Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 40

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 and administrative expenses between the
two periods as mentioned above.

8

Other
Income and Expenses:

The
Company had a net other expenses of $1,708,275 for the six-month period ended December 31, 2024, as compared to net other expenses of
$4,274,718 for the same period ended December 31, 2023. The decrease in other expenses of $2,566,443 between the two periods was mainly
due to a decrease of $2,369,613 in other expenses and a decrease of $196,830 in interest expenses.

Net
Income (Loss):

Net
loss for the six-month period ended December 31, 2024 was $2,025,989 as compared to net loss of $4,701,841, for the same period
in 2023, which is equivalent to ($0.00) per share for the current period and ($0.00) per share for the corresponding period ended December
31, 2023, based on the weighted average number of basic and diluted shares outstanding at the end of each corresponding period.

CASH
FLOWS

The
Company’s cash and cash equivalents balances were $310 and $29,442 as of December 31, 2024 and December 31, 2023, respectively.

Net
cash used in the Company’s operating activities during the six months ended December 31, 2024 was $1,790,818, as compared to net
cash used in operating activities of $1,507,409 during the corresponding period ended December 31, 2023. This represents an increase
of $283,409 in net cash used in operating activities between the two periods. The underlying reasons for the variance were primarily
due to a decrease of $2,675,852 in loss from operations between the six months ended December 31, 2024 and that of December 31, 2023,
a variance of $1,068,666 in accrued expenses, a variance of $730 in accounts payable, a decrease in prepaid expenses of $50,000 and a
decrease in non-cash issuance of stock in the amount of 1,936,594 between the two periods.

There
was no net cash provided by or used in investing activities during the six months ended December 31, 2024 or in the corresponding period
ended December 31, 2023.

Cash
provided by financing activities was $1,790