Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 29

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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/k/a Philux Global Group Inc.) is qualified in its entirety by reference to the full
text of said Addendum, which was filed as Exhibit 10.1 to the Current Report on Form 8-K with the Securities and Exchange Commission
on November 15, 2024

10.
COMMON STOCK TO BE ISSUED

As
of December 31, 2024, the Company has recorded $2,090,873 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 $87,540,740 and total stockholders’
deficit of $11,480,334 as of December 31, 2024. For the quarter ended December 31, 2024, the Company incurred a net loss of $949,315
as compared to a net loss of $1,711,938 during the same period ended December 31, 2023. 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 November 19, 2024.
Subsequent events have been evaluated through this date.

GRANT AGREEMENT
CONTRACT

On February
17, 2025, the Company signed a Grant Agreement Contract for $10,500,000 with a philanthropic organization registered under the laws of
Dubai, United Arab Emirates, to be used exclusively to fund the Company’s transformative initiatives at the Asia Diamond Exchange
and International Financial Center projects in Vietnam and geomagnetic energy technology initiatives. 

F-17

ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except
for the audited historical information contained herein, this report specifies forward-looking statements of management of the Company
within the