Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 17

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 at EUR 28,000, PHI Luxembourg Holding SA,
a Luxembourg corporation 100% owned by PHI Group, Inc. as the ultimate beneficiary owner (UBO), held one participating share of PHILUX
Global Funds valued at EUR 1,000, and PHILUX Global General Partner SA, a Luxembourg corporation 100% owned by PHI Group, Inc. as the
ultimate beneficiary owner (UBO), held one management share of PHILUX Global Funds valued at EUR 1,000. The total holdings in PHILUX
Global Funds were equivalent to $31,200 as of December 31, 2024 based on the prevalent exchange rate at that time.

The
Company has treated all development costs of the Asia Diamond Exchange as expenses which will be capitalized as common shares in Asia
Diamond Exchange, Inc., a Wyoming corporation.

NOTE
5 – CURRENT LIABILITIES

Current
Liabilities of the Company consist of the followings as of December 31, 2024 and June 30, 2024.

SCHEDULE OF CURRENT LIABILITIES

    Current Liabilities 
    December 31, 2024  
    June 30, 2024 

    Accounts payable 
     628,120  
     626,730 
  
    Sub-fund obligations 
     1,624,775  
     1,624,775 
  
    Accrued expenses 
     1,983,283  
     1,795,874 
  
    Short-term loans and notes payable 
     6,063,081  
     4,460,981 
  
    Convertible Promissory Notes - Institutional Investor 
     5,000  
     5,000 
  
    Due to Officers 
     266,954  
     278,812 
  
    Advances from customers 
     948,964  
     952,650 
  
    Total Current Liabilities 
     11,520,177  
     9,744,823 

ACCRUED
EXPENSES: Accrued expenses as of December 31, 2024 totaling $1,983,283 consist of $1,343,095 in accrued salaries and payroll liabilities,
$627,305 in accrued interest from notes and loans, and $2,883 from American Express.

NOTES
PAYABLE: As of December 31, 2024, Notes Payable consist of $6,