS SCHEDULES
Financial
Statements
The
following consolidated financial statements of PHI Group, Inc. and its subsidiaries are included:
EXHIBIT INDEX
Exhibit
No. |
|
Exhibit
Description |
|
|
|
2.1 |
|
Plan
of Exchange between the Company and Prima Eastwest Model Management, Inc. (incorporated by reference to Exhibit 2 to the Form 8-K
filed on March 1, 1996) |
2.2 |
|
Corporate
Combination Agreement between the Company and Providential Securities, Inc., effective on January 14, 2000 (incorporated by reference
to Exhibit 10.12 to the Form 10-KSB filed on January 10, 2000). |
3.1 |
|
Articles
of Incorporation (1) |
3.2 |
|
Amendment
to Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the Form 10-KSB for the fiscal year ended June 30, 1995). |
3.3 |
|
Amendment to Articles of Incorporation (6) |
3.4 |
|
Certificate of Amendment to Articles of Incorporation (6) |
3.5 |
|
Bylaws, as amended (6) |
4.1 |
|
Form of Series 1 Bridge Notes Purchase and Security Agreement between the Company and investors, dated March 27, 2000 (6) |
4.2 |
|
Form of Series 1 Bridge Note executed by the Company issued by the Company to Investors. (6) |
4.3 |
|
Form of Common Stock Purchase Warrant issued by the Company to investors. (6) |
4.4 |
|
Form of Re-pricing Warrant issued by the Company to investors. (6) |
4.5 |
|
Form of Registration Rights Agreement between the Company and investors, dated March 27, 2000 (6) |
4.6 |
|
Form of Common Stock Purchase Warrant to be issued by the Company to Sovereign Capital Advisors, LLC (6) |
4.7 |
|
Form of Convertible Promissory Note issued by the Company to preferred shareholders of Providential Securities, Inc. (6) |
5.1 |
|
Opinion
Re Validity of Agreements (6) 10.1 Benatone Exchange Agreement, with Creditors (2) |
10.2 |
|
Benatone
Share Acquisition Agreement (for Weldnow Enterprise, Ltd.) (2) |
10.3 |
|
Benatone
Share Acquisition Agreement (Dynedeem Limited) (2) |
10.4 |
|
Benatone
Exchange Agreement (2) |
10.5 |
|
Benatone
Asset Sale Agreement (2) |
10.6 |
|
Benatone
Royalty Agreement (2) |
10.7 |
|
Benatone
Consultancy Agreement (2) |
10.8 |
|
Benatone
Deed (2) |
10.9 |
|
Autokraft
Stock Purchase Agreement (3) |
10.10 |
|
Autokraft
Stock Subscription Agreement (3) |
10.11 |
|
Prima
Agreement and Plan of Merger (4) |
10.12 |
|
Escrow Agreement between the Company and Warshaw Burstein Cohen Schelsinger & Kuh, LLP, dated March 28, 2000. (6) |
10.13 |
|
Placement Agency Agreement between the Company and Sovereign Capital Advisors, LLC, dated March 28, 2000. (6) |
10.14 |
|
Guaranty Agreement between Henry Fahman and SovCap Equity Partners, Ltd, dated March 28, 2000. (6) |
10.15 |
|
Pledge Agreement between Henry Fahman and SovCap Equity Partners, Ltd, dated March 28, 2000. (6) |
10.16 |
|
Partnership Purchase Agreement between the Company and Holt Collins, dated May 31, 2000. (6) |
10.17 |
|
Memorandum of Agreement between DataLogic Consulting, Inc. and PHI Group, Inc., dated April 25, 2001. (5) |
10.18.1 |
|
Letter of Intent between PHI Group, Inc. and Epicenter, Inc., dated October 30, 2000. (5) |
10.18.2 |
|
Amendment to Letter of Intent between PHI Group, Inc. and Epicenter, Inc., dated November 30, 2000. (5) |
10.18.3 |
|
Amendment to Letter of Intent between PHI Group, Inc. and Epicenter, Inc., dated January 12, 2001. (5) |
10.18.4 |
|
Amendment to Letter of Intent between PHI Group, Inc. and Epicenter, Inc., dated June 26, 2001. (5) |
10.18.5 |
|
Amendment to Letter of Intent between PHI Group, Inc. and Epicenter, Inc., dated October 02, 2001. (5) |
10.19 |
|
Joint Venture Agreement between Providential Holdings, Inc and Boxo, Inc., dated January 1, 2001. (5) |
10.20 |
|
License of Manna Technologies Joint Venture Company, dated March 21, 2001. (5) |
10.21 |
|
Memorandum of Agreement between International Consulting and Training Center, Ministry of Trade, Vietnam and the Company, dated March 24, 2001. (5) |
10.22 |
|
Memorandum of Agreement among General Transportation Company No. 5, Chu Lai Industrial Zone and the Company, dated March 25, 2001. (5) |
10.23 |
|
Letter of Intent between PHI Group, Inc. and Global Systems and Technologies, Corp. dated October 18, 2001. (6) |
10.24 |
|
Letter of Intent between PHI Group, Inc. and Estate Planning and Investment Company dated November 7, 2001. (6) |
10.25 |
|
Joint Venture Agreement between PHI Group, Inc. and Mimi Ban dated November 23, 2001. (6) |
10.26 |
|
Plan of acquisition of Nettel Global Communication Corp. (incorporated by reference to the Company’s Current Report on Form 8-K filed May 3, 2002) |
10.27 |
|
Joint Venture Agreement with Vietnam’s Minh Hieu Joint Stock Company. (7) |
10.28 |
|
Memorandum of Agreement with HDT Enterprises, LLC dated March 15, 2002. (7) |
10.29 |
|
Memorandum of Agreement and Principal Contract with Vietnam’s Center of Telecom Technology. (7) |
10.30 |
|
Stock Purchase Agreement with SlimTech, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K, filed May 1, 2002). |
10.31 |
|
Stock Purchase Agreement with ATC Technology Corp. (incorporated by reference to the Company’s Current Report on Form 8-K, Filed September 17, 2002) |
10.32 |
|
Mutual Rescission of Stock Purchase Agreement with Nettel Global Communication Corp. (8). |
10.33 |
|
Business Consulting Agreement with Nettel Global Communication Corp. (8) |
10.34 |
|
Business Consulting Agreement with Medical Career College (8) |
10.35 |
|
Mutual Rescission of Stock Purchase Agreement with SlimTech (8) |
10.36 |
|
Mutual Rescission of Stock Purchase Agreement with Clear Pass, Inc. (8). |
10.37 |
|
Mutual Rescission of Joint Venture Agreement with HTV CO, Ltd. (8). |
10.38 |
|
Mutual Rescission of Stock Purchase Agreement with Real ID Technology (8). |
10.39 |
|
Business Consulting Agreement with Lexor Incorporated (8). |
10.40 |
|
Amended Closing Memorandum with ATC Technology Corp. (8) |
10.41 |
|
Stock Purchase Agreement with Tangshan YutianSaw Corporation (incorporated by reference to the Company’s Current Report on Form 8-K filed June 15, 2004) |
10.42 |
|
Asset Purchase Agreement with Western Medical, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K, file June 2, 2006) |
10.43 |
|
Principle Business Cooperation Agreement with Cavico Vietnam Joint Stock Corporation (incorporated by reference to the Company’s Current Report on Form 8-K, filed October 2, 2006) |
16.1 |
|
Notification of Change of Accountants, Kabani & Co. appointed (incorporated by reference to exhibits filed with Form 8-K/A, filed September 10, 2001) |
17.1 |
|
Resignation of Nhi T. Le as director and officer and appointment of Thorman Hwinn as Director (incorporated by reference to exhibits filed with Form 8-K, filed July 9, 2001) |
17.2 |
|
Resignation of Tam Bui as Director (incorporated by reference to the Company’s Current Report on Form 8-K, filed September 30, 2004). |
17.3
|
|
Resignation of Gene M. Bennett as Chief Financial Officer (incorporated by reference to the Company’s Current Report on Form 8-K, filed March 23, 2005). |
17.4
|
|
Resignation of Robert Stevenson as Director (incorporated by reference to the Company’s Current Report on Form 8-K, filed July 18, 2006). |
17.5
|
|
Resignation of Ghanshyam Dass as Director (incorporated by reference to the Company’s Current Report on Form 8-K, filed September 29, 2010). |
17.6
|
|
Resignation of Paul Nguyen as Director (incorporated by reference to the Company’s Annual Report for the Fiscal Year ended June 30, 2012 as filed with the Securities and Exchange Commission on June 2, 2014). |
17.7 |
|
Unregistered Sale of Equity Securities (incorporated by reference to Company’s Current Report on Form 8-K, filed on December 23, 2016). |
17.8 |
|
Unregistered Sale of Equity Securities (incorporated by reference to Company’s Current Report on Form 8-K, filed on December 29, 2016). |
17.9 |
|
Investment Agreement with Azure Capital (incorporated by reference to Company’s Current Report on Form 8-K, filed on March 7, 2017). |
17.10 |
|
Unregistered Sale of Equity Securities (incorporated by reference to Company’s Current Report on Form 8-K, filed on April 10, 2017). |
17.11 |
|
Private Stock Purchase and Sale Agreement with Maxagro Farm SRL (incorporated by reference to Company’s Current Report on Form 8-K, filed on June 1, 2017). |
17.12 |
|
Contract for Transfer of Shares” to purchase 51% of equity ownership in Constructii SA (incorporated by reference to Company’s Current Report on Form 8-K, filed on June 30, 2017). |
17.13 |
|
Unregistered Sale of Equity Securities (incorporated by reference to Company’s Current Report on Form 8-K, filed on July 27, 2017). |
17.14 |
|
Amendment to Private Stock Purchase and Sale Agreement with Maxagro Farm SRL (incorporated by reference to Company’s Current Report on Form 8-K, filed on August 9, 2017). |
17.15 |
|
Agreement of Purchase and Sale with Rush Gold Royalty Inc, a Wyoming corporation, to acquire a 51% ownership in twenty-one mining claims over an area of approximately 400 acres in Granite Mining District, Grant County, Oregon, U.S.A. (incorporated by reference to Company’s Current Report on Form 8-K, filed on September 7, 2017). |
17.16 |
|
Registration Statements in connection with Azure Capital Investment Agreement (incorporated by reference to Company’s S-1 Registration Statement filed on April 3, 2017, |
17.17
|
|
Withdrawal of Registration Statement filed on August 7, 2017, new S-1 Registration Statement filed on August 7, 2017 and S-1/A filed on September 15, 2017). |
17.18 |
|
Closing Memorandum for the Agreement of Purchase and Sale with Rush Gold Royalty Inc, a Wyoming corporation, to acquire a 51% ownership in twenty-one mining claims over an area of approximately 400 acres in Granite Mining District, Grant County, Oregon, U.S.A. (incorporated by reference to Company’s Current Report on Form 8-K, filed on October 9, 2017). |
(1) |
Incorporated
by reference to the Company’s Registration Statement on Form S-18, declared effective August 10, 1982 (SEC File No. 2-78335-NY),
and to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 1995. |
|
|
(2) |
Incorporated
by reference to the Company’s Current Report on Form 8-K, dated September 7, 1995 |
|
|
(3) |
Incorporated
by reference to the Company’s Current Report on Form 8-K/A, dated September 12, 1995. |
|
|
(4) |
Incorporated
by reference to the Company’s Current Report on Form 8-K, dated March 1, 1996. |
|
|
(5) |
Incorporated
reference to Form 10KSB for the year ended June 30, 2000 filed October 16, 2001. |
|
|
(6) |
Incorporated
by reference to Form 10KSB for the year ended June 30, 2001 filed December 17, 2001. |
|
|
(7) |
Incorporated
by reference to Form 10QSB for the quarter ended March 31, 2002 filed May 14, 2002. |
|
|
(8) |
Incorporated
by reference to Form 10KSB for the year ended June 30, 2003, filed October 17, 2003. |
EXHIBIT
INDEX (CONTINUED).
17.26 |
|
Extension of Record Date for Special Common Stock Dividend from Issuer’s Subsidiary |
|
8-K |
|
001-38255 |
|
10.1;
10.2 |
|
2019-09-25 |
|
|
17.27 |
|
Extension of Record Date for Special Common Stock Dividend from Issuer’s Subsidiary |
|
8-K |
|
001-38255 |
|
10.1 |
|
2019-12-30 |
|
|
17.28 |
|
Extension of Repurchase Date for the Company’s Common Stock |
|
8-K |
|
001-38255 |
|
10.1 |
|
2020-03-05 |
|
|
17.29 |
|
Relying on Order for Reporting Relief |
|
8-K |
|
001-38255 |
|
N/A |
|
2020-05-15 |
|
|
17.30 |
|
Extension
of Repurchase Date for the Company’s Common Stock and Extension of Record Date For Special Stock Dividend Distribution |
|
8-K |
|
001-38255 |
|
10.1;
10.2 |
|
2020-06-30
|
|
|
17.31 |
|
Extension
of Repurchase Date for the Company’s Common Stock and Extension of Record Date For Special Stock Dividend Distribution |
|
8-K |
|
001-38255 |
|
10.1;
10.2 |
|
2020-12-29 |
|
|
17.32 |
|
Amendment to Promissory Notes dated April 01, 2019 between Luan Ngo and the Company |
|
10-K/A |
|
001-38255 |
|
17.32 |
|
2021-06-30 |
|
|
17.33 |
|
Amendment to Articles of Domestication |
|
8-K |
|
001-38255 |
|
10.1 |
|
2020-06-30 |
|
|
17.34 |
|
Withdrawal from State of Nevada |
|
8-K |
|
001-38255 |
|
10.1;
10.2 |
|
200-06-30 |
|
|
17.35 |
|
Change in Registrant’s Certifying Accountant |
|
8-K |
|
001-38255 |
|
16.1 |
|
2020-09-30 |
|
|
17.36 |
|
Extension
of Purchase Date for Common Stock and Extension of Record Date for Special Stock Dividend Distribution. |
|
8-K |
|
001-38255 |
|
10.1;
10.2 |
|
2021-06-28 |
|
|
17.37 |
|
Memorandum of Understanding with Five-Grain Treasure Spirits Co., Ltd |
|
8-K |
|
001-38255 |
|
10.1;
99.1 |
|
2021-09-17 |
|
|
17.38 |
|
Securities to be offered in Employee Benefit Plan |
|
S-8 |
|
333-259633 |
|
4.1
et al. |
|
2021-09-17 |
|
|
17.39 |
|
Asia Diamond Exchange, Inc. and the Asia Diamond Exchange |
|
8-K |
|
001-38255 |
|
10.1
et al. |
|
2021-10-01 |
|
|
17.40 |
|
Name change of Provimex, Inc. to Empire Spirits, Inc. |
|
8-K |
|
001-38255 |
|
10.1
et al. |
|
2021-10-04 |
|
|
17.41 |
|
Financing Agreement with Haj Finance Group |
|
8-K |
|
001-38255 |
|
10.1 |
|
2021-10-28 |
|
|
17.42 |
|
Loan Agreement with Neok Financial Incorporated |
|
8-K |
|
001-38255 |
|
10.1 |
|
2021-11-22 |
|
|
17.43 |
|
Letter of Intent with Kota Energy Group LLC and Kota Construction |
|
8-K |
|
001-38255 |
|
10.1 |
|
2021-12-10 |
|
|
17.44 |
|
Loan
Approval and Term Sheet With Geza Holding AG |
|
8-K |
|
001-38255 |
|
10.1,10.2 |
|
2021-12-20 |
|
|
17.45 |
|
Extension
of Repurchase Date For Registrant’s Stock |
|
8-K |
|
001-38255 |
|
10.1,10.2 |
|
2021-12-30 |
|
|
17.46 |
|
Amendment to Articles of Domestication to change authorized capital |
|
8-K |
|
001-38255 |
|
10.1 |
|
2022-01-06 |
|
|
17.47 |
|
Incorporation
of subsidiary PHILUX GLOBAL ENERGY, INC. |
|
8-K |
|
001-38255 |
|
10.1,10.2. |
|
2022-01-07 |
|
|
17.48 |
|
Registration Withdrawal Request |
|
RW |
|
33-219769 |
|
|
|
2022-01-14 |
|
|
17.49 |
|
Purchase and Sale Agreement with Five Grain Treasure Spirits Co. Ltd. |
|
8-K |
|
001-38255 |
|
10.1 |
|
2022-01-20 |
|
|
17.50 |
|
Memorandum
of Understanding with Al Aqel and Partners Investment LLC and Loan Agreement with Arab League Investment Group |
|
8-K |
|
001-38255 |
|
10.1,
10.2. |
|
2022-01-31 |
|
|
17.51 |
|
Agreement
of Purchase and Sale with Kota Construction LLC and Kota Energy Group LLC |
|
8-K |
|
001-38255 |
|
10.1,10.2 |
|
2022-02-01 |
|
|
17.52 |
|
Offering Statement |
|
1-A |
|
024-11801 |
|
|
|
2022-02-09 |
|
|
17.53 |
|
Business
Cooperation Agreement With Siennalyn Gold Mining Corp. |
|
8-K |
|
001-38255 |
|
10.1,99.1 |
|
2022-02-23 |
|
|
101.INS |
Inline
XBRL Instance Document |
101.SCH |
Inline
XBRL Taxonomy Extension Schema Document |
101.CAL |
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
Inline
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirement of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to
be signed on its behalf by the undersigned, thereunto duly authorized.
PHI GROUP, INC.
(a/k/a PHILUX GLOBAL GROUP INC)
Dated: October 15, 2024
By: |
/s/
Henry D. Fahman |
|
|
Henry
D. Fahman, President |
|
In
accordance with the Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in
the capacities and on the dates indicated.
SIGNATURE |
|
TITLE |
|
DATE |
|
|
|
|
|
/s/
Henry D. Fahman |
|
Chairman/President/Acting
Chief Financial Officer |
|
October
15, 2024 |
HENRY
D. FAHMAN |
|
|
|
|
|
|
|
|
|
/s/
Tina T. Phan |
|
Secretary/Treasurer
|
|
October
15, 2024 |
TINA
T. PHAN |
|
|
|
|
|
|
|
|
|
/s/
Steve Truong |
|
Director
|
|
October
15, 2024 |
STEVE
TRUONG |
|
|
|
|
|
|
|
|
|
/s/
Frank Hawkins |
|
Director |
|
October
15, 2024 |
FRANK
HAWKINS |
|
|
|
|
Exhibit
No. 21.1
SUBSIDIARIES
OF REGISTRANT
As
of October 15 2024, the Company has the following subsidiaries:
1.Asia
Diamond Exchange, Inc., a Wyoming corporation
Percentage
of ownership: 100%
Business
activity: holding company for the Asia Diamond Exchange to be established in Vietnam.
2.
Philux Global Funds SCA, SICAV-RAIF, a Luxembourg corporation
Percentage
of ownership: 100%
Business
activity: Luxembourg bank master fund.
3.
PHI Luxembourg Development SA, a Luxembourg corporation
Percentage
of ownership: 100% owned by PHI Group, Inc.
Business
activity: mother holding company for Luxembourg bank funds.
4.
PHI Luxembourg Holding SA, a Luxembourg corporation
Percentage
of ownership: 100% owned by PHI Luxembourg Development SA.
Business
activity: holding company for participating shares in sub-funds of PHILUX Global Funds.
5.
Philux Global General Partner SA, a Luxembourg corporation
Percentage
of ownership: 100%
Business
activity: holding management shares in PHILUX Global Funds.
6.
Philux Capital Advisors, Inc., a Wyoming corporation
Percentage
of ownership: 100%
Business
activity: M&A consulting services.
7.
Philux Global Advisors, Inc., a Wyoming corporation.
Percentage
of ownership: 100%
Business
activity: Investment advisory services (startup)
8.
Philux Global Healthcare, Inc., a Wyoming corporation
Percentage
of ownership: 100%
Business
activity: medical and healthcare business (startup).
9.
Philux Global Energy Inc., a Wyoming corporation
Percentage
of ownership: 100%
Business
activity: holding company for prospective energy portfolio.
10.
Philux Global Vietnam Investment & Development Co., Ltd., a Vietnamese limited liability company
Percentage
of ownership: 100%
Business
activity: direct investments, consulting services.
Exhibit
31.1
Certification
of Principal Executive Officer
Pursuant
to pursuant to Rule 13a-14(a) or Rule 15d-14(a)
of
the Securities Exchange Act of 1934, as amended
I,
Henry Fahman, Principal Executive Officer of PHI Group, Inc., certify that:
1.
I have reviewed this report on Form 10-K of PHI Group, Inc. for the fiscal year ended June 30, 2024;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
PHI
GROUP, INC. (aka Philux Global Group Inc) |
|
|
|
/s/
Henry Fahman |
|
Henry
Fahman, Principal Executive Officer |
|
Dated:
October 15, 2024 |
|
Exhibit
31.2
Certification
of Principal Financial Officer
Pursuant
to pursuant to Rule 13a-14(a) or Rule 15d-14(a)
of
the Securities Exchange Act of 1934, as amended
I,
Henry Fahman, Acting Principal Financial Officer, PHI Group, Inc., certify that:
1.
I have reviewed this report on Form 10-K of PHI Group, Inc. for the fiscal year ended June 30, 2024;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
PHI
GROUP, INC. (aka Philux Global Group Inc) |
|
|
|
/s/
Henry Fahman |
|
Henry
Fahman, Acting Principal Financial Officer |
|
Dated:
October 15, 2024 |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. Section 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Annual Report of PHI Group, Inc. on Form 10-K for the fiscal year ended June 30, 2024, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I, Henry Fahman, President and Director of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge
and belief: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations
of the Company.
/s/
Henry Fahman |
|
Henry
Fahman |
|
Principal
Executive Officer /Director |
|
Dated:
October 15, 2024 |
|
Exhibit
32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. Section 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Annual Report of PHI Group, Inc. (aka Philux Global Group Inc) on Form 10-K for the fiscal year ended June 30, 2024,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Henry D. Fahman, Acting Chief
Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of my knowledge and belief: (1) the Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the
financial condition and result of operations of the Company.
/s/
Henry Fahman |
|
Henry
Fahman |
|
Acting
Principal Financial Officer |
|
Dated:
October 15, 2024 |
|
v3.24.3
Cover - $ / shares
|
12 Months Ended |
|
Jun. 30, 2024 |
Oct. 15, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-K
|
|
Amendment Flag |
false
|
|
Document Annual Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
FY
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--06-30
|
|
Entity File Number |
001-38255-NY
|
|
Entity Registrant Name |
PHI GROUP, INC.
|
|
Entity Central Index Key |
0000704172
|
|
Entity Tax Identification Number |
90-0114535
|
|
Entity Incorporation, State or Country Code |
WY
|
|
Entity Address, Address Line One |
17011
Beach Blvd.
|
|
Entity Address, Address Line Two |
Suite 900
|
|
Entity Address, City or Town |
Huntington Beach
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
92647
|
|
City Area Code |
714
|
|
Local Phone Number |
642-0571
|
|
Title of 12(b) Security |
Common
Stock
|
|
Trading Symbol |
PHIL
|
|
Entity Well-known Seasoned Issuer |
No
|
|
Entity Voluntary Filers |
No
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
No
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
46,873,940,565
|
Document Financial Statement Error Correction [Flag] |
false
|
|
Entity Listing, Par Value Per Share |
$ 0.001
|
|
Auditor Firm ID |
6662
|
|
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M.S.
Madhava Rao
|
|
Auditor Location |
Bengaluru, India
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v3.24.3
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 303
|
$ 19,765
|
Marketable securities |
|
420
|
Other current assets |
58,333
|
241,426
|
Total current assets |
58,636
|
261,611
|
Other assets: |
|
|
Investments |
32,220
|
32,604
|
Total Assets |
90,856
|
294,215
|
Current Liabilities |
|
|
Accounts payable |
626,730
|
616,245
|
Sub-fund obligations |
1,624,775
|
1,624,775
|
Accrued expenses |
1,795,874
|
1,485,310
|
Short-term loans and notes payable |
4,460,981
|
1,164,685
|
Convertible Promissory Notes |
5,000
|
297,805
|
Due to Officers |
278,812
|
1,027,782
|
Advances from customers |
952,650
|
1,079,038
|
Derivative liabilities and Note Discount |
|
1,220,576
|
Total Liabilities |
9,744,823
|
8,516,216
|
Stockholders’ deficit: |
|
|
Total Preferred Stock |
2,440
|
2,440
|
Common stock, $0.001 par value; 60 billion shares authorized; 46,873,940,565 shares issued and outstanding on 06/30/2024; 60 billion shares authorized and 31,429,380,453 shares issued and outstanding on 6/30/2023, respectively, adjusted for 1 for 1,500 reverse split effective March 15, 2012. Par value: |
46,873,941
|
39,414,493
|
APIC - Common Stock |
29,109,985
|
32,773,102
|
Common Stock to be issued |
1,890,290
|
22,500
|
Common Stock to be cancelled |
(35,500)
|
(35,500)
|
Treasury stock: 484,767 shares as of 6/30/24 and 6/30/23, respectively - cost method. |
(44,170)
|
(44,170)
|
Accumulated deficit |
(85,514,751)
|
(77,319,372)
|
Total Acc. Other Comprehensive Income (Loss) |
(1,936,201)
|
(3,035,495)
|
Total stockholders’ deficit |
(9,653,967)
|
(8,222,002)
|
Total liabilities and stockholders’ deficit |
90,856
|
294,214
|
Class B Series I Preferred Stock [Member] |
|
|
Stockholders’ deficit: |
|
|
Preferred Stock, $0.001 par value; 500,000,000 shares authorized. 600,000 shares of Class B Series I issued and outstanding as of 06/30/2024 and 06/30/2023 respectively. Par value: |
600
|
600
|
APIC - Class B Series I |
$ 1,840
|
$ 1,840
|
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v3.24.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
60,000,000,000
|
60,000,000,000
|
Common stock, shares issued |
46,873,940,565
|
31,429,380,453
|
Common stock, shares outstanding |
46,873,940,565
|
31,429,380,453
|
Reverse stock split |
1 for 1,500 reverse split
|
1 for 1,500 reverse split
|
Treasury stock, shares |
484,767
|
484,767
|
Class B Series I Preferred Stock [Member] |
|
|
Preferred stock, shares issued |
600,000
|
600,000
|
Preferred stock, shares outstanding |
600,000
|
600,000
|
X |
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v3.24.3
Consolidated Statement of Operations - USD ($)
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Net revenues |
|
|
Consulting, advisory and management services |
$ 5,000
|
$ 25,000
|
Total revenues |
5,000
|
25,000
|
Operating expenses: |
|
|
Salaries and wages |
210,300
|
360,000
|
Professional services, including non-cash compensation |
76,791
|
95,242
|
Asia Diamond Exchange development costs |
770,588
|
464,848
|
General and administrative |
105,093
|
105,533
|
Total operating expenses |
1,162,772
|
1,025,623
|
Income (loss) from operations |
(1,157,772)
|
(1,000,623)
|
Other income and expenses |
|
|
Other income |
37
|
488
|
Interest expense |
(400,303)
|
(934,872)
|
Other expenses |
(6,637,341)
|
(3,674,139)
|
Net other income (expenses) |
(7,037,608)
|
(4,608,523)
|
Net income (loss) |
$ (8,195,380)
|
$ (5,609,146)
|
Net loss per share: |
|
|
Basic |
$ (0.00)
|
$ (0.00)
|
Diluted |
$ (0.00)
|
$ (0.00)
|
Weighted average number of shares outstanding: |
|
|
Basic |
44,127,075,436
|
34,455,935,655
|
Diluted |
44,127,075,436
|
34,455,935,655
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.3
Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income (loss) from operations |
$ (8,195,380)
|
$ (5,609,146)
|
Mark-to-market adjustments |
1,491,657
|
(2,455,157)
|
Net change due to non-cash issuance of stock |
3,428,526
|
4,845,007
|
Fund in transit |
|
9,500
|
Acc. Other Comprehensive Inc (Loss) |
(1,612,555)
|
|
Reserve for loan penalties |
1,958,703
|
|
(Increase) decrease in assets and prepaid expenses |
|
|
Marketable securities |
420
|
126
|
Total deferred financing costs |
241,426
|
114,434
|
Total (increase) decrease in assets and prepaid expenses |
(58,333)
|
|
Increase (decrease) in accounts payable and accrued expenses |
|
|
Accounts payable |
10,485
|
440
|
Sub-fund obligations |
|
50,000
|
Accrued expenses |
893,689
|
553,893
|
Advances from customers and client deposits |
(126,388)
|
413,604
|
Derivative liabilities |
|
504,899
|
Total increase (decrease) in accounts payable and accrued expenses |
777,785
|
1,522,836
|
Net cash provided by (used in) operating activities |
(1,967,750)
|
(1,572,400)
|
Cash flows from investing activities: |
|
|
Net cash provided by (used in) investing activities |
|
3,557
|
Cash flows from financing activities: |
|
|
Net Loans from Directors/Officers |
(85,619)
|
(49,435)
|
Notes payable (net) |
167,511
|
29,352
|
Common Stock (including stock to be issued) |
1,867,790
|
1,540,795
|
Net cash provided by (used in) financing activities |
1,949,682
|
1,520,712
|
Net decrease in cash and cash equivalents |
(18,068)
|
(48,131)
|
Cash and cash equivalents, beginning of period |
17,765
|
67,896
|
Cash and cash equivalents, end of period |
$ 303
|
$ 17,765
|
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v3.24.3
Statement of Stockholders' Equity (Deficit) - USD ($)
|
Common Stock [Member] |
Common Stock Including Additional Paid in Capital [Member] |
Preferred Stock [Member] |
Preferred Stock Including Additional Paid in Capital [Member] |
Treasury Stock Common and Preferred [Member] |
Common Stock to be Cancelled [Member] |
Common Stock to be Issued [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance at Jun. 30, 2022 |
$ 31,429,381
|
$ 34,394,912
|
$ 600
|
$ 1,840
|
$ (44,170)
|
$ (35,000)
|
$ 0
|
$ 572,591
|
$ 71,717,973
|
$ 6,543,502
|
Balance, shares at Jun. 30, 2022 |
31,429,380,289
|
|
600,000
|
|
(484,767)
|
|
|
|
|
|
Common Shares issued for conversions of promissory notes |
$ 392,097
|
158,483
|
|
|
|
|
|
|
|
233,614
|
Common Shares issued for conversions of promissory notes, shares |
392,096,775
|
|
|
|
|
|
|
|
|
|
Common Shares issued for exercise of warrants during the quarter ended September 30, 2022 |
$ 2,279,167
|
115,913
|
|
|
|
|
|
|
|
2,395,080
|
Common Shares issued for exercise of warrants during the quarter ended September 30, 2022, shares |
2,279,166,666
|
|
|
|
|
|
|
|
|
|
Common Shares cancelled during quarter ended September 30, 2022 |
$ (454,758)
|
90,952
|
|
|
|
|
|
|
|
545,710
|
Common Shares cancelled during quarter ended September 30, 2022, shares |
(454,758,300)
|
|
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 33,645,886
|
34,261,391
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
16,000
|
(572,022)
|
(74,155,929)
|
(6,881,906)
|
Balance, shares at Dec. 31, 2022 |
33,645,885,430
|
|
600,000
|
|
(484,767)
|
|
|
|
|
|
Common Shares issued for conversions of promissory notes |
$ 1,909,744
|
(333,569)
|
|
|
|
|
|
|
|
1,576,175
|
Common Shares issued for conversions of promissory notes, shares |
1,909,744,449
|
|
|
|
|
|
|
|
|
|
Common Shares issued for cash |
$ 609,309
|
15,556
|
|
|
|
|
|
|
|
624,865
|
Common Shares issued for cash, shares |
609,309,245
|
|
|
|
|
|
|
|
|
|
Common Shares issued for contractual obligation |
$ 185,000
|
|
|
|
|
|
|
|
|
185,000
|
Common Shares issued for contractual obligation , shares |
185,000,000
|
|
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 36,349,940
|
33,943,377
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
396,000
|
(2,966,071)
|
(75,932,642)
|
(8,286,628)
|
Balance, shares at Mar. 31, 2023 |
36,349,939,124
|
|
600,000
|
|
(484,767)
|
|
|
|
|
|
Common Shares issued for cash |
$ 1,495,583
|
(576,187)
|
|
|
|
|
|
|
|
919,396
|
Common Shares issued for cash, shares |
1,495,583,852
|
|
|
|
|
|
|
|
|
|
Common Stock issued for conversion of promissory note |
$ 1,568,970
|
(594,093)
|
|
|
|
|
|
|
|
974,877
|
Common Stock issued for conversion of promissory note, shares |
1,568,970,299
|
|
|
|
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 39,414,493
|
32,773,102
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
22,500
|
(3,035,495)
|
(77,319,372)
|
$ (8,222,002)
|
Balance, shares at Jun. 30, 2023 |
39,414,493,275
|
|
600,000
|
|
(484,767)
|
|
|
|
|
39,414,493,275
|
Common shares issued for conversion of notes by Brin Financial Corporation during 9/30/23 quarter |
$ 171,562
|
(68,625)
|
|
|
|
|
|
|
|
$ 102,937
|
Common shares issued for conversion of notes by Brin Financial Corporation during 9/30/23 quarter, shares |
171,561,860
|
|
|
|
|
|
|
|
|
|
Common Shares issued for exercise of warrants by Mast Hill Fund LP during 9/30/23 quarter |
$ 2,931,619
|
(1,175,299)
|
|
|
|
|
|
|
|
1,756,320
|
Common Shares issued for exercise of warrants by Mast Hill Fund LP during 9/30/23 quarter, shares |
2,931,619,052
|
|
|
|
|
|
|
|
|
|
Common shares issued for conversion of note by 1800 Diagonal Lending LLC |
$ 187,541
|
(112,525)
|
|
|
|
|
|
|
|
75,016
|
Common shares issued for conversion of note by 1800 Diagonal Lending LLC during , shares |
187,540,984
|
|
|
|
|
|
|
|
|
|
Balance at Sep. 30, 2023 |
$ 42,705,215
|
31,416,653
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
759,562
|
3,035,916
|
80,309,276
|
8,540,992
|
Balance, shares at Sep. 30, 2023 |
42,705,215,171
|
|
600,000
|
|
(484,767)
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 39,414,493
|
32,773,102
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
22,500
|
(3,035,495)
|
(77,319,372)
|
$ (8,222,002)
|
Balance, shares at Jun. 30, 2023 |
39,414,493,275
|
|
600,000
|
|
(484,767)
|
|
|
|
|
39,414,493,275
|
Balance at Jun. 30, 2024 |
$ 46,873,941
|
29,109,985
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
1,890,290
|
(1,936,201)
|
(85,514,751)
|
$ (9,653,967)
|
Balance, shares at Jun. 30, 2024 |
46,873,940,565
|
|
600,000
|
|
(484,767)
|
|
|
|
|
46,873,940,565
|
Balance at Sep. 30, 2023 |
$ 42,705,215
|
31,416,653
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
759,562
|
3,035,916
|
80,309,276
|
$ 8,540,992
|
Balance, shares at Sep. 30, 2023 |
42,705,215,171
|
|
600,000
|
|
(484,767)
|
|
|
|
|
|
Common Stock issued for conversion of promissory note |
$ 119,000
|
(59,500)
|
|
|
|
|
|
|
|
59,500
|
Common Stock issued for conversion of promissory note, shares |
119,000,000
|
|
|
|
|
|
|
|
|
|
Common Stock issued for stock purchase agreements with current shareholders under Rule 144 |
$ 468,408
|
(172,404)
|
|
|
|
|
|
|
|
296,004
|
Common Stock issued for stock purchase agreements with current shareholders under Rule 144, shares |
468,407,608
|
|
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 43,292,623
|
31,184,749
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
1,128,388
|
(2,053,646)
|
(82,021,213)
|
(8,546,330)
|
Balance, shares at Dec. 31, 2023 |
43,292,622,779
|
|
600,000
|
|
(484,767)
|
|
|
|
|
|
Common Stock issued for stock purchase agreements with current shareholders under Rule 144 |
$ 1,583,494
|
(876,068)
|
|
|
|
|
|
|
|
707,426
|
Common Stock issued for stock purchase agreements with current shareholders under Rule 144, shares |
1,583,493,940
|
|
|
|
|
|
|
|
|
|
Common shares issued for conversion of note by Mast Hill Fund LP during March 2024 quarter |
$ 1,024,372
|
(614,623)
|
|
|
|
|
|
|
|
409,749
|
Common shares issued for conversion of note by Mast Hill Fubd LP during March 2024 quarter, shares |
1,024,372,467
|
|
|
|
|
|
|
|
|
|
Common Shares issued for consulting service |
$ 250,000
|
(150,000)
|
|
|
|
|
|
|
|
100,000
|
Common Shares issued for consulting service, shares |
250,000,000
|
|
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 46,150,489
|
29,544,058
|
$ 600
|
1,840
|
$ (44,170)
|
(35,000)
|
1,106,790
|
(1,949,117)
|
(83,711,642)
|
(8,936,654)
|
Balance, shares at Mar. 31, 2024 |
46,150,489,186
|
|
600,000
|
|
(484,767)
|
|
|
|
|
|
Common shares issued for conversion of note by 1800 Diagonal Lending LLC |
$ 723,452
|
(434,072)
|
|
|
|
|
|
|
|
289,380
|
Common shares issued for conversion of note by 1800 Diagonal Lending LLC during , shares |
723,451,379
|
|
|
|
|
|
|
|
|
|
Balance at Jun. 30, 2024 |
$ 46,873,941
|
$ 29,109,985
|
$ 600
|
$ 1,840
|
$ (44,170)
|
$ (35,000)
|
$ 1,890,290
|
$ (1,936,201)
|
$ (85,514,751)
|
$ (9,653,967)
|
Balance, shares at Jun. 30, 2024 |
46,873,940,565
|
|
600,000
|
|
(484,767)
|
|
|
|
|
46,873,940,565
|
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v3.24.3
NATURE OF BUSINESS
|
12 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF BUSINESS |
NOTE
1 – NATURE OF BUSINESS
PHI
Group, Inc. (n/k/a Philux Global Group Inc) (the “Company” or “PHI”) (www.philuxglobal.com) is primarily
engaged in promoting Philux Global Funds, SCA, SICAV-RAIF, a “Reserved Alternative Investment Fund” (“RAIF”)
under the laws of Luxembourg, developing the Asia Diamond Exchange in conjunction with the International Financial Center in Vietnam
and advancing a breakthrough “pure” geomagnetic energy technology that may potentially revolutionize the energy industry
worldwide. Besides, the Company provides corporate finance services, including merger and acquisition advisory and consulting services
for client companies through our wholly owned subsidiaries Philux Capital Advisors, Inc. (www.philuxcapital.com) and Philux Global
Advisors, Inc. and participates in selective industries and special situations aiming to potentially create significant long-term value
for our shareholders. Philux Global Funds intends to include a number of sub-funds for investment in select growth opportunities in the
areas of renewable energy, real estate, infrastructure, healthcare, agriculture and the Asia Diamond Exchange together with the International
Financial Center in Vietnam.
BACKGROUND
Originally
incorporated on June 8, 1982 as JR Consulting, Inc., a Nevada corporation, the Company applied for a Certificate of Domestication and
filed Articles of Domestication to become a Wyoming corporation on September 20, 2017. In the beginning, the Company was foremost engaged
in mergers and acquisitions and had an operating subsidiary, Diva Entertainment, Inc., which operated two modeling agencies, one in New
York and one in California. In January 2000, the Company changed its name to Providential Securities, Inc., a Nevada corporation, following
a business combination with Providential Securities, Inc., a California-based financial services company. In February 2000, the Company
then changed its name to Providential Holdings, Inc. In October 2000, Providential Securities withdrew its securities brokerage membership
and ceased its financial services business. Subsequently, in April 2009, the Company changed its name to PHI Group, Inc. From October
2000 to October 2011, the Company and its subsidiaries were engaged in various transactions in connection with mergers and acquisitions
advisory and consulting services, real estate and hospitality development, mining, oil and gas, telecommunications, technology, healthcare,
private equity, and special situations. In October 2011, the Company discontinued the operations of Providential Vietnam Ltd., Philand
Ranch Limited, a United Kingdom corporation (together with its subsidiaries Philand Ranch - Singapore, Philand Corporation - US, and
Philand Vietnam Ltd. - Vietnam), PHI Gold Corporation (formerly PHI Mining Corporation, a Nevada corporation), and PHI Energy Corporation
(a Nevada corporation), and mainly focused on acquisition and development opportunities in energy and natural resource businesses.
The
Company is currently focused on Philux Global Funds, SCA, SICAV-RAIF by launching Philux Global Select Growth Fund and potentially other
sub-funds for investment in real estate, renewable energy, infrastructure, agriculture, healthcare and the Asia Diamond Exchange and
International Financial Center in Vietnam. In addition, Philux Capital Advisors, Inc. a wholly owned subsidiary of the Company, continues
to provide corporate and project finance services, including merger and acquisition (M&A) advisory and consulting services for U.S.
and international companies. The Company has also formed Philux Global Advisors, Inc. to serve as the investment advisor to Philux Global
Funds and other potential fund clients in the future.
In
May 2023, the company signed a business cooperation agreement with SSE Global JSC, a Vietnamese joint stock company, to establish SSE
Global Group, Inc., a Wyoming corporation, (www.sseglobalgroup.com) to commercialize a self-sustainable energy technology.
In
June 2023 the Company signed a business cooperation agreement with Saphia Alkali JSC, a Vietnamese joint stock company, to form Sapphire
Alkali Global Group in the United States to finance, manufacture, sell and distribute Saphia Alkali’s proprietary products on a
worldwide basis.
In
December 2023 the Company signed an Agreement for Comprehensive Cooperation Agreement with a Vietnamese inventor (the “Inventor”)
to cooperate in the development and implementation of a proprietary clean energy technology using geomagnetic energy and target the following
areas: (1) Applying the Inventor’s proprietary inventions that are specifically designed to exploit the earth’s available
geomagnetic energy to generate energy and store energy without using an energy storage system (ESS), (2) Producing and providing generators
using the earth’s available geomagnetic energy, (3) Producing engines (spaceships, airplanes, ships, cars, trains, motorcycles,
etc.) powered by the earth’s available geomagnetic energy, and (4) Developing additional multiple new technologies that the Inventor
has studied and researched. The Parties agree to use Philux Global Energy, Inc., a Wyoming corporation and wholly-owned subsidiary of
Philux Global Group, Inc., Registration Number 2022-001066221, incorporated on January 3, 2022, as the operating company to commercialize
energy-related products based on the proprietary researches and developments of the Inventor group. The Inventor group has filed a Provisional
Patent Application for the Multi-Impulse Energy Technology with the U.S. Patent and Trademark Office (USPTO) and will transfer certain
intellectual properties related to energy generation using the earth’s available geomagnetic energy to Philux Global Energy, Inc.
for commercialization.
No
assurances can be made that the Company will be successful in achieving its plans.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES
OF CONSOLIDATION
The
consolidated financial statements include the accounts of (1) PHI Group, Inc., its subsidiaries including (2) PHILUX Global Funds SCA,
SICAV-RAIF, a Luxembourg bank fund designed to hold a number of subfund compartments for investing in various selective industries, (3)
PHI Luxembourg Development S.A., the mother holding company for PHILUX Global Funds, (4) PHI Luxembourg Holding S.A., (5) PHILUX Global
General Partner S.A., (6) Asia Diamond Exchange, Inc., a Wyoming corporation (100%), (7) PHILUX Capital Advisors, Inc., a Wyoming corporation
(100%), and Philux Global Advisors, Inc., a Wyoming corporation, collectively referred to as the “Company.” The other subsidiaries
of the Company were not active during the fiscal year ended June 30, 2024. All significant inter-company transactions have been eliminated
in consolidation.
USE
OF ESTIMATES
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
CASH
AND CASH EQUIVALENTS
The
Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible
into cash to be cash equivalents.
MARKETABLE
SECURITIES
The
Company’s securities are classified as available-for-sale and, as such, are carried at fair value. Securities classified as available-for-sale
may be sold in response to changes in interest rates, liquidity needs, and for other purposes.
Each
investment in marketable securities typically represents less than twenty percent (20%) of the outstanding common stock and stock equivalents
of the investee, and each security is quoted on a national exchange or on the OTC Markets. As such, each investment is accounted for
in accordance with the provisions of ASC 320 (previously SFAS No. 115).
Unrealized
holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s
equity. Realized gains and losses for securities classified as available-for-sale are reported in earnings based upon the adjusted cost
of the specific security sold. On June 30, 2024 and 2023 the marketable securities have been recorded at $0 and $420, respectively, based
upon the fair value of the marketable securities at that time.
ACCOUNTS
RECEIVABLE
Management
reviews the composition of accounts receivable and analyzes historical bad debts. There was no account receivable or bad debt during
the fiscal ended June 30, 2024.
IMPAIRMENT
OF LONG-LIVED ASSETS
Effective
January 1, 2002, the Company adopted ASC 350 (Previously SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”),
which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, “Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of,” and the accounting and reporting provisions
of APB Opinion No. 30, “Reporting the Results of Operations for a Disposal of a Segment of a Business.” The Company periodically
evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses
to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated
to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount
by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined
in a similar manner, except that fair market values are reduced for the cost of disposal.
PROPERTY
AND EQUIPMENT
Property
and equipment are stated at cost. Maintenance and repair costs are charged to expense as incurred; costs of major additions and betterments
are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated
from the accounts and any resulting gain or loss is reflected in income. Depreciation is computed using the straight-line method over
the estimated useful lives of the assets, ranging from three to ten years.
DEPRECIATION
AND AMORTIZATION
The
cost of property and equipment is depreciated over the estimated useful lives of the related assets. Depreciation and amortization of
fixed assets are computed on a straight-line basis.
NET
EARNINGS (LOSS) PER SHARE
The
Company adopted the provisions of ASC 260 (previously SFAS 128). ASC 260 eliminates the presentation of primary and fully diluted earnings
per share (“EPS”) and requires presentation of basic and diluted EPS. Basic EPS is computed by dividing income (loss) available
to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average
number of shares of common stock outstanding for the period and common stock equivalents outstanding at the end of the period.
The
net earnings (loss) per share is computed as follows:
SCHEDULE
OF NET EARNINGS (LOSS) PER SHARE
Basic
and diluted loss per share: |
|
2024 |
|
|
2023 |
|
Numerator: |
|
|
|
|
|
|
|
|
Net
income (loss): |
|
$ |
(8,195,380 |
) |
|
$ |
(5,609,146 |
) |
Denominator: |
|
|
|
|
|
|
|
|
Basic
weighted average number of common shares outstanding: |
|
|
44,127,075,436 |
|
|
|
34,455,935,655 |
|
Basic
net income per share |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
Diluted
weighted average number of common shares outstanding: |
|
|
44,127,075,436 |
|
|
|
34,455,935,655 |
|
Diluted
net income (loss) per share: |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
STOCK-BASED
COMPENSATION
Effective
July 1, 2006, the Company adopted ASC 718-10-25 (previously SFAS 123R) and accordingly has adopted the modified prospective application
method. Under this method, ASC 718-10-25 is applied to new awards and to awards modified, repurchased, or cancelled after the effective
date. Additionally, compensation cost for the portion of awards that are outstanding as of the date of adoption for which the requisite
service has not been rendered (such as unvested options) is recognized over a period of time as the remaining requisite services are
rendered.
FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
Value - Definition and Hierarchy
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the
inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities
within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
A
fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of
unobservable inputs by requiring that the most observable inputs are to be used when available.
Valuation
techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized
into three levels based on the inputs as follows:
Level
1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability
to access.
Level
2 - Valuations based on inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly.
Level
3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Fair
value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that
are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily
available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability
at the measurement date. The availability of valuation techniques and observable inputs can vary from investment to investment and are
affected by a wide variety of factors, including; type of investment, whether the investment is new and not yet established in the marketplace,
the liquidity of markets, and other characteristics particular to the transaction.
To
the extent that valuation is based upon models or inputs that are less observable or unobservable in the market, the determination of
fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher
or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment
exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used
to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy
in which the fair value measurement falls in its entirety is determined based upon the lowest level input that is significant to the
fair value measurement.
Fair Value - Valuation Techniques and Inputs
The Company holds and may invest public securities
traded on public exchanges or over-the-counter (OTC), private securities, real estate, convertible securities, interest bearing securities
and other types of securities and has adopted specific techniques for their respective valuations.
Equity Securities in Public Companies
Unrestricted
The
Company values investments in securities that are freely tradable and listed on major securities exchanges at their last reported sales
price as of the valuation date. To the extent these securities are actively traded and valuation adjustments are not applied, they are
categorized in Level 1 of the fair value hierarchy.
Securities
traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or 3 of the fair value
hierarchy.
Restricted
Securities
traded on public exchanges or over-the-counter (OTC) where there are formal restrictions that limit (i.e. Rule 144 holding periods and
underwriter’s lock-ups) their sale shall be valued at the closing price on the date of valuation less applicable discounts. The
Company may apply a discount to securities with Rule 144 restrictions. Additional discounts may be assessed if the Company believes there
are other mitigating factors which warrant the additional discounting. When determining potential additional discounts, factors that
will be taken into consideration include, but are not limited to; securities’ trading characteristics, volume, length and overall
impact of the restriction as well as other macro-economic factors. Valuations should be discounted appropriately until the securities
may be freely traded.
If
it has been determined that the exchange or OTC listed price does not accurately reflect fair market value, the Company may elect to
treat the security as a private company and apply an alternative valuation method.
Investments
in restricted securities of public companies may be included in Level 2 of the fair value hierarchy. However, to the extent that significant
inputs used to determine liquidity discounts are not observable, investments in restricted securities in public companies may be categorized
in Level 3 of the fair value hierarchy.
The
Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, marketable securities, short-term
notes payable, convertible notes, derivative liability and accounts payable.
As
of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying
values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments.
Effective
July 1, 2008, the Company adopted ASC 820 (previously SFAS 157), Fair Value Measurements and adopted this Statement for the assets
and liabilities shown in the table below. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value,
establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value
measurements. The adoption of ASC 820 did not have a material impact on our fair value measurements. ASC 820 permits the Company to defer
the recognition and measurement of the nonfinancial assets and nonfinancial liabilities until January 1, 2010. At June 30, 2023, the
Company did not have any nonfinancial assets or nonfinancial liabilities that are recognized or disclosed at fair value. ASC 820 requires
that financial assets and liabilities that are reported at fair value be categorized as one of the types of investments based upon the
methodology mentioned in Level 1, Level 2 and Level 3 above for determining fair value.
Assets
measured at fair value on a recurring basis are summarized below. The Company also has convertible notes and derivative liabilities as
disclosed in this report that are measured at fair value on a regular basis until paid off or exercised.
The
Company uses various approaches to measure fair value of available-for-sale securities, while applying the three-level valuation hierarchy
for disclosures, specified in ASC 820. Our Level 1 securities were measured using the quoted prices in active markets for identical assets
and liabilities.
The
company’s policy regarding the transfers in and/or out of Level 3 depends on the trading activity of the security, the volatility
of the security, and other observable units which clearly represents the fair value of the security. If a level 3 security can be measured
using a more fairly represented fair value, we will transfer these securities either into Level 1 or Level 2, depending on the type of
inputs.
REVENUE
RECOGNITION STANDARDS
ASC
606-10 provides the following overview of how revenue is recognized from an entity’s contracts with customers: An entity recognizes
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services.
Step
1: Identify the contract(s) with a customer.
Step
2: Identify the performance obligations in the contract.
Step
3: Determine the transaction price – The transaction price is the amount of consideration in a contract to which an entity expects
to be entitled in exchange for transferring promised goods or services to a customer.
Step
4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction
price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised
in the contract.
Step
5: Recognize revenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it
satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control
of that good or service).
The
amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied
at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service
to a customer). For performance obligations satisfied over time, an entity recognizes revenue over time by selecting an appropriate method
for measuring the entity’s progress toward complete satisfaction of that performance obligation. (Paragraphs 606-10 25-23 through
25-30).
In
addition, ASC 606-10 contains guidance on the disclosures related to revenue, and notes the following:
It
also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive
information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts with
customers. Specifically, Section 606-10-50 requires an entity to provide information about:
-
Revenue recognized from contracts with customers, including disaggregation of revenue into appropriate categories.
-
Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities.
-
Performance obligations, including when the entity typically satisfies its performance obligations and the transaction prices is that
is allocated to the remaining performance obligations in a contract.
-
Significant judgments, and changes in judgments, made in applying the requirements to those contracts.
Additionally,
Section 340-40-50 requires an entity to provide quantitative and/or qualitative information about assets recognized from the costs to
obtain or fulfill a contract with a customer.
The
Company’s revenue recognition policies are in compliance with ASC 606-10. The Company recognizes consulting and advisory fee revenues
in accordance with the above-mentioned guidelines and expenses are recognized in the period in which the corresponding liability is incurred.
ADVERTISING
The
Company expenses advertising costs as incurred. Advertising costs for the years ended June 30, 2024 and 2023 were zero and $500, respectively.
COMPREHENSIVE
INCOME (LOSS)
ASC
220-10-45 (previously SFAS 130, Reporting Comprehensive Income) establishes standards for reporting and display of comprehensive income,
its components and accumulated balances. Comprehensive income is defined to include all changes in equity, except those resulting from
investments by owners and distributions to owners. Among other disclosures, SFAS No. 130 requires that all items that are required to
be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed
with the same prominence as other financial statements. As of June 30, 2024 and 2023, respectively, accumulated other comprehensive income
(loss) of ($1,936,201) and ($3,035,495) are presented on the accompanying consolidated balance sheets.
INCOME
TAXES
The
Company accounts for income taxes in accordance with ASC 740 (previously SFAS No. 109, “Accounting for Income Taxes”). Deferred
taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences, and deferred
tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts
of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities
are adjusted for the effects of changes in tax laws and rates on the date of enactment.
REPORTING
OF SEGMENTS
ASC
280 (previously Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise and Related Information),
which supersedes Statement of Financial Accounting Standards No. 14, Financial Reporting for Segments of a Business Enterprise, establishes
standards for the way that public enterprises report information about operating segments in annual financial statements and requires
reporting of selected information about operating segments in interim financial statements regarding products and services, geographic
areas and major customers. ASC 280 defines operating segments as components of an enterprise about which separate financial information
is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing
performance. The Company operated in one revenue-generating segment during the years ended June 30, 2024 and June 30, 2023.
RISKS
AND UNCERTAINTIES
In
the normal course of business, the Company is subject to certain risks and uncertainties. The Company provides its service and receives
marketable securities upon execution of transactions. Consequently, the value of the securities received from customers can be affected
by economic fluctuations and each customer’s business growth. The actual realized value of these securities could be significantly
different than recorded value.
RECENT
ACCOUNTING PRONOUNCEMENTS
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06-Debt-Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting
For Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments
by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as
a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions
that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify
for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual
and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15,
2020.
Update
No. 2018-13 – August 2018
Fair
Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement
Modifications:
The following disclosure requirements were modified in Topic 820:
1.
In lieu of a roll-forward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level
3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities.
2.
For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an
investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to
the entity or announced the timing publicly.
3.
The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement
as of the reporting date.
Additions:
The following disclosure requirements were added to Topic 820; however, the disclosures are not required for nonpublic entities:
1.
The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements
held at the end of the reporting period.
2.
The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable
inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average
if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution
of unobservable inputs used to develop Level 3 fair value measurements.
The
amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2019.
Update
No. 2018-07 – June 2018
Compensation
– Stock Compensation (Topic 718)
Improvements
to Nonemployee Share-Based Payment Accounting
Main
Provisions: The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods
and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance
on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest
and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions
in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment
awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to
the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under
Topic 606, Revenue from Contracts with Customers.
The
amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim
periods within that fiscal year.
Update
No. 2017-13 - September 2017
Revenue
Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606)
FASB
Accounting Standards Updates No. 2014-09, Revenue from Contracts with Customers (Topic 606), issued in May 2014 and codified in ASC Topic
606, Revenue from Contracts with Customers, and No. 2016-02.
The
transition provisions in ASC Topic 606 require that a public business entity and certain other specified entities adopt ASC Topic 606
for annual reporting 3 periods beginning after December 15, 2017, including interim reporting periods within that reporting period. FN2
All other entities are required to adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2018, and interim reporting
periods within annual reporting periods beginning after December 15, 2019.
Update
No. 2016-10 - April 2016
Revenue
from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing
The
core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services
to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To achieve that core principle, an entity should apply the following steps:
1.
Identify the contract(s) with a customer.
2.
Identify the performance obligations in the contract.
3.
Determine the transaction price.
4.
Allocate the transaction price to the performance obligations in the contract.
5.
Recognize revenue when (or as) the entity satisfies a performance obligation.
The
amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify
the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining
the related principles for those areas.
The
Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact
they may have on the Company’s financial statements. In most cases, management has determined that the implementation of these
pronouncements would not have a material impact on the financial statements taken as a whole.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.3
OTHER CURRENT ASSETS
|
12 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
OTHER CURRENT ASSETS |
NOTE
3 – OTHER CURRENT ASSETS
The
Company’s marketable securities are classified as available-for-sale and, as such, are carried at fair value. All of the securities
are comprised of shares of common stock of the investee. Securities classified as available-for-sale may be sold in response to changes
in interest rates, liquidity needs, and for other purposes. Each investment in marketable securities represents less than twenty percent
(20%) of the outstanding common stock and stock equivalents of the investee, and each security is nationally quoted on the National Association
of Securities Dealers OTC Bulletin Board (“OTCBB”) or the OTC Markets. As such, each investment is accounted for in accordance
with the provisions of SFAS No. 115.
The
Company did not own any marketable securities available for sale as of June 30, 2024.
SCHEDULE
OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES
Securities
available for sale |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
June
30, 2024 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
June
30, 2023 |
|
$ |
- |
|
|
$ |
420 |
|
|
$ |
- |
|
|
$ |
420 |
|
During
the fiscal year ended June 30, 2024, there was no transfer of securities from level 3 to level 2.
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OTHER ASSETS
|
12 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
OTHER ASSETS |
NOTE
4 – OTHER ASSETS
The
Other Assets comprise of the following as of June 30, 2024 and 2023.
SCHEDULE
OF OTHER ASSETS
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
Investment
in Philux Global Funds |
|
|
32,220 |
|
|
|
32,604 |
|
|
|
|
- |
|
|
|
|
|
Total
Other Assets |
|
$ |
32,220 |
|
|
$ |
32,604 |
|
Investments
as of June 30, 2024 consist of $32,220 in the initial General Partner, Limited and Ordinary Shares of Philux Global Funds SCA, SICAV-RAIF
based on the exchange rate as of June 30, 2024.
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v3.24.3
CURRENT LIABILITIES
|
12 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
CURRENT LIABILITIES |
NOTE
6 – CURRENT LIABILITIES
Current
liabilities of the Company consist of the followings as of June 30, 2024 and 2023:
SCHEDULE OF CURRENT LIABILITIES
Current
Liabilities |
|
June
30, 2024 |
|
|
June
30, 2023 |
|
Accounts
payable |
|
|
626,730 |
|
|
|
616,245 |
|
Sub-fund
obligations |
|
|
1,624,775 |
|
|
|
1,624,775 |
|
Accrued
expenses |
|
|
1,795,874 |
|
|
|
1,485,310 |
|
Short-term
loans and notes payable |
|
|
4,460,981 |
|
|
|
1,164,685 |
|
Convertible
Promissory Notes |
|
|
5,000 |
|
|
|
297,805 |
|
Due
to officers |
|
|
278,812 |
|
|
|
1,027,782 |
|
Advances
from customers and client deposits |
|
|
952,650 |
|
|
|
1,079,038 |
|
Derivative
liabilities and Note Discount |
|
|
- |
|
|
|
1,220,576 |
|
Total
Current Liabilities |
|
|
9,744,823 |
|
|
|
8,516,216 |
|
ACCRUED
EXPENSES: Accrued expenses as of June 30, 2024 consist of $1,238,095 in accrued salaries, $543,834 in accrued interest from notes and
loans and $10,000 from accrued financing costs.
NOTES
PAYABLE (NET): Notes payable consist of $1,919,153 in short-term notes and loans payable and $2,541,828 of reserve for note extensions
and amendments.
ADVANCES
FROM CUSTOMERS AND CLIENT DEPOSITS
Advances
from Customers and Client Deposits were $952,650 as of June 30, 2024.
SUB-FUND
OBILGATIONS: As of June 30, 2023, the Company has received $800,000 from European Plastic Joint Stock Company towards the expenses for
setting up the energy sub-fund, $518,409 from Saigon Pho Palace Joint Stock Company and $150,000 from Sinh Nguyen Co., Ltd. towards the
expenses for setting up the real estate sub-fund, and $156,366.25 from TECCO Group towards the expenses for setting up the infrastructure
sub-fund, respectively, under the master PHILUX Global Funds. The Company recorded these amounts as liabilities until these sub-funds
are set up and capitalized, at which time the sub-fund participants will receive 49% of the general partners’ portion of ownership
in the relevant sub-funds for a total contribution of $2,000,000 each. The Company recorded a total of $1,624,775 as of June 30, 2024
as well as June 30, 2022 as sub-fund obligations.
|
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v3.24.3
DUE TO OFFICERS AND DIRECTORS
|
12 Months Ended |
Jun. 30, 2024 |
Due To Officers And Directors |
|
DUE TO OFFICERS AND DIRECTORS |
NOTE
7- DUE TO OFFICERS AND DIRECTORS
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 June 30, 2024 and 2023 , the balances were $278,812 and $1,027,782, respectively.
SCHEDULE
OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS
Officers/Directors |
|
June
30, 2024 |
|
|
June
30, 2023 |
|
Henry
Fahman (Chairman and CEO) |
|
|
278,812 |
|
|
|
364,432 |
|
Tam
Bui (former Director and COO) |
|
|
- |
|
|
|
663,350 |
|
Total |
|
$ |
278,812 |
|
|
$ |
1,027,782 |
|
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v3.24.3
LOANS AND PROMISSORY NOTES
|
12 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
LOANS AND PROMISSORY NOTES |
NOTE
8 – LOANS AND PROMISSORY NOTES
SHORT
TERM NOTES PAYABLE:
In
the course of its business, the Company has obtained short-term loans from individuals and institutional investors and from time to time
raised money by issuing restricted common stock of the Company under the auspices of Rule 144. As of June 30, 2024, the Company had $4,460,981
in short-term notes payable consisting of $1,769,921 of regular short-term notes and $43,750 SBA loan, $105,482 in merchant cash advances
and $2,541,828 of reserve for loan extensions and amendments. These notes typically bear interest rates ranging from 0% to 36% per annum.
CONVERTIBLE
PROMISSORY NOTES:
As
of June 30, 2024, the principal balance of the only outstanding convertible note was $5,000.
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v3.24.3
BASIC AND DILUTED NET LOSS PER SHARE
|
12 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
BASIC AND DILUTED NET LOSS PER SHARE |
NOTE
9 – BASIC AND DILUTED NET LOSS PER SHARE
Net
loss per share is calculated in accordance with SFAS No. 128, “Earnings per Share”. Under the provision of SFAS No. 128,
basic net loss per share is computed by dividing the net loss for the period by the weighted-average number of common shares outstanding
for the period. Diluted EPS is based on the weighted-average number of shares of common stock outstanding for the period and common stock
equivalents outstanding at the end of the period. Basic and diluted weighted average numbers of shares for the year ended June 30, 2024
were the same since the inclusion of Common stock equivalents is anti-dilutive.
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v3.24.3
STOCKHOLDER’S EQUITY
|
12 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDER’S EQUITY |
NOTE
10. STOCKHOLDER’S EQUITY
As
of June 30, 2024, the total number of authorized capital stock of the Company consisted of Sixty Billion shares of voting Common Stock
with a par value of $0.001 per share and Five Hundred Million shares of Preferred Stock with a par value of $0.001 per share.
Treasury
Stock
The
balance of treasury stock as of June 30, 2024 was 487,767 shares valued at $44,170 based on cost basis.
Common
Stock
During
the fiscal year ended June 30, 2024, the Company issued the following shares of its Common Stock for cash, conversion of promissory notes,
warrant exercise, and consulting service:
SCHEDULE
OF CONVERSIONS OF COMMON STOCK
7/1/2023 |
|
Beginning
balance: |
|
39,414,493,275 |
Issuances: |
|
Warrant
exercise: |
|
2,931,619,052 |
|
|
Conversion
of notes: |
|
2,225,916,690 |
|
|
Issuances
for cash to certain shareholders under Rule 144: |
|
2,051,901,548 |
|
|
Issuance
for consulting service: |
|
250,000,000 |
|
|
Total
issuances: |
|
7,459,447,290 |
6/30/2024 |
|
Ending
balance: |
|
46,873,940,565 |
As
of June 30, 2024, there were 46,873,940,565 shares of the Company’s common stock issued and outstanding.
Preferred
Stock
There
was no issuance of Preferred Stock during the fiscal year ended June 30, 2024. As of June 30, 2024, there were 600,000 shares of Class
B Series I Preferred Stock issued and outstanding.
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v3.24.3
STOCK-BASED COMPENSATION PLANS
|
12 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION PLANS |
NOTE
11 – STOCK-BASED COMPENSATION PLANS
1)
On February March 18, 2015, the Company adopted an Employee Benefit Plan to set aside 1,000,000 shares of common stock for eligible employees
and independent contractors of the Company and its subsidiaries. As of June 30, 2024 the Company has not issued any stock in lieu of
cash under this plan.
2)
On September 23, 2016, the Company issued incentive stock options and nonqualified stock options to certain key employee(s) (Henry Fahman
– CEO/CFO) and directors (Tam Bui, Henry Fahman, and Frank Hawkins constitute the Board of Directors) as deferred compensation.
The options allow the holders to acquire the Company’s Common Stock at the fair exercise price of the Company’s Common Stock
on the grant date of each option at $0.24 per share, based on the 10-days’ volume-weighted average price prior to the grant date.
The number of options is equal to a total of 6,520,000. The options terminate seven years from the date of grant and become vested and
exercisable after one year from the grant date. The following assumptions were used in the Monte Carlo analysis by Doty Scott Enterprises,
Inc., an independent valuation firm, to determine the fair value of the stock options:
SCHEDULE
OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS
Risk-free
interest rate |
|
|
1.18 |
% |
Expected
life |
|
|
7
years |
|
Expected
volatility |
|
|
239.3 |
% |
Vesting
is based on a one-year cliff from grant date.
Annual
attrition rates were used in the valuation since ongoing employment was condition for vesting the options.
The
fair value of the Company’s Stock Options as of issuance valuation date is as follows:
SCHEDULE
OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE
Holder | |
Issue
Date | |
Maturity Date | |
Stock
Options | | |
Exercise
Price | | |
Fair
Value at Issuance | |
| |
| |
| |
| | |
| | |
| |
Tam Bui | |
9/23/2016 | |
9/23/2023 | |
| 875,000 | | |
| Fixed
price: $0.24 | | |
$ | 219,464 | |
Frank Hawkins | |
9/23/2016 | |
9/23/2023 | |
| 875,000 | | |
| Fixed
price: $0.24 | | |
$ | 219,464 | |
Henry Fahman | |
9/23/2016 | |
9/23/2023 | |
| 4,770,000 | | |
| Fixed
price: $0.24 | | |
$ | 1,187,984 | |
The
stock options under this plan expired on September 23, 2023.
3)
On September 9, 2021, the Company adopted the PHI Group 2021 Employee Benefit Plan and set aside 2,600,000,000 shares of its common stock
to provide a means of non-cash remuneration to selected eligible employees and independent contractors (“Eligible Participants”)
of the Company and its subsidiaries. On September 17, 2021, the Company filed Form S-8 Registration Statement under the Securities Act
of 1933 with the Securities and Exchange Commission to register these shares for the above-mentioned plan. As of June 30, 2024 the Company
has issued a total of 2,407,196,586 shares for consulting services and salaries under the PHI Group 2021 Employee Benefit Plan.
|
X |
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v3.24.3
OTHER INCOME (EXPENSE)
|
12 Months Ended |
Jun. 30, 2024 |
Other Income and Expenses [Abstract] |
|
OTHER INCOME (EXPENSE) |
NOTE
12 –OTHER INCOME (EXPENSE)
Net
Other Income (Expense) for the fiscal year ended June 30, 2024 consists of the following:
SCHEDULE
OF OTHER INCOME (EXPENSE)
OTHER
INCOME (EXPENSES) |
|
FY
ended
June
30, 2024 |
|
Interest
expense |
|
|
(400,303 |
) |
Other
income |
|
|
37 |
|
Net
other income/expense |
|
|
(6,637,341 |
) |
NET
OTHER INCOME (EXPENSES) |
|
|
(7,037,608 |
) |
|
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v3.24.3
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
13 – RELATED PARTY TRANSACTIONS
The
Company recognized a total of $210,000 in salaries for the President and Chief Executive Officer and the Secretary and Treasurer of the
Company during the year ended June 30, 2024.
Due
to officers which represents loans and advances made by officers and directors of the Company and its subsidiaries, unsecured and due
on demand. As of June 30, 2024, the balance due the President and Chief Executive Officer of the Company was $278,812.
As
of June 30, 2024 the members of the Board of Directors, the Secretary and Treasurer and a former director of the Company owned a total
of 600,000 shares of Class B Series I Preferred Stock.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.3
INCOME TAXES
|
12 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
14 – INCOME TAXES
No
provision was made for income tax since the Company has significant net operating loss carry forward. Through June 30, 2024, the Company
incurred net operating losses for tax purposes of approximately $85,514,751. The net operating loss carry forward may be used to reduce
taxable income through the year 2037. Net operating loss for carry forwards for the State of California is generally available to reduce
taxable income through the year 2027. The availability of the Company’s net operating loss carry-forward is subject to limitation
if there is a 50% or more positive change in the ownership of the Company’s stock.
“Under
section 6501(a) of the Internal Revenue Code (Tax Code) and section 301.6501(a)-1(a) of the Income Tax Regulations (Tax Regulations),
the IRS is required to assess tax within 3 years after the tax return was filed with the IRS.”
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.3
CONTRACTS AND COMMITMENTS
|
12 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
CONTRACTS AND COMMITMENTS |
NOTE
15 – CONTRACTS AND COMMITMENTS
1.
EQUITY LINE OF CREDIT WITH INSTITUTIONAL INVESTOR
On
March 01, 2022, the Company entered into an equity purchase agreement with Mast Hill Fund LP (“The Investor”) as follows:
The
Investor has agreed to provide an equity line of up to $10,000,000 to the Company, pursuant to which the Company has the right, but not
the obligation, during the 24 months after an effective registration of the underlying shares, to issue a notice to the Investor (each
a “Drawdown Notice”) which shall specify the amount of registered shares of common stock of the Company (the “Put Shares”)
that the Company elects to sell to the Investor, from time to time, up to an aggregate amount equal to $10,000,000.
The
pricing period of each put will be the 7 trading days immediately following receipt of the Put Shares (the “Pricing Period”).
The
purchase price per share shall mean 90% of the average of the 2 lowest volume-weighted average prices of the Common Stock during the
Pricing Period, less clearing fees, brokerage fees, other legal, and transfer agent fees incurred in the deposit (the “Net Purchase
Amount”). The Investor shall pay the Net Purchase Amount to the Company by wire for each Drawdown Notice within 2 business days
of the end of the Pricing Period.
The
put amount in each Drawdown Notice shall not be less than $50,000 and shall not exceed the lesser of (i) $500,000 or (ii) 200% of the
average dollar trading volume of the Common Stock during the 7 trading days immediately before the Put Date, subject to Beneficial Ownership
cap.
There
shall be a 7 trading day period between the receipt of the Put Shares and the next put.
The
Company intends to file an S-1 Registration Statement with the Securities and Exchange Commission for this Equity Line of Credit as part
of its alternative financing plan.
2.
AGREEMENT WITH TECCO GROUP FOR PARTICIPATION IN PHILUX INFRASTRUCTURE FUND COMPARTMENT OF PHILUX GLOBAL FUNDS
On
August 10, 2020, Tecco Group, a Vietnamese company, signed an agreement with PHI Luxembourg Development SA, a subsidiary of the Company,
to participate in the proposed infrastructure fund compartment of PHILUX Global Funds SCA, SICAV-RAIF. According to the agreement, Tecco
Group will contribute $2,000,000 for 49% ownership of the general partners’ portion of said infrastructure fund compartment. As
of June 30, 2024, Tecco Group has paid a total of $156,366.25 towards the total agreed amount.
3.
INVESTMENT AND FINANCING AGREEMENTS
As
of June 30, 2024, the Company and its subsidiaries have eight active agreements for loan financing, asset management, partnership, joint
venture, and memorandum of understanding with international investor groups for a total of 6.5 billion U.S. dollars, as reported in various
8-K filings with the Securities and Exchange Commission. The Company has been working closely with these investor groups and expects
to begin receiving capital through these sources in the near future to support its investment and acquisition programs.
4.
DEVELOPMENT OF THE ASIA DIAMOND EXCHANGE AND INTERNATIONAL FINANCIAL CENTER IN VIETNAM
Along
with the establishment of Philux Global Funds, the Company has worked with the Authority of Chu Lai Open Economic Zone in Central Vietnam
and the Provinces of Quang Nam and Dong Nai, Vietnam in the past to develop the Asia Diamond Exchange for lab-grown, rough and polished
diamond together with a multi-commodities logistics center.
Mr.
Ben Smet, who successfully established the Dubai Diamond Exchange in 2002-2005, has been leading fulltime a group of experts for the
setup of the Asian Diamond Exchange since January 2018. He has brought together main trading players in the rough diamond industry to
come to Vietnam. He has also established a partnership with the biggest player in the rough trading and polishing business and engaged
other main international diamond trading groups to join the overall venture.
The
Company has taken the decision to move the greater part of the ADE rough and polishing venture, first to an Industrial Zone to be established
close to the new international Airport in Long Thanh District, Dong Nai Province, Vietnam and is currently aiming for the Thanh Da Peninsula
in conjunction with the contemplated International Financial Center. This location change has caused that the entire KPC Process and
administration had to be adapted and redone with renewed financial input, mostly carried by Mr. Smet.
Once
the Company has effectuated all budgeting and all financial requirements and obligations, the ongoing process will effectively materialize
and Mr. Smet then shall transfer the entire venture to Philux Global Group, Inc.
5.
Investment Commitment AgreementS WITH Saigon Silicon City JSC
On
February 21, 2023, Philux Global Group Inc. (a/k/a PHI Group, Inc.) and its subsidiaries Philux Global Funds SCA, SICAV-RAIF and Philux
Global Vietnam Investment and Development Company, Ltd., (collectively referred to as “the Investor”) signed an Investment
Commitment Agreement with Saigon Silicon City Joint Stock Company (“SSC”) whereby the Investor is committed to providing
or causing to be provided a total of five hundred million U.S. dollars (USD 500,000,000) for investment in Saigon Silicon City for the
first phase of construction and subsequent additional capital as needed to complete its entire development and investment program over
a 52-hectare of land at Lot I6 & I7, Road D1, Saigon High Technology Park, Long Thanh My Ward, District 9, Ho Chi Minh City, Vietnam.
According
to the Investment Commitment Agreement, within thirty days of the signing of this Agreement, the Investor will provide or cause to be
provided fifty million U.S. dollars (USD 50,000,000) for SSC to resume the implementation of its building plan. Additional tranches of
fifty million U.S. dollars (USD 50,000,000) will be released to SSC at regular intervals as needed to ensure uninterrupted construction
progress. Both Parties shall determine and stipulate the terms and conditions for the Investment Commitment in writing prior to the release
of funds to SSC. Upon the signing of this Agreement, SSC shall make a deposit of Five Hundred Thousand U.S. Dollars (USD 500,000) with
the Investor as earnest money for legal, administrative and processing fees in connection with the Investment Commitment Agreement. This
amount will be fully refundable to SSC if the Investor fails to fulfill its commitment as mentioned in the Agreement. The Investor intends
to use a portion of the financing commitments from certain international institutional and ultra-high net worth investors for investment
in Saigon Silicon City.
Effective
March 21, 2023, Philux Global Group and Saigon Silicon City JSC signed an amendment to amend Article 2 of the afore-mentioned Investment
Commitment Agreement as follows: “Due to additional administrative and legal requirements in connection with the Investor’s
release of funds, within thirty days of the signing of this Amendment, the Investor will provide or cause to be provided fifty million
U.S. dollars (USD 50,000,000) for SSC to resume the implementation of its building plan. Additional amounts of capital will be provided
to SSC by the Investor at various intervals as needed to ensure uninterrupted construction until the completion of the project.”
On
April 21, 2023, both parties signed an amendment to extend the delivery of the first investment tranche to Saigon Silicon City JSC within
forty-five days commencing April 21, 2023.
On
June 05, 2023, Philux Global Vietnam Investment and Development Co. Ltd., a subsidiary of Philux Global Group Inc. (f/k/a PHI Group,
Inc.), and Saigon Silicon City JSC (“SSC”) signed an Agreement to terminate the Investment Commitment Agreement previously
entered into by the two parties on February 21, 2023 in its entirety.
On
June 05, 2023 Philux Global Group Inc. (a/k/a PHI Group, Inc.) (the “Investor”/”Provider”) signed an Investment
Commitment Agreement with SSC whereby the Investor/Provider is committed to arranging up to one and half billion U.S. dollars (USD 1,500,000,000)
as may be needed to complete the SSC’s entire development and investment program over a 52-hectare of land at Lot I6 & I7,
Road D1, Saigon High Technology Park, Long Thanh My Ward, District 9, Ho Chi Minh City, Vietnam.
According
to the Investment Commitment Agreement, upon the signing of this Agreement, the SSC shall make a deposit of Five Hundred Thousand U.S.
Dollars (USD 500,000) with Philux Global Group as earnest money for legal, administrative and processing fees in connection with the
Investment Commitment Agreement. This amount will be fully refundable to SSC if the Company fails to fulfill its commitment as mentioned
in the Agreement
Within
thirty days after the deposit of at least two hundred thousand U.S. dollars (USD 200,000) of the refundable earnest money as mentioned
above, the Investor/Provider will provide or cause to be provided fifty million U.S. dollars (USD 50,000,000) for SSC to resume the implementation
of its building plan. Additional tranches of funds will be released to SSC at regular intervals as needed to ensure uninterrupted construction
progress. Both Parties shall determine and stipulate the terms and conditions for the Investment Commitment in writing prior to the release
of funds to SSC. The Investor/Provider intends to use a portion of the financing commitments from certain international institutional
and ultra-high net worth investors for investment in SSC.
6.
BUSINESS COOPERATION AGREEMENT WITH SSE GLOBAL JSC
In
May 2023, the Company signed a Business Cooperation Agreement with SSE Group JSC, a Vietnamese joint stock company, to jointly cooperate
in the areas of energy efficiency and mitigation of global greenhouse gas (GHG) emissions by using SSE Group’s proprietary technologies.
According
to the agreement, SSE Group JSC and Philux Global Group Inc. have incorporated “SSE Global Group Inc.,” a Wyoming corporation,
Registration ID 2023-00127, (www.sseglobalgroup.com) to apply SSE Group’s breakthrough technologies for the energy industry,
especially to improve fuel efficiency and mitigate global GHG emissions.
7.
BUSINESS COOPERATION AGREEMENT WITH SAPHIA ALKALI JOINT STOCK COMPANY
On
June 27, 2023, SAPHIA ALKALI JOINT STOCK COMPANY, a Vietnamese joint stock company with principal business address at No 27, Sub-alley
1, Alley 104, Viet Hung Street, Viet Hung Ward, Long Bien District, Hanoi City, Vietnam, represented by Mrs. Nguyen Phuong Dung, its
Chairperson, hereinafter referred to as “SAP,” and PHI GROUP INC. (/n/k/a PHILUX GLOBAL GROUP INC, hereinafter referred to
as “PGG,” signed a Business Cooperation Agreement and agreed to undertake the followings:
-
SAP and PGG agree to jointly cooperate primarily in the areas of alkali technologies as well as any other business that may be considered
mutually beneficial.
-
Specifically, SAP and PGG will initially focus on forming a company in the United States (“NewCo”) to finance, manufacture,
sell and distribute SAP’s proprietary alkali products on a worldwide basis, except Vietnam and certain territories that are handled
directly by SAP.
-
SAP will initially make available and transfer certain technologies as may be needed to NewCo to serve the needs of this Business Cooperation
Agreement.
-
The relationship established between SAP and PGG by this Agreement shall be exclusive with respect to the areas of SAP’s proprietary
technologies outside of Vietnam.
-
The Parties shall agree on the roles, responsibilities and benefits of each party in connection with NewCo or other particular business
undertakings, which shall be detailed in a separate definitive agreement.
-
The parties herein shall determine the capital structure of NewCo in a separate subsequent addendum to this Business Cooperation Agreement.
8.
ISSUANCE OF CONVERTIBLE PROMISSORY NOTE
On
November 9, 2023, the Company issued a Convertible Promissory Note to 1800 Diagonal Lending LLC, a Virginia limited liability company,
for $58,500.00, with a one-time interest charge of seventeen percent (17%) to be applied on the issuance date to the principal amount.
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”). Accrued, unpaid Interest and outstanding principal,
subject to adjustment, shall be paid in eight (8) payments with the first six (6) payments each in the amount of $10,326.34; and the
final two (2) payments each in the amount of $2,000.00 (a total payback to the Holder of $65,958.00). At any time following an Event
of Default, the Holder shall have the right, to convert all or any part of the outstanding and unpaid amount of this Note into fully
paid and non-assessable shares of Common Stock at the conversion price equal to 58% multiplied by the lowest trading price for the Common
Stock during the twenty (20) Trading Days prior to the conversion date. On May 10, 2024, 1800 Diagonal Lending LLC converted the balance
of this note, together with accrued interest and other charges into 723,451,379 shares of Common Stock of the Company.
9.
Agreement for Comprehensive Cooperation WITH a Vietnamese RENEWABLE ENERGY Inventor
On
December 8, 2023, a Vietnamese engineer (the “Inventor”), and the Company entered into an Agreement for Comprehensive Cooperation
Agreement and agreed to undertake the followings:
a)
Applying the Inventor’s proprietary inventions that are specifically designed to exploit the earth’s available geomagnetic
energy to generate energy and store energy without using an energy storage system (ESS).
b)
Producing and providing generators using the earth’s available geomagnetic energy.
c)
Producing engines (spaceships, airplanes, ships, cars, trains, motorcycles, etc.) powered by the earth’s available geomagnetic
energy.
d)
Developing additional multiple new technologies.
The
Parties agree to use Philux Global Energy, Inc., a Wyoming corporation and wholly-owned subsidiary of Philux Global Group, Inc., Registration
Number 2022-001066221, incorporated on January 3, 2022, as the operating company to commercialize energy-related products based on the
proprietary researches and developments of the Inventor.
The
Inventor and his associates have filed a Provisional Patent Application with the U.S. Patent and Trademark Office (USPTO) and will assign
and transfer certain intellectual properties related to energy generation and energy storage using the earth’s available geomagnetic
energy to Philux Global Energy, Inc. for commercialization.
Both
the Registrant and the Inventor mutually warrant that the intellectual properties and technologies that have been developed and/or will
have been developed by the Inventor shall never be used for warfare purposes under any circumstances.
10.
EXTENSION FOR REPURCHASE OF THE COMPANY’S COMMON STOCK
On
June 28, 2024, the Company’s Board of Directors passed a corporate resolution to extend the time period for the repurchase of its
own shares of common stock from the open market from time to time in accordance with the terms mentioned below and subject to liquidity
conditions, availability of funds, cash balances, cash flow conditions, satisfaction of certain open contractual obligations and the
judgment of the Company’s Board of Directors and Management with respect to optimal use of potentially available funds in the future:
A. |
Purpose
of Repurchase: To enhance shareholder value. |
B |
Details
of Repurchase: |
|
a. |
Class
of shares to be repurchased: Common Stock of PHI Group, Inc. (a/k/a Philux Global Group, Inc.) |
|
b. |
Number
of repurchasable shares: As many as economically conducive and optimal for the Company and its shareholders. |
|
c. |
Total
repurchase dollar amount: To be determined by prevalent market prices at the times of transaction. |
|
d. |
Methods
of repurchase: Open market purchase and/or negotiated transactions. |
|
e. |
Repurchase
period: As soon as practical until December 31, 2024. |
|
f. |
The
Company intends to fund the proposed share repurchase program with proceeds from certain long-term financing programs, future earnings,
disposition of applicable non-core assets and other potential sources, subject to liquidity, availability of funds, comparative judgment
of optimal use of available cash in the future, and satisfaction of certain open contractual obligations. |
|
g. |
The
share repurchase program will be in full compliance with state and federal laws and certain covenants with the Company’s creditors
and may be terminated at any time based on future circumstances and judgment of the Company. |
11.
INVESTMENT MANAGEMENT AGREEMENT WITH A ULTRA-HIGH NETWORTH INVESTOR GROUP
On
February 14, 2024, Philux Capital Advisors, Inc., a subsidiary of the registrant, (the” Investment Manager”), signed an Asset
Management Agreement (the “Agreement”) with a ultra-high-net-worth investor group (the “Investor Party”) to manage
a total principal amount of Five Hundred Sixty Two Million Five Hundred Thousand United States Dollars (“the Investment Fund”)
on behalf of the Investor Party for investment in different transactions to be selected, advised and managed by the Investment Manager
for a period of five years. According to the Agreement, the Investment Manager shall receive 5% annual management fee of the principal
amount and share 30% profits from the Investment Fund.
The
Company intends to allocate a large portion of the Investment Fund for initial investment in Saigon Silicon City project, the development
of the International Financial Center and the Asia Diamond Exchange in Vietnam, Philux Global Energy’s geomagnetic energy technology
initiatives and a potential joint venture with a leading international AI chip manufacturer to set up manufacturing facilities in Vietnam.
In addition, the Company plans to implement its share buyback program as previously announced.
This
event was reported on Form 8-K filed with the Securities and Exchange Commission on February 21, 2024.
12.
COMMON STOCK TO BE ISSUED
As
of June 30, 2024, the Company recorded $1,890,290 as Common Stock to be issued to a number of current shareholders of the Company in
connection with stock purchase agreements under Rule 144.
13.
INVESTMENT MANAGEMENT AGREEMENT WITH A ULTRA-HIGH NETWORTH INVESTOR GROUP
On
April 14, 2024, Philux Capital Advisors, Inc., a subsidiary of the registrant, (the” Investment Manager”), signed an Asset
Management Agreement (the “Agreement”) with a ultra-high-net-worth investor group (the “Investor Party”) to manage
a total principal amount of Fifty Million United States Dollars (“the Investment Fund”) on behalf of the Investor Party for
investment in different transactions to be selected, advised and managed by the Investment Manager for a period of five years. According
to the Agreement, the Investment Manager shall receive 5% annual management fee of the principal amount and share 30% profits from the
Investment Fund.
14.
BUSINESS DEVELOPMENT AND STRUCTURING CONSULTANCY AGREEMENT FOR THE ASIAN DIAMOND EXCHANGE
On
June 27, 2024, Dr. d’Orleans de France Benedict Carl William (a/k/a Ben C. Smet), an individual, with principal residence address
in Schindellegi-Feusisberg, Switzerland signed a Business Development and Structuring Consultancy Agreement with the Company regarding
the design and implementation of the Asian Diamond Exchange (“ADE”) in Vietnam. Dr. D’Orleans de France agrees to continue
undertaking and establishing the maintenance of all agreed diamond groups for participating and coming over to the PHI venture in Vietnam
on the chosen location, maintaining all established contacts with the main operational worldwide diamond trading platforms and after
all legal requirements and financial budgets are in place by the Company, securing the Vietnamese Kimberly Process Certification (KPC)
requirements when all the requirements are established and secured, endeavoring to maintain all world-level diamond player involvements
and secured participations with all relevant groups, advising and informing the Company of all steps taken and all next steps to be taken
to make the ADE and the planned financial center a success.
Both parties
agree that the Company shall pay the Consultant a total of Twenty-Five Million U.S. Dollars (USD 25,000,000) for the services that have
been rendered and those to be rendered as mentioned above in order to complete the structuring, design and implementation of the Asian
Diamond Exchange. The schedule of compensation payments shall be mutually agreed upon by both parties
by private agreement.
The
foregoing description of the nature and essential points of the Business Development and Structuring Consultancy Agreement dated June
27, 2024 between Dr. D’Orleans de France and the Company is qualified in its entirety by reference to the full text of said Agreement,
which was filed as Exhibit 10.1 to Current Report on Form 8-K with the Securities and Exchange Commission on July 8, 2024.
|
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v3.24.3
GOING CONCERN UNCERTAINTY
|
12 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN UNCERTAINTY |
NOTE
16 - GOING CONCERN UNCERTAINTY
As
shown in the accompanying consolidated financial statements, the Company has accumulated deficit of $85,514751 and total stockholders’
deficit of $9,653,967 as of June 30, 2024. These factors as well as the uncertain conditions that the Company faces in its day-to-day
operations with respect to cash flows create an uncertainty as to the Company’s ability to continue as a going concern. The financial
statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management
has taken action to strengthen the Company’s working capital position and generate sufficient cash to meet its operating needs
through June 30, 2025 and beyond.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.24.3
SUBSEQUENT EVENTS
|
12 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
17 – SUBSEQUENT EVENTS
On
July 5, 2024, Dr. D’Orleans de France Benedict Carl William (a/k/a Ben C. Smet), an individual (the “Consultant”),
with principal residence address in Schindellegi-Feusisberg, Switzerland signed a Business Development and Structuring Consultancy Agreement
with the Company regarding the design and implementation of the International Financial Center in Vietnam. Dr. D’Orleans de France
agrees to continue undertaking the following:
WHEREAS,
Dr. D’Orleans de France has been leading full-time a group of experts since January 2018 for the setup of the Asian Diamond Exchange
(“ADE”) in Vietnam for the Company and has entered into a separate Business Development and Structuring Consultancy Agreement
with the Company for this Asian Diamond Exchange project.
WHEREAS,
recently he has started a structuring project, in order for the Company to set up and establish an International Financial Center on
the Thanh Da Peninsula, Ho Chi Minh City, Vietnam in conjunction with the afore-mentioned Asian Diamond Exchange project. This will be
similar as what he has established successfully for Dubai in 2002-2005 and is now incorporating the international changes of the last
two decades together with combined information and data from another leading international financial center in Europe.
Dr.
D’Orleans de France and Company have agreed as follows:
A.
Business
Development and Structuring Consultancy Services. The Consultant has provided and will
continue to provide the business development and structuring consulting services mentioned
in the foregoing Recitals and any other services that may be required to assist the Company
to successfully plan, design, develop, establish, and operate the International Financial
Center in Vietnam. |
The
Consultant will continue to advise, assign, undertake, execute and implement, as the case may be, all the next necessary steps to be
taken to make the International Financial Center in Vietnam a success, which involves a comprehensive set of key requirements spanning
legal, regulatory, infrastructural, and strategic aspects as outlined below:
I. |
Legal
and Regulatory Framework |
|
1. |
Robust
Legal System: A transparent and reliable legal system that enforces contracts and property rights effectively. |
|
|
|
|
2. |
Effective
Regulatory Environment: A regulatory framework aligned with international standards that ensures fair and efficient market operations. |
|
|
|
|
3. |
Favorable
Tax Policies: Competitive tax regimes, including low corporate taxes, double taxation treaties, and incentives for foreign investors. |
|
|
|
|
4. |
AML
and CTF Compliance: Strong anti-money laundering (AML) and counter-terrorist financing (CTF) measures in place, compliant with
global standards. |
II. |
Economic
and Financial Stability |
|
1. |
Macroeconomic
Stability: A stable economic environment with low inflation, sustainable public debt, and consistent economic growth. |
|
|
|
|
2. |
Sound
Financial Sector: A diverse and well-regulated financial services sector, including banking, insurance, asset management, and
fintech. |
|
|
|
|
3. |
Developed
Capital Markets: Liquid and efficient capital markets offering a range of investment instruments. |
|
1. |
High-Quality
Physical Infrastructure: Modern office spaces, reliable utilities, and efficient transportation networks. |
|
|
|
|
2. |
Advanced
Technological Infrastructure: Robust IT and telecommunications infrastructure, supporting digital transactions and cybersecurity. |
|
|
|
|
3. |
International
Connectivity: Excellent connectivity through international airports, seaports, and internet. |
|
1. |
Skilled
Workforce: Access to a highly educated and skilled workforce, particularly in finance, law, and technology. |
|
|
|
|
2. |
Ongoing
Professional Development: Continuous training and development programs to keep the workforce competitive. |
|
|
|
|
3. |
High
Quality of Life: High standards of living, healthcare, education, and social amenities to attract and retain international talent. |
|
1. |
Effective
Regulatory Bodies: Independent and efficient regulatory authorities overseeing financial activities and ensuring compliance. |
|
|
|
|
2. |
Presence
of Major Financial Institutions: Establishment of key international banks, insurance companies, asset managers, and professional
services firms. |
|
|
|
|
3. |
Supportive
Professional Services: Availability of legal, accounting, consulting, and other professional services. |
VI. |
Political
and Social Stability |
|
1. |
Political
Stability: A stable and predictable political environment. |
|
|
|
|
2. |
Good
Governance: High levels of transparency, accountability, and ethical practices in both public and private sectors. |
|
|
|
|
3. |
Cultural
Openness: A welcoming environment for international businesses and professionals, promoting diversity and inclusivity. |
VII. |
Strategic
Positioning |
|
1. |
Global
Integration: Active participation in international financial networks and adherence to global financial standards. |
|
|
|
|
2. |
Market
Access: Easy access to regional and international markets. |
|
|
|
|
3. |
Effective
Branding and Promotion: Strong marketing strategies to position the IFC as a leading global financial hub. |
VIII. |
Risk
Management and Compliance |
|
1. |
Robust
Risk Management: Comprehensive risk management frameworks to handle financial, operational, and systemic risks. |
|
|
|
|
2. |
Compliance
Mechanisms: Efficient systems to ensure adherence to local and international regulations and standards. |
IX. |
Innovation
and Sustainability |
|
1. |
Commitment
to Sustainability: Policies promoting environmental sustainability and green finance. |
|
|
|
|
2. |
Encouragement
of Innovation: Support for fintech and financial innovation through regulatory sandboxes and incentives. |
X. |
International
Relations |
|
1. |
Bilateral
and Multilateral Agreements: Strategic treaties and agreements to facilitate international trade and investment. |
|
|
|
|
2. |
Strong
Diplomatic Relations: Maintaining robust diplomatic ties with key global economies and financial centers. |
B. |
Purpose
of Engagement. The Company is desirous of achieving the above-mentioned objectives to enable it to implement its business plan.
The engagement will be on an exclusive basis. |
|
|
C. |
Term
of Engagement/Termination. The term of our engagement hereunder shall be for a period of two (2) years (“Engagement Period”)
commencing the date of the signing of this Agreement. However, it is both Parties’ intention and commitment to complete this
undertaking within six (6) months of the effective date and after the Free Economic Zone on Thanh Da Island, Ho Chi Minh City, subject
to satisfaction of mutual and financial obligations by both Parties. |
Once
the Company has effectuated all budgeting and all financial requirements and obligations, the ongoing process will effectively materialize,
and the Consultant then shall transfer the entire IFC venture to the Company.
Both parties agree that the Company shall pay the Consultant
a total of Fifteen Million U.S. Dollars (USD 15,000,000) for the services that have been rendered and those to be rendered as set forth
above in order to complete the structuring, design and implementation of the IFC project. The schedule of compensation payments shall
be mutually agreed upon by both parties by private agreement.
The
foregoing description of the nature and essential points of the Business Development and Structuring Consultancy Agreement for the Development
and Establishment of an International Financial Center in Vietnam dated July 5, 2024 between Dr. D’Orleans de France and the Company
is qualified in its entirety by reference to the full text of said Agreement, which was filed as Exhibit 10.1 to the Current Report on
Form 8-K with the U.S. Securities and Exchange Commission on July 9, 2024.
These
financial statements were approved by management and available for issuance on October 15, 2024. Subsequent events have been evaluated
through this date.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
PRINCIPLES OF CONSOLIDATION |
PRINCIPLES
OF CONSOLIDATION
The
consolidated financial statements include the accounts of (1) PHI Group, Inc., its subsidiaries including (2) PHILUX Global Funds SCA,
SICAV-RAIF, a Luxembourg bank fund designed to hold a number of subfund compartments for investing in various selective industries, (3)
PHI Luxembourg Development S.A., the mother holding company for PHILUX Global Funds, (4) PHI Luxembourg Holding S.A., (5) PHILUX Global
General Partner S.A., (6) Asia Diamond Exchange, Inc., a Wyoming corporation (100%), (7) PHILUX Capital Advisors, Inc., a Wyoming corporation
(100%), and Philux Global Advisors, Inc., a Wyoming corporation, collectively referred to as the “Company.” The other subsidiaries
of the Company were not active during the fiscal year ended June 30, 2024. All significant inter-company transactions have been eliminated
in consolidation.
|
USE OF ESTIMATES |
USE
OF ESTIMATES
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
|
CASH AND CASH EQUIVALENTS |
CASH
AND CASH EQUIVALENTS
The
Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible
into cash to be cash equivalents.
|
MARKETABLE SECURITIES |
MARKETABLE
SECURITIES
The
Company’s securities are classified as available-for-sale and, as such, are carried at fair value. Securities classified as available-for-sale
may be sold in response to changes in interest rates, liquidity needs, and for other purposes.
Each
investment in marketable securities typically represents less than twenty percent (20%) of the outstanding common stock and stock equivalents
of the investee, and each security is quoted on a national exchange or on the OTC Markets. As such, each investment is accounted for
in accordance with the provisions of ASC 320 (previously SFAS No. 115).
Unrealized
holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s
equity. Realized gains and losses for securities classified as available-for-sale are reported in earnings based upon the adjusted cost
of the specific security sold. On June 30, 2024 and 2023 the marketable securities have been recorded at $0 and $420, respectively, based
upon the fair value of the marketable securities at that time.
|
ACCOUNTS RECEIVABLE |
ACCOUNTS
RECEIVABLE
Management
reviews the composition of accounts receivable and analyzes historical bad debts. There was no account receivable or bad debt during
the fiscal ended June 30, 2024.
|
IMPAIRMENT OF LONG-LIVED ASSETS |
IMPAIRMENT
OF LONG-LIVED ASSETS
Effective
January 1, 2002, the Company adopted ASC 350 (Previously SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”),
which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, “Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of,” and the accounting and reporting provisions
of APB Opinion No. 30, “Reporting the Results of Operations for a Disposal of a Segment of a Business.” The Company periodically
evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses
to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated
to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount
by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined
in a similar manner, except that fair market values are reduced for the cost of disposal.
|
PROPERTY AND EQUIPMENT |
PROPERTY
AND EQUIPMENT
Property
and equipment are stated at cost. Maintenance and repair costs are charged to expense as incurred; costs of major additions and betterments
are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated
from the accounts and any resulting gain or loss is reflected in income. Depreciation is computed using the straight-line method over
the estimated useful lives of the assets, ranging from three to ten years.
|
DEPRECIATION AND AMORTIZATION |
DEPRECIATION
AND AMORTIZATION
The
cost of property and equipment is depreciated over the estimated useful lives of the related assets. Depreciation and amortization of
fixed assets are computed on a straight-line basis.
|
NET EARNINGS (LOSS) PER SHARE |
NET
EARNINGS (LOSS) PER SHARE
The
Company adopted the provisions of ASC 260 (previously SFAS 128). ASC 260 eliminates the presentation of primary and fully diluted earnings
per share (“EPS”) and requires presentation of basic and diluted EPS. Basic EPS is computed by dividing income (loss) available
to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average
number of shares of common stock outstanding for the period and common stock equivalents outstanding at the end of the period.
The
net earnings (loss) per share is computed as follows:
SCHEDULE
OF NET EARNINGS (LOSS) PER SHARE
Basic
and diluted loss per share: |
|
2024 |
|
|
2023 |
|
Numerator: |
|
|
|
|
|
|
|
|
Net
income (loss): |
|
$ |
(8,195,380 |
) |
|
$ |
(5,609,146 |
) |
Denominator: |
|
|
|
|
|
|
|
|
Basic
weighted average number of common shares outstanding: |
|
|
44,127,075,436 |
|
|
|
34,455,935,655 |
|
Basic
net income per share |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
Diluted
weighted average number of common shares outstanding: |
|
|
44,127,075,436 |
|
|
|
34,455,935,655 |
|
Diluted
net income (loss) per share: |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
STOCK-BASED COMPENSATION |
STOCK-BASED
COMPENSATION
Effective
July 1, 2006, the Company adopted ASC 718-10-25 (previously SFAS 123R) and accordingly has adopted the modified prospective application
method. Under this method, ASC 718-10-25 is applied to new awards and to awards modified, repurchased, or cancelled after the effective
date. Additionally, compensation cost for the portion of awards that are outstanding as of the date of adoption for which the requisite
service has not been rendered (such as unvested options) is recognized over a period of time as the remaining requisite services are
rendered.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
Value - Definition and Hierarchy
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the
inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities
within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
A
fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of
unobservable inputs by requiring that the most observable inputs are to be used when available.
Valuation
techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized
into three levels based on the inputs as follows:
Level
1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability
to access.
Level
2 - Valuations based on inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly.
Level
3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Fair
value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that
are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily
available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability
at the measurement date. The availability of valuation techniques and observable inputs can vary from investment to investment and are
affected by a wide variety of factors, including; type of investment, whether the investment is new and not yet established in the marketplace,
the liquidity of markets, and other characteristics particular to the transaction.
To
the extent that valuation is based upon models or inputs that are less observable or unobservable in the market, the determination of
fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher
or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment
exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used
to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy
in which the fair value measurement falls in its entirety is determined based upon the lowest level input that is significant to the
fair value measurement.
Fair Value - Valuation Techniques and Inputs
The Company holds and may invest public securities
traded on public exchanges or over-the-counter (OTC), private securities, real estate, convertible securities, interest bearing securities
and other types of securities and has adopted specific techniques for their respective valuations.
Equity Securities in Public Companies
Unrestricted
The
Company values investments in securities that are freely tradable and listed on major securities exchanges at their last reported sales
price as of the valuation date. To the extent these securities are actively traded and valuation adjustments are not applied, they are
categorized in Level 1 of the fair value hierarchy.
Securities
traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or 3 of the fair value
hierarchy.
Restricted
Securities
traded on public exchanges or over-the-counter (OTC) where there are formal restrictions that limit (i.e. Rule 144 holding periods and
underwriter’s lock-ups) their sale shall be valued at the closing price on the date of valuation less applicable discounts. The
Company may apply a discount to securities with Rule 144 restrictions. Additional discounts may be assessed if the Company believes there
are other mitigating factors which warrant the additional discounting. When determining potential additional discounts, factors that
will be taken into consideration include, but are not limited to; securities’ trading characteristics, volume, length and overall
impact of the restriction as well as other macro-economic factors. Valuations should be discounted appropriately until the securities
may be freely traded.
If
it has been determined that the exchange or OTC listed price does not accurately reflect fair market value, the Company may elect to
treat the security as a private company and apply an alternative valuation method.
Investments
in restricted securities of public companies may be included in Level 2 of the fair value hierarchy. However, to the extent that significant
inputs used to determine liquidity discounts are not observable, investments in restricted securities in public companies may be categorized
in Level 3 of the fair value hierarchy.
The
Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, marketable securities, short-term
notes payable, convertible notes, derivative liability and accounts payable.
As
of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying
values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments.
Effective
July 1, 2008, the Company adopted ASC 820 (previously SFAS 157), Fair Value Measurements and adopted this Statement for the assets
and liabilities shown in the table below. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value,
establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value
measurements. The adoption of ASC 820 did not have a material impact on our fair value measurements. ASC 820 permits the Company to defer
the recognition and measurement of the nonfinancial assets and nonfinancial liabilities until January 1, 2010. At June 30, 2023, the
Company did not have any nonfinancial assets or nonfinancial liabilities that are recognized or disclosed at fair value. ASC 820 requires
that financial assets and liabilities that are reported at fair value be categorized as one of the types of investments based upon the
methodology mentioned in Level 1, Level 2 and Level 3 above for determining fair value.
Assets
measured at fair value on a recurring basis are summarized below. The Company also has convertible notes and derivative liabilities as
disclosed in this report that are measured at fair value on a regular basis until paid off or exercised.
The
Company uses various approaches to measure fair value of available-for-sale securities, while applying the three-level valuation hierarchy
for disclosures, specified in ASC 820. Our Level 1 securities were measured using the quoted prices in active markets for identical assets
and liabilities.
The
company’s policy regarding the transfers in and/or out of Level 3 depends on the trading activity of the security, the volatility
of the security, and other observable units which clearly represents the fair value of the security. If a level 3 security can be measured
using a more fairly represented fair value, we will transfer these securities either into Level 1 or Level 2, depending on the type of
inputs.
|
REVENUE RECOGNITION STANDARDS |
REVENUE
RECOGNITION STANDARDS
ASC
606-10 provides the following overview of how revenue is recognized from an entity’s contracts with customers: An entity recognizes
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services.
Step
1: Identify the contract(s) with a customer.
Step
2: Identify the performance obligations in the contract.
Step
3: Determine the transaction price – The transaction price is the amount of consideration in a contract to which an entity expects
to be entitled in exchange for transferring promised goods or services to a customer.
Step
4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction
price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised
in the contract.
Step
5: Recognize revenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it
satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control
of that good or service).
The
amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied
at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service
to a customer). For performance obligations satisfied over time, an entity recognizes revenue over time by selecting an appropriate method
for measuring the entity’s progress toward complete satisfaction of that performance obligation. (Paragraphs 606-10 25-23 through
25-30).
In
addition, ASC 606-10 contains guidance on the disclosures related to revenue, and notes the following:
It
also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive
information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts with
customers. Specifically, Section 606-10-50 requires an entity to provide information about:
-
Revenue recognized from contracts with customers, including disaggregation of revenue into appropriate categories.
-
Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities.
-
Performance obligations, including when the entity typically satisfies its performance obligations and the transaction prices is that
is allocated to the remaining performance obligations in a contract.
-
Significant judgments, and changes in judgments, made in applying the requirements to those contracts.
Additionally,
Section 340-40-50 requires an entity to provide quantitative and/or qualitative information about assets recognized from the costs to
obtain or fulfill a contract with a customer.
The
Company’s revenue recognition policies are in compliance with ASC 606-10. The Company recognizes consulting and advisory fee revenues
in accordance with the above-mentioned guidelines and expenses are recognized in the period in which the corresponding liability is incurred.
|
ADVERTISING |
ADVERTISING
The
Company expenses advertising costs as incurred. Advertising costs for the years ended June 30, 2024 and 2023 were zero and $500, respectively.
|
COMPREHENSIVE INCOME (LOSS) |
COMPREHENSIVE
INCOME (LOSS)
ASC
220-10-45 (previously SFAS 130, Reporting Comprehensive Income) establishes standards for reporting and display of comprehensive income,
its components and accumulated balances. Comprehensive income is defined to include all changes in equity, except those resulting from
investments by owners and distributions to owners. Among other disclosures, SFAS No. 130 requires that all items that are required to
be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed
with the same prominence as other financial statements. As of June 30, 2024 and 2023, respectively, accumulated other comprehensive income
(loss) of ($1,936,201) and ($3,035,495) are presented on the accompanying consolidated balance sheets.
|
INCOME TAXES |
INCOME
TAXES
The
Company accounts for income taxes in accordance with ASC 740 (previously SFAS No. 109, “Accounting for Income Taxes”). Deferred
taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences, and deferred
tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts
of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities
are adjusted for the effects of changes in tax laws and rates on the date of enactment.
|
REPORTING OF SEGMENTS |
REPORTING
OF SEGMENTS
ASC
280 (previously Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise and Related Information),
which supersedes Statement of Financial Accounting Standards No. 14, Financial Reporting for Segments of a Business Enterprise, establishes
standards for the way that public enterprises report information about operating segments in annual financial statements and requires
reporting of selected information about operating segments in interim financial statements regarding products and services, geographic
areas and major customers. ASC 280 defines operating segments as components of an enterprise about which separate financial information
is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing
performance. The Company operated in one revenue-generating segment during the years ended June 30, 2024 and June 30, 2023.
|
RISKS AND UNCERTAINTIES |
RISKS
AND UNCERTAINTIES
In
the normal course of business, the Company is subject to certain risks and uncertainties. The Company provides its service and receives
marketable securities upon execution of transactions. Consequently, the value of the securities received from customers can be affected
by economic fluctuations and each customer’s business growth. The actual realized value of these securities could be significantly
different than recorded value.
|
RECENT ACCOUNTING PRONOUNCEMENTS |
RECENT
ACCOUNTING PRONOUNCEMENTS
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06-Debt-Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting
For Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments
by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as
a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions
that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify
for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual
and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15,
2020.
Update
No. 2018-13 – August 2018
Fair
Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement
Modifications:
The following disclosure requirements were modified in Topic 820:
1.
In lieu of a roll-forward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level
3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities.
2.
For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an
investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to
the entity or announced the timing publicly.
3.
The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement
as of the reporting date.
Additions:
The following disclosure requirements were added to Topic 820; however, the disclosures are not required for nonpublic entities:
1.
The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements
held at the end of the reporting period.
2.
The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable
inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average
if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution
of unobservable inputs used to develop Level 3 fair value measurements.
The
amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2019.
Update
No. 2018-07 – June 2018
Compensation
– Stock Compensation (Topic 718)
Improvements
to Nonemployee Share-Based Payment Accounting
Main
Provisions: The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods
and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance
on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest
and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions
in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment
awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to
the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under
Topic 606, Revenue from Contracts with Customers.
The
amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim
periods within that fiscal year.
Update
No. 2017-13 - September 2017
Revenue
Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606)
FASB
Accounting Standards Updates No. 2014-09, Revenue from Contracts with Customers (Topic 606), issued in May 2014 and codified in ASC Topic
606, Revenue from Contracts with Customers, and No. 2016-02.
The
transition provisions in ASC Topic 606 require that a public business entity and certain other specified entities adopt ASC Topic 606
for annual reporting 3 periods beginning after December 15, 2017, including interim reporting periods within that reporting period. FN2
All other entities are required to adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2018, and interim reporting
periods within annual reporting periods beginning after December 15, 2019.
Update
No. 2016-10 - April 2016
Revenue
from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing
The
core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services
to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To achieve that core principle, an entity should apply the following steps:
1.
Identify the contract(s) with a customer.
2.
Identify the performance obligations in the contract.
3.
Determine the transaction price.
4.
Allocate the transaction price to the performance obligations in the contract.
5.
Recognize revenue when (or as) the entity satisfies a performance obligation.
The
amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify
the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining
the related principles for those areas.
The
Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact
they may have on the Company’s financial statements. In most cases, management has determined that the implementation of these
pronouncements would not have a material impact on the financial statements taken as a whole.
|
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- DefinitionDisclosure of accounting policy for advertising cost.
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v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF NET EARNINGS (LOSS) PER SHARE |
The
net earnings (loss) per share is computed as follows:
SCHEDULE
OF NET EARNINGS (LOSS) PER SHARE
Basic
and diluted loss per share: |
|
2024 |
|
|
2023 |
|
Numerator: |
|
|
|
|
|
|
|
|
Net
income (loss): |
|
$ |
(8,195,380 |
) |
|
$ |
(5,609,146 |
) |
Denominator: |
|
|
|
|
|
|
|
|
Basic
weighted average number of common shares outstanding: |
|
|
44,127,075,436 |
|
|
|
34,455,935,655 |
|
Basic
net income per share |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
Diluted
weighted average number of common shares outstanding: |
|
|
44,127,075,436 |
|
|
|
34,455,935,655 |
|
Diluted
net income (loss) per share: |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
X |
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v3.24.3
CURRENT LIABILITIES (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF CURRENT LIABILITIES |
Current
liabilities of the Company consist of the followings as of June 30, 2024 and 2023:
SCHEDULE OF CURRENT LIABILITIES
Current
Liabilities |
|
June
30, 2024 |
|
|
June
30, 2023 |
|
Accounts
payable |
|
|
626,730 |
|
|
|
616,245 |
|
Sub-fund
obligations |
|
|
1,624,775 |
|
|
|
1,624,775 |
|
Accrued
expenses |
|
|
1,795,874 |
|
|
|
1,485,310 |
|
Short-term
loans and notes payable |
|
|
4,460,981 |
|
|
|
1,164,685 |
|
Convertible
Promissory Notes |
|
|
5,000 |
|
|
|
297,805 |
|
Due
to officers |
|
|
278,812 |
|
|
|
1,027,782 |
|
Advances
from customers and client deposits |
|
|
952,650 |
|
|
|
1,079,038 |
|
Derivative
liabilities and Note Discount |
|
|
- |
|
|
|
1,220,576 |
|
Total
Current Liabilities |
|
|
9,744,823 |
|
|
|
8,516,216 |
|
|
X |
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v3.24.3
STOCKHOLDER’S EQUITY (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SCHEDULE OF CONVERSIONS OF COMMON STOCK |
During
the fiscal year ended June 30, 2024, the Company issued the following shares of its Common Stock for cash, conversion of promissory notes,
warrant exercise, and consulting service:
SCHEDULE
OF CONVERSIONS OF COMMON STOCK
7/1/2023 |
|
Beginning
balance: |
|
39,414,493,275 |
Issuances: |
|
Warrant
exercise: |
|
2,931,619,052 |
|
|
Conversion
of notes: |
|
2,225,916,690 |
|
|
Issuances
for cash to certain shareholders under Rule 144: |
|
2,051,901,548 |
|
|
Issuance
for consulting service: |
|
250,000,000 |
|
|
Total
issuances: |
|
7,459,447,290 |
6/30/2024 |
|
Ending
balance: |
|
46,873,940,565 |
|
X |
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v3.24.3
STOCK-BASED COMPENSATION PLANS (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS |
SCHEDULE
OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS
Risk-free
interest rate |
|
|
1.18 |
% |
Expected
life |
|
|
7
years |
|
Expected
volatility |
|
|
239.3 |
% |
|
SCHEDULE OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE |
The
fair value of the Company’s Stock Options as of issuance valuation date is as follows:
SCHEDULE
OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE
Holder | |
Issue
Date | |
Maturity Date | |
Stock
Options | | |
Exercise
Price | | |
Fair
Value at Issuance | |
| |
| |
| |
| | |
| | |
| |
Tam Bui | |
9/23/2016 | |
9/23/2023 | |
| 875,000 | | |
| Fixed
price: $0.24 | | |
$ | 219,464 | |
Frank Hawkins | |
9/23/2016 | |
9/23/2023 | |
| 875,000 | | |
| Fixed
price: $0.24 | | |
$ | 219,464 | |
Henry Fahman | |
9/23/2016 | |
9/23/2023 | |
| 4,770,000 | | |
| Fixed
price: $0.24 | | |
$ | 1,187,984 | |
|
X |
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v3.24.3
OTHER INCOME (EXPENSE) (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Other Income and Expenses [Abstract] |
|
SCHEDULE OF OTHER INCOME (EXPENSE) |
Net
Other Income (Expense) for the fiscal year ended June 30, 2024 consists of the following:
SCHEDULE
OF OTHER INCOME (EXPENSE)
OTHER
INCOME (EXPENSES) |
|
FY
ended
June
30, 2024 |
|
Interest
expense |
|
|
(400,303 |
) |
Other
income |
|
|
37 |
|
Net
other income/expense |
|
|
(6,637,341 |
) |
NET
OTHER INCOME (EXPENSES) |
|
|
(7,037,608 |
) |
|
X |
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v3.24.3
SCHEDULE OF NET EARNINGS (LOSS) PER SHARE (Details) - USD ($)
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
Net income (loss): |
$ (8,195,380)
|
$ (5,609,146)
|
Basic weighted average number of common shares outstanding: |
44,127,075,436
|
34,455,935,655
|
Basic net income per share |
$ (0.00)
|
$ (0.00)
|
Diluted weighted average number of common shares outstanding: |
44,127,075,436
|
34,455,935,655
|
Diluted net income (loss) per share: |
$ (0.00)
|
$ (0.00)
|
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|
Jun. 30, 2024 |
Jun. 30, 2023 |
Platform Operator, Crypto Asset [Line Items] |
|
|
Marketable securities |
|
$ 420
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Marketable securities |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Marketable securities |
|
420
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Marketable securities |
|
|
X |
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v3.24.3
SCHEDULE OF CURRENT LIABILITIES (Details) - USD ($)
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts payable |
$ 626,730
|
$ 616,245
|
Sub-fund obligations |
1,624,775
|
1,624,775
|
Accrued expenses |
1,795,874
|
1,485,310
|
Short-term loans and notes payable |
4,460,981
|
1,164,685
|
Convertible Promissory Notes |
5,000
|
297,805
|
Due to officers |
278,812
|
1,027,782
|
Advances from customers and client deposits |
952,650
|
1,079,038
|
Derivative liabilities and Note Discount |
|
1,220,576
|
Total Current Liabilities |
9,744,823
|
8,516,216
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Due to officers |
$ 278,812
|
$ 1,027,782
|
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v3.24.3
CURRENT LIABILITIES (Details Narrative) - USD ($)
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Short-Term Debt [Line Items] |
|
|
Accrued expenses |
$ 1,238,095
|
|
Accrued interest |
543,834
|
|
Accrued financing costs |
10,000
|
|
Short-term notes payable |
1,919,153
|
|
Advances from customers and client deposits |
952,650
|
$ 1,079,038
|
Settlement of liabilities |
1,624,775
|
$ 1,624,775
|
Ownership percentage of sub-fund participants |
|
49.00%
|
European Plastic Joint Stock Company [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Settlement of liabilities |
|
$ 800,000
|
Total contribution |
|
2,000,000
|
Saigon Pho Palace Joint Stock Company [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Settlement of liabilities |
|
518,409
|
Sinh Nguyen Co Ltd [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Settlement of liabilities |
|
150,000
|
Tecco Group [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Real estate sub-fund |
|
$ 156,366.25
|
Note Extensions and Amendments [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note extensions and amendments |
$ 2,541,828
|
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v3.24.3
SCHEDULE OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS (Details) - USD ($)
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Total |
$ 278,812
|
$ 1,027,782
|
Related Party [Member] |
|
|
Total |
278,812
|
1,027,782
|
Henry Fahman [Member] | Related Party [Member] |
|
|
Total |
278,812
|
364,432
|
Tam Bui [Member] | Related Party [Member] |
|
|
Total |
|
$ 663,350
|
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- DefinitionAmount of liabilities classified as other, due within one year or the normal operating cycle, if longer.
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v3.24.3
LOANS AND PROMISSORY NOTES (Details Narrative) - USD ($)
|
12 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Short-Term Debt [Line Items] |
|
|
Short-term notes payable |
$ 1,919,153
|
|
Convertible promissory notes |
$ 5,000
|
$ 297,805
|
Minimum [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt instrument interest rate |
0.00%
|
|
Maximum [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Debt instrument interest rate |
36.00%
|
|
Short-term Notes Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Short-term notes payable |
$ 4,460,981
|
|
Regular Short Term Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Short term notes payable |
1,769,921
|
|
SBA Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Short term notes payable |
43,750
|
|
Merchant Cash [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible promissory notes |
105,482
|
|
Note Extensions and Amendents [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note extensions and amendments |
$ 2,541,828
|
|
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v3.24.3
SCHEDULE OF CONVERSIONS OF COMMON STOCK (Details)
|
12 Months Ended |
Jun. 30, 2024
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Balance, shares |
39,414,493,275
|
Balance, shares |
46,873,940,565
|
Common Stock [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Balance, shares |
39,414,493,275
|
Total issuances |
7,459,447,290
|
Balance, shares |
46,873,940,565
|
Common Stock [Member] | Warrant Exercise [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Total issuances |
2,931,619,052
|
Common Stock [Member] | Conversion of Notes [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Total issuances |
2,225,916,690
|
Common Stock [Member] | Issuances for Cash to Certain Current Share Holders [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Total issuances |
2,051,901,548
|
Common Stock [Member] | Issuance for Consulting Service [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Total issuances |
250,000,000
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.3
STOCKHOLDER’S EQUITY (Details Narrative) - USD ($)
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
500,000,000
|
500,000,000
|
Preferred stock par value |
$ 0.001
|
$ 0.001
|
Teasury stock value |
$ 44,170
|
$ 44,170
|
Common stock shares issued |
46,873,940,565
|
31,429,380,453
|
Common stock shares outstanding |
46,873,940,565
|
31,429,380,453
|
Treasury Stock, Common [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Teasury stock, shares |
487,767
|
|
Common Stock [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock shares issued |
46,873,940,565
|
|
Common stock shares outstanding |
46,873,940,565
|
|
Class B Series I Preferred Stock [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Preferred stock, shares issued |
600,000
|
|
Preferred stock, shares outstanding |
600,000
|
|
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- DefinitionThe estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.
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v3.24.3
SCHEDULE OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE (Details)
|
12 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Tam Bui [Member] |
|
Stock Options, Issue Date |
Sep. 23, 2016
|
Stock Options, Maturity Date |
Sep. 23, 2023
|
Stock Options Shares | shares |
875,000
|
Stock Options Exercise Price | $ / shares |
$ 0.24
|
Fair Value at Issuance of Stock Option | $ |
$ 219,464
|
Frank Hawkins [Member] |
|
Stock Options, Issue Date |
Sep. 23, 2016
|
Stock Options, Maturity Date |
Sep. 23, 2023
|
Stock Options Shares | shares |
875,000
|
Stock Options Exercise Price | $ / shares |
$ 0.24
|
Fair Value at Issuance of Stock Option | $ |
$ 219,464
|
Henry Fahman [Member] |
|
Stock Options, Issue Date |
Sep. 23, 2016
|
Stock Options, Maturity Date |
Sep. 23, 2023
|
Stock Options Shares | shares |
4,770,000
|
Stock Options Exercise Price | $ / shares |
$ 0.24
|
Fair Value at Issuance of Stock Option | $ |
$ 1,187,984
|
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v3.24.3
STOCK-BASED COMPENSATION PLANS (Details Narrative) - $ / shares
|
|
|
12 Months Ended |
|
Sep. 09, 2021 |
Sep. 23, 2016 |
Jun. 30, 2024 |
Mar. 18, 2015 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Employee benefit plan shares of common stock for eligible employees |
|
|
|
1,000,000
|
2021 Employee Benefit Plan [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of shares issued for employee benefit plan |
2,600,000,000
|
|
|
|
Number of shares issued for services |
|
|
2,407,196,586
|
|
Henry Fahman [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Option grant date exercise price per share |
|
$ 0.24
|
|
|
Number of option shares |
|
6,520,000
|
|
|
Number of options outstanding term |
|
7 years
|
|
|
Number of options exercisable term |
|
1 year
|
|
|
X |
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- DefinitionAmount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.
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v3.24.3
INCOME TAXES (Details Narrative)
|
12 Months Ended |
Jun. 30, 2024
USD ($)
|
Income Tax Disclosure [Abstract] |
|
Operating loss carryforwards |
$ 85,514,751
|
Operating loss carryforwards, limitations of use |
The net operating loss carry forward may be used to reduce
taxable income through the year 2037. Net operating loss for carry forwards for the State of California is generally available to reduce
taxable income through the year 2027. The availability of the Company’s net operating loss carry-forward is subject to limitation
if there is a 50% or more positive change in the ownership of the Company’s stock.
|
X |
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v3.24.3
CONTRACTS AND COMMITMENTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
3 Months Ended |
|
|
|
|
|
Jun. 27, 2024 |
May 10, 2024 |
Nov. 09, 2023 |
Jun. 05, 2023 |
Mar. 21, 2023 |
Feb. 21, 2023 |
Mar. 01, 2022 |
Mar. 31, 2024 |
Jun. 30, 2024 |
Apr. 14, 2024 |
Feb. 14, 2024 |
Jun. 30, 2023 |
Aug. 10, 2020 |
Convertible notes payable, current |
|
|
|
|
|
|
|
|
$ 5,000
|
|
|
$ 297,805
|
|
Common stock to be issued |
|
|
|
|
|
|
|
|
$ 46,873,941
|
|
|
39,414,493
|
|
Paid for services rendered |
$ 25,000,000
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid for services rendered |
|
|
|
|
|
|
|
$ 250,000
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
Convertible Promissory Note [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and other charges, shares |
|
723,451,379
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional investments |
|
|
|
$ 500,000
|
|
$ 50,000,000
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional investments |
|
|
|
50,000,000
|
|
|
|
|
|
|
|
|
|
Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional investments |
|
|
|
200,000
|
|
50,000,000
|
|
|
|
|
|
|
|
Tecco Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership interest of general partners |
|
|
|
|
|
|
|
|
|
|
|
|
49.00%
|
Tecco Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed amount |
|
|
|
|
|
|
|
|
|
|
|
$ 156,366.25
|
$ 2,000,000
|
International Investor Groups [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed amount |
|
|
|
|
|
|
|
|
$ 6,500,000,000
|
|
|
|
|
Saigon Silicon City Joint Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional investments |
|
|
|
|
|
500,000,000
|
|
|
|
|
|
|
|
Administrative and legal requirements fees |
|
|
|
$ 1,500,000,000
|
$ 50,000,000
|
$ 500,000
|
|
|
|
|
|
|
|
Virginia Limited Liability [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
$ 65,958.00
|
|
|
|
|
|
|
|
|
|
|
Virginia Limited Liability [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
2,000.00
|
|
|
|
|
|
|
|
|
|
|
Virginia Limited Liability [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable, current |
|
|
$ 58,500.00
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
17.00%
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate effective percentage |
|
|
22.00%
|
|
|
|
|
|
|
|
|
|
|
Accrued unpaid interest |
|
|
$ 10,326.34
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
58.00%
|
|
|
|
|
|
|
|
|
|
|
Equity Purchase Agreement [Member] | Mast Hill Fund LP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity line of credit |
|
|
|
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
Aggregate equity line of credit |
|
|
|
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
Description of purchase price |
|
|
|
|
|
|
The
purchase price per share shall mean 90% of the average of the 2 lowest volume-weighted average prices of the Common Stock during the
Pricing Period, less clearing fees, brokerage fees, other legal, and transfer agent fees incurred in the deposit (the “Net Purchase
Amount”). The Investor shall pay the Net Purchase Amount to the Company by wire for each Drawdown Notice within 2 business days
of the end of the Pricing Period.
|
|
|
|
|
|
|
Description of drawdown notice |
|
|
|
|
|
|
The
put amount in each Drawdown Notice shall not be less than $50,000 and shall not exceed the lesser of (i) $500,000 or (ii) 200% of the
average dollar trading volume of the Common Stock during the 7 trading days immediately before the Put Date, subject to Beneficial Ownership
cap.
|
|
|
|
|
|
|
Asset Management Agreement [Member] | PHILUX Capital Advisors, Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual management fee percentage |
|
|
|
|
|
|
|
|
|
5.00%
|
5.00%
|
|
|
Profits on investment fund percentage |
|
|
|
|
|
|
|
|
|
30.00%
|
30.00%
|
|
|
Stock Purchase Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock to be issued |
|
|
|
|
|
|
|
|
$ 1,890,290
|
|
|
|
|
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v3.24.3
GOING CONCERN UNCERTAINTY (Details Narrative) - USD ($)
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
|
|
Accumulated deficit |
$ 85,514,751
|
|
|
|
$ 77,319,372
|
|
|
|
Total stockholders deficit |
$ 9,653,967
|
$ 8,936,654
|
$ 8,546,330
|
$ (8,540,992)
|
$ 8,222,002
|
$ 8,286,628
|
$ 6,881,906
|
$ (6,543,502)
|
X |
- References
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PHI (PK) (USOTC:PHIL)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
PHI (PK) (USOTC:PHIL)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024