Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 50

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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enny 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
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None,
except as noted elsewhere in this report.

ITEM
3. DEFAULTS UPON SENIOR SECURITIES

None,
except as may be noted elsewhere in this report.

ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM
5. OTHER INFORMATION

None,
except as may be noted elsewhere in this report.

15

ITEM
6. EXHIBITS

The
following exhibits are filed as part of this report:

    Exhibit
    No. 
     
    Description

    21.1
     
    Subsidiaries of registrant

    31.1

    Certification by Henry D. Fahman, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

    31.2

    Certification by Henry D. Fahman, Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

    32.1
     
    Certification by Henry