Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 18

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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063,081 in short-term loans and notes payable which includes $3,451,050
contingency liabilities due to amendments and extensions of short-term notes and reserves for claims from certain noteholders, $43,750
in PPP loan, and $105,482 in Merchant Cash Advance loans.

CONVERTIBLE
NOTES: As of December 31, 2024, there was a balance of convertible note in the amount of $5,000 with an institutional investor.

ADVANCES
FROM CUSTOMERS AND DEPOSITS FROM CLIENTS:

As
of December 31, 2024, the Company recorded $948,964 for Advances from Customers for consulting fees previously received from a client
plus mutually agreed accrued interest totaling $819,038 and $129,926 of retainer deposits from two other clients for project financing
agreements.

SUB-FUND
OBILGATIONS: The Company has recorded a total of $1,624,775 from four partners/investors towards the expenses for setting up sub-funds
under the master PHILUX Global Funds. These amounts are currently booked as liabilities until these sub-funds are set up and activated,
at which time the sub-fund participants will receive their respective percentages of the general partners’ portion of ownership
in the relevant sub-funds based on their actual total contributions.

    F-10

NOTE
6 – DUE TO OFFICERS

Due
to officer, represents loans and advances made by officers and directors of the Company and its subsidiaries, unsecured and due on demand.
As of December 31, 2024 and June 30, 2024, the balances were $266,954 and $278,812, respectively.

SCHEDULE
OF COMPONENTS OF DUE TO OFFICERS AND DIRECTORS

    Officers/Directors 
    December 31, 2024  
    June 30, 2024 
  
    Henry Fahman 
     258,454  
    $278,812 
  
    Steve Truong 
     8,500  
    $- 
  
    Total 
    $266,954  
    $278,812 

NOTE
7 – LOANS AND PROMISSORY NOTES

A.
SHORT TERM NOTES PAYABLE:

In
the course of its business, the Company has obtained short-term loans from individuals and institutional investors.

As
of December 31, 2024, Short-term Notes and Loans Payable consist of $5