10-Q - PHI GROUP INC (0000704172) (Filer)

Mon, May 20, 9:24 PM (62 days ago)

PHI Group, Inc. (n/k/a Philux Global Group Inc) reported a net loss of $1,690,405 for Q1 2024, a slight improvement from the $1,778,712 loss in Q1 2023. Revenues were minimal, with only $5,000 generated from consulting services over nine months, down from $25,000 in the previous year. Operating expenses decreased to $220,960 from $307,065, primarily due to reductions in salaries and general administrative costs. The company faced significant other expenses totaling $1,469,446, largely due to interest and other financial charges. Cash flow from operations was negative at $3,230,627, while financing activities provided $3,252,606, reflecting increased reliance on stock issuance and loans. The company’s total liabilities increased to $9,094,131, exacerbating the stockholders' deficit to $8,936,653. PHI Group continues to focus on developing the Asia Diamond Exchange, clean energy technologies, and closing financing agreements. However, significant uncertainties remain regarding its ability to secure necessary capital and achieve operational profitability.