Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 38

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 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, 2023.

Total
Operating Expenses:

Total
operating expenses were $146,464 and $186,692 for the three months ended December 31, 2024, and 2023, respectively. The decrease of $40,228
in total operating expenses between the two periods was mainly due to an increase of $9,671 in professional services and decrease of
$49,899 in general and administrative expenses between the two periods.

Loss
from Operations:

Loss
from operations for the quarter ended December 31, 2024 was $146,464, as compared to loss from operations of as $181,692 for the corresponding
period ended December 31, 2023. The decrease of $35,228 in the loss from operations between the two periods was mainly due to an increase
of $9,671 in professional services and a decrease of $49,899 in general and administrative expenses between the two periods as mentioned
above.

7

Other
Income and Expenses:

The
Company had a net other expenses of 802,851 for the three months ended December 31, 2024, as compared to net other expenses of $1,530,246
for