Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 16

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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2018, and interim reporting
periods within annual reporting periods beginning after December 15, 2019.

Update
No. 2016-10 - April 2016

Revenue
from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing

The
core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services
to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To achieve that core principle, an entity should apply the following steps:

1.
Identify the contract(s) with a customer.

2.
Identify the performance obligations in the contract.

3.
Determine the transaction price.

4.
Allocate the transaction price to the performance obligations in the contract.

5.
Recognize revenue when (or as) the entity satisfies a performance obligation.

The
amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify
the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining
the related principles for those areas.

The
Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact
they may have on the Company’s financial statements. In most cases, management has determined that the implementation of these
pronouncements would not have a material impact on the financial statements taken as a whole.

    F-9

NOTE
3 – PROPERTIES AND EQUIPMENT

The
Company did not have any properties or equipment as of December 31, 2024.

NOTE
4 – OTHER ASSETS

Other
Assets as of December 31, 2024 and June 30, 2024 comprise of:

SCHEDULE OF OTHER ASSETS

    December 31, 2024  
    June 30, 2024 
  
    Investment in PHILUX Global Funds, SCA, SICAV-RAIF 
    $31,200  
    $32,220 
  
    Total Other Assets 
    $31,200  
    $32,220 

For
the investments in PHILUX Global Funds, as of December 31, 2021, PHI Luxembourg Development SA, a Luxembourg corporation and wholly-owned
subsidiary of PHI Group, Inc. held twenty-eight ordinary shares of PHILUX Global Funds valued