Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 72

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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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 (2) the Business Development and Structuring Consultancy Agreement for the development
and Establishment of an International Financial Center also in Vietnam, until these projects are successfully completed, both parties
agree that the Company shall pay the Consultant an additional amount of Twenty-Five Million U.S. Dollars (USD 25,000,000) for the services
mentioned in the above-mentioned Agreements. A schedule of payments shall be mutually agreed upon by both Parties by a separate agreement.

The
foregoing description of the nature and essential points of the afore-mentioned Combined Addendum No. 1 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 between Dr. D’ORLEANS DE FRANCE BENEDICT CARL
WILLIAM (f/k/a BEN CARL SMET) and PHI Group, Inc. (n/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