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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, 2023
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.) |
2323
Main Street, Irvine, CA |
|
92614 |
(Address of principal executive
offices) |
|
(Zip Code) |
Registrant’s
telephone number, including area code: 714-465-4365
(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
13, 2023, there were 42,705,215,171 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 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 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.
The
Company had signed agreements to acquire majority equity interests in Kota Construction LLC and Kota Energy Group LLC (“KOTA”)
which are engaged in solar energy business (https://www.kotasolar.com), and Tin Thanh Group, a Vietnamese joint stock company
(www.tinthanhgroup.vn) (“TTG”). Whereas the scheduled closing dates for the KOTA and TTG transactions already expired, the
Company has continued to discuss with these companies and intends to renegotiate an revised agreement with each of them when the Company
successfully closes one or more of the pending asset management agreements and financing with certain investor groups and lenders. In
addition, the Company intends to amend the Purchase and Sale Agreement that was originally signed on January 18, 2022 with Five-Grain
Treasure Spirits Co., Ltd., a Chinese baiju distiller, to collaborate in launching American-made baiju products through Empire Spirits,
Inc., a subsidiary of the Company. The Company is in the process of establishing a subsidiary in the Dubai Multi-Commodities Centre in
United Arab Emirates to replace its former subsidiary CO2-1-0 (CARBON) Corp. to continue engaging in carbon emission mitigation using
blockchain and crypto technologies. 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 addition, 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. These activities are disclosed in greater detail elsewhere in this report. 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 13, 2023, the Company has the following subsidiaries: (1) Asia Diamond Exchange, Inc., a Wyoming corporation (100%), (2)
American Pacific Resources, Inc., a Wyoming corporation (100%, (3) Empire Spirits, Inc., a Nevada corporation (85% - formerly
Provimex, Inc.) (4) Philux Global Funds SCA, SICAV-RAIF, a Luxembourg Reserved Alternative Investment Fund (100%), (5) Philux
Luxembourg Development S.A., a Luxembourg corporation (100%), (6) PHI Luxembourg Holding SA, a Luxembourg corporation (100%), (7)
Philux Global General Partners SA, a Luxembourg corporation (100%), (8) Philux Capital Advisors, Inc., a Wyoming corporation (100%),
(9) Philux Global Advisors, Inc., a Wyoming corporation (100%), (10) Philux Global Healthcare, Inc., a Wyoming corporation (100%),
(11) Philux Global Trade Inc., a Wyoming corporation (100%), (12) Philux Global Energy Inc., a Wyoming corporation (100%), and (13)
Philux Global Vietnam Investment and Development Company Ltd., a Vietnamese limited liability company (100%).
AMERICAN
PACIFIC RESOURCES, INC.
American
Pacific Resources, Inc. (“APR”) is a Wyoming corporation established in April 2016 as a subsidiary of the Company to serve
as a holding company for various natural resource projects. On September 2, 2017, APR entered into an Agreement of Purchase and Sale
with Rush Gold Royalty, Inc. (“RGR”), 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., in exchange for a total purchase price of
twenty-five million U.S. Dollars ($US 25,000,000) to be paid in a combination of cash, convertible demand promissory note and PHI Group,
Inc.’s Class A Series II Convertible Cumulative Redeemable Preferred Stock (“Preferred Stock”). This transaction was
closed effective October 3, 2017. Following the first amendment dated April 19, 2018 and the second amendment dated September 29, 2018
retroactively effective April 20, 2018, to the afore-mentioned Agreement of Purchase and Sale, PHI Group, Inc. paid ten million shares
of its Class A Series II Convertible Cumulative Redeemable Preferred Stock to Rush Gold Royalty, Inc.. As of June 30, 2020, the Company
recorded $462,000 paid for this transaction as expenses for research and development in connection with the Granite Mining Claims project.
The value of these mining claims is expected to be adjusted later after a new valuation of these mining assets is conducted by an independent
third-party valuator.
The
Company has passed several resolutions with respect to the declaration of a twenty percent (20%) special stock dividend in American Pacific
Resources, Inc. to shareholders of Common Stock of the Company. Due to the continued adverse effects of the coronavirus pandemic and
other factors that have delayed the development of APR, it has deemed necessary for the Company to suspend the distribution of the APR
special stock dividend until later on in order to allow APR additional time to reach certain milestones that would make the spin-off
of APR and this special stock dividend distribution economically beneficial for the Company’s shareholders. The Company will provide
an update regarding the new Record Date for this special dividend when certain conditions are met.
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 Asian Diamond Exchange since January 2018. He has brought together the 11 main trading players in the rough diamond industry to
come to Vietnam. He has established a partnership with the biggest player in the rough trading and polishing group, the Mehta Family
Group. Other main international diamond trading groups as the Mody Group, Diamac etc. have joined the overall venture.
Furthermore,
together with the groups, a full Kimberly Process Certification Scheme (KPC) to prevent ‘conflicting diamond’ trading was
established and is aligned from time to time. Also, the new lab grown diamond KPC scheduling is already implemented. A unique and KPC
approved structure has been established where under the PHI Vietnam umbrella, in collaboration with KPC Mum- bai (India), a ‘Public-Private-Partnership
(PPP)’ is established in which the Vietnamese authorities hold 15% and PHI (or its local corporate entity) holds 85% of the voting
rights. For the lab grown diamond segment, this will be in the Chu Lai Free Economic Zone and for the Rough and Polished Diamond Parcel
Trade, this is being planned to be on Thanh Da Island, about 5 kilometers from the center of Ho Chi Minh City, Vietnam.
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 this year to the Thanh Da Island. 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.
A
rough diamond trading export flow to Vietnam was negotiated and concluded by Mr. Smet with the DMCC and Dubai Diamond Exchange. This
year, an international diamond trading platform was created by Mr. Smet to unify the trading efforts of Alrosa and De Beers/Bonas. Mr.
Smet was advised and counselled thereto by Mr. A. Mehta, the senior board member of the Alrosa Group. Together with Mr. A. Mehta, Mr.
Smet has also covered the financial backbone of the diamond trading venture via the setup of a financial institution in Botswana. It
is the intention of Mr. Smet to donate 50% of his own voting shares of the institution to PHI the moment all budgets for the venture
are arranged by PHI and all financial obligations and reimbursements by PHI to him are met. It is the intention of the parties involved
to establish a subsidiary of the financial institution in the ADE Vietnam and have local banking partners join this initiative.
Mr.
Smet had also established a collaboration partnership with the Antwerp Diamond Exchange (Belgium), the Dubai Diamond Exchange and the
Tel-Aviv Diamond Exchange. Negotiations have started to involve a new economic free-zone in Jordan into the ongoing project.
Recently,
Mr. Smet has started a structuring project, in order for PHI to set up and establish an International Financial Center on the Thanh Da
Island in connection with the Asian 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.
CO2-1-0
(CARBON) CORP
In
August 2022, PHI Group signed a Letter of Intent with Indonesia-based CYFS Group, headed by Mr. Choky Fernando Simanjuntak, to sponsor
and co-found CO2-1-0 (CARBON) CORP to implement a new disruptive carbon mitigation initiative through environmentally sustainable projects
starting in Indonesia, Vietnam, other ASEAN countries, and worldwide. On September 21, 2022 CO2-1-0 (CARBON) CORP was incorporated as
a Wyoming corporation to manage this program. The Company has contributed the development budget for CO2-1-0 (CARBON) CORP) and plans
to establish a subsidiary in the Dubai Multi-Commodities Centre to the United Arab Emirates to replace CO2-1-0 (CARBON).
EMPIRE
SPIRITS, INC. (FORMERLY PROVIMEX, INC.)
Provimex,
Inc. was originally incorporated as a Nevada corporation on September 23, 2004, Entity Number C25551-4, as a subsidiary of the Company
to engage in international trade. On 9/26/2021, Provimex, Inc. changed its name to Empire Spirits, Inc. as the holding company for the
acquisition of a majority ownership in Five-Grain Treasure Spirits Company, Ltd., a baiju distiller in Jilin Province. The Company is
in the process of amending the Purchase and Sale Agreement that was originally signed on January 18, 2022 with Five-Grain Treasure Spirits
Co. Ltd., to collaborate in launching American-made baiju products through Empire Spirits, Inc.
Baijiu
is a white spirit distilled from sorghum. It is similar to vodka but with a fragrant aroma and taste. It is currently the most consumed
spirit in the world. Mainly consumed in China, it is gaining popularity in the rest of the world.
Five-Grain
specializes in the production and sales of spirits and the development of proprietary spirit production processes. It also possesses
a patented technology to grow red sorghum for baiju manufacturing. The patented grain produces superior yield and quality. Five-Grain
is a reputable bulk alcohol supplier to some of the largest spirits companies in the world.
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 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 Multi-Commodities
and Logistics 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. This subsidiary also
arranges debt financing for international clients. 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 filed “Profit Corporation Articles of Incorporation” with the Wyoming Secretary of State to
incorporate “PHILUX GLOBAL ENERGY, INC.” – Original ID: 2020-001066221, as a wholly-owned subsidiary of the Company
to serve as the holding company for the contemplated acquisition of fifty-point one percent (50.10%) ownership in both Kota Energy Group
LLC and Kota Construction LLC, both of which are California limited liability companies. The Company intends to develop its energy-related
business through this subsidiary in the future.
PHILUX
FIDELITY GLOBAL GROUP
Philux
Fidelity Global Group is a Wyoming corporation incorporated on June 30, 2022 with the intent to serve as the holding company for business
cooperation between Tin Thanh Group (www.tinthanhgroup.vn) and the Company.
PHILUX
GLOBAL TRADE INC.
Established
on August 19, 2022 in Wyoming, USA as a subsidiary of the Company to serve as the holding company for the acquisition of Vietnam-based
Van Phat Dat JSC, Philux Global Trade Inc. is currently developing trade commerce between Vietnam and other countries.
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, 2023, 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, 2023 | |
| 0.0006 | | |
| 0.0004 | |
Per Share Common Stock Prices for the Quarter | |
High | | |
Low | |
Quarter Ended June 30, 2023 | |
| 0.0008 | | |
| 0.0005 | |
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 | |
Per
Share Common Stock Prices by Quarter
For
the Fiscal Year Ended June 30, 2022
| |
High | | |
Low | |
Quarter Ended June 30, 2022 | |
| 0.0019 | | |
| 0.0005 | |
Quarter Ended March 31, 2022 | |
| 0.0055 | | |
| 0.0016 | |
Quarter Ended December 31, 2021 | |
| 0.0093 | | |
| 0.0047 | |
Quarter Ended September 30, 2021 | |
| 0.0150 | | |
| 0.0047 | |
Holders
of Common Equity:
As
of October 13, 2023 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.
Share
dividend: On March 12, 2012 the Board of Directors of the Company declared a special stock dividend to shareholders of Common Stock of
the Company with the following stipulations: (a) Declaration date: March 16, 2012; (b) Record date: June 15, 2012; (c) Payment date:
September 17, 2012; (d) Dividend ratio: All eligible shareholders of Common Stock of the Company as of the Record date shall receive
three new shares of Common Stock of the Company for each share held by such shareholders as of the referenced record date. The purpose
of this special stock dividend was to partially mitigate the impact of the dilution in connection with the 1-for-1,500 reverse split
of the Common Stock on the Company’s long-term shareholders and reward them for staying with the Company. On June 6, 2012, the
Company’s Board of Directors passed a resolution to change the record date for the special stock dividend to July 31, 2012 and
the distribution date to November 30, 2012. The Company has reserved a total of 5,673,327 shares of Common Stock for this special dividend
distribution and will reset a new distribution date when the market price of the Company’s Common Stock makes the special stock
dividend economically meaningful for such shareholders and a registration statement for the dividend shares is declared effective by
the Securities and Exchange Commission.
ITEM
6. SELECTED FINANCIAL DATA
June 30, | |
2023 | | |
2022 | | |
2021 | |
Net revenues | |
$ | 25,000.00 | | |
$ | 30,000 | | |
$ | 61,000 | |
Income (loss) from operations | |
$ | (1,000,623.31 | ) | |
$ | (16,899,928 | ) | |
$ | (582,616 | ) |
Net other income (expense) | |
$ | (4,608,523.04 | ) | |
$ | (4,254,515 | ) | |
$ | (5,700,562 | ) |
Net income (loss) | |
$ | (5,609,146.35 | ) | |
$ | (21,154,443 | ) | |
$ | (6,553,178 | ) |
Net income (loss) per share | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Total assets | |
$ | 294,215.12 | | |
$ | 469,963 | | |
$ | 927,796 | |
Total liabilities | |
$ | 8,516,216.62 | | |
$ | 7,013,465 | | |
$ | 6,925,185 | |
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, 2023 AND JUNE 30, 2022
Revenues:
The
Company received $25,000 from consulting services for the fiscal year ended June 30, 2023 as compared to $30,000 from consulting services
for the fiscal year ended June 30, 2022.
Operating
Expenses:
The
Company incurred total operating expenses of $1,025,623 for the fiscal year ended June 30, 2023 as compared to $16,929,928 for the year
ended June 30, 2022. The decrease of operating expenses between the two fiscal periods $15,904,305 includes a decrease of $97,841 in
general and administrative expenses, a decrease of $553,803 for the development costs of the Asia Diamond Exchange and a decrease of
$15,252,661 in professional services. The amount of professional services during the previous period was mainly due the issuances of
the Company’s stock for the development and launching of an Asia Diamond Exchange (ADE) blockchain token.
Income
(loss) from operations:
The
Company had a loss from operations of $1,000,623 for the fiscal year ended June 30, 2023 as compared to a loss from operations of $16,899,928
for the fiscal year ended June 30, 2022. This represents a decrease of $15,899,305 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 $97,841 in general and administrative expenses, a
decrease of $553,803 for the development costs of the Asia Diamond Exchange and a decrease of $15,252,661 in professional services as
mentioned above.
Other
income (expense):
The
Company had net other expenses of $4,608,523 for the fiscal year ended June 30, 2023 as compared to net other expenses of $4,254,515
for the fiscal year ended June 30, 2022. The net variance of $354,008 between the two fiscal periods was primarily due to decrease of
$1,117,707 in other income, a decrease in interest expenses in the amount of $657,685 and a decrease in other expenses in the amount
of $106,014. The Company recognized $488 as other income from gain on sale of security and bank interest. As for other expenses, the
Company incurred $3,674,139 under this category during the fiscal year ended June 30, 2023, primarily due to a loss in the amount of
$976,290 in connection with cashless warrant exercises, penalties of $500,295 from loans and notes payable, and total financing costs
of $1,668,057, as compared to $3,780,153 in other expenses during the previous fiscal year. Interest expenses for the current fiscal
year is $934,872 as compared to interest expenses of $1,592,557 for the previous fiscal year.
Net
income (loss):
The
Company had a net loss of $5,609,146 for the fiscal ended June 30, 2023, as compared to a net loss of $21,154,443 for the fiscal year
ended June 30, 2022, representing a variance of $15,545,297 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, 2023 and June 30, 2022
was both $(0.00).
CASH
FLOWS
We
had in cash and cash equivalents of $17,765 as of June 30, 2023 as compared to $67,896 in cash and cash equivalents as of June 30, 2022,
respectively.
Net
cash used in our operating activities was $1,572,400 for the fiscal year ended June 30, 2023 as compared to cash used in operating activities
of $ 1,545,570 for the fiscal year ended June 30, 2022. The variance in cash used in operating activities between the two fiscal periods
was $26,830.
There
was $3,557 cash provided by investing activities during the fiscal year ended June 30, 2023, compared to $410,438 cash used in investing
activities during the same period ended June 30, 2022.
Net
cash provided by financing activities was $1,520,712 for the fiscal year ended June 30, 2023 as compared with net cash provided by financing
activities of $1,107,288 for the fiscal year ended June 30, 2022. The net cash provided by financing activities for the current fiscal
year primarily came from net notes payable in the amount of $29,352 and $1,540,795 from issuances of common stock.
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 bear interest rates ranging
from 0% to 36% per annum. (Notes 8 & 11).
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’s goals are to advance the Philux Global Select Growth Fund under Philux Global Funds SCA, SICAV-RAIF,
develop the Asia Diamond Exchange and International Financial Center in Vietnam as well as carry out merger and its acquisition program
by acquiring target companies for a roll-up strategy and also invest 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.
In
addition, the Company and its subsidiaries have entered into loan financing agreements, asset management agreements, joint venture agreement,
and memorandum of understanding with seven international investor groups for a total of six billion four hundred ninety million U.S.
dollars, as reported in various 8-K filings with the Securities and Exchange Commission. The Company has been intensely focused on closing
some of these transactions and expects to begin receiving capital through these sources in the near future to support its investment
programs and merges and acquisitions.
FINANCIAL
PLANS
MATERIAL
CASH REQUIREMENTS: We must raise substantial amounts of capital to fulfill our plans for Philux Global Funds and for acquisitions. We
intend to use equity, debt and project financing to meet our capital needs for acquisitions and investments.
Management
has taken action and formulated plans to meet the Company’s operating needs through June 30, 2024 and beyond. The working capital
cash requirements for the next 12 months are expected to be generated from operations and additional financing. The Company 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. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (AUDITED)
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 19,765 | | |
$ | 67,896 | |
Marketable securities | |
| 420 | | |
| 546 | |
Other current assets | |
| 241,426 | | |
| 365,360 | |
Total current assets | |
| 261,611 | | |
| 433,802 | |
Other assets: | |
| | | |
| | |
Investments | |
| 32,604 | | |
| 36,161 | |
Total Assets | |
| 294,215 | | |
| 469,963 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
| 616,245 | | |
| 615,805 | |
Sub-fund obligations | |
| 1,624,775 | | |
| 1,574,775 | |
Accrued expenses | |
| 1,485,310 | | |
| 931,417 | |
Short-term loans and notes payable | |
| 1,164,685 | | |
| 676,888 | |
Convertible Promissory Notes | |
| 297,805 | | |
| 756,250 | |
Due to officers | |
| 1,027,782 | | |
| 1,077,218 | |
Advances from customers | |
| 1,079,038 | | |
| 665,434 | |
Derivative liabilities and Note Discount | |
| 1,220,576 | | |
| 715,677 | |
Total Liabilities | |
| 8,516,217 | | |
| 7,013,465 | |
| |
| | | |
| | |
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 06/30/2023 and 06/30/2022 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; 39,414,493,275 shares issued and outstanding on 06/30/2023; 60
billion shares authorized and 31,429,380,453 shares issued and outstanding on 6/30/2022, respectively, adjusted for 1 for 1,500
reverse split effective March 15, 2012. Par value: | |
| 39,414,493 | | |
| 31,429,381 | |
APIC - Common Stock | |
| 32,773,102 | | |
| 34,394,912 | |
Common Stock to be issued | |
| 22,500 | | |
| - | |
Common Stock to be cancelled | |
| (35,500 | ) | |
| (35,500 | ) |
Treasury stock: 484,767 shares as of 6/30/23 and 6/30/22, respectively - cost method. | |
| (44,170 | ) | |
| (44,170 | ) |
Accumulated deficit | |
| (77,319,372 | ) | |
| (71,717,973 | ) |
Total Acc. Other Comprehensive Income (Loss) | |
| (3,035,495 | ) | |
| (572,591 | ) |
Total stockholders’ deficit | |
| (8,222,002 | ) | |
| (6,543,502 | ) |
Total liabilities and stockholders’ deficit | |
$ | 294,215 | | |
$ | 469,963 | |
The
accompanying notes form an integral part of these audited consolidated financial statements
PHI GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (AUDITED)
FOR THE YEARS ENDED
| |
2023 | | |
2022 | |
| |
JUNE 30, | |
| |
2023 | | |
2022 | |
Net revenues | |
| | | |
| | |
Consulting, advisory and management services | |
$ | 25,000 | | |
$ | 30,000 | |
Total revenues | |
| 25,000 | | |
| 30,000 | |
Operating expenses: | |
| | | |
| | |
Salaries and wages | |
| 360,000 | | |
| 360,000 | |
Professional services, including non-cash compensation | |
| 95,242 | | |
| 15,347,903 | |
Asia Diamond Exchange development costs | |
| 464,848 | | |
| 1,018,651 | |
General and administrative | |
| 105,533 | | |
| 203,374 | |
Total operating expenses | |
| 1,025,623 | | |
| 16,929,928 | |
| |
| | | |
| | |
Income (loss) from operations | |
| (1,000,623 | ) | |
| (16,899,928 | ) |
| |
| | | |
| | |
Other income and expenses | |
| | | |
| | |
| |
| | | |
| | |
Other income | |
| 488 | | |
| 1,118,195 | |
Interest expense | |
| (934,872 | ) | |
| (1,592,557 | ) |
Other expenses | |
| (3,674,139 | ) | |
| (3,780,153 | ) |
Net other income (expenses) | |
| (4,608,523 | ) | |
| (4,254,515 | ) |
| |
| | | |
| | |
Net income (loss) | |
$ | (5,609,146 | ) | |
$ | (21,154,443 | ) |
| |
| | | |
| | |
Net loss per share: | |
| | | |
| | |
Basic | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | |
Weighted average number of shares outstanding: | |
| | | |
| | |
Basic | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
Diluted | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
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, 2023 AND 2022
AUDITED
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income (loss) from operations | |
$ | (5,609,146 | ) | |
$ | (21,154,443 | ) |
Mark-to-market adjustments | |
| (2,455,157 | ) | |
| (659,514 | ) |
Net change due to non-cash issuance of stock | |
| 4,845,007 | | |
| 20,404,740 | |
Fund in transit | |
| 9,500 | | |
| - | |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
(Increase) decrease in assets and prepaid expenses | |
| | | |
| | |
Marketable securities | |
| 126 | | |
| 384,911 | |
Total deferred financing costs | |
| 114,434 | | |
| (355,860 | ) |
Total (increase) decrease in assets and prepaid expenses | |
| 114,560 | | |
| 29,051 | |
Increase (decrease) in accounts payable and accrued expenses | |
| | | |
| | |
Accounts payable | |
| 440 | | |
| 7,284 | |
Sub-fund obligations | |
| 50,000 | | |
| 90,500 | |
Accrued expenses | |
| 553,893 | | |
| (1,062,061 | ) |
Advances from customers and client deposits | |
| 413,604 | | |
| 83,197 | |
Derivative liabilities | |
| 504,899 | | |
| 715,677 | |
Total increase (decrease) in accounts payable and accrued expenses | |
| 1,522,836 | | |
| (165,404 | ) |
Net cash provided by (used in) operating activities | |
| (1,572,400 | ) | |
| (1,545,570 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Net cash provided by (used in) investing activities | |
| 3,557 | | |
| 410,834 | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Loans from Directors/Officers | |
| (49,435 | ) | |
| - | |
Notes payable | |
| 29,352 | | |
| 1,087,288 | |
Common Stock | |
| 1,540,795 | | |
| 20,000 | |
Net cash provided by (used in) financing activities | |
| 1,520,712 | | |
| 1,107,288 | |
Net decrease in cash and cash equivalents | |
| (48,131 | ) | |
| (27,448 | ) |
Cash and cash equivalents, beginning of period | |
| 67,896 | | |
| 95,344 | |
Cash and cash equivalents, end of period | |
$ | 17,765 | | |
$ | 67,896 | |
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 YEAR ENDED JUNE 30, 2023 (AUDITED)
| |
Shares | | |
Par
Value | | |
Capital | | |
Shares | | |
Value | | |
Capital | | |
Shares | | |
Amount | | |
cancelled | | |
issued | | |
Gain
(loss) | | |
Deficit | | |
Deficit | |
| |
| | |
Additional | | |
Preferred | | |
Stock | | |
Additional | | |
| | |
| | |
Common
Stock | | |
Common
Stock | | |
Other | | |
| | |
Total | |
| |
Common
Stock | | |
Paid-in | | |
Stock | | |
Par | | |
Paid-in | | |
Treasury | | |
Stock | | |
to
be | | |
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 durng 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 durng 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 | | |
| 60,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 396,000 | | |
$ | (2,966,071 | ) | |
$ | (75,932,642 | ) | |
$ | (8,286,628 | ) |
Balance | |
| 36,349,939,124 | | |
| 36,349,940 | | |
| 33,943,377 | | |
| 60,000 | | |
| 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 | | |
| 1,495,584 | | |
| -576,187 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 919,397 | |
Balance
as of June 30, 2023 | |
| 39,414,493,275 | | |
| 39,414,494 | | |
| 32,773,097 | | |
| 60,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 22,500 | | |
$ | (3,035,495 | ) | |
$ | (77,319,372 | ) | |
$ | (8,222,002 | ) |
Balance | |
| 39,414,493,275 | | |
| 39,414,494 | | |
| 32,773,097 | | |
| 60,000 | | |
| 600 | | |
| 1,840 | | |
| (484,767 | ) | |
| (44,170 | ) | |
| (35,000 | ) | |
| 22,500 | | |
$ | (3,035,495 | ) | |
$ | (77,319,372 | ) | |
$ | (8,222,002 | ) |
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 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 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. (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.
The
Company had signed agreements to acquire majority equity interests in Kota Construction LLC and Kota Energy Group LLC (“KOTA”)
which are engaged in solar energy business (https://www.kotasolar.com), and Tin Thanh Group, a Vietnamese joint stock company
(www.tinthanhgroup.vn) (“TTG”). Whereas the scheduled closing dates for the KOTA and TTG transactions already expired, the
Company has continued to discuss with these companies and intends to renegotiate an revised agreement with each of them when the Company
successfully closes one or more of the pending asset management agreements and financing with certain investor groups and lenders. In
addition, the Company intends to amend the Purchase and Sale Agreement that was originally signed on January 18, 2022 with Five-Grain
Treasure Spirits Co., Ltd., a Chinese baiju distiller, to collaborate in launching American-made baiju products through Empire Spirits,
Inc., a subsidiary of the Company. The Company is in the process of establishing a subsidiary in the Dubai Multi-Commodities Centre in
United Arab Emirates to replace its former subsidiary CO2-1-0 (CARBON) Corp. to continue engaging in carbon emission mitigation using
blockchain and crypto technologies. 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 addition, 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. These activities are disclosed in greater detail elsewhere in this report. 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 (8) CO2-1-0 (CARBON) Corp., collectively referred to as the “Company.” The other subsidiaries of the Company
were not active during the fiscal year ended June 30, 2023. 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, 2023 and 2022 the marketable securities have been recorded at $420 and $546, 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, 2023.
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: | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | |
Net income (loss): | |
$ | (5,609,146 | ) | |
$ | (21,154,443 | ) |
Denominator: | |
| | | |
| | |
Basic weighted average number of common shares outstanding: | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
Basic net income per share | |
| (0.00 | ) | |
| (0.00 | ) |
| |
| | | |
| | |
Diluted weighted average number of common shares outstanding: | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
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, 2023 and 2022 were $500 and $8,700, 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, 2023 and 2022, respectively, accumulated other comprehensive income
(loss) of $(3,035,495) and $ ($572,591) 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, 2023 and June 30, 2022.
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.
Marketable
securities owned by the Company and classified as available for sale as of June 30, 2023 consisted of
91
shares of Myson Group, Inc. traded on the OTC Markets (Trading symbols MYSN). The fair value of the marketable securities recorded as
of June 30, 2023 was $420.42.
SCHEDULE
OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES
Securities available for sale | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
June 30, 2023 | |
$ | - | | |
$ | 420 | | |
$ | - | | |
$ | 420 | |
June 30, 2022 | |
$ | - | | |
$ | 546 | | |
$ | - | | |
$ | 546 | |
During
the fiscal year ended June 30, 2023, 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, 2023 and 2022
SCHEDULE OF OTHER ASSETS
| |
2023 | | |
2022 | |
| |
| | |
| |
Investment in Philux Global Funds | |
| 32,604 | | |
| 31,161 | |
Investment in AQuarius Power, Inc. | |
| - | | |
| 5,000 | |
Total Other Assets | |
$ | 32,604 | | |
$ | 36,161 | |
Investments
as of June 30, 2023 consist of $32,604 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, 2023. During the fiscal year ended June 30, 2023, the company wrote off $5,000 investment in
AQuarius Power, Inc. and recognized a total of $464,849 that was spent for the development of the Asia Diamond Exchanges project as expenses.
NOTE
5 – PROPERTY AND EQUIPMENT
As
of June 30, 2023 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, 2023 and 2022:
SCHEDULE OF CURRENT LIABILITIES
Current Liabilities | |
June 30, 23 | | |
June 30, 2022 | |
Accounts payable | |
| 616,245 | | |
| 615,805 | |
Sub-fund obligations | |
| 1,624,775 | | |
| 1,574,775 | |
Accrued expenses | |
| 1,485,310 | | |
| 931,417 | |
Short-term loans and notes payable | |
| 1,164,685 | | |
| 676,888 | |
Convertible Promissory Notes | |
| 297,805 | | |
| 756,250 | |
Due to officers | |
| 1,027,782 | | |
| 1,077,218 | |
Advances from customers and client deposits | |
| 1,079,038 | | |
| 665,434 | |
Derivative liabilities and Note Discount | |
| 1,220,576 | | |
| 715,677 | |
Total Current Liabilities | |
| 8,516,217 | | |
| 7,013,465 | |
ACCRUED
EXPENSES: Accrued expenses as of June 30, 2023 consist of $1,028,095 in accrued salaries, $338,591 in accrued interest from notes and
loans and $117,625 from administrative fees and penalties.
NOTES
PAYABLE (NET): Notes payable consist of $1,164,685 in short-term notes and loans payable and $297,805 in convertible promissory notes.
ADVANCES
FROM CUSTOMERS AND CLIENT DEPOSITS
Advances
from Customers were $819,038 which included $158,604 in interest charges as of June 30, 2023, and $665,434 as of June 30, 2022, respectively.
Client
deposits were $260,000 as of June 30, 2023.
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, 2023
and $1,574,775 as of 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, 2023 and 2022 , the balances were $1,027,782 and $1,077,218, respectively.
SCHEDULE
OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS
Officers/Directors | |
June 30, 2023 | | |
June 30, 2022 | |
Henry Fahman (Chairman and CEO) | |
| 364,432 | | |
| 413,868 | |
Tam Bui (former Director and COO) | |
| 663,350 | | |
| 663,350 | |
Total | |
$ | 1,027,782 | | |
$ | 1,077,218 | |
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, 2023, the Company had $945,598
in short-term notes payable consisting of $901,848 of regular short-term notes and $43,750 SBA loan, and $219,087 merchant cash advance
including a deferred interest. These notes bear interest rates ranging from 0% to 36% per annum.
CONVERTIBLE
PROMISSORY NOTES:
As
of June 30, 2023, the principal balance of the outstanding convertible notes was $297,805 with total derivative liabilities of $1,220,576.
The Company relies on professional third-party valuation to record the value of derivative liabilities, discounts, and changes in fair
value of derivatives in connection with these convertible notes and warrants, if any, that are related to the convertible notes.
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, 2023
were the same since the inclusion of Common stock equivalents is anti-dilutive.
NOTE
10 – DOMESTICATION IN THE STATE OF WYOMING
On
September 20, 2017, the Company applied for a Certificate of Domestication and filed Articles of Domestication with the office of the
Secretary of State of Wyoming to re-domicile the Company’s jurisdiction to the State of Wyoming.
On
September 20, 2017, the Company filed Articles of Amendment with the Wyoming Secretary of State to amend the authorized capital of the
Company as follows:
“The
total number of shares into which the authorized capital stock of the corporation is divided is one billion shares, consisting of: nine
hundred million shares of voting Common Stock with a par value of $0.001 per share; fifty million shares of non-voting Class A Series
I Preferred Stock with a par value of $5.00 per share; twenty-five million shares of non-voting Class A Series II Preferred Stock with
a par value of $5.00 per share; twenty million shares of non-voting Class A Series III Preferred Stock with a par value of $5.00 per
share and five million shares of voting Class A Series IV Preferred Stock with a par value of $5.00 per share. The relative rights, preferences,
limitations and restrictions associated with the afore-mentioned shares of Class A Preferred Stock will be determined by the Board of
Directors of the corporation.”
On
June 25, 2020, the Company filed Articles of Amendment with the Wyoming Secretary of State to amend Article 10 of the Articles of Domestication
to authorize Forty Billion (40,000,000,000) shares of Common Stock with a par value of $0.001 per share and Five Hundred Million (500,000,000)
shares of Preferred Stock with a par value of $0.001 per share and to designate Classes A and B and the Series of those classes of Preferred
Stock as following:
I.
Class A Preferred Stock
A.
DESIGNATIONS, AMOUNTS AND DIVIDENDS
1.
Class A Series I Cumulative Convertible Redeemable Preferred Stock
a.
Designation: Fifty million (50,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par value of $0.001 per
share, are designated as Class A Series I Cumulative Convertible Redeemable Preferred Stock
b.
Number of Shares: The number of shares of Class A Series I Preferred Stock authorized shall be fifty million (50,000,000) shares.
c.
Dividends: Each holder of Class A Series I Preferred Stock is entitled to receive ten percent (10%) non-compounding cumulative dividends
per annum, payable semi-annually.
2.
Class A Series II Cumulative Convertible Redeemable Preferred Stock
a.
Designation. Two hundred million (200,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par value of $0.001
per share, are designated Class A Series II Cumulative Convertible Redeemable Preferred Stock (the “Class A Series II Preferred
Stock”).
c.
Number of Shares. The number of shares of Class A Series II Preferred Stock authorized shall be two hundred million (200,000,000) shares.
c.
Dividends: Each holder of Class A Series II Preferred Stock is entitled to receive eight percent (8%) cumulative dividends per annum,
payable semi-annually.
3.
Class A Series III Cumulative Convertible Redeemable Preferred Stock
a.
Designation. Fifty million (50,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par value of $0.001 per
share, are designated as Class A Series III Cumulative Convertible Redeemable Preferred Stock (the “Class A Series III Preferred
Stock”).
b.
Number of Shares. The number of shares of Class A Series III Preferred Stock authorized shall be fifty million (50,000,000) shares.
c.
Dividends: Each holder of Class A Series III Preferred Stock is entitled to receive eight percent (8%) cumulative dividends per annum,
payable semi-annually.
4.
Class A Series IV Cumulative Convertible Redeemable Preferred Stock
a.
Designation. One hundred ninety-nine million (199,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par
value of $0.001 per share, are designated as Class A Series IV Cumulative Convertible Redeemable Preferred Stock (the “Class
A Series IV Preferred Stock”).
b.
Number of Shares. The number of shares of Class A Series III Preferred Stock authorized shall be one hundred ninety-nine million (199,000,000)
shares.
c.
Dividends: To be determined by the Corporation’s Board of Directors.
B.
CONVERSION
1.
Conversion of Series I, Series II and/or Series IV Class A Preferred Stock into Common Stock of PHI Group, Inc.
Each
share of the Class A Preferred Stock, either Series I, Series II or Series IV shall be convertible into the Company’s Common Stock
any time after two years from the date of issuance at a Variable Conversion Price (as defined herein) of the Common Stock. The “Variable
Conversion Price” shall mean 75% multiplied by the Market Price (as defined herein) (representing a discount rate of 25%). “Market
Price” means the average Trading Price for the Company’s Common Stock during the ten (10) trading-day period ending one trading
day prior to the date the Conversion Notice is sent by the Holder of the Class A Preferred Stock to the Company via facsimile or email
(the “Conversion Date”). “Trading Price” means, for any security as of any date, the closing price on the OTC
Markets, OTCQB, NASDAQ Stock Markets, or applicable trading market as reported by a reliable reporting service (“Reporting Service”)
mutually acceptable to the Company and Holder of the Class A Preferred Stock.
2.
Conversion of Series I, Series II and/or Series IV Class A Preferred Stock into Common Stock of a subsidiary of PHI Group, Inc.’s.
Alternatively,
each share of the Class A Preferred Stock, either Series I, Series II and/or Series IV may be convertible into Common Stock of a subsidiary
of PHI Group, Inc.’s, to be determined by the Company’s Board of Directors, any time after such subsidiary has become a fully-reporting
publicly traded company for at least three months, at a Variable Conversion Price (as defined herein). The Variable Conversion Price
to be used in connection with the conversion into Common Stock of a subsidiary of PHI Group, Inc.’s shall mean 50% multiplied by
the Market Price (as defined herein), representing a discount rate of 50%, of that Common Stock. “Market Price” means the
average Trading Price for the Common Stock of said subsidiary of PHI Group, Inc.’s during the ten (10) trading-day period ending
one trading day prior to the date the Conversion Notice is sent by the Holder of the Preferred Stock to the Company via facsimile or
email (the “Conversion Date”). “Trading Price” means, for any security as of any date, the closing price on the
OTC Markets, OTCQB, NASDAQ Stock Markets, NYSE or applicable trading market as reported by a reliable reporting service (“Reporting
Service”) mutually acceptable to the Company, said subsidiary and Holder of the Class A Preferred Stock.”
3.
Conversion of Class A Series III Preferred Stock of PHI Group, Inc. into Common Stock of American Pacific Plastics, Inc., a subsidiary
of PHI Group, Inc.’s.
The
entire Class A Series III Preferred Stock of PHI Group, Inc. (i.e. fifty million (50,000,000) shares) may be convertible into eighty
percent (80%) American Pacific Plastics, Inc.’s Common Stock which will have been issued and outstanding immediately after such
conversion or exchange on a pro rata basis.
4.
Conversion Shares.
The
amount of shares of Common Stock of PHI Group, Inc., or alternatively, of a subsidiary of PHI Group, Inc.’s, to be received by
Holder at the time of conversion of Class A Series I or Series II Preferred Stock of PHI Group, Inc. will be based on the following formula:
|
|
Where
|
CS: |
Common
Shares of PHI Group, Inc., |
Amount
of CS = |
|
|
|
or
alternatively, of a subsidiary of PHI Group, Inc.’s. |
OIP
+ AUD |
|
|
|
VCP |
|
OIP: |
Original
Issue Price of Class A Series I or Series II Preferred Stock of PHI Group, Inc. |
|
|
|
AUD: |
Accrued
and Unpaid Dividends. |
|
|
|
VCP: |
Variable
Conversion Price of PHI Common Stock or of a subsidiary of PHI Group, Inc.’s as defined above. |
C.
REDEMPTION RIGHTS
The
Corporation, after a period of two years from the date of issuance, may at any time or from time to time redeem the Class A Preferred
Stock, either Series I, Series II, Series III or Series IV in whole or in part, at the option of the Company’s Board of Directors,
at a price equal to one hundred twenty percent (120%) of the original purchase price of the Class A Preferred Stock or of a unit consisting
of any shares of Class A Preferred Stock and any warrants attached thereto, plus, in each case, accumulated and unpaid dividends to the
date fixed for redemption.
D.
LIQUIDATION
Upon
the occurrence of a Liquidation Event (as defined below), the holders of Class A Preferred Stock are entitled to receive net assets on
a pro rata basis. As used herein, “Liquidation Event” means (i) the liquidation, dissolution or winding-up, whether
voluntary or involuntary, of the Corporation, (ii) the purchase or redemption by the Corporation of shares of any class of stock or the
merger or consolidation of the Corporation with or into any other corporation or corporations, unless (a) the holders of the Class A
Preferred Stock receive securities of the surviving corporation having substantially similar rights as the Class A Preferred Stock and
the stockholders of the Corporation immediately prior to such transaction are holders of at least a majority of the voting securities
of the successor corporation immediately thereafter (the “Permitted Merger”), unless the holders of the shares of
Class A Preferred Stock elect otherwise or (b) the sale, license or lease of all or substantially all, or any material part of, the Corporation’s
assets, unless the holders of Class A Preferred Stock elect otherwise.
E.
RANK
All
shares of the Class A Preferred Stock shall rank (i) senior to the Corporation’s Common Stock and any other class or series of
capital stock of the Corporation hereafter created, (ii) pari passu with any class or series of capital stock of the Corporation
hereafter created and specifically ranking, by its terms, on par with the Class A Preferred Stock and (iii) junior to any class or series
of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Class A Preferred Stock, in each
case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary.
F.
VOTING RIGHTS
1.
Class A Series I, II, III and IV Preferred Stock of PHI Group, Inc. shall have no voting rights.
G.
PROTECTION PROVISIONS
So
long as any shares of Class A Preferred Stock are outstanding, the Corporation shall not, without first obtaining the majority written
consent of the holders of Class A Preferred Stock, alter or change the rights, preferences or privileges of the Class A Preferred Stock
so as to affect adversely the holders of Class A Preferred Stock.
H.
MISCELLANEOUS
1.
Status of Redeemed Stock: In case any shares of Class A Preferred Stock shall be redeemed or otherwise repurchased or reacquired,
the shares so redeemed, repurchased, or reacquired shall resume the status of authorized but unissued shares of preferred stock, and
shall no longer be designated as Class A Preferred Stock.
2.
Lost or Stolen Certificates: Upon receipt by the Corporation of (i) evidence of the loss, theft, destruction or mutilation of any
Preferred Stock Certificate(s) and (ii) in the case of loss, theft or destruction, indemnity (with a bond or other security) reasonably
satisfactory to the Corporation, or in the case of mutilation, the Preferred Stock Certificate(s) (surrendered for cancellation), the
Corporation shall execute and deliver new Preferred Stock Certificates. However, the Corporation shall not be obligated to reissue such
lost, stolen, destroyed or mutilated Preferred Stock Certificates if the holder of Class A Preferred Stock contemporaneously requests
the Corporation to convert such holder’s Class A Preferred Stock into Common Stock.
3.
Waiver: Notwithstanding any provision in this Certificate of Designation to the contrary, any provision contained herein and any
right of the holders of Class A Preferred granted hereunder may be waived as to all shares of Class A Preferred Stock (and the holders
thereof) upon the majority written consent of the holders of the Class A Preferred Stock.
4.
Notices: Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return
receipt requested) or delivered personally, by nationally recognized overnight carrier or by confirmed facsimile transmission, and shall
be effective five (5) days after being placed in the mail, if mailed, or upon receipt or refusal of receipt, if delivered personally
or by nationally recognized overnight carrier or confirmed facsimile transmission, in each case addressed to a party as set forth below,
or such other address and telephone and fax number as may be designated in writing hereafter in the same manner as set forth in this
Section.
If
to the Corporation:
PHI
GROUP, INC.
30
N Gould Street, Suite R
Sheridan,
WY 82801
Facsimile:
702-472-8556
Email:
info@phiglobal.com
If
to the holders of Class Preferred Stock, to the address to be listed in the Corporation’s books and Records.
II.
Class B Preferred Stock
1.
Class B Series I Preferred Stock
a.
Designation: One million (1,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par value of $0.001 per share,
are designated as Class B Series I Preferred Stock.
b.
Number of Shares: The number of shares of Class B Series I Preferred Stock authorized will be one million (1,000,000) shares.
c.
Dividend: None
d.
Voting rights: Except as provided by law, the shares of Class B Series I Preferred Stock shall have the same right to vote or act on
all matters on which the holders of Common Stock have the right to vote or act and the holders of the shares of Class B Series I shall
be entitled to notice of any stockholders’ meeting or action as to such matters on the same basis as the holders of Common Stock,
and the holders of Common Stock and shares of Class B Series I shall vote together or act together thereon as if a single class on all
such matters; provided, in such voting or action each one share of Class B Series I shall be entitled to one hundred thousand (100,000)
votes.
NOTE
11. STOCKHOLDER’S EQUITY
As
of June 30, 2023, 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, 2023 was 487,767 shares valued at $44,170 based on cost basis.
Common
Stock
During
the fiscal year ended June 30, 2023, the Company issued/cancelled the following shares of its Common Stock for cash, conversion of promissory
notes, loan payments, salaries, warrants, and consulting services:
SCHEDULE
OF CONVERSIONS OF COMMON STOCK
7/01/2022 |
|
Beginning
balance |
|
Issuances/Cancellations |
|
31,429,380,289 |
|
|
|
|
|
|
|
|
|
Issuances
for warrant exercises |
|
1,879,166,666 |
|
|
|
|
Issuances
for conversion of notes |
|
4,455,811,523 |
|
|
|
|
Issuances
for cash to certain current shareholders |
|
2,104,893,097 |
|
|
|
|
Cancellation
of shares by lender |
|
-454,758,300 |
|
|
|
|
|
|
|
|
|
6/30/2023 |
|
Ending
balance |
|
|
|
39,414,493,275 |
As
of June 30, 2023, there were 39,414,493,275 shares of the Company’s common stock issued and outstanding.
Preferred
Stock
As
of June 30, 2023, there were 600,000 shares of Class B Series I Preferred Stock issued and outstanding.
NOTE
12 – STOCK-BASED COMPENSATION PLANS
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, 2023 the Company has not issued any stock in lieu of
cash under this plan.
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 | |
NOTE
13 –OTHER INCOME (EXPENSE)
Net
Other Income (Expense) for the fiscal year ended June 30, 2023 consists of the following:
SCHEDULE
OF OTHER INCOME (EXPENSE)
OTHER
INCOME (EXPENSES) | |
FY
ended June
30, 2023 | |
Interest
expense | |
| (934,872 | ) |
Other
income | |
| 488 | |
Net
other income/expense | |
| (3,674,139 | ) |
NET
OTHER INCOME (EXPENSES) | |
| (4,608,523 | ) |
NOTE
14 – RELATED PARTY TRANSACTIONS
The
Company recognized a total of $360,000 in salaries for the President and Chief Executive Officer, the former Chief Operating Officer
and the Secretary and Treasurer of the Company during the year ended June 30, 2023.
As
of June 30, 2023 the members of the Board of Directors and the Secretary and Treasurer of the Company owned a total of 600,000 shares
of Class B Series Preferred Stock.
NOTE
15 – INCOME TAXES
No
provision was made for income tax since the Company has significant net operating loss carry forward. Through June 30, 2023, the Company
incurred net operating losses for tax purposes of approximately $77,319,372. The net operating loss carry forward may be used to reduce
taxable income through the year 2036. Net operating loss for carry forwards for the State of California is generally available to reduce
taxable income through the year 2026. 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
16 – 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 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 as part
of its alternative financing plan.
2.
TERMINATION OF BUSINESS COOPERATION AGREEMENT WITH VINAFILMS JOINT STOCK COMPANY
On
August 06, 2018, signed a Business Cooperation Agreement with Vinafilms JSC (Công ty Cổ phần Màng Bao Bì
Tân Vinh Nam Phát), a Vietnamese joint stock company, with principal business address at Lot G9, Road No. 9, Tan Do Industrial
Zone, Duc Hoa Ha Village, Duc Hoa District, Long An Province, Vietnam, hereinafter referred to as “VNF” and its majority
shareholder, to exchange fifty-one percent ownership in VNF for Preferred Stock of PHI. According to the Agreement, PHI will be responsible
for filing a S-1 Registration Statement with the Securities and Exchange Commission for American Pacific Plastics, Inc., a subsidiary
of PHI that holds the 51% equity ownership in VNF, to become a fully-reporting public company in the U.S. Stock Market.
On
September 20, 2018, a Stock Swap Agreement was signed by and between Ms. Do Thi Nghieu, the majority shareholder holding 76% of ownership
in VNF, and PHI to exchange 3,060,000 shares of ordinary stock of VNF owned by Ms. Do Thi Nghieu for 50 million shares of Class A Series
III Cumulative, Convertible, Redeemable Preferred Stock of PHI. Though this transaction was technically closed on September 28, 2018,
the Company did not recognize the operations of Vinafilms JSC in its consolidated financial statements as of June 30, 2023.
On
October 20, 2022, the Company, VNF and Ms. Do Thi Nghieu signed an agreement to terminate said Business Cooperation Agreement and Stock
Swap Agreement. The termination of the referenced Business Cooperation Agreement, retroactively effective August 06, 2018, was due to
the resultant impact of the Covid-19 pandemic and particular microeconomic conditions which made it infeasible for the Parties herein
to continue the originally-planned Business Cooperation Agreement.
3.
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, 2023, Tecco Group has paid a total of $156,366.25 towards the total agreed amount.
4.
INVESTMENT AGREEMENTS AND MEMORANDUM OF UNDERSTANDING
As
of June 30, 2023, the Company and its subsidiaries have entered into loan financing agreements, asset management agreements, joint venture
agreement, and memorandum of understanding with six international investor groups for a total six billion three hundred million U.S.
dollars, as reported in various 8-K filings with the Securities and Exchange Commission. The Company has been working regularly with
these investor groups and expects to begin receiving capital through these sources in the near future to support its acquisition and
investment programs.
5.
DEVELOPMENT OF THE ASIA DIAMOND EXCHANGE 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 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 the 11 main trading players in the rough diamond industry
to come to Vietnam. He has established a partnership with the biggest player in the rough trading and polishing group, the Mehta Family
Group. Other main international diamond trading groups as the Mody Group, Diamac etc. have joined the overall venture.
Furthermore,
together with the groups, a full Kimberly Process Certification Scheme (KPC) to prevent ‘conflicting diamond’ trading was
established and is aligned from time to time. Also, the new lab grown diamond KPC scheduling is already implemented. A unique and KPC
approved structure has been established where under the PHI Vietnam umbrella, in collaboration with KPC Mum- bai (India), a ‘Public-Private-Partnership
(PPP)’ is established in which the Vietnamese authorities hold 15% and PHI (or its local corporate entity) holds 85% of the voting
rights. For the lab grown diamond segment, this will be in the Chu Lai Free Economic Zone and for the Rough and Polished Diamond Parcel
Trade, this is being planned to be on Thanh Da Island, about 5 kilometers from the center of Ho Chi Minh City, Vietnam.
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 this year to the Thanh Da Island. 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.
A
rough diamond trading export flow to Vietnam was negotiated and concluded by Mr. Smet with the DMCC and Dubai Diamond Exchange. This
year, an international diamond trading platform was created by Mr. Smet to unify the trading efforts of Alrosa and De Beers/Bonas. Mr.
Smet was advised and counselled thereto by Mr. A. Mehta, the senior board member of the Alrosa Group. Together with Mr. A. Mehta, Mr.
Smet has also covered the financial backbone of the diamond trading venture via the setup of a financial institution in Botswana. It
is the intention of Mr. Smet to donate 50% of his own voting shares of the institution to PHI the moment all budgets for the venture
are arranged by PHI and all financial obligations and reimbursements by PHI to him are met. It is the intention of the parties involved
to establish a subsidiary of the financial institution in the ADE Vietnam and have local banking partners join this initiative.
Mr.
Smet had also established a collaboration partnership with the Antwerp Diamond Exchange (Belgium), the Dubai Diamond Exchange and the
Tel-Aviv Diamond Exchange. Negotiations have started to involve a new economic free-zone in Jordan into the ongoing project.
Recently,
Mr. Smet has started a structuring project, in order for PHI to set up and establish an International Financial Center on the Thanh Da
Island in connection with the Asian 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.
On
June 04, 2022 the Company incorporated Asia Diamond Exchange, Inc., a Wyoming corporation, ID number 2022-001010234, as the holding company
for this venture.
6.
AGREEMENT WITH FIVE-GRAIN TREASURE SPIRITS CO., LTD.
On
January 18, 2022 PHI Group entered into an Agreement of Purchase and Sale with Five Grain Treasure Spirits Co., Ltd. (“FGTS) and
the majority shareholders of FGTS (the “Majority Shareholders”) to acquire seventy percent (70%) of ownership in FGTS for
the total purchase price of one hundred million U.S. dollars, to be paid in three tranches. The Company has renegotiated with Five-Grain
to revise the Agreement of Purchase and Sale and to cooperate in producing American-made baijiu products through its subsidiary Empire
Spirits, Inc. in the US. The details of the renegotiated transactions will be officially announced upon signing by the two parties.
7.
AGREEMENT OF PURCHASE AND SALE WITH KOTA CONSTRUCTION LLC AND KOTA ENERGY GROUP LLC
Effective
January 26, 2022, PHI Group, Inc. signed Agreements of Purchase and Sale with KOTA Construction LLC and KOTA Energy Group LLC, both of
which are California limited liability companies (collectively referred to as “KOTA”), to acquire 50.10% of Kota Energy Group
LLC for $12,524,469 and 50.10% of Kota Construction LLC for $51,600,531, totaling $64,125,000, to be paid in cash.
In
the second and latest amendment signed on August 3, 2022 to the Agreements of Purchase and Sale with KOTA, the concerned parties agreed
that PHI Group, Inc. would pay Fifteen Million Six Hundred Fifty-Five Thousand Two Hundred Forty-Eight U.S. Dollars ($15,655,248) to
Kota Energy Group LLC (“KEG”), in exchange for fifty point one percent (50.10%) of the equity ownership in KEG, and Sixty-Four
Million Five Hundred Four Thousand Seven Hundred Fifty-Two U.S. Dollars ($64,504,752) to KCCO, in exchange for fifty point one percent
(50.10%) of the equity ownership in KCCO.
Whereas
the scheduled closing date for the KOTA transaction already expired, the Company intends to renegotiate an revised agreement for acquisition
after the Company has successfully closed one or more of the pending financing and asset management agreements with certain lenders and
investor groups.
8.
JOINT VENTURE AGREEMENT WITH DANANG RUBBER JSC AND TIN THANH GROUP
In
June 2022, the Company signed an joint venture agreement with Danang Rubber Joint Stock Company (DRC) and Tin Thanh Group JSC to cooperate
in increasing DRC’s tire production and implementing a sales and marketing program. As of the date of this report, the joint venture
has not implemented this program.
9.
JOINT VENTURE/PARTNERSHIP AGREEMENT (FUND MANAGEMENT MOU) BETWEEN AN INVESTOR IN THE GULF COOPERATION COUNCIL REGION AND PHILUX GLOBAL
GROUP, INC. (A/K/A PHI GROUP, INC.)
On
July 08, 2022, the registrant signed a Joint Venture/Partnership Agreement (Fund Management MOU) with an investor in the Gulf Cooperation
Council region to manage an initial amount of Three Billion United States Dollars (USD 3,000,000,000) for investment in different transactions
chosen and advised by the registrant for a period of ten years. According to the Agreement, after the first twenty four months of investment
implementation, the registrant will be allocated 40% of the net profit from these investments. As of the date of this report the Company
is working with this investor group in order to close this transaction as soon as practical.
10.
AGREEMENT WITH TIN THANH GROUP
Effective
August 13, 2022, the Company signed a Stock Transfer Agreement with Tin Thanh Group Joint Stock Company, a joint stock company organized
and existing by virtue of the laws of Socialist Republic of Vietnam, with principal business address at 71 Pho Quang Street, Ward 2,
Tan Binh District, Ho Chi Minh City, Vietnam, hereinafter referred to as “TTG” and Mr. Tran Dinh Quyen, the holder of at
least fifty-one percent (51.00%) of equity ownership in TTG (the “Majority Shareholder”), hereinafter referred to as “Seller,”
to acquire Twenty-Two Million Thirty-Two Thousand (22,032,000) Shares of Ordinary Stock of TTG, which is equivalent to Fifty-One Percent
(51.00%) of all the issued and outstanding Ordinary Stock of TTG for a total purchase price of Sixty Million U.S. Dollars ($US 60,000,000)
in cash.
The
closing date of this transaction would be the date on which the closing actually occurs, which was last extended to March 15, 2023 based
on the fifth amendment to the Stock Transfer Agreement signed by both parties on February 14, 2023. On March 20, 2023 Tin Thanh Group
sent a notice to terminate this Stock Transfer Agreement. However, both companies have continued discussing and agreed to renegotiate
an revised agreement whereby the Company will co-invest in Tin Thanh’s Smart-tire program in South Carolina, USA and cooperate
in other the business activities in Vietnam and abroad when the Company successfully closes one or more of the pending financing and
assets management agreements with certain lenders and investor groups.
11.
AGREEMENTS WITH VAN PHAT DAT JOINT STOCK COMPANY
Effective
August 16, 2022, PHI Group, Inc. (a/k/a PHILUX GLOBAL GROUP INC.) (“the Registrant”) signed an Agreement of Purchase and
Sale with Van Phat Dat Export Joint Stock Company, a joint stock company organized and existing by virtue of the laws of Socialist Republic
of Vietnam, with principal business address at 316 Le Van Sy Street, Ward 1, Tan Binh District, Ho Chi Minh City, Vietnam, hereinafter
referred to as “VPD,” and the holder of at least fifty-one percent (51.00%) of equity ownership in VPD, hereinafter referred
to as “Seller,” to acquire Five Million One Hundred Thousand (5,100,000) Shares of Ordinary Stock of VPD, which is equivalent
to Fifty-One percent (51.00%) of all the issued and outstanding Ordinary Stock of VPD for a total purchase price of Six Million One Hundred
Twenty-Seven Thousand Eight Hundred Ninety-Five U.S. Dollars ($US 6,127,895) in form of a convertible promissory note to be issued by
Philux Global Trade Inc., a Wyoming corporation and wholly-owned subsidiary of the Registrant. The closing date of this transaction shall
be the date on which the closing actually occurs, which is expected to happen as soon as possible within sixty days following the signing
of the Agreement of Purchase and Sale, unless extended in writing by the Parties to said Agreement.
On
September 30, 2022 PHI Group, Inc. entered into a Closing Memorandum for the Agreement of Purchase and Sale dated August 16, 2022 with
and among Van Phat Dat Export Joint Stock Company and Mr. Huynh Ngoc Vu, an individual and the majority shareholder of VPD.
On
June 27, 2023, the Company and Van Phat Dat Export Joint Stock Company signed an Agreement to terminate the referenced Agreement of Purchase
and Sale in its entirety, retroactively effective August 16, 2022.
12.
STRATEGIC BUSINESS COOPERATION WITH TIN THANH GROUP AND PETROVIETNAM MARINE SHIPYARD JSC
On
September 03, 2022, the Company signed a strategic business cooperation with Tin Thanh Group and PetroVietnam Marine Shipyard JSC whereby
PetroVietnam Marine Shipyard (“PVMS”) will increase charter capital to allow Tin Thanh Group and Philux Global Group to become
its strategic and majority shareholders. As of the date of this report this plan has not been implemented.
13.
ISSUANCES OF SHORT-TERM CONVERTIBLE NOTES
On
March 3, 2023, the Company issued a Convertible Promissory Note to 1800 Diagonal Lending LLC, a Virginia limited liability company, for
$55,000.00, with interest rate of eight percent (8%) per annum. 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”).
The per share conversion price into which Principal Amount and interest (including any Default Interest) under this Note shall be convertible
into shares of Common Stock hereunder (the “Conversion Price”) shall equal $0.001 during the one hundred eighty days following
the issuance date, or 61% multiplied by the market price any time after the first one hundred eighty days. Market price is defined as
the average of the two lowest trading prices for the Company’s Common Stock during the ten trading day period ending on the latest
trading day prior to the conversion date.
This
Note was converted into 187,540,984 shares of Common Stock of the Company on September 6, 2023.
On
March 14, 2023, the Company issued a Convertible Promissory Note to Mast Hill Fund, L.P., a De a Delaware limited partnership, for $185,000.00,
with interest rate of twelve percent (12%) per annum. Any Principal Amount or interest on this Note which is not paid when due shall
bear interest at the rate of the lesser of (i) sixteen percent (16%) per annum and (ii) the maximum amount permitted by law from the
due date thereof until the same is paid (“Default Interest”). The per share conversion price into which Principal Amount
and interest (including any Default Interest) under this Note shall be convertible into shares of Common Stock hereunder (the “Conversion
Price”) shall equal $0.001, subject to adjustment as provided in this Note.
On
June 1, 2023, the Company issued a Convertible Promissory Note to 1800 Diagonal Lending LLC, a Virginia limited liability company, for
$52,805.00, 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 $9,256.17; and the final two
(2) payments each in the amount of $2,000.00 (a total payback to the Holder of $59,537.00). 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 As of October 13, 2023, the Company has made four payments of $9,256.17 each to the Holder.
14.
AGREEMENT FOR COMPREHENSIVE COOPERATION WITH DR. TRI VIET DO
On
February 10, 2023, the Company signed an agreement for comprehensive cooperation with Dr. Tri Viet Do, a German-trained expert in electromagnetic
energy and quantum physics, to jointly cooperate in the development and commercialization of a number of key products using proprietary
intellectual properties already developed by him. The scope of study and development includes: 1) Producing generators using electromagnetic
and quantum fields extracted from the energy absorbed from the earth; 2) Producing engines (spaceships, airplanes, ships, cars, trains,
motorcycles, etc.) powered by electromagnetic and quantum energy; 3) Machines to kill harmful bacteria and viruses, including covid-19
and variants; 4) Medicines to treat 25 types of infectious diseases and cancers using atomic nuclear energy, super-matter and antimatter;
5) Desalination of seawater, separating minerals, medicines and rare metals from sea water; 6) Environmental technology for treating
and sterilizing wastewater to become clean water; 7) Waste treatment by automatic classification of wastes into various categories; 8)
Clean agriculture with electromagnetic and quantum fields for use in farming; and 9) Aquatic poultry farming by treating the rearing
environment with electromagnetic and quantum fields and providing food energy for poultry and aquatic products.
15.
TERMINATION OF AGREEMENT FOR PARTICIPATION IN INFRASTRUCTURE FUND WITH THANH NAM LONG CONSTRUCTION COMPANY
On
February 09, 2023, the Company sent a notice to Thanh Nam Long Construction Co., Ltd. (“TNLC”), a Vietnam limited company,
with its main address at Lot C10-18, street No. 5, Tay Bac urban area, Vinh Quang Ward, Rach Gia City, Kien Giang Province, Vietnam,
to terminate the Agreement for Participation in PHILUX Infrastructure Fund dated February 02, 2023 due to TNLC’s failure to fulfill
its obligations as agreed in Article 2 of said Agreement.
16.
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 (the “Company”) 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 the Company’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, 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 the Company to resume the implementation of its building plan. Additional tranches
of fifty million U.S. dollars (USD 50,000,000) will be released to the Company 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 the Company. Upon the signing of this Agreement, the Company 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 the Company if the Investor fails to fulfill its commitment as mentioned
in the Agreement. The Investor intends to use a portion of the USD 4,500,000,000 financing commitments from certain international institutional
and ultra-high net worth investors which are expected to be released during the first quarter of 2023 for investment in Saigon Silicon
City and select projects in Vietnam and elsewhere.
Effective
March 21, 2023, the Company and Saigon Silicon City JSC signed an amendment to amend Article 2 of the afore-mentioned Investment Commitment
Agreement as follows: “Time frame. 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 the Company to resume the implementation of its building plan. Additional amounts of capital will be
provided to the Company 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 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 Saigon Silicon City Joint Stock Company (the “Company”) whereby the Investor/Provider is committed
to providing or causing to be provided up to one and half billion U.S. dollars (USD 1,500,000,000) as may be needed to complete the Company’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 Company shall make a deposit of Five Hundred Thousand
U.S. Dollars (USD 500,000) with the Investor/Provider as earnest money for legal, administrative and processing fees in connection with
the Investment Commitment Agreement. This amount will be fully refundable to the Company if the Investor/Provider 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 the Company to resume
the implementation of its building plan. Additional tranches of funds will be released to the Company 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 the Company. The Investor/Provider intends to use a portion of the USD 4,500,000,000
financing commitments from certain international institutional and ultra-high net worth investors for investment in Saigon Silicon City
and select projects in Vietnam and elsewhere.
The
foregoing description of the Investment Commitment Agreement by and between Philux Global Group Inc. and Saigon Silicon City JSC dated
June 5, 2023 is qualified in its entirety by reference to the full text of said Agreement, which is filed as Exhibit 10.1 to the Current
Report on Form 8-K on June 13, 2023.
17.
Termination of Agreement for Participation in Philux Global Real Estate Fund with AZ Holdings Joint Stock Company
On
March 24, 2023, the Company sent a notice to AZ Holdings Investment Joint Stock Company, a Vietnamese joint stock company (“AZHC”),
with principal address at No. 36, Sub-alley 3, Alley 83, Nguyen Khang Street, Yen Hoa Ward, Cau Giay District, Hanoi, Vietnam, to terminate
the Agreement for Participation in Philux Global Real Estate Fund dated July 18, 2022 due to AZHC’s failure to fulfill its obligations
as agreed in Article 2 of said Agreement.
18.
PURCHASE AND SALE AGREEMENT WITH JINSHAN LTD. CO.
On
June 27, 2023, Premier Enterprises Group Inc., a Wyoming corporation and subsidiary of PHI Group, Inc. (/n/k/a Philux Global Group Inc.),
(the “Registrant”) entered into an Agreement of Purchase and Sale with Jinshan Limited Liability Company, a limited liability
company organized and existing by virtue of the laws of Socialist Republic of Vietnam, with principal business address at 37 Road No.
4, Do Thanh Housing Complex, Ward 4, District 3, Ho Chi Minh City, Vietnam, hereinafter referred to as “JSH,” the Majority
Member(s) of JSH, hereinafter referred to as the “Majority Member(s),” (both JSH and the Majority Member(s) are referred
to as the “Seller”), to acquire fifty-one percent (51%) of equity ownership in JSH for a purchase price to be determined
as follows:
The
value of JSH’s fifty-one percent (51%) equity ownership as at the date of signing this contract shall be (a) provisionally calculated
as Five Million One Hundred Ninety Four Thousand Seven Hundred Fourteen United States Dollars (US$5,194,714), which is equivalent to
fifty-one percent (51%) of twice the equity of JSH according to the audit report of JSH issued by Viet Dragon Auditing and Consulting
Co., Ltd. made for the year ended December 31, 2022, based on the exchange rate of foreign currency transfer by Eximbank Vietnam as at
the end of June 26, 2023, (b) or an amount equivalent to fifty-one percent (51%) of the value of JSH independently valued by a qualified
professional valuation firm mutually acceptable on or before the Closing Date of this transaction, whichever is greater, (c) or a number
of shares of PEG with a market value of twice the greater amount between the two cases above, based on the average ten-day closing price
of PEG shares in the U.S. Stock Market immediately prior to the Closing date after PEG has become a publicly traded company in the U.S.
for at least one month, according to the final agreement between the Parties prior to or on the Closing date.
The
Closing of this transaction is subject to PEG’s being listed and traded on a U.S. stock exchange at least one month prior to the
Closing date.
The
foregoing description of the Agreement of Purchase and Sale dated June 27, 2023 among Premier Enterprises Group Inc. , a subsidiary of
PHI Group, Inc., Jinshan Limited Liability Company and the Majority Member(s) of JSH is qualified in its entirety by reference to the
full text of said Agreement, which was filed as Exhibit 10.1 to the Form 8-K on June 28, 2023.
19.
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.
Global
GHG emissions have been steadily increasing over the years, primarily due to human activities such as burning fossil fuels, deforestation,
industrial processes, and agriculture. Carbon dioxide (CO2) is the most significant GHG, accounting for the majority of emissions. The
main sectors contributing to GHG emissions are energy production, transportation, industry, agriculture, and land use change. Emerging
economies, such as China and India, have witnessed significant increases in emissions due to rapid industrialization and urbanization.
Rising GHG emissions lead to the greenhouse effect, causing global warming and climate change. This phenomenon contributes to various
environmental and socio-economic challenges, including extreme weather events, sea-level rise, disrupted ecosystems, and threats to human
health and food security.
SSE
Group’s proprietary technologies are a self-sustaining energy system created by absolute interactions with the air condition of
the atmosphere. Test results have shown that this system can enhance and extend the burning time of traditional fuels such as gasoline,
diesel and coal by 50% or more and eliminate toxic emissions surpassing Euro6 standards of harmful exhaust. It also cleans the carbon
in the internal combustion engine and stabilizes the burning temperature of the engine chamber for optimal performance. For use in vehicles,
the installation is fast and inexpensive and does not require any additional power supply or batteries. SSE Global Group intends to launch
products for internal combustion engines and fossil fuel power plants to save input fuels and eliminate toxic emissions.
20. AGREEMENT FOR PARTICIPATION IN
PHILUX GLOBAL INDUSTRIAL ZONE REAL ESTATE FUND
On May 22, 2023, Hoang
Duc Thien Group JSC, a Vietnamese joint stock company, signed an agreement with the Company to join “Philux Global Industrial Zone
Real Estate Fund,” a Luxembourg-based fund to be organized for the development and implementation of industrial zone real estate
projects in Vietnam. According to the agreement, Hoang Duc Thien Co. will pay $2 million to participate in the Industrial Zone sub-fund
under the framework of Philux Global Funds SCA, SICAV-RAIF as a general partner. As of the date of this report, the Company has given
Hoang Duc Thien Co. a final extension to fulfill its contractual obligation under this agreement.
21.
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.
-
In particular, PGG will be responsible for providing or causing to be provided three hundred million U.S. dollars (USD 300,000,000),
or more, from time to time to NewCo as may be needed to implement the latter’s business plan in connection with this Business Cooperation
Agreement. Hereby, a group of shareholders appointed by PGG will own 40% of NewCo’s equity interest and a group of shareholders
appointed by SAP will own 60% of NewCo’s equity interest.
-
The parties herein shall determine the capital structure of NewCo in a separate subsequent addendum to this Business Cooperation Agreement.
-
The Business Cooperation Agreement shall be effective upon signing and shall terminate in writing by the Parties.
The
foregoing description of the Business Cooperation Agreement dated June 27, 2023 between Saphia Alkali Joint Stock Company and Philux
Global Group Inc. 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 July 3, 2023.
22.
EXTENSION FOR REPURCHASE OF THE COMPANY’S COMMON STOCK
On
June 29, 2023, 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, 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:
1. |
Purpose
of Repurchase: To enhance future shareholder returns. |
2. |
Details
of Planned Repurchase: |
|
a. |
Class of shares to be repurchased:
Common Stock of PHI Group, Inc. (n/k/a Philux Global Group Inc.) |
|
b. |
Amount of repurchasable
shares: As many as economically conducive and optimal for the Company. |
|
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, 2023. |
|
f. |
The Company intends to
fund the proposed share repurchase program with proceeds from long-term financing programs, future earnings, disposition of 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. |
23.
COMMON STOCK TO BE ISSUED
As
of June 30, 2023, the Company recorded $22,500 as Common Stock to be issued for cash amounts that the Company has received from certain
current shareholders of the Company in connection with stock purchase agreements under Rule 144.
NOTE
17 – GOING CONCERN UNCERTAINTY
As
shown in the accompanying consolidated financial statements, the Company has accumulated deficit of $77,319,372 and total stockholders’
deficit of $8,222,002 as of June 30, 2023. 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, 2023 and beyond.
NOTE
18 – SUBSEQUENT EVENTS
These
financial statements were approved by management and available for issuance on October 13, 2023. Subsequent events have been evaluated
through this date.
1.
APPOINTMENT OF NEW MEMBER OF THE BOARD OF DIRECTORS
Effective
July 01, 2023, the Company’s Board of Directors appointed Mr. Steve Truong as a new member of the Board of Directors.
Biographical
information about Mr. Steve Truong:
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.
2. ISSUANCES OF COMMON STOCK DURING THE QUARTER ENDED
SEPTEMBER 30, 2023
During the quarter ended September 30, 2023, the Company issued 359,102,844 shares of Common Stock under Rule 144
to two corporate lenders for conversion of promissory notes and 2,931,619,052 shares of Common Stock to Mast Hill Fund LP for exercises
of warrants in connection with convertible promissory notes and equity line of credit dated March 1, 2022.
3. PRIVATE STOCK PURCHASE AGREEMENTS UNDER RULE 144
From July 1, 2023 to the date of this report, certain current shareholders
of the Company have entered into private stock purchase agreements with the Company under Rule 144 to purchase a total of approximately
2.5 billion shares of Common Stock of the Company at fifty percent discount to the latest 10-day closing average immediately prior to
each pertinent transaction for investment purposes. The Company used the proceeds from these transactions primarily for processing and
documentation fees in connection with the financing programs, development of the Asia Diamond Exchange, partial repayments of loans and
notes and general corporate purposes.
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, 2023 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, 2023.
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,
2023 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, 2023, with respect to the Directors and Executive Officers of the Company.
NAME |
|
AGE |
|
POSITION |
Henry
D. Fahman |
|
70 |
|
Chairman
of the Board, President, Acting CFO |
Tina
T. Phan |
|
56 |
|
Treasurer,
Secretary |
Tam
T. Bui |
|
63 |
|
Director |
Frank
Hawkins |
|
83 |
|
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 interim Chief Executive Officer of American Laser Healthcare
Corporation, a Delaware corporation. Mr. Fahman is the husband of Tina T. Phan, our Secretary and Treasurer.
Tam
Bui has been a Director of the Company since April 2009 and served as a Chief Technology Officer from May 2002 to April 2009. Mr.
Bui holds Bachelor and Master of Science degrees from the University of Minnesota and has attended continuing Education at the University
of California, Los Angeles. He has over 25 years of experience with Northrop Grumman, Honeywell, Inc. and TRW in various capacities such
Project Director, Project Manager, Department Manager, Program Manager and Implementation Manager. One of Mr. Bui’s major responsibilities
has been the construction of dual Emergency Command Control Communication (ECCC) centers and implementation of the Los Angeles Police
Department ECCC Systems. He has a broad knowledge and experience in the areas of information technology, intranet/internet technology,
inventory management, material resource planning, enterprise resource planning, human resource management, investment management, real
estate, and international business. Mr. Bui also serves as Vice-Chairman of PHILUX Capital Advisors, Inc., a wholly-owned subsidiary
of the Company and a member of the Board of Directors of PHILUX Global Funds, a Luxembourg bank fund. Mr. Bui was appointed to serve
as Chief Operating Officer for the Company effective July 01, 2021.
Effective
July 01, 2023, Mr. Bui resigned from his positions a Member of the Board of Directors and Chief Operating Officer of the Company. There
were no disagreements with the Company’s management regarding policies or operations which lead to Mr. Bui’s resignation
decision.
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.
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, 2023.
(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, 2023 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 39,414,493,275 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 | | |
| 1.12 | % |
| |
| |
| | | |
| | |
Common
Stock | |
Natalie
Bui (3) 9132 Helm Avenue Fountain Valley, CA 92708 | |
| 1,032,502 | | |
| * | |
| |
| |
| | | |
| | |
Common
Stock | |
Tam
Bui 9132 Helm Avenue Fountain Valley, CA 92708 | |
| 956,881 | | |
| *
| |
| |
| |
| | | |
| | |
Common
Stock | |
Tina
T. Phan (4) 15272 Flintridge Lane Huntington Beach, CA 92647 | |
| 76,887,055 | | |
| * | |
| |
| |
| | | |
| | |
Common
Stock | |
Frank
Hawkins 18649 Royal Hammock Blvd. Naples, FL 34114 | |
| 200 | | |
| * | |
| |
| |
| | | |
| | |
Common
Stock | |
Shares
of all directors and executive officers as a group (4 persons): | |
| 483,876,638 | | |
| 1.43 | % |
(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)
|
Natalie
Bui is the spouse of Tam Bui. |
(4)
|
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, 2023 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 M.S. Madhava Rao, an independent accountancy firm, are $26,000 for the audit of the Company’s
annual consolidated financial statements for the fiscal year ended June 30, 2023 and for the review of unaudited financial statements
for the quarters ending 9/30/2023, 12/31/2023 and 3/31/2024.
All
Other Fees
The
Company did not pay M.S. Madhava Rao any fees that are not related to audit and/or review of its financial statements for fiscal year
2023 or 2022.
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
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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 |
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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 13, 2023 |
|
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
13, 2023 |
HENRY
D. FAHMAN |
|
|
|
|
|
|
|
|
|
/s/
Tina T. Phan |
|
Secretary/Treasurer
|
|
October
13, 2023 |
TINA
T. PHAN |
|
|
|
|
|
|
|
|
|
/s/
Steve Truong |
|
Director
|
|
October
13, 2023 |
STEVE
TRUONG |
|
|
|
|
|
|
|
|
|
/s/
Frank Hawkins |
|
Director |
|
October
13, 2023 |
FRANK
HAWKINS |
|
|
|
|
Exhibit No. 21.1
SUBSIDIARIES OF REGISTRANT
As of October 13, 2023, 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. American Pacific Resources, Inc., a Wyoming corporation
Percentage of ownership: 100%
Business activity: holding company for mineral and
natural resources business (inactive).
3. Empire Spirits, Inc., a Nevada corporation
Percentage of ownership (to be determined).
Business activity: manufacturing and sale of American-made
baijiu.
4. Philux Global Funds SCA, SICAV-RAIF, a Luxembourg
corporation
Percentage of ownership: 100%
Business activity: Luxembourg bank master fund.
5. 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.
6. 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.
7. Philux Global General Partner SA, a Luxembourg
corporation
Percentage of ownership: 100%
Business activity: holding management shares in PHILUX
Global Funds.
8. Philux Capital Advisors, Inc., a Wyoming corporation
Percentage of ownership: 100%
Business activity: M&A consulting services.
9. Philux Global Advisors, Inc., a Wyoming corporation.
Percentage of ownership: 100%
Business activity: Investment advisory services (startup)
10. Philux Global Healthcare, Inc., a Wyoming
corporation
Percentage of ownership: 100%
Business activity: medical and healthcare business
(startup).
11. Philux Global Trade Inc., a Wyoming corporation
Percentage of ownership: 100%
Business activity: holding company for acquisition
of Van Phat Dat JSC, startup.
12. Philux Global Energy Inc., a Wyoming corporation
Percentage of ownership: 100%
Business activity: holding company for prospective
energy portfolio.
13. 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, 2023;
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 13, 2023 |
|
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, 2023;
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 13, 2023 |
|
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, 2023, 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 13, 2023 |
|
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, 2023,
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 13, 2023 |
|
v3.23.3
Cover - shares
|
12 Months Ended |
|
Jun. 30, 2023 |
Oct. 13, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-K
|
|
Amendment Flag |
false
|
|
Document Annual Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
FY
|
|
Document Fiscal Year Focus |
2023
|
|
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 |
2323
Main Street
|
|
Entity Address, City or Town |
Irvine
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
92614
|
|
City Area Code |
714
|
|
Local Phone Number |
465-4365
|
|
Title of 12(b) Security |
Common Stock
|
|
Trading Symbol |
PHIL
|
|
Entity Well-known Seasoned Issuer |
No
|
|
Entity Voluntary Filers |
No
|
|
Entity Current Reporting Status |
No
|
|
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 |
|
42,705,215,171
|
Document Financial Statement Error Correction [Flag] |
false
|
|
Auditor Firm ID |
6662
|
|
Auditor Name |
M.S.
Madhava Rao
|
|
Auditor Location |
Bengaluru, India
|
|
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Period Type: |
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Current Assets |
|
|
Cash and cash equivalents |
$ 19,765
|
$ 67,896
|
Marketable securities |
420
|
546
|
Other current assets |
241,426
|
365,360
|
Total current assets |
261,611
|
433,802
|
Other assets: |
|
|
Investments |
32,604
|
36,161
|
Total Assets |
294,215
|
469,963
|
Current Liabilities |
|
|
Accounts payable |
616,245
|
615,805
|
Sub-fund obligations |
1,624,775
|
1,574,775
|
Accrued expenses |
1,485,310
|
931,417
|
Short-term loans and notes payable |
1,164,685
|
676,888
|
Convertible Promissory Notes |
297,805
|
756,250
|
Due to officers |
1,027,782
|
1,077,218
|
Advances from customers |
1,079,038
|
665,434
|
Derivative liabilities and Note Discount |
1,220,576
|
715,677
|
Total Liabilities |
8,516,217
|
7,013,465
|
Stockholders’ deficit: |
|
|
Total Preferred Stock |
2,440
|
2,440
|
Common stock, $0.001 par value; 60 billion shares authorized; 39,414,493,275 shares issued and outstanding on 06/30/2023; 60 billion shares authorized and 31,429,380,453 shares issued and outstanding on 6/30/2022, respectively, adjusted for 1 for 1,500 reverse split effective March 15, 2012. Par value: |
39,414,493
|
31,429,381
|
APIC - Common Stock |
32,773,102
|
34,394,912
|
Common Stock to be issued |
22,500
|
|
Common Stock to be cancelled |
(35,500)
|
(35,500)
|
Treasury stock: 484,767 shares as of 6/30/23 and 6/30/22, respectively - cost method. |
(44,170)
|
(44,170)
|
Accumulated deficit |
(77,319,372)
|
(71,717,973)
|
Total Acc. Other Comprehensive Income (Loss) |
(3,035,495)
|
(572,591)
|
Total stockholders’ deficit |
(8,222,002)
|
(6,543,502)
|
Total liabilities and stockholders’ deficit |
294,215
|
469,963
|
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 06/30/2023 and 06/30/2022 respectively. Par value: |
600
|
600
|
APIC - Class B Series I |
$ 1,840
|
$ 1,840
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
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 |
39,414,493,275
|
31,429,380,453
|
Common stock, shares outstanding |
39,414,493,275
|
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, par value |
$ 0.001
|
|
Preferred stock, shares authorized |
1,000,000
|
|
Preferred stock, shares issued |
600,000
|
600,000
|
Preferred stock, shares outstanding |
600,000
|
600,000
|
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v3.23.3
Consolidated Statement of Operations - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Net revenues |
|
|
Consulting, advisory and management services |
$ 25,000
|
$ 30,000
|
Revenue, Product and Service [Extensible Enumeration] |
Investment Advisory, Management and Administrative Service [Member]
|
Investment Advisory, Management and Administrative Service [Member]
|
Total revenues |
$ 25,000
|
$ 30,000
|
Operating expenses: |
|
|
Salaries and wages |
360,000
|
360,000
|
Professional services, including non-cash compensation |
95,242
|
15,347,903
|
Asia Diamond Exchange development costs |
464,848
|
1,018,651
|
General and administrative |
105,533
|
203,374
|
Total operating expenses |
1,025,623
|
16,929,928
|
Income (loss) from operations |
(1,000,623)
|
(16,899,928)
|
Other income and expenses |
|
|
Other income |
488
|
1,118,195
|
Interest expense |
(934,872)
|
(1,592,557)
|
Other expenses |
(3,674,139)
|
(3,780,153)
|
Net other income (expenses) |
(4,608,523)
|
(4,254,515)
|
Net income (loss) |
$ (5,609,146)
|
$ (21,154,443)
|
Net loss per share: |
|
|
Basic |
$ (0.00)
|
$ (0.00)
|
Diluted |
$ (0.00)
|
$ (0.00)
|
Weighted average number of shares outstanding: |
|
|
Basic |
34,455,935,655
|
28,448,615,941
|
Diluted |
34,455,935,655
|
28,448,615,941
|
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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v3.23.3
Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net income (loss) from operations |
$ (5,609,146)
|
$ (21,154,443)
|
Mark-to-market adjustments |
(2,455,157)
|
(659,514)
|
Net change due to non-cash issuance of stock |
4,845,007
|
20,404,740
|
Fund in transit |
9,500
|
|
(Increase) decrease in assets and prepaid expenses |
|
|
Marketable securities |
126
|
384,911
|
Total deferred financing costs |
114,434
|
(355,860)
|
Total (increase) decrease in assets and prepaid expenses |
114,560
|
29,051
|
Increase (decrease) in accounts payable and accrued expenses |
|
|
Accounts payable |
440
|
7,284
|
Sub-fund obligations |
50,000
|
90,500
|
Accrued expenses |
553,893
|
(1,062,061)
|
Advances from customers and client deposits |
413,604
|
83,197
|
Derivative liabilities |
504,899
|
715,677
|
Total increase (decrease) in accounts payable and accrued expenses |
1,522,836
|
(165,404)
|
Net cash provided by (used in) operating activities |
(1,572,400)
|
(1,545,570)
|
Cash flows from investing activities: |
|
|
Net cash provided by (used in) investing activities |
3,557
|
410,834
|
Cash flows from financing activities: |
|
|
Loans from Directors/Officers |
(49,435)
|
|
Notes payable |
29,352
|
1,087,288
|
Common Stock |
1,540,795
|
20,000
|
Net cash provided by (used in) financing activities |
1,520,712
|
1,107,288
|
Net decrease in cash and cash equivalents |
(48,131)
|
(27,448)
|
Cash and cash equivalents, beginning of period |
67,896
|
95,344
|
Cash and cash equivalents, end of period |
$ 17,765
|
$ 67,896
|
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v3.23.3
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)
|
|
|
|
|
31,429,380,289
|
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
|
|
60,000
|
|
(484,767)
|
|
|
|
|
|
Common Shares issued for cash |
$ 1,495,584
|
(576,187)
|
|
|
|
|
|
|
|
919,397
|
Common Shares issued for cash, shares |
1,495,583,852
|
|
|
|
|
|
|
|
|
|
Common Shares issued for conversion of notes |
$ 1,568,970
|
(594,093)
|
|
|
|
|
|
|
|
974,877
|
Common Shares issued for conversions of notes, shares |
1,568,970,299
|
|
|
|
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 39,414,494
|
$ 32,773,097
|
$ 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
|
|
60,000
|
|
(484,767)
|
|
|
|
|
39,414,493,275
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v3.23.3
NATURE OF BUSINESS
|
12 Months Ended |
Jun. 30, 2023 |
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 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 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. (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.
The
Company had signed agreements to acquire majority equity interests in Kota Construction LLC and Kota Energy Group LLC (“KOTA”)
which are engaged in solar energy business (https://www.kotasolar.com), and Tin Thanh Group, a Vietnamese joint stock company
(www.tinthanhgroup.vn) (“TTG”). Whereas the scheduled closing dates for the KOTA and TTG transactions already expired, the
Company has continued to discuss with these companies and intends to renegotiate an revised agreement with each of them when the Company
successfully closes one or more of the pending asset management agreements and financing with certain investor groups and lenders. In
addition, the Company intends to amend the Purchase and Sale Agreement that was originally signed on January 18, 2022 with Five-Grain
Treasure Spirits Co., Ltd., a Chinese baiju distiller, to collaborate in launching American-made baiju products through Empire Spirits,
Inc., a subsidiary of the Company. The Company is in the process of establishing a subsidiary in the Dubai Multi-Commodities Centre in
United Arab Emirates to replace its former subsidiary CO2-1-0 (CARBON) Corp. to continue engaging in carbon emission mitigation using
blockchain and crypto technologies. 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 addition, 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. These activities are disclosed in greater detail elsewhere in this report. No assurances can
be made that the Company will be successful in achieving its plans.
|
X |
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Jun. 30, 2023 |
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 (8) CO2-1-0 (CARBON) Corp., collectively referred to as the “Company.” The other subsidiaries of the Company
were not active during the fiscal year ended June 30, 2023. 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, 2023 and 2022 the marketable securities have been recorded at $420 and $546, 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, 2023.
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: | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | |
Net income (loss): | |
$ | (5,609,146 | ) | |
$ | (21,154,443 | ) |
Denominator: | |
| | | |
| | |
Basic weighted average number of common shares outstanding: | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
Basic net income per share | |
| (0.00 | ) | |
| (0.00 | ) |
| |
| | | |
| | |
Diluted weighted average number of common shares outstanding: | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
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, 2023 and 2022 were $500 and $8,700, 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, 2023 and 2022, respectively, accumulated other comprehensive income
(loss) of $(3,035,495) and $ ($572,591) 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, 2023 and June 30, 2022.
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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v3.23.3
OTHER CURRENT ASSETS
|
12 Months Ended |
Jun. 30, 2023 |
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.
Marketable
securities owned by the Company and classified as available for sale as of June 30, 2023 consisted of
91
shares of Myson Group, Inc. traded on the OTC Markets (Trading symbols MYSN). The fair value of the marketable securities recorded as
of June 30, 2023 was $420.42.
SCHEDULE
OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES
Securities available for sale | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
June 30, 2023 | |
$ | - | | |
$ | 420 | | |
$ | - | | |
$ | 420 | |
June 30, 2022 | |
$ | - | | |
$ | 546 | | |
$ | - | | |
$ | 546 | |
During
the fiscal year ended June 30, 2023, there was no transfer of securities from level 3 to level 2.
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OTHER ASSETS
|
12 Months Ended |
Jun. 30, 2023 |
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, 2023 and 2022
SCHEDULE OF OTHER ASSETS
| |
2023 | | |
2022 | |
| |
| | |
| |
Investment in Philux Global Funds | |
| 32,604 | | |
| 31,161 | |
Investment in AQuarius Power, Inc. | |
| - | | |
| 5,000 | |
Total Other Assets | |
$ | 32,604 | | |
$ | 36,161 | |
Investments
as of June 30, 2023 consist of $32,604 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, 2023. During the fiscal year ended June 30, 2023, the company wrote off $5,000 investment in
AQuarius Power, Inc. and recognized a total of $464,849 that was spent for the development of the Asia Diamond Exchanges project as expenses.
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v3.23.3
CURRENT LIABILITIES
|
12 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
CURRENT LIABILITIES |
NOTE
6 – CURRENT LIABILITIES
Current
liabilities of the Company consist of the followings as of June 30, 2023 and 2022:
SCHEDULE OF CURRENT LIABILITIES
Current Liabilities | |
June 30, 23 | | |
June 30, 2022 | |
Accounts payable | |
| 616,245 | | |
| 615,805 | |
Sub-fund obligations | |
| 1,624,775 | | |
| 1,574,775 | |
Accrued expenses | |
| 1,485,310 | | |
| 931,417 | |
Short-term loans and notes payable | |
| 1,164,685 | | |
| 676,888 | |
Convertible Promissory Notes | |
| 297,805 | | |
| 756,250 | |
Due to officers | |
| 1,027,782 | | |
| 1,077,218 | |
Advances from customers and client deposits | |
| 1,079,038 | | |
| 665,434 | |
Derivative liabilities and Note Discount | |
| 1,220,576 | | |
| 715,677 | |
Total Current Liabilities | |
| 8,516,217 | | |
| 7,013,465 | |
ACCRUED
EXPENSES: Accrued expenses as of June 30, 2023 consist of $1,028,095 in accrued salaries, $338,591 in accrued interest from notes and
loans and $117,625 from administrative fees and penalties.
NOTES
PAYABLE (NET): Notes payable consist of $1,164,685 in short-term notes and loans payable and $297,805 in convertible promissory notes.
ADVANCES
FROM CUSTOMERS AND CLIENT DEPOSITS
Advances
from Customers were $819,038 which included $158,604 in interest charges as of June 30, 2023, and $665,434 as of June 30, 2022, respectively.
Client
deposits were $260,000 as of June 30, 2023.
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, 2023
and $1,574,775 as of June 30, 2022 as sub-fund obligations.
|
X |
- DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
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v3.23.3
DUE TO OFFICERS AND DIRECTORS
|
12 Months Ended |
Jun. 30, 2023 |
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, 2023 and 2022 , the balances were $1,027,782 and $1,077,218, respectively.
SCHEDULE
OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS
Officers/Directors | |
June 30, 2023 | | |
June 30, 2022 | |
Henry Fahman (Chairman and CEO) | |
| 364,432 | | |
| 413,868 | |
Tam Bui (former Director and COO) | |
| 663,350 | | |
| 663,350 | |
Total | |
$ | 1,027,782 | | |
$ | 1,077,218 | |
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v3.23.3
LOANS AND PROMISSORY NOTES
|
12 Months Ended |
Jun. 30, 2023 |
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, 2023, the Company had $945,598
in short-term notes payable consisting of $901,848 of regular short-term notes and $43,750 SBA loan, and $219,087 merchant cash advance
including a deferred interest. These notes bear interest rates ranging from 0% to 36% per annum.
CONVERTIBLE
PROMISSORY NOTES:
As
of June 30, 2023, the principal balance of the outstanding convertible notes was $297,805 with total derivative liabilities of $1,220,576.
The Company relies on professional third-party valuation to record the value of derivative liabilities, discounts, and changes in fair
value of derivatives in connection with these convertible notes and warrants, if any, that are related to the convertible notes.
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v3.23.3
BASIC AND DILUTED NET LOSS PER SHARE
|
12 Months Ended |
Jun. 30, 2023 |
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, 2023
were the same since the inclusion of Common stock equivalents is anti-dilutive.
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- DefinitionThe entire disclosure for earnings per share.
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v3.23.3
DOMESTICATION IN THE STATE OF WYOMING
|
12 Months Ended |
Jun. 30, 2023 |
Domestication In State Of Wyoming |
|
DOMESTICATION IN THE STATE OF WYOMING |
NOTE
10 – DOMESTICATION IN THE STATE OF WYOMING
On
September 20, 2017, the Company applied for a Certificate of Domestication and filed Articles of Domestication with the office of the
Secretary of State of Wyoming to re-domicile the Company’s jurisdiction to the State of Wyoming.
On
September 20, 2017, the Company filed Articles of Amendment with the Wyoming Secretary of State to amend the authorized capital of the
Company as follows:
“The
total number of shares into which the authorized capital stock of the corporation is divided is one billion shares, consisting of: nine
hundred million shares of voting Common Stock with a par value of $0.001 per share; fifty million shares of non-voting Class A Series
I Preferred Stock with a par value of $5.00 per share; twenty-five million shares of non-voting Class A Series II Preferred Stock with
a par value of $5.00 per share; twenty million shares of non-voting Class A Series III Preferred Stock with a par value of $5.00 per
share and five million shares of voting Class A Series IV Preferred Stock with a par value of $5.00 per share. The relative rights, preferences,
limitations and restrictions associated with the afore-mentioned shares of Class A Preferred Stock will be determined by the Board of
Directors of the corporation.”
On
June 25, 2020, the Company filed Articles of Amendment with the Wyoming Secretary of State to amend Article 10 of the Articles of Domestication
to authorize Forty Billion (40,000,000,000) shares of Common Stock with a par value of $0.001 per share and Five Hundred Million (500,000,000)
shares of Preferred Stock with a par value of $0.001 per share and to designate Classes A and B and the Series of those classes of Preferred
Stock as following:
I.
Class A Preferred Stock
A.
DESIGNATIONS, AMOUNTS AND DIVIDENDS
1.
Class A Series I Cumulative Convertible Redeemable Preferred Stock
a.
Designation: Fifty million (50,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par value of $0.001 per
share, are designated as Class A Series I Cumulative Convertible Redeemable Preferred Stock
b.
Number of Shares: The number of shares of Class A Series I Preferred Stock authorized shall be fifty million (50,000,000) shares.
c.
Dividends: Each holder of Class A Series I Preferred Stock is entitled to receive ten percent (10%) non-compounding cumulative dividends
per annum, payable semi-annually.
2.
Class A Series II Cumulative Convertible Redeemable Preferred Stock
a.
Designation. Two hundred million (200,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par value of $0.001
per share, are designated Class A Series II Cumulative Convertible Redeemable Preferred Stock (the “Class A Series II Preferred
Stock”).
c.
Number of Shares. The number of shares of Class A Series II Preferred Stock authorized shall be two hundred million (200,000,000) shares.
c.
Dividends: Each holder of Class A Series II Preferred Stock is entitled to receive eight percent (8%) cumulative dividends per annum,
payable semi-annually.
3.
Class A Series III Cumulative Convertible Redeemable Preferred Stock
a.
Designation. Fifty million (50,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par value of $0.001 per
share, are designated as Class A Series III Cumulative Convertible Redeemable Preferred Stock (the “Class A Series III Preferred
Stock”).
b.
Number of Shares. The number of shares of Class A Series III Preferred Stock authorized shall be fifty million (50,000,000) shares.
c.
Dividends: Each holder of Class A Series III Preferred Stock is entitled to receive eight percent (8%) cumulative dividends per annum,
payable semi-annually.
4.
Class A Series IV Cumulative Convertible Redeemable Preferred Stock
a.
Designation. One hundred ninety-nine million (199,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par
value of $0.001 per share, are designated as Class A Series IV Cumulative Convertible Redeemable Preferred Stock (the “Class
A Series IV Preferred Stock”).
b.
Number of Shares. The number of shares of Class A Series III Preferred Stock authorized shall be one hundred ninety-nine million (199,000,000)
shares.
c.
Dividends: To be determined by the Corporation’s Board of Directors.
B.
CONVERSION
1.
Conversion of Series I, Series II and/or Series IV Class A Preferred Stock into Common Stock of PHI Group, Inc.
Each
share of the Class A Preferred Stock, either Series I, Series II or Series IV shall be convertible into the Company’s Common Stock
any time after two years from the date of issuance at a Variable Conversion Price (as defined herein) of the Common Stock. The “Variable
Conversion Price” shall mean 75% multiplied by the Market Price (as defined herein) (representing a discount rate of 25%). “Market
Price” means the average Trading Price for the Company’s Common Stock during the ten (10) trading-day period ending one trading
day prior to the date the Conversion Notice is sent by the Holder of the Class A Preferred Stock to the Company via facsimile or email
(the “Conversion Date”). “Trading Price” means, for any security as of any date, the closing price on the OTC
Markets, OTCQB, NASDAQ Stock Markets, or applicable trading market as reported by a reliable reporting service (“Reporting Service”)
mutually acceptable to the Company and Holder of the Class A Preferred Stock.
2.
Conversion of Series I, Series II and/or Series IV Class A Preferred Stock into Common Stock of a subsidiary of PHI Group, Inc.’s.
Alternatively,
each share of the Class A Preferred Stock, either Series I, Series II and/or Series IV may be convertible into Common Stock of a subsidiary
of PHI Group, Inc.’s, to be determined by the Company’s Board of Directors, any time after such subsidiary has become a fully-reporting
publicly traded company for at least three months, at a Variable Conversion Price (as defined herein). The Variable Conversion Price
to be used in connection with the conversion into Common Stock of a subsidiary of PHI Group, Inc.’s shall mean 50% multiplied by
the Market Price (as defined herein), representing a discount rate of 50%, of that Common Stock. “Market Price” means the
average Trading Price for the Common Stock of said subsidiary of PHI Group, Inc.’s during the ten (10) trading-day period ending
one trading day prior to the date the Conversion Notice is sent by the Holder of the Preferred Stock to the Company via facsimile or
email (the “Conversion Date”). “Trading Price” means, for any security as of any date, the closing price on the
OTC Markets, OTCQB, NASDAQ Stock Markets, NYSE or applicable trading market as reported by a reliable reporting service (“Reporting
Service”) mutually acceptable to the Company, said subsidiary and Holder of the Class A Preferred Stock.”
3.
Conversion of Class A Series III Preferred Stock of PHI Group, Inc. into Common Stock of American Pacific Plastics, Inc., a subsidiary
of PHI Group, Inc.’s.
The
entire Class A Series III Preferred Stock of PHI Group, Inc. (i.e. fifty million (50,000,000) shares) may be convertible into eighty
percent (80%) American Pacific Plastics, Inc.’s Common Stock which will have been issued and outstanding immediately after such
conversion or exchange on a pro rata basis.
4.
Conversion Shares.
The
amount of shares of Common Stock of PHI Group, Inc., or alternatively, of a subsidiary of PHI Group, Inc.’s, to be received by
Holder at the time of conversion of Class A Series I or Series II Preferred Stock of PHI Group, Inc. will be based on the following formula:
|
|
Where
|
CS: |
Common
Shares of PHI Group, Inc., |
Amount
of CS = |
|
|
|
or
alternatively, of a subsidiary of PHI Group, Inc.’s. |
OIP
+ AUD |
|
|
|
VCP |
|
OIP: |
Original
Issue Price of Class A Series I or Series II Preferred Stock of PHI Group, Inc. |
|
|
|
AUD: |
Accrued
and Unpaid Dividends. |
|
|
|
VCP: |
Variable
Conversion Price of PHI Common Stock or of a subsidiary of PHI Group, Inc.’s as defined above. |
C.
REDEMPTION RIGHTS
The
Corporation, after a period of two years from the date of issuance, may at any time or from time to time redeem the Class A Preferred
Stock, either Series I, Series II, Series III or Series IV in whole or in part, at the option of the Company’s Board of Directors,
at a price equal to one hundred twenty percent (120%) of the original purchase price of the Class A Preferred Stock or of a unit consisting
of any shares of Class A Preferred Stock and any warrants attached thereto, plus, in each case, accumulated and unpaid dividends to the
date fixed for redemption.
D.
LIQUIDATION
Upon
the occurrence of a Liquidation Event (as defined below), the holders of Class A Preferred Stock are entitled to receive net assets on
a pro rata basis. As used herein, “Liquidation Event” means (i) the liquidation, dissolution or winding-up, whether
voluntary or involuntary, of the Corporation, (ii) the purchase or redemption by the Corporation of shares of any class of stock or the
merger or consolidation of the Corporation with or into any other corporation or corporations, unless (a) the holders of the Class A
Preferred Stock receive securities of the surviving corporation having substantially similar rights as the Class A Preferred Stock and
the stockholders of the Corporation immediately prior to such transaction are holders of at least a majority of the voting securities
of the successor corporation immediately thereafter (the “Permitted Merger”), unless the holders of the shares of
Class A Preferred Stock elect otherwise or (b) the sale, license or lease of all or substantially all, or any material part of, the Corporation’s
assets, unless the holders of Class A Preferred Stock elect otherwise.
E.
RANK
All
shares of the Class A Preferred Stock shall rank (i) senior to the Corporation’s Common Stock and any other class or series of
capital stock of the Corporation hereafter created, (ii) pari passu with any class or series of capital stock of the Corporation
hereafter created and specifically ranking, by its terms, on par with the Class A Preferred Stock and (iii) junior to any class or series
of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Class A Preferred Stock, in each
case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary.
F.
VOTING RIGHTS
1.
Class A Series I, II, III and IV Preferred Stock of PHI Group, Inc. shall have no voting rights.
G.
PROTECTION PROVISIONS
So
long as any shares of Class A Preferred Stock are outstanding, the Corporation shall not, without first obtaining the majority written
consent of the holders of Class A Preferred Stock, alter or change the rights, preferences or privileges of the Class A Preferred Stock
so as to affect adversely the holders of Class A Preferred Stock.
H.
MISCELLANEOUS
1.
Status of Redeemed Stock: In case any shares of Class A Preferred Stock shall be redeemed or otherwise repurchased or reacquired,
the shares so redeemed, repurchased, or reacquired shall resume the status of authorized but unissued shares of preferred stock, and
shall no longer be designated as Class A Preferred Stock.
2.
Lost or Stolen Certificates: Upon receipt by the Corporation of (i) evidence of the loss, theft, destruction or mutilation of any
Preferred Stock Certificate(s) and (ii) in the case of loss, theft or destruction, indemnity (with a bond or other security) reasonably
satisfactory to the Corporation, or in the case of mutilation, the Preferred Stock Certificate(s) (surrendered for cancellation), the
Corporation shall execute and deliver new Preferred Stock Certificates. However, the Corporation shall not be obligated to reissue such
lost, stolen, destroyed or mutilated Preferred Stock Certificates if the holder of Class A Preferred Stock contemporaneously requests
the Corporation to convert such holder’s Class A Preferred Stock into Common Stock.
3.
Waiver: Notwithstanding any provision in this Certificate of Designation to the contrary, any provision contained herein and any
right of the holders of Class A Preferred granted hereunder may be waived as to all shares of Class A Preferred Stock (and the holders
thereof) upon the majority written consent of the holders of the Class A Preferred Stock.
4.
Notices: Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return
receipt requested) or delivered personally, by nationally recognized overnight carrier or by confirmed facsimile transmission, and shall
be effective five (5) days after being placed in the mail, if mailed, or upon receipt or refusal of receipt, if delivered personally
or by nationally recognized overnight carrier or confirmed facsimile transmission, in each case addressed to a party as set forth below,
or such other address and telephone and fax number as may be designated in writing hereafter in the same manner as set forth in this
Section.
If
to the Corporation:
PHI
GROUP, INC.
30
N Gould Street, Suite R
Sheridan,
WY 82801
Facsimile:
702-472-8556
Email:
info@phiglobal.com
If
to the holders of Class Preferred Stock, to the address to be listed in the Corporation’s books and Records.
II.
Class B Preferred Stock
1.
Class B Series I Preferred Stock
a.
Designation: One million (1,000,000) shares of the authorized 500,000,000 shares of Preferred Stock, with a par value of $0.001 per share,
are designated as Class B Series I Preferred Stock.
b.
Number of Shares: The number of shares of Class B Series I Preferred Stock authorized will be one million (1,000,000) shares.
c.
Dividend: None
d.
Voting rights: Except as provided by law, the shares of Class B Series I Preferred Stock shall have the same right to vote or act on
all matters on which the holders of Common Stock have the right to vote or act and the holders of the shares of Class B Series I shall
be entitled to notice of any stockholders’ meeting or action as to such matters on the same basis as the holders of Common Stock,
and the holders of Common Stock and shares of Class B Series I shall vote together or act together thereon as if a single class on all
such matters; provided, in such voting or action each one share of Class B Series I shall be entitled to one hundred thousand (100,000)
votes.
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v3.23.3
STOCKHOLDER’S EQUITY
|
12 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDER’S EQUITY |
NOTE
11. STOCKHOLDER’S EQUITY
As
of June 30, 2023, 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, 2023 was 487,767 shares valued at $44,170 based on cost basis.
Common
Stock
During
the fiscal year ended June 30, 2023, the Company issued/cancelled the following shares of its Common Stock for cash, conversion of promissory
notes, loan payments, salaries, warrants, and consulting services:
SCHEDULE
OF CONVERSIONS OF COMMON STOCK
7/01/2022 |
|
Beginning
balance |
|
Issuances/Cancellations |
|
31,429,380,289 |
|
|
|
|
|
|
|
|
|
Issuances
for warrant exercises |
|
1,879,166,666 |
|
|
|
|
Issuances
for conversion of notes |
|
4,455,811,523 |
|
|
|
|
Issuances
for cash to certain current shareholders |
|
2,104,893,097 |
|
|
|
|
Cancellation
of shares by lender |
|
-454,758,300 |
|
|
|
|
|
|
|
|
|
6/30/2023 |
|
Ending
balance |
|
|
|
39,414,493,275 |
As
of June 30, 2023, there were 39,414,493,275 shares of the Company’s common stock issued and outstanding.
Preferred
Stock
As
of June 30, 2023, there were 600,000 shares of Class B Series I Preferred Stock issued and outstanding.
|
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v3.23.3
STOCK-BASED COMPENSATION PLANS
|
12 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION PLANS |
NOTE
12 – STOCK-BASED COMPENSATION PLANS
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, 2023 the Company has not issued any stock in lieu of
cash under this plan.
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 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
OTHER INCOME (EXPENSE)
|
12 Months Ended |
Jun. 30, 2023 |
Other Income and Expenses [Abstract] |
|
OTHER INCOME (EXPENSE) |
NOTE
13 –OTHER INCOME (EXPENSE)
Net
Other Income (Expense) for the fiscal year ended June 30, 2023 consists of the following:
SCHEDULE
OF OTHER INCOME (EXPENSE)
OTHER
INCOME (EXPENSES) | |
FY
ended June
30, 2023 | |
Interest
expense | |
| (934,872 | ) |
Other
income | |
| 488 | |
Net
other income/expense | |
| (3,674,139 | ) |
NET
OTHER INCOME (EXPENSES) | |
| (4,608,523 | ) |
|
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v3.23.3
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
14 – RELATED PARTY TRANSACTIONS
The
Company recognized a total of $360,000 in salaries for the President and Chief Executive Officer, the former Chief Operating Officer
and the Secretary and Treasurer of the Company during the year ended June 30, 2023.
As
of June 30, 2023 the members of the Board of Directors and the Secretary and Treasurer of the Company owned a total of 600,000 shares
of Class B Series 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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v3.23.3
INCOME TAXES
|
12 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
15 – INCOME TAXES
No
provision was made for income tax since the Company has significant net operating loss carry forward. Through June 30, 2023, the Company
incurred net operating losses for tax purposes of approximately $77,319,372. The net operating loss carry forward may be used to reduce
taxable income through the year 2036. Net operating loss for carry forwards for the State of California is generally available to reduce
taxable income through the year 2026. 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 taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
CONTRACTS AND COMMITMENTS
|
12 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
CONTRACTS AND COMMITMENTS |
NOTE
16 – 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 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 as part
of its alternative financing plan.
2.
TERMINATION OF BUSINESS COOPERATION AGREEMENT WITH VINAFILMS JOINT STOCK COMPANY
On
August 06, 2018, signed a Business Cooperation Agreement with Vinafilms JSC (Công ty Cổ phần Màng Bao Bì
Tân Vinh Nam Phát), a Vietnamese joint stock company, with principal business address at Lot G9, Road No. 9, Tan Do Industrial
Zone, Duc Hoa Ha Village, Duc Hoa District, Long An Province, Vietnam, hereinafter referred to as “VNF” and its majority
shareholder, to exchange fifty-one percent ownership in VNF for Preferred Stock of PHI. According to the Agreement, PHI will be responsible
for filing a S-1 Registration Statement with the Securities and Exchange Commission for American Pacific Plastics, Inc., a subsidiary
of PHI that holds the 51% equity ownership in VNF, to become a fully-reporting public company in the U.S. Stock Market.
On
September 20, 2018, a Stock Swap Agreement was signed by and between Ms. Do Thi Nghieu, the majority shareholder holding 76% of ownership
in VNF, and PHI to exchange 3,060,000 shares of ordinary stock of VNF owned by Ms. Do Thi Nghieu for 50 million shares of Class A Series
III Cumulative, Convertible, Redeemable Preferred Stock of PHI. Though this transaction was technically closed on September 28, 2018,
the Company did not recognize the operations of Vinafilms JSC in its consolidated financial statements as of June 30, 2023.
On
October 20, 2022, the Company, VNF and Ms. Do Thi Nghieu signed an agreement to terminate said Business Cooperation Agreement and Stock
Swap Agreement. The termination of the referenced Business Cooperation Agreement, retroactively effective August 06, 2018, was due to
the resultant impact of the Covid-19 pandemic and particular microeconomic conditions which made it infeasible for the Parties herein
to continue the originally-planned Business Cooperation Agreement.
3.
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, 2023, Tecco Group has paid a total of $156,366.25 towards the total agreed amount.
4.
INVESTMENT AGREEMENTS AND MEMORANDUM OF UNDERSTANDING
As
of June 30, 2023, the Company and its subsidiaries have entered into loan financing agreements, asset management agreements, joint venture
agreement, and memorandum of understanding with six international investor groups for a total six billion three hundred million U.S.
dollars, as reported in various 8-K filings with the Securities and Exchange Commission. The Company has been working regularly with
these investor groups and expects to begin receiving capital through these sources in the near future to support its acquisition and
investment programs.
5.
DEVELOPMENT OF THE ASIA DIAMOND EXCHANGE 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 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 the 11 main trading players in the rough diamond industry
to come to Vietnam. He has established a partnership with the biggest player in the rough trading and polishing group, the Mehta Family
Group. Other main international diamond trading groups as the Mody Group, Diamac etc. have joined the overall venture.
Furthermore,
together with the groups, a full Kimberly Process Certification Scheme (KPC) to prevent ‘conflicting diamond’ trading was
established and is aligned from time to time. Also, the new lab grown diamond KPC scheduling is already implemented. A unique and KPC
approved structure has been established where under the PHI Vietnam umbrella, in collaboration with KPC Mum- bai (India), a ‘Public-Private-Partnership
(PPP)’ is established in which the Vietnamese authorities hold 15% and PHI (or its local corporate entity) holds 85% of the voting
rights. For the lab grown diamond segment, this will be in the Chu Lai Free Economic Zone and for the Rough and Polished Diamond Parcel
Trade, this is being planned to be on Thanh Da Island, about 5 kilometers from the center of Ho Chi Minh City, Vietnam.
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 this year to the Thanh Da Island. 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.
A
rough diamond trading export flow to Vietnam was negotiated and concluded by Mr. Smet with the DMCC and Dubai Diamond Exchange. This
year, an international diamond trading platform was created by Mr. Smet to unify the trading efforts of Alrosa and De Beers/Bonas. Mr.
Smet was advised and counselled thereto by Mr. A. Mehta, the senior board member of the Alrosa Group. Together with Mr. A. Mehta, Mr.
Smet has also covered the financial backbone of the diamond trading venture via the setup of a financial institution in Botswana. It
is the intention of Mr. Smet to donate 50% of his own voting shares of the institution to PHI the moment all budgets for the venture
are arranged by PHI and all financial obligations and reimbursements by PHI to him are met. It is the intention of the parties involved
to establish a subsidiary of the financial institution in the ADE Vietnam and have local banking partners join this initiative.
Mr.
Smet had also established a collaboration partnership with the Antwerp Diamond Exchange (Belgium), the Dubai Diamond Exchange and the
Tel-Aviv Diamond Exchange. Negotiations have started to involve a new economic free-zone in Jordan into the ongoing project.
Recently,
Mr. Smet has started a structuring project, in order for PHI to set up and establish an International Financial Center on the Thanh Da
Island in connection with the Asian 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.
On
June 04, 2022 the Company incorporated Asia Diamond Exchange, Inc., a Wyoming corporation, ID number 2022-001010234, as the holding company
for this venture.
6.
AGREEMENT WITH FIVE-GRAIN TREASURE SPIRITS CO., LTD.
On
January 18, 2022 PHI Group entered into an Agreement of Purchase and Sale with Five Grain Treasure Spirits Co., Ltd. (“FGTS) and
the majority shareholders of FGTS (the “Majority Shareholders”) to acquire seventy percent (70%) of ownership in FGTS for
the total purchase price of one hundred million U.S. dollars, to be paid in three tranches. The Company has renegotiated with Five-Grain
to revise the Agreement of Purchase and Sale and to cooperate in producing American-made baijiu products through its subsidiary Empire
Spirits, Inc. in the US. The details of the renegotiated transactions will be officially announced upon signing by the two parties.
7.
AGREEMENT OF PURCHASE AND SALE WITH KOTA CONSTRUCTION LLC AND KOTA ENERGY GROUP LLC
Effective
January 26, 2022, PHI Group, Inc. signed Agreements of Purchase and Sale with KOTA Construction LLC and KOTA Energy Group LLC, both of
which are California limited liability companies (collectively referred to as “KOTA”), to acquire 50.10% of Kota Energy Group
LLC for $12,524,469 and 50.10% of Kota Construction LLC for $51,600,531, totaling $64,125,000, to be paid in cash.
In
the second and latest amendment signed on August 3, 2022 to the Agreements of Purchase and Sale with KOTA, the concerned parties agreed
that PHI Group, Inc. would pay Fifteen Million Six Hundred Fifty-Five Thousand Two Hundred Forty-Eight U.S. Dollars ($15,655,248) to
Kota Energy Group LLC (“KEG”), in exchange for fifty point one percent (50.10%) of the equity ownership in KEG, and Sixty-Four
Million Five Hundred Four Thousand Seven Hundred Fifty-Two U.S. Dollars ($64,504,752) to KCCO, in exchange for fifty point one percent
(50.10%) of the equity ownership in KCCO.
Whereas
the scheduled closing date for the KOTA transaction already expired, the Company intends to renegotiate an revised agreement for acquisition
after the Company has successfully closed one or more of the pending financing and asset management agreements with certain lenders and
investor groups.
8.
JOINT VENTURE AGREEMENT WITH DANANG RUBBER JSC AND TIN THANH GROUP
In
June 2022, the Company signed an joint venture agreement with Danang Rubber Joint Stock Company (DRC) and Tin Thanh Group JSC to cooperate
in increasing DRC’s tire production and implementing a sales and marketing program. As of the date of this report, the joint venture
has not implemented this program.
9.
JOINT VENTURE/PARTNERSHIP AGREEMENT (FUND MANAGEMENT MOU) BETWEEN AN INVESTOR IN THE GULF COOPERATION COUNCIL REGION AND PHILUX GLOBAL
GROUP, INC. (A/K/A PHI GROUP, INC.)
On
July 08, 2022, the registrant signed a Joint Venture/Partnership Agreement (Fund Management MOU) with an investor in the Gulf Cooperation
Council region to manage an initial amount of Three Billion United States Dollars (USD 3,000,000,000) for investment in different transactions
chosen and advised by the registrant for a period of ten years. According to the Agreement, after the first twenty four months of investment
implementation, the registrant will be allocated 40% of the net profit from these investments. As of the date of this report the Company
is working with this investor group in order to close this transaction as soon as practical.
10.
AGREEMENT WITH TIN THANH GROUP
Effective
August 13, 2022, the Company signed a Stock Transfer Agreement with Tin Thanh Group Joint Stock Company, a joint stock company organized
and existing by virtue of the laws of Socialist Republic of Vietnam, with principal business address at 71 Pho Quang Street, Ward 2,
Tan Binh District, Ho Chi Minh City, Vietnam, hereinafter referred to as “TTG” and Mr. Tran Dinh Quyen, the holder of at
least fifty-one percent (51.00%) of equity ownership in TTG (the “Majority Shareholder”), hereinafter referred to as “Seller,”
to acquire Twenty-Two Million Thirty-Two Thousand (22,032,000) Shares of Ordinary Stock of TTG, which is equivalent to Fifty-One Percent
(51.00%) of all the issued and outstanding Ordinary Stock of TTG for a total purchase price of Sixty Million U.S. Dollars ($US 60,000,000)
in cash.
The
closing date of this transaction would be the date on which the closing actually occurs, which was last extended to March 15, 2023 based
on the fifth amendment to the Stock Transfer Agreement signed by both parties on February 14, 2023. On March 20, 2023 Tin Thanh Group
sent a notice to terminate this Stock Transfer Agreement. However, both companies have continued discussing and agreed to renegotiate
an revised agreement whereby the Company will co-invest in Tin Thanh’s Smart-tire program in South Carolina, USA and cooperate
in other the business activities in Vietnam and abroad when the Company successfully closes one or more of the pending financing and
assets management agreements with certain lenders and investor groups.
11.
AGREEMENTS WITH VAN PHAT DAT JOINT STOCK COMPANY
Effective
August 16, 2022, PHI Group, Inc. (a/k/a PHILUX GLOBAL GROUP INC.) (“the Registrant”) signed an Agreement of Purchase and
Sale with Van Phat Dat Export Joint Stock Company, a joint stock company organized and existing by virtue of the laws of Socialist Republic
of Vietnam, with principal business address at 316 Le Van Sy Street, Ward 1, Tan Binh District, Ho Chi Minh City, Vietnam, hereinafter
referred to as “VPD,” and the holder of at least fifty-one percent (51.00%) of equity ownership in VPD, hereinafter referred
to as “Seller,” to acquire Five Million One Hundred Thousand (5,100,000) Shares of Ordinary Stock of VPD, which is equivalent
to Fifty-One percent (51.00%) of all the issued and outstanding Ordinary Stock of VPD for a total purchase price of Six Million One Hundred
Twenty-Seven Thousand Eight Hundred Ninety-Five U.S. Dollars ($US 6,127,895) in form of a convertible promissory note to be issued by
Philux Global Trade Inc., a Wyoming corporation and wholly-owned subsidiary of the Registrant. The closing date of this transaction shall
be the date on which the closing actually occurs, which is expected to happen as soon as possible within sixty days following the signing
of the Agreement of Purchase and Sale, unless extended in writing by the Parties to said Agreement.
On
September 30, 2022 PHI Group, Inc. entered into a Closing Memorandum for the Agreement of Purchase and Sale dated August 16, 2022 with
and among Van Phat Dat Export Joint Stock Company and Mr. Huynh Ngoc Vu, an individual and the majority shareholder of VPD.
On
June 27, 2023, the Company and Van Phat Dat Export Joint Stock Company signed an Agreement to terminate the referenced Agreement of Purchase
and Sale in its entirety, retroactively effective August 16, 2022.
12.
STRATEGIC BUSINESS COOPERATION WITH TIN THANH GROUP AND PETROVIETNAM MARINE SHIPYARD JSC
On
September 03, 2022, the Company signed a strategic business cooperation with Tin Thanh Group and PetroVietnam Marine Shipyard JSC whereby
PetroVietnam Marine Shipyard (“PVMS”) will increase charter capital to allow Tin Thanh Group and Philux Global Group to become
its strategic and majority shareholders. As of the date of this report this plan has not been implemented.
13.
ISSUANCES OF SHORT-TERM CONVERTIBLE NOTES
On
March 3, 2023, the Company issued a Convertible Promissory Note to 1800 Diagonal Lending LLC, a Virginia limited liability company, for
$55,000.00, with interest rate of eight percent (8%) per annum. 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”).
The per share conversion price into which Principal Amount and interest (including any Default Interest) under this Note shall be convertible
into shares of Common Stock hereunder (the “Conversion Price”) shall equal $0.001 during the one hundred eighty days following
the issuance date, or 61% multiplied by the market price any time after the first one hundred eighty days. Market price is defined as
the average of the two lowest trading prices for the Company’s Common Stock during the ten trading day period ending on the latest
trading day prior to the conversion date.
This
Note was converted into 187,540,984 shares of Common Stock of the Company on September 6, 2023.
On
March 14, 2023, the Company issued a Convertible Promissory Note to Mast Hill Fund, L.P., a De a Delaware limited partnership, for $185,000.00,
with interest rate of twelve percent (12%) per annum. Any Principal Amount or interest on this Note which is not paid when due shall
bear interest at the rate of the lesser of (i) sixteen percent (16%) per annum and (ii) the maximum amount permitted by law from the
due date thereof until the same is paid (“Default Interest”). The per share conversion price into which Principal Amount
and interest (including any Default Interest) under this Note shall be convertible into shares of Common Stock hereunder (the “Conversion
Price”) shall equal $0.001, subject to adjustment as provided in this Note.
On
June 1, 2023, the Company issued a Convertible Promissory Note to 1800 Diagonal Lending LLC, a Virginia limited liability company, for
$52,805.00, 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 $9,256.17; and the final two
(2) payments each in the amount of $2,000.00 (a total payback to the Holder of $59,537.00). 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 As of October 13, 2023, the Company has made four payments of $9,256.17 each to the Holder.
14.
AGREEMENT FOR COMPREHENSIVE COOPERATION WITH DR. TRI VIET DO
On
February 10, 2023, the Company signed an agreement for comprehensive cooperation with Dr. Tri Viet Do, a German-trained expert in electromagnetic
energy and quantum physics, to jointly cooperate in the development and commercialization of a number of key products using proprietary
intellectual properties already developed by him. The scope of study and development includes: 1) Producing generators using electromagnetic
and quantum fields extracted from the energy absorbed from the earth; 2) Producing engines (spaceships, airplanes, ships, cars, trains,
motorcycles, etc.) powered by electromagnetic and quantum energy; 3) Machines to kill harmful bacteria and viruses, including covid-19
and variants; 4) Medicines to treat 25 types of infectious diseases and cancers using atomic nuclear energy, super-matter and antimatter;
5) Desalination of seawater, separating minerals, medicines and rare metals from sea water; 6) Environmental technology for treating
and sterilizing wastewater to become clean water; 7) Waste treatment by automatic classification of wastes into various categories; 8)
Clean agriculture with electromagnetic and quantum fields for use in farming; and 9) Aquatic poultry farming by treating the rearing
environment with electromagnetic and quantum fields and providing food energy for poultry and aquatic products.
15.
TERMINATION OF AGREEMENT FOR PARTICIPATION IN INFRASTRUCTURE FUND WITH THANH NAM LONG CONSTRUCTION COMPANY
On
February 09, 2023, the Company sent a notice to Thanh Nam Long Construction Co., Ltd. (“TNLC”), a Vietnam limited company,
with its main address at Lot C10-18, street No. 5, Tay Bac urban area, Vinh Quang Ward, Rach Gia City, Kien Giang Province, Vietnam,
to terminate the Agreement for Participation in PHILUX Infrastructure Fund dated February 02, 2023 due to TNLC’s failure to fulfill
its obligations as agreed in Article 2 of said Agreement.
16.
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 (the “Company”) 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 the Company’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, 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 the Company to resume the implementation of its building plan. Additional tranches
of fifty million U.S. dollars (USD 50,000,000) will be released to the Company 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 the Company. Upon the signing of this Agreement, the Company 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 the Company if the Investor fails to fulfill its commitment as mentioned
in the Agreement. The Investor intends to use a portion of the USD 4,500,000,000 financing commitments from certain international institutional
and ultra-high net worth investors which are expected to be released during the first quarter of 2023 for investment in Saigon Silicon
City and select projects in Vietnam and elsewhere.
Effective
March 21, 2023, the Company and Saigon Silicon City JSC signed an amendment to amend Article 2 of the afore-mentioned Investment Commitment
Agreement as follows: “Time frame. 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 the Company to resume the implementation of its building plan. Additional amounts of capital will be
provided to the Company 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 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 Saigon Silicon City Joint Stock Company (the “Company”) whereby the Investor/Provider is committed
to providing or causing to be provided up to one and half billion U.S. dollars (USD 1,500,000,000) as may be needed to complete the Company’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 Company shall make a deposit of Five Hundred Thousand
U.S. Dollars (USD 500,000) with the Investor/Provider as earnest money for legal, administrative and processing fees in connection with
the Investment Commitment Agreement. This amount will be fully refundable to the Company if the Investor/Provider 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 the Company to resume
the implementation of its building plan. Additional tranches of funds will be released to the Company 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 the Company. The Investor/Provider intends to use a portion of the USD 4,500,000,000
financing commitments from certain international institutional and ultra-high net worth investors for investment in Saigon Silicon City
and select projects in Vietnam and elsewhere.
The
foregoing description of the Investment Commitment Agreement by and between Philux Global Group Inc. and Saigon Silicon City JSC dated
June 5, 2023 is qualified in its entirety by reference to the full text of said Agreement, which is filed as Exhibit 10.1 to the Current
Report on Form 8-K on June 13, 2023.
17.
Termination of Agreement for Participation in Philux Global Real Estate Fund with AZ Holdings Joint Stock Company
On
March 24, 2023, the Company sent a notice to AZ Holdings Investment Joint Stock Company, a Vietnamese joint stock company (“AZHC”),
with principal address at No. 36, Sub-alley 3, Alley 83, Nguyen Khang Street, Yen Hoa Ward, Cau Giay District, Hanoi, Vietnam, to terminate
the Agreement for Participation in Philux Global Real Estate Fund dated July 18, 2022 due to AZHC’s failure to fulfill its obligations
as agreed in Article 2 of said Agreement.
18.
PURCHASE AND SALE AGREEMENT WITH JINSHAN LTD. CO.
On
June 27, 2023, Premier Enterprises Group Inc., a Wyoming corporation and subsidiary of PHI Group, Inc. (/n/k/a Philux Global Group Inc.),
(the “Registrant”) entered into an Agreement of Purchase and Sale with Jinshan Limited Liability Company, a limited liability
company organized and existing by virtue of the laws of Socialist Republic of Vietnam, with principal business address at 37 Road No.
4, Do Thanh Housing Complex, Ward 4, District 3, Ho Chi Minh City, Vietnam, hereinafter referred to as “JSH,” the Majority
Member(s) of JSH, hereinafter referred to as the “Majority Member(s),” (both JSH and the Majority Member(s) are referred
to as the “Seller”), to acquire fifty-one percent (51%) of equity ownership in JSH for a purchase price to be determined
as follows:
The
value of JSH’s fifty-one percent (51%) equity ownership as at the date of signing this contract shall be (a) provisionally calculated
as Five Million One Hundred Ninety Four Thousand Seven Hundred Fourteen United States Dollars (US$5,194,714), which is equivalent to
fifty-one percent (51%) of twice the equity of JSH according to the audit report of JSH issued by Viet Dragon Auditing and Consulting
Co., Ltd. made for the year ended December 31, 2022, based on the exchange rate of foreign currency transfer by Eximbank Vietnam as at
the end of June 26, 2023, (b) or an amount equivalent to fifty-one percent (51%) of the value of JSH independently valued by a qualified
professional valuation firm mutually acceptable on or before the Closing Date of this transaction, whichever is greater, (c) or a number
of shares of PEG with a market value of twice the greater amount between the two cases above, based on the average ten-day closing price
of PEG shares in the U.S. Stock Market immediately prior to the Closing date after PEG has become a publicly traded company in the U.S.
for at least one month, according to the final agreement between the Parties prior to or on the Closing date.
The
Closing of this transaction is subject to PEG’s being listed and traded on a U.S. stock exchange at least one month prior to the
Closing date.
The
foregoing description of the Agreement of Purchase and Sale dated June 27, 2023 among Premier Enterprises Group Inc. , a subsidiary of
PHI Group, Inc., Jinshan Limited Liability Company and the Majority Member(s) of JSH is qualified in its entirety by reference to the
full text of said Agreement, which was filed as Exhibit 10.1 to the Form 8-K on June 28, 2023.
19.
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.
Global
GHG emissions have been steadily increasing over the years, primarily due to human activities such as burning fossil fuels, deforestation,
industrial processes, and agriculture. Carbon dioxide (CO2) is the most significant GHG, accounting for the majority of emissions. The
main sectors contributing to GHG emissions are energy production, transportation, industry, agriculture, and land use change. Emerging
economies, such as China and India, have witnessed significant increases in emissions due to rapid industrialization and urbanization.
Rising GHG emissions lead to the greenhouse effect, causing global warming and climate change. This phenomenon contributes to various
environmental and socio-economic challenges, including extreme weather events, sea-level rise, disrupted ecosystems, and threats to human
health and food security.
SSE
Group’s proprietary technologies are a self-sustaining energy system created by absolute interactions with the air condition of
the atmosphere. Test results have shown that this system can enhance and extend the burning time of traditional fuels such as gasoline,
diesel and coal by 50% or more and eliminate toxic emissions surpassing Euro6 standards of harmful exhaust. It also cleans the carbon
in the internal combustion engine and stabilizes the burning temperature of the engine chamber for optimal performance. For use in vehicles,
the installation is fast and inexpensive and does not require any additional power supply or batteries. SSE Global Group intends to launch
products for internal combustion engines and fossil fuel power plants to save input fuels and eliminate toxic emissions.
20. AGREEMENT FOR PARTICIPATION IN
PHILUX GLOBAL INDUSTRIAL ZONE REAL ESTATE FUND
On May 22, 2023, Hoang
Duc Thien Group JSC, a Vietnamese joint stock company, signed an agreement with the Company to join “Philux Global Industrial Zone
Real Estate Fund,” a Luxembourg-based fund to be organized for the development and implementation of industrial zone real estate
projects in Vietnam. According to the agreement, Hoang Duc Thien Co. will pay $2 million to participate in the Industrial Zone sub-fund
under the framework of Philux Global Funds SCA, SICAV-RAIF as a general partner. As of the date of this report, the Company has given
Hoang Duc Thien Co. a final extension to fulfill its contractual obligation under this agreement.
21.
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.
-
In particular, PGG will be responsible for providing or causing to be provided three hundred million U.S. dollars (USD 300,000,000),
or more, from time to time to NewCo as may be needed to implement the latter’s business plan in connection with this Business Cooperation
Agreement. Hereby, a group of shareholders appointed by PGG will own 40% of NewCo’s equity interest and a group of shareholders
appointed by SAP will own 60% of NewCo’s equity interest.
-
The parties herein shall determine the capital structure of NewCo in a separate subsequent addendum to this Business Cooperation Agreement.
-
The Business Cooperation Agreement shall be effective upon signing and shall terminate in writing by the Parties.
The
foregoing description of the Business Cooperation Agreement dated June 27, 2023 between Saphia Alkali Joint Stock Company and Philux
Global Group Inc. 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 July 3, 2023.
22.
EXTENSION FOR REPURCHASE OF THE COMPANY’S COMMON STOCK
On
June 29, 2023, 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, 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:
1. |
Purpose
of Repurchase: To enhance future shareholder returns. |
2. |
Details
of Planned Repurchase: |
|
a. |
Class of shares to be repurchased:
Common Stock of PHI Group, Inc. (n/k/a Philux Global Group Inc.) |
|
b. |
Amount of repurchasable
shares: As many as economically conducive and optimal for the Company. |
|
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, 2023. |
|
f. |
The Company intends to
fund the proposed share repurchase program with proceeds from long-term financing programs, future earnings, disposition of 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. |
23.
COMMON STOCK TO BE ISSUED
As
of June 30, 2023, the Company recorded $22,500 as Common Stock to be issued for cash amounts that the Company has received from certain
current shareholders of the Company in connection with stock purchase agreements under Rule 144.
|
X |
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v3.23.3
GOING CONCERN UNCERTAINTY
|
12 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN UNCERTAINTY |
NOTE
17 – GOING CONCERN UNCERTAINTY
As
shown in the accompanying consolidated financial statements, the Company has accumulated deficit of $77,319,372 and total stockholders’
deficit of $8,222,002 as of June 30, 2023. 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, 2023 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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v3.23.3
SUBSEQUENT EVENTS
|
12 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
18 – SUBSEQUENT EVENTS
These
financial statements were approved by management and available for issuance on October 13, 2023. Subsequent events have been evaluated
through this date.
1.
APPOINTMENT OF NEW MEMBER OF THE BOARD OF DIRECTORS
Effective
July 01, 2023, the Company’s Board of Directors appointed Mr. Steve Truong as a new member of the Board of Directors.
Biographical
information about Mr. Steve Truong:
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.
2. ISSUANCES OF COMMON STOCK DURING THE QUARTER ENDED
SEPTEMBER 30, 2023
During the quarter ended September 30, 2023, the Company issued 359,102,844 shares of Common Stock under Rule 144
to two corporate lenders for conversion of promissory notes and 2,931,619,052 shares of Common Stock to Mast Hill Fund LP for exercises
of warrants in connection with convertible promissory notes and equity line of credit dated March 1, 2022.
3. PRIVATE STOCK PURCHASE AGREEMENTS UNDER RULE 144
From July 1, 2023 to the date of this report, certain current shareholders
of the Company have entered into private stock purchase agreements with the Company under Rule 144 to purchase a total of approximately
2.5 billion shares of Common Stock of the Company at fifty percent discount to the latest 10-day closing average immediately prior to
each pertinent transaction for investment purposes. The Company used the proceeds from these transactions primarily for processing and
documentation fees in connection with the financing programs, development of the Asia Diamond Exchange, partial repayments of loans and
notes and general corporate purposes.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Jun. 30, 2023 |
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 (8) CO2-1-0 (CARBON) Corp., collectively referred to as the “Company.” The other subsidiaries of the Company
were not active during the fiscal year ended June 30, 2023. 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, 2023 and 2022 the marketable securities have been recorded at $420 and $546, 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, 2023.
|
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: | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | |
Net income (loss): | |
$ | (5,609,146 | ) | |
$ | (21,154,443 | ) |
Denominator: | |
| | | |
| | |
Basic weighted average number of common shares outstanding: | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
Basic net income per share | |
| (0.00 | ) | |
| (0.00 | ) |
| |
| | | |
| | |
Diluted weighted average number of common shares outstanding: | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
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, 2023 and 2022 were $500 and $8,700, 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, 2023 and 2022, respectively, accumulated other comprehensive income
(loss) of $(3,035,495) and $ ($572,591) 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, 2023 and June 30, 2022.
|
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
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
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: | |
2023 | | |
2022 | |
Numerator: | |
| | | |
| | |
Net income (loss): | |
$ | (5,609,146 | ) | |
$ | (21,154,443 | ) |
Denominator: | |
| | | |
| | |
Basic weighted average number of common shares outstanding: | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
Basic net income per share | |
| (0.00 | ) | |
| (0.00 | ) |
| |
| | | |
| | |
Diluted weighted average number of common shares outstanding: | |
| 34,455,935,655 | | |
| 28,448,615,941 | |
Diluted net income (loss) per share: | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
|
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v3.23.3
OTHER ASSETS (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
SCHEDULE OF OTHER ASSETS |
The
Other Assets comprise of the following as of June 30, 2023 and 2022
SCHEDULE OF OTHER ASSETS
| |
2023 | | |
2022 | |
| |
| | |
| |
Investment in Philux Global Funds | |
| 32,604 | | |
| 31,161 | |
Investment in AQuarius Power, Inc. | |
| - | | |
| 5,000 | |
Total Other Assets | |
$ | 32,604 | | |
$ | 36,161 | |
|
X |
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v3.23.3
CURRENT LIABILITIES (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF CURRENT LIABILITIES |
Current
liabilities of the Company consist of the followings as of June 30, 2023 and 2022:
SCHEDULE OF CURRENT LIABILITIES
Current Liabilities | |
June 30, 23 | | |
June 30, 2022 | |
Accounts payable | |
| 616,245 | | |
| 615,805 | |
Sub-fund obligations | |
| 1,624,775 | | |
| 1,574,775 | |
Accrued expenses | |
| 1,485,310 | | |
| 931,417 | |
Short-term loans and notes payable | |
| 1,164,685 | | |
| 676,888 | |
Convertible Promissory Notes | |
| 297,805 | | |
| 756,250 | |
Due to officers | |
| 1,027,782 | | |
| 1,077,218 | |
Advances from customers and client deposits | |
| 1,079,038 | | |
| 665,434 | |
Derivative liabilities and Note Discount | |
| 1,220,576 | | |
| 715,677 | |
Total Current Liabilities | |
| 8,516,217 | | |
| 7,013,465 | |
|
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v3.23.3
DUE TO OFFICERS AND DIRECTORS (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Due To Officers And Directors |
|
SCHEDULE OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS |
SCHEDULE
OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS
Officers/Directors | |
June 30, 2023 | | |
June 30, 2022 | |
Henry Fahman (Chairman and CEO) | |
| 364,432 | | |
| 413,868 | |
Tam Bui (former Director and COO) | |
| 663,350 | | |
| 663,350 | |
Total | |
$ | 1,027,782 | | |
$ | 1,077,218 | |
|
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v3.23.3
STOCKHOLDER’S EQUITY (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF CONVERSIONS OF COMMON STOCK |
During
the fiscal year ended June 30, 2023, the Company issued/cancelled the following shares of its Common Stock for cash, conversion of promissory
notes, loan payments, salaries, warrants, and consulting services:
SCHEDULE
OF CONVERSIONS OF COMMON STOCK
7/01/2022 |
|
Beginning
balance |
|
Issuances/Cancellations |
|
31,429,380,289 |
|
|
|
|
|
|
|
|
|
Issuances
for warrant exercises |
|
1,879,166,666 |
|
|
|
|
Issuances
for conversion of notes |
|
4,455,811,523 |
|
|
|
|
Issuances
for cash to certain current shareholders |
|
2,104,893,097 |
|
|
|
|
Cancellation
of shares by lender |
|
-454,758,300 |
|
|
|
|
|
|
|
|
|
6/30/2023 |
|
Ending
balance |
|
|
|
39,414,493,275 |
|
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v3.23.3
STOCK-BASED COMPENSATION PLANS (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
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 | |
|
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v3.23.3
OTHER INCOME (EXPENSE) (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Other Income and Expenses [Abstract] |
|
SCHEDULE OF OTHER INCOME (EXPENSE) |
Net
Other Income (Expense) for the fiscal year ended June 30, 2023 consists of the following:
SCHEDULE
OF OTHER INCOME (EXPENSE)
OTHER
INCOME (EXPENSES) | |
FY
ended June
30, 2023 | |
Interest
expense | |
| (934,872 | ) |
Other
income | |
| 488 | |
Net
other income/expense | |
| (3,674,139 | ) |
NET
OTHER INCOME (EXPENSES) | |
| (4,608,523 | ) |
|
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v3.23.3
SCHEDULE OF NET EARNINGS (LOSS) PER SHARE (Details) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accounting Policies [Abstract] |
|
|
Net income (loss): |
$ (5,609,146)
|
$ (21,154,443)
|
Basic weighted average number of common shares outstanding: |
34,455,935,655
|
28,448,615,941
|
Basic net income per share |
$ (0.00)
|
$ (0.00)
|
Diluted weighted average number of common shares outstanding: |
34,455,935,655
|
28,448,615,941
|
Diluted net income (loss) per share: |
$ (0.00)
|
$ (0.00)
|
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SCHEDULE OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES (Details) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Marketable securities |
$ 420
|
$ 546
|
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
|
546
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Marketable securities |
|
|
X |
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v3.23.3
SCHEDULE OF CURRENT LIABILITIES (Details) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 616,245
|
$ 615,805
|
Sub-fund obligations |
1,624,775
|
1,574,775
|
Accrued expenses |
1,485,310
|
931,417
|
Short-term loans and notes payable |
1,164,685
|
676,888
|
Convertible Promissory Notes |
297,805
|
756,250
|
Due to officers |
1,027,782
|
1,077,218
|
Advances from customers and client deposits |
1,079,038
|
665,434
|
Derivative liabilities and Note Discount |
1,220,576
|
715,677
|
Total Current Liabilities |
$ 8,516,217
|
$ 7,013,465
|
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v3.23.3
CURRENT LIABILITIES (Details Narrative) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Short-Term Debt [Line Items] |
|
|
|
Accrued expenses |
$ 1,028,095
|
$ 1,028,095
|
|
Accrued salaries |
338,591
|
338,591
|
|
Accrued interest |
117,625
|
117,625
|
|
Short-term notes payable |
1,164,685
|
1,164,685
|
|
Short-term loans and notes payable |
297,805
|
297,805
|
$ 756,250
|
Advance from customer |
819,038
|
819,038
|
665,434
|
Advance from customers |
158,604
|
934,872
|
1,592,557
|
Deposits |
260,000
|
260,000
|
|
Settlement of liabilities |
1,624,775
|
$ 1,624,775
|
$ 1,574,775
|
Ownership percentage of sub-fund participants |
|
49.00%
|
|
European Plastic Joint Stock Company [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Settlement of liabilities |
800,000
|
$ 800,000
|
|
Contribution for ownership percentage |
2,000,000
|
2,000,000
|
|
Saigon Pho Palace Joint Stock Company [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Settlement of liabilities |
518,409
|
518,409
|
|
Sinh Nguyen Co Ltd [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Settlement of liabilities |
150,000
|
150,000
|
|
Tecco Group [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Real estate sub-fund |
156,366.25
|
156,366.25
|
|
Convertible Promissory Notes [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Short-term loans and notes payable |
$ 297,805
|
$ 297,805
|
|
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v3.23.3
SCHEDULE OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS (Details) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Total |
$ 1,027,782
|
$ 1,077,218
|
Related Party [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Total |
1,027,782
|
1,077,218
|
Henry Fahman [Member] | Related Party [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Total |
364,432
|
413,868
|
Tam Bui [Member] | Related Party [Member] |
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
Total |
$ 663,350
|
$ 663,350
|
X |
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v3.23.3
DUE TO OFFICERS AND DIRECTORS (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Due to officers and directors |
$ 1,027,782
|
$ 1,077,218
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Due to officers and directors |
$ 1,027,782
|
$ 1,077,218
|
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v3.23.3
LOANS AND PROMISSORY NOTES (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Short-Term Debt [Line Items] |
|
|
Convertible notes payable |
$ 297,805
|
$ 756,250
|
Derivative liability |
$ 1,220,576
|
$ 715,677
|
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 |
$ 945,598
|
|
Regular Short Term Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Short term notes payable |
901,848
|
|
SBA Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Short term notes payable |
43,750
|
|
Merchant Cash [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes payable |
219,087
|
|
Convertible Promissory Notes [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Convertible notes payable |
297,805
|
|
Derivative liability |
$ 1,220,576
|
|
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v3.23.3
DOMESTICATION IN THE STATE OF WYOMING (Details Narrative)
|
12 Months Ended |
|
|
|
Jun. 30, 2023
$ / shares
shares
|
Jun. 30, 2022
$ / shares
shares
|
Jun. 25, 2020
$ / shares
shares
|
Sep. 20, 2017
$ / shares
shares
|
Common stock shares authorized |
60,000,000,000
|
60,000,000,000
|
40,000,000,000
|
|
Common stock par value | $ / shares |
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
Preferred stock shares authorized |
500,000,000
|
500,000,000
|
500,000,000
|
|
Preferred stock, par value | $ / shares |
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
Conversion stock, description |
The “Variable
Conversion Price” shall mean 75% multiplied by the Market Price (as defined herein) (representing a discount rate of 25%). “Market
Price” means the average Trading Price for the Company’s Common Stock during the ten (10) trading-day period ending one trading
day prior to the date the Conversion Notice is sent by the Holder of the Class A Preferred Stock to the Company via facsimile or email
(the “Conversion Date”)
|
|
|
|
Class B Series I Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
1,000,000
|
|
|
|
Preferred stock, par value | $ / shares |
$ 0.001
|
|
|
|
Preferred stock voting rights |
the holders of Common Stock and shares of Class B Series I shall vote together or act together thereon as if a single class on all
such matters; provided, in such voting or action each one share of Class B Series I shall be entitled to one hundred thousand (100,000)
votes.
|
|
|
|
Board Of Directors [Member] |
|
|
|
|
Purchase price percentage |
120.00%
|
|
|
|
Subsidiary PHI Group Inc [Member] |
|
|
|
|
Conversion stock, description |
The Variable Conversion Price
to be used in connection with the conversion into Common Stock of a subsidiary of PHI Group, Inc.’s shall mean 50% multiplied by
the Market Price (as defined herein), representing a discount rate of 50%, of that Common Stock. “Market Price” means the
average Trading Price for the Common Stock of said subsidiary of PHI Group, Inc.’s during the ten (10) trading-day period ending
one trading day prior to the date the Conversion Notice is sent by the Holder of the Preferred Stock to the Company via facsimile or
email (the “Conversion Date”).
|
|
|
|
American Pacific Plastics, Inc. [Member] |
|
|
|
|
Convertible preferred stock shares issued |
50,000,000
|
|
|
|
Preferred stock shares conversion ratio |
80
|
|
|
|
Voting Common Stock [Member] |
|
|
|
|
Common stock shares authorized |
|
|
|
900,000,000
|
Common stock par value | $ / shares |
|
|
|
$ 0.001
|
NonVoting Class A Series I Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
|
|
|
50,000,000
|
Preferred stock, par value | $ / shares |
|
|
|
$ 5.00
|
Non Voting Class A Series II Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
|
|
|
25,000,000
|
Preferred stock, par value | $ / shares |
|
|
|
$ 5.00
|
Non Voting Class A Series III Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
|
|
|
20,000,000
|
Preferred stock, par value | $ / shares |
|
|
|
$ 5.00
|
Voting Class A Series IV Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
|
|
|
5,000,000
|
Preferred stock, par value | $ / shares |
|
|
|
$ 5.00
|
Class A Series I Cumulative Convertible Redeemable Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
50,000,000
|
|
|
|
Preferred stock, par value | $ / shares |
$ 0.001
|
|
|
|
Preferred stock dividend rate |
10.00%
|
|
|
|
Class A Series II Cumulative Convertible Redeemable Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
200,000,000
|
|
|
|
Preferred stock, par value | $ / shares |
$ 0.001
|
|
|
|
Preferred stock dividend rate |
8.00%
|
|
|
|
Class A Series III Cumulative Convertible Redeemable Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
50,000,000
|
|
|
|
Preferred stock, par value | $ / shares |
$ 0.001
|
|
|
|
Preferred stock dividend rate |
8.00%
|
|
|
|
Class A Series IV Cumulative Convertible Redeemable Preferred Stock [Member] |
|
|
|
|
Preferred stock shares authorized |
199,000,000
|
|
|
|
Preferred stock, par value | $ / shares |
$ 0.001
|
|
|
|
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v3.23.3
SCHEDULE OF CONVERSIONS OF COMMON STOCK (Details)
|
12 Months Ended |
Jun. 30, 2023
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Balance, shares |
31,429,380,289
|
Balance, shares |
39,414,493,275
|
Common Stock [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Balance, shares |
31,429,380,289
|
Balance, shares |
39,414,493,275
|
Common Stock [Member] | Issuances For Warrant Exercises [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Issuances for warrant exercises |
1,879,166,666
|
Common Stock [Member] | Issuances For Conversion Of Notes [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Issuances for warrant exercises |
4,455,811,523
|
Common Stock [Member] | Issuances For Cash To Certain Current Share Holders [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Issuances for warrant exercises |
2,104,893,097
|
Common Stock [Member] | Cancellation Of Shares By Lender [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Issuances for warrant exercises |
(454,758,300)
|
X |
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v3.23.3
STOCKHOLDER’S EQUITY (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 25, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Common stock shares authorized |
60,000,000,000
|
60,000,000,000
|
40,000,000,000
|
Common stock par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
500,000,000
|
500,000,000
|
500,000,000
|
Preferred stock par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
Teasury stock value |
$ 44,170
|
$ 44,170
|
|
Common stock shares outstanding |
39,414,493,275
|
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 outstanding |
39,414,493,275
|
|
|
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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v3.23.3
SCHEDULE OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE (Details)
|
12 Months Ended |
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Tam Bui [Member] |
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
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] |
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
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] |
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
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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v3.23.3
SCHEDULE OF OTHER INCOME (EXPENSE) (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Other Income and Expenses [Abstract] |
|
|
|
Interest expense |
$ (158,604)
|
$ (934,872)
|
$ (1,592,557)
|
Other income |
|
488
|
|
Net other income/expense |
|
(3,674,139)
|
|
NET OTHER INCOME (EXPENSES) |
|
$ (4,608,523)
|
$ (4,254,515)
|
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- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
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v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative)
|
Jun. 30, 2023
USD ($)
shares
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
Accrued salaries |
$ 1,028,095
|
Class B Series Preferred Stock [Member] |
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
Preferred stock, shares outstanding | shares |
600,000
|
President, Chief Executive Officer, Chief Operating Officer and Secretary and Treasurer [Member] |
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
Accrued salaries |
$ 360,000
|
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- DefinitionCarrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided.
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v3.23.3
INCOME TAXES (Details Narrative)
|
12 Months Ended |
Jun. 30, 2023
USD ($)
|
Income Tax Disclosure [Abstract] |
|
Operating loss carryforwards |
$ 77,319,372
|
Operating loss carryforwards, limitations of use |
The net operating loss carry forward may be used to reduce
taxable income through the year 2036. Net operating loss for carry forwards for the State of California is generally available to reduce
taxable income through the year 2026. 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
|
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v3.23.3
CONTRACTS AND COMMITMENTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
Oct. 13, 2023 |
Sep. 06, 2023 |
Jun. 27, 2023 |
Jun. 05, 2023 |
Jun. 01, 2023 |
May 22, 2023 |
Mar. 21, 2023 |
Feb. 21, 2023 |
Aug. 16, 2022 |
Aug. 13, 2022 |
Mar. 01, 2022 |
Sep. 20, 2018 |
Oct. 13, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
May 31, 2023 |
Mar. 14, 2023 |
Mar. 03, 2023 |
Aug. 03, 2022 |
Jul. 08, 2022 |
Jun. 30, 2022 |
Jan. 26, 2022 |
Jan. 18, 2022 |
Aug. 10, 2020 |
Aug. 06, 2018 |
Stock issued during period value new issues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 185,000
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 297,805
|
|
|
|
|
|
$ 756,250
|
|
|
|
|
Common stock to be issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 22,500
|
|
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
$ 500,000
|
|
|
|
$ 50,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
50,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
200,000
|
|
|
|
50,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36.00%
|
|
|
|
|
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61.00%
|
|
|
|
|
|
|
|
Tecco Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributed amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 156,366.25
|
|
|
|
|
|
|
|
|
$ 2,000,000
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period value new issues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 185,000
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares newly issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
185,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Convertible Promissory Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of notes |
|
187,540,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tecco Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49.00%
|
|
Vietnamese Authorities [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
|
|
|
|
|
|
|
|
|
PHI Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85.00%
|
|
|
|
|
|
|
|
|
|
|
Mr. Smet [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
|
|
|
|
|
|
|
|
|
Jinshan Limited Liability [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
51.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SSE Global Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
|
|
|
|
|
|
|
|
Philux Global Group [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saphia Alkali Joint Stock Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
60.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mast Hill Fund LP [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares newly issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
359,102,844
|
|
|
|
|
|
|
|
|
|
|
|
|
Mast Hill Fund LP [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 185,000.00
|
|
|
|
|
|
|
|
|
Mast Hill Fund LP [Member] | Convertible Promissory Note [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate effective percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16.00%
|
|
|
|
|
|
|
|
|
Mast Hill Fund LP [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument convertible conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
Mast Hill Fund LP [Member] | Common Stock [Member] | Convertible Promissory Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,931,619,052
|
|
|
|
|
|
|
|
|
|
|
|
|
Five-Grain Treasure Spirits Co., Ltd [Member] | Agreement of Purchase and Sale [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70.00%
|
|
|
Virginia Limited Liability [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
$ 59,537.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia Limited Liability [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
2,000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia Limited Liability [Member] | Convertible Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Notes |
|
|
|
|
$ 52,805.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 55,000.00
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
17.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
Debt instrument interest rate effective percentage |
|
|
|
|
22.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22.00%
|
|
|
|
|
|
|
|
Debt instrument convertible conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
Accrued unpaid interest |
$ 9,256.17
|
|
|
|
$ 9,256.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
58.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saigon Silicon City Joint Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
|
|
500,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative and legal requirements fees |
|
|
|
$ 1,500,000,000
|
|
|
$ 50,000,000
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,500,000,000
|
|
|
|
|
|
|
|
|
|
|
Hoang Duc Thien Co [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for real estate investment |
|
|
|
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Cooperation Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
$ 300,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Cooperation Agreement [Member] | Vinafilms Joint Stock Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51.00%
|
Stock Swap Agreement [Member] | Vinafilms Joint Stock Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
76.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Swap Agreement [Member] | Vinafilms Joint Stock Company [Member] | Class A Series III Cumulative Convertible Redeemable Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
50,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Swap Agreement [Member] | Vinafilms Joint Stock Company [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
3,060,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase and Sales Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business acquisition transaction costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 64,125,000
|
|
|
|
Purchase and Sales Agreement [Member] | Kota Energy Group LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.10%
|
|
|
50.10%
|
|
|
|
Business acquisition transaction costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 15,655,248
|
|
|
$ 12,524,469
|
|
|
|
Purchase and Sales Agreement [Member] | Kota Construction LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.10%
|
|
|
50.10%
|
|
|
|
Business acquisition transaction costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 64,504,752
|
|
|
$ 51,600,531
|
|
|
|
Partnership Agreement [Member] | Gulf Cooperation Council [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment owned at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,000,000,000
|
|
|
|
|
|
Investment owned percent of net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
Stock Transfer Agreement [Member] | Mr Tran Dinh Quyen [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
|
51.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares acquired |
|
|
|
|
|
|
|
|
|
22,032,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period value new issues |
|
|
|
|
|
|
|
|
|
$ 60,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase And Sale [Member] | Van Phat Dat Joint Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment ownership percentage |
|
|
|
|
|
|
|
|
51.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period value new issues |
|
|
|
|
|
|
|
|
$ 6,127,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares newly issued |
|
|
|
|
|
|
|
|
5,100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase And Sale [Member] | Jinshan Limited Liability [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period value new issues |
|
|
$ 5,194,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase And Sale [Member] | Jinshan Limited Liability [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares newly issued |
|
|
|
|
|
|
|
|
|
|
|
|
2,500,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
GOING CONCERN UNCERTAINTY (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Accumulated deficit |
$ 77,319,372
|
|
|
$ 71,717,973
|
Total stockholders deficit |
$ 8,222,002
|
$ 8,286,628
|
$ 6,881,906
|
$ 6,543,502
|
X |
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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - shares
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3 Months Ended |
Sep. 06, 2023 |
Oct. 13, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Common Stock [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Number of common stock, shares |
|
|
|
185,000,000
|
Subsequent Event [Member] | Jinshan Limited Liability [Member] | Purchase And Sale [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Number of common stock, shares |
|
2,500,000,000
|
|
|
Subsequent Event [Member] | Common Stock [Member] | Convertible Promissory Note [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Conversion of promissory notes |
187,540,984
|
|
|
|
Mast Hill Fund LP [Member] | Subsequent Event [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Number of common stock, shares |
|
|
359,102,844
|
|
Mast Hill Fund LP [Member] | Subsequent Event [Member] | Common Stock [Member] | Convertible Promissory Note [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Conversion of promissory notes |
|
|
2,931,619,052
|
|
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