Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 20

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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-BASED COMPENSATION PLAN

On
September 9, 2021, the Company adopted the PHI Group 2021 Employee Benefit Plan and set aside 2,600,000,000 shares of its common stock
to provide a means of non-cash remuneration to selected eligible employees and independent contractors (“Eligible Participants”)
of the Company and its subsidiaries. On September 17, 2021, the Company filed Form S-8 Registration Statement under the Securities Act
of 1933 with the Securities and Exchange Commission to register these shares for the above-mentioned plan. As of December 31, 2024 the
Company has issued a total of 2,407,196,586 shares for consulting services and salaries under the PHI Group 2021 Employee Benefit Plan.

NOTE
11– RELATED PARTY TRANSACTIONS

The
Company recognized a total of $52,500 in salaries for the President and the Secretary & Treasurer of the Company during the quarter
ended December 31, 2024.

Henry
Fahman, Chairman and Chief Executive Officer, and Steve Truong, Director of the Company from time to time lend money to the Company.
These loans are without interest and payable upon demand.

As
of December 31, 2024, the Company still owed the following amounts to Related Parties:

SCHEDULE
OF RELATED PARTIES

    No. 
    Name: 
    Title: 
    Amount:  
    Description:

    1) 
    Henry Fahman 
    Chairman/CEO 
    $484,296  
    Accrued salaries

    $258,454  
    Loans

    2) 
    Tina Phan 
    Secretary/Treasurer 
    $398,799  
    Accrued salaries

    3) 
    Steve Truong 
    Director 
    $8,500  
    Loan

NOTE
12 – CONTRACTS AND COMMITMENTS

1.
EQUITY LINE OF CREDIT WITH INSTITUTIONAL INVESTOR

On
March 01, 2022, the Company entered into an equity purchase agreement with Mast Hill Fund LP (“The Investor”) as follows:

The
Investor has agreed to provide an equity line of up to $10,000,000 to the Company, pursuant to which the Company has the right, but not
the obligation, during the 24 months after an effective registration of the underlying shares, to issue a notice to the Investor (