Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 83

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 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 six-month period ended December 31, 2024 and only generated $5,000 in consulting
income during the same period ended December 31, 2023.

Total
Operating Expenses:

Total
operating expenses were $317,714 and $432,423 for the six-month periods ended December 31, 2024, and 2023, respectively. The decrease
of $114,709 in total operating expenses between the two periods was mainly due to an increase of $31,871 in professional services and
decrease of $146,580 in general and administrative expenses between the two periods.

Loss
from Operations:

Loss
from operations for the six-month period ended December 31, 2024 was $317,714, as compared to loss from operations of as $427,423 for
the corresponding period ended December 31, 2023. The decrease of $109,709 in the loss from operations between the two periods was mainly
due to an increase of $31,871 in professional services and a decrease of $146,580 in general and administrative expenses between the
two periods as mentioned above.

8

Other
Income and Expenses:

The
Company had a net other expenses of $1,708,275 for the six-month period ended December 31, 2024, as compared to net other expenses of
$4,274,718 for the same period ended December 31, 2023. The decrease in other expenses of $2,566,443 between the two periods was mainly
due to a decrease of $2,369,613 in other expenses and a decrease of $196,830 in interest expenses.

Net
Income (Loss):

Net
loss for the six-month period ended December 31, 2024 was $2,025,989 as compared to net loss of $4,701,841, for the same period
in 2023, which is equivalent to ($0.00) per share for the current period and ($0.00) per share for the corresponding period ended December
31, 2023, 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 balances were $310 and $29,442 as of December 31, 2024 and December 31