Company: PHIL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011742
Chunk: 29

Company: PHI GROUP INC
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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315224007343/form8-k.htm)
and December 30, 2024 (https://www.sec.gov/ix?doc=/Archives/edgar/data/704172/000149315224052411/form8-k.htm), respectively. As
of the date of this report these funds have not been released for investment purposes according to the Asset Management Agreement.

13. INVESTMENT
FUNDING PARTNERSHIP AGREEMENT

On March 25,
2025, the Company signed an Investment Funding Partnership Agreement with Atlantic Trust Finance Ltd., a United Kingdom company, (the
“Provider”), to manage a US$ 49,400,000 investment amount for a period of ten years and may be renewed by mutual consent for
up to fifteen years. The Company shall remit 40% of the annual profit to the Provider and shall also be entitled to an annual management
fee of 5% of the investment funds under management and an additional 2% for expenses during the course of the investment preparation.

14.
COMMON STOCK TO BE ISSUED

As
of March 31, 2025, the Company has recorded $2,404,306 for restricted Common Stock to be issued to a number of current shareholders
of the Company in connection with stock purchase agreements under Rule 144. 

NOTE
13- GOING CONCERN UNCERTAINTY

As shown in the accompanying consolidated financial
statements, the Company has accumulated deficit of $88,020,027 and total stockholders’ deficit of $11,644,943 as of March 31, 2025.
For the quarter ended March 31, 2025, the Company incurred a net loss of $ 480,682 as compared to a net loss of $1,690,405 during the
same period ended March 31, 2024. These factors as well as the uncertain conditions that the Company faces in its day-to-day operations
with respect to cash flows create an uncertainty as to the Company’s ability to continue as a going concern. The financial statements
do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management has taken
action to strengthen the Company’s working capital position and generate sufficient cash to meet its operating needs through June
30, 2025 and beyond.

NOTE
14 – SUBSEQUENT EVENT

The
financial statements included in this Form 10-Q were approved by management and available for issuance on or about May 20,