Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 22

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 venture, and memorandum of understanding with international investor groups for up to 6.5
billion U.S. dollars, as reported in various 8-K filings with the Securities and Exchange Commission. Though the Company has
experienced delays in concluding a number of  these financing programs, we continue to diligently 
work on them and expect to receive funds from some of these sources in the near future to execute our business plan.

4.
DEVELOPMENT OF THE ASIA DIAMOND EXCHANGE AND INTERNATIONAL FINANCIAL CENTER IN VIETNAM

Along
with the establishment of Philux Global Funds, the Company has worked with the Authority of Chu Lai Open Economic Zone in Central Vietnam
and the Provinces of Quang Nam and Dong Nai, Vietnam in the past to develop the Asia Diamond Exchange for lab-grown, rough and polished
diamond together with a multi-commodities logistics center. 

Mr.
Ben Smet, who successfully established the Dubai Diamond Exchange in 2002-2005, has been leading fulltime a group of experts for the
setup of the Asian Diamond Exchange since January 2018. He has brought together main trading players in the rough diamond industry to
come to Vietnam. He has also established a partnership with the biggest player in the rough trading and polishing business and engaged
other main international diamond trading groups to join the overall venture.

The
Company has taken the decision to move the greater part of the ADE rough and polishing venture, first to an Industrial Zone to be established
close to the new international Airport in Long Thanh District, Dong Nai Province, Vietnam and is currently aiming for the Thanh Da Peninsula
in conjunction with the contemplated International Financial Center. This location change has caused that the entire KPC Process and
administration had to be adapted and redone with renewed financial input, mostly carried by Mr. Smet.

Once
the Company has effectuated all budgeting and all financial requirements and obligations, the ongoing process will effectively materialize
and Mr. Smet then shall transfer the entire venture to Philux Global Group, Inc.

    F-13

5.
Investment Commitment AgreementS WITH Saigon Silicon City JSC

On
February 21, 2023, Philux Global Group Inc. (a/k/a PHI Group, Inc.) and its subsidiaries Philux Global Funds SCA, SICAV-RAIF and Philux
Global Vietnam Investment and Development Company, Ltd., (collectively referred to as “the Investor”) signed