Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 81

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 that the assets may be impaired. As it relates to definite life intangible assets, we apply the impairment rules
as required by SFAS No. 121, “Accounting for the Impairment of Long-Lived Assets and Assets to Be Disposed Of” as amended
by SFAS No. 144, which also requires significant judgment and assumptions related to the expected future cash flows attributable to the
intangible asset. The impact of modifying any of these assumptions can have a significant impact on the estimate of fair value and, thus,
the recoverability of the asset.

Income
Taxes

We
recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases
of assets and liabilities. We regularly review our deferred tax assets for recoverability and establish a valuation allowance based upon
historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences. As of
December 31, 2024, we estimated the allowance on net deferred tax assets to be one hundred percent of the net deferred tax assets.

RESULTS
OF OPERATIONS

The
following is a discussion and analysis of our results of operations for the three-month periods ended December 31, 2024 and 2023, our
financial condition on December 31, 2024 and factors that we believe could affect our future financial condition and results of operations.
Historical results may not be indicative of future performance.

This
discussion and analysis should be read in conjunction with our consolidated financial statements and the notes thereto included elsewhere
in this Form 10-Q. Our consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles in
the United States (“GAAP”). All references to dollar amounts in this section are in United States dollars.

Three
months ended December 31, 2024 compared to the three months ended December 31, 2023

Total
Revenues:

During
the quarter ended December 31, 2024, the Company primarily focused on developing the Asia Diamond Exchange in conjunction with the International
Financial Center in Vietnam, advancing the geomagnetic energy technology and devoting time and resources to concentrate on closing the
financing packages that have been signed with certain international investor groups. The Company recognizes the importance of closing
of one or more of these financing agreements in order to provide necessary capital for executing its overall business plan. The Company
did not generate any revenue during the quarters ended December 31, 2024 and December 31,