Company: PHIL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011742
Chunk: 76

Company: PHI GROUP INC
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 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 May 20, 2025. Subsequent
events have been evaluated through this date.

1.
Combined Addendum No. 2 to the Business Development and Structuring Consultancy Agreement dated June 27, 2024 and the Business Development
and Structuring Consultancy Agreement for the Development and Establishment of an International Financial Center in Vietnam dated July
5, 2024

On
April 17, 2025, in consideration of the Consultant’s continued commitment and efforts to assist the Company and provide the necessary
services as defined in the above mentioned (1) Business Development and Structuring Consultancy Agreement for establishing of a compartmentalized
regulated/unregulated Luxembourg Bank Fund (RAIF) and establishing of the Asian Diamond Exchange for rough and polished diamond trade
and the reconsolidating of the lab-grown diamond industry in Vietnam and/or elsewhere and (2) the Business Development and Structuring
Consultancy Agreement for the development and Establishment of an International Financial Center in Vietnam and/or elsewhere until these
projects are successfully completed, and in consideration of the damages and/or lost opportunities due to the unforeseen delays and non-performances
of certain third-party financiers/investors of the Company, both parties agree that the Company shall pay the Consultant an additional
amount of Twelve Million Five Hundred U.S. Dollars (USD 12,500,000) for the services mentioned in the above-mentioned Agreements. This
amount is in addition to the compensations previously agreed by both parties in the Business Development and Structuring Consultancy
Agreement dated June 27, 2024, in the Business Development and Structuring Consultancy Agreement for the Development and Establishment
of an International Financial Center in Vietnam dated July 5, 2024 and in the Combined Addendum No. 1 dated November 7, 2024, and shall
be due on October 16, 2025. 

2
Combined