Company: PHIL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011742
Chunk: 88

Company: PHI GROUP INC
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 of the Company’s operating expenses as mentioned above.

Other
Income and Expenses:

The Company had a net other expenses of $2,089,294
for the nine months ended March 31, 2025, as compared to net other expenses of $5,743,860 for the nine months ended March 31, 2024. The
decrease in other expenses of $3,654,566 between the two nine-month periods was mainly due to no loss from warrant exercises during the
current period versus a loss due to warrant exercise of $1,756,320 during the previous period, total penalties of $1,380,617 from loans
and notes during the previous period and an increase in costs of extension and modification of notes in the amount of $433,722 between
the nine months ended March 31, 2025 and 2024, respectively.

Net
Income (Loss):

Net
loss for the nine months ended March 31, 2025 was $2,506,670, as compared to net loss of $6,392,270 for the same period in 2024, which
is equivalent to ($0.00) per share for the current period and ($0.00) per share for the corresponding period ended March 31, 2024, based
on the weighted average number of basic and diluted shares outstanding at the end of each corresponding period.

CASH
FLOWS

The
Company’s cash and cash equivalents balance were $77 and $41,745 as of March 31, 2025 and March 31, 2024,
respectively.

Net cash used in the Company’s
operating activities during the nine months ended March 31, 2025 was $2,164,824, as compared to net cash used in operating activities
of $3,210,627 during the corresponding period ended March 31, 2024. This represents a decrease of $1,065,803 in net cash used in operating
activities between the two periods. The underlying reasons for the variance were primarily due to decrease of $3,885,600 in loss from
operations, no change in derivatives and mark-to-market, no stock issuance for service and cancellation of debts, and no change in deferred
financing cost in the current period, a decrease in accrued expenses of $526,037, a change in subfund obligations and contingency commitments
of $65,765, and a decrease in client deposits the mount of $