2023 Q3 Form 10-Q Financial Statement
#000149315223042104 Filed on November 20, 2023
Income Statement
Concept | 2023 Q3 |
---|---|
Revenue | |
YoY Change | |
Cost Of Revenue | |
YoY Change | |
Gross Profit | |
YoY Change | |
Gross Profit Margin | |
Selling, General & Admin | $245.7K |
YoY Change | |
% of Gross Profit | |
Research & Development | |
YoY Change | |
% of Gross Profit | |
Depreciation & Amortization | |
YoY Change | |
% of Gross Profit | |
Operating Expenses | $245.7K |
YoY Change | -14.32% |
Operating Profit | -$245.7K |
YoY Change | -6.14% |
Interest Expense | $43.68K |
YoY Change | -85.59% |
% of Operating Profit | |
Other Income/Expense, Net | -$2.744M |
YoY Change | 76.0% |
Pretax Income | -$2.990M |
YoY Change | |
Income Tax | |
% Of Pretax Income | |
Net Earnings | -$2.990M |
YoY Change | 64.19% |
Net Earnings / Revenue | |
Basic Earnings Per Share | $0.00 |
Diluted Earnings Per Share | $0.00 |
COMMON SHARES | |
Basic Shares Outstanding | 41.06B shares |
Diluted Shares Outstanding | 41.06B shares |
Balance Sheet
Concept | 2023 Q3 |
---|---|
SHORT-TERM ASSETS | |
Cash & Short-Term Investments | $3.780K |
YoY Change | |
Cash & Equivalents | $3.778K |
Short-Term Investments | $10.00 |
Other Short-Term Assets | $241.4K |
YoY Change | -55.44% |
Inventory | |
Prepaid Expenses | |
Receivables | |
Other Receivables | |
Total Short-Term Assets | $245.2K |
YoY Change | -55.92% |
LONG-TERM ASSETS | |
Property, Plant & Equipment | |
YoY Change | |
Goodwill | |
YoY Change | |
Intangibles | |
YoY Change | |
Long-Term Investments | $32.60K |
YoY Change | |
Other Assets | $0.00 |
YoY Change | |
Total Long-Term Assets | $32.60K |
YoY Change | -4.82% |
TOTAL ASSETS | |
Total Short-Term Assets | $245.2K |
Total Long-Term Assets | $32.60K |
Total Assets | $277.8K |
YoY Change | -52.96% |
SHORT-TERM LIABILITIES | |
YoY Change | |
Accounts Payable | $616.1K |
YoY Change | 0.76% |
Accrued Expenses | $2.049M |
YoY Change | 95.17% |
Deferred Revenue | $1.079M |
YoY Change | 63.38% |
Short-Term Debt | $1.490M |
YoY Change | 132.34% |
Long-Term Debt Due | |
YoY Change | |
Total Short-Term Liabilities | $8.819M |
YoY Change | 28.59% |
LONG-TERM LIABILITIES | |
Long-Term Debt | $0.00 |
YoY Change | |
Other Long-Term Liabilities | $0.00 |
YoY Change | |
Total Long-Term Liabilities | $0.00 |
YoY Change | |
TOTAL LIABILITIES | |
Total Short-Term Liabilities | $8.819M |
Total Long-Term Liabilities | $0.00 |
Total Liabilities | $8.819M |
YoY Change | 28.59% |
SHAREHOLDERS EQUITY | |
Retained Earnings | -$80.31M |
YoY Change | 9.21% |
Common Stock | $74.12M |
YoY Change | 9.15% |
Preferred Stock | |
YoY Change | |
Treasury Stock (at cost) | $44.17K |
YoY Change | 0.0% |
Treasury Stock Shares | |
Shareholders Equity | -$8.541M |
YoY Change | |
Total Liabilities & Shareholders Equity | $277.8K |
YoY Change | -52.96% |
Cashflow Statement
Concept | 2023 Q3 |
---|---|
OPERATING ACTIVITIES | |
Net Income | -$2.990M |
YoY Change | 64.19% |
Depreciation, Depletion And Amortization | |
YoY Change | |
Cash From Operating Activities | -$622.5K |
YoY Change | 52.86% |
INVESTING ACTIVITIES | |
Capital Expenditures | |
YoY Change | |
Acquisitions | |
YoY Change | |
Other Investing Activities | $0.00 |
YoY Change | |
Cash From Investing Activities | |
YoY Change | |
FINANCING ACTIVITIES | |
Cash Dividend Paid | |
YoY Change | |
Common Stock Issuance & Retirement, Net | $737.1K |
YoY Change | 4506.64% |
Debt Paid & Issued, Net | |
YoY Change | |
Cash From Financing Activities | $606.5K |
YoY Change | 71.68% |
NET CHANGE | |
Cash From Operating Activities | -$622.5K |
Cash From Investing Activities | |
Cash From Financing Activities | $606.5K |
Net Change In Cash | -$15.99K |
YoY Change | -70.38% |
FREE CASH FLOW | |
Cash From Operating Activities | -$622.5K |
Capital Expenditures | |
Free Cash Flow | |
YoY Change |
Facts In Submission
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---|---|---|---|---|
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Revenue From Contract With Customer Excluding Assessed Tax
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Derivative Gain Loss On Derivative Net
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Cash In Transit
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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001-38255-NY | |
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PHI GROUP, INC. | |
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WY | |
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2323 Main Street | |
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Irvine | |
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CA | |
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92614 | |
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Common Stock | |
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Trading Symbol
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PHIL | |
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Entity Current Reporting Status
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Entity Interactive Data Current
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Preferred Stock Par Or Stated Value Per Share
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Common Stock Shares Issued
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Treasury Stock Common And Preferred Shares
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|
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Treasury Stock Common And Preferred Shares
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Treasury Stock Value
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Other Nonoperating Expense
OtherNonoperatingExpense
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Earnings Per Share Basic
EarningsPerShareBasic
|
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Earnings Per Share Basic
EarningsPerShareBasic
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Earnings Per Share Diluted
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|
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Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.00 | |
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Weighted Average Number Of Shares Outstanding Basic
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|
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Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
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Weighted Average Number Of Diluted Shares Outstanding
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|
41055882399 | shares |
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Weighted Average Number Of Diluted Shares Outstanding
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|
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|
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Net Income Loss
NetIncomeLoss
|
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Derivative Gain Loss On Derivative Net
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|
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Net Change Due To Conversion Of Notes
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|
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Net Change Due To Conversion Of Notes
NetChangeDueToConversionOfNotes
|
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Cash In Transit
CashInTransit
|
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IncreaseDecreaseInDerivativeLiabilities
|
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Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
|
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IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
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Increase Decrease In Accounts Payables
IncreaseDecreaseInAccountsPayables
|
-170 | usd |
CY2022Q3 | PHIL |
Increase Decrease In Accounts Payables
IncreaseDecreaseInAccountsPayables
|
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Increase Decrease In Subfund Obligations
IncreaseDecreaseInSubfundObligations
|
11844 | usd |
CY2023Q3 | PHIL |
Increase Decrease In Accrued Expenses
IncreaseDecreaseInAccruedExpenses
|
563331 | usd |
CY2022Q3 | PHIL |
Increase Decrease In Accrued Expenses
IncreaseDecreaseInAccruedExpenses
|
118268 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-5000 | usd |
CY2023Q3 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
563161 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
120762 | usd |
CY2023Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
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|
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Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-407228 | usd |
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Proceeds From Financing Loans
ProceedsFromFinancingLoans
|
25291 | usd |
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Proceeds From Financing Loans
ProceedsFromFinancingLoans
|
41332 | usd |
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ProceedsFromRepaymentsOfShortTermDebt
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ProceedsFromRepaymentsOfShortTermDebt
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Proceeds From Issuance Of Common Stock
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|
737062 | usd |
CY2022Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
16000 | usd |
CY2023Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
606483 | usd |
CY2022Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
353258 | usd |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-15987 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-53970 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
19764 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
67896 | usd |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
3778 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
13926 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-6543502 | usd |
PHIL |
Stock Issued During Value Conversions Of Promissory Notes
StockIssuedDuringValueConversionsOfPromissoryNotes
|
233614 | usd | |
PHIL |
Stock Issued During Value Exercise Of Warrants
StockIssuedDuringValueExerciseOfWarrants
|
2395080 | usd | |
us-gaap |
Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
|
545710 | usd | |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-6881906 | usd |
CY2023Q1 | PHIL |
Stock Issued During Value Conversions Of Promissory Notes
StockIssuedDuringValueConversionsOfPromissoryNotes
|
1576175 | usd |
CY2023Q1 | PHIL |
Stock Issued During Value Conversions Of Promissory Notes
StockIssuedDuringValueConversionsOfPromissoryNotes
|
1576175 | usd |
CY2023Q1 | PHIL |
Stock Issued During Value Shares Issued For Cash
StockIssuedDuringValueSharesIssuedForCash
|
624865 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
185000 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8286628 | usd |
CY2023Q2 | us-gaap |
Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
|
974877 | usd |
CY2023Q2 | PHIL |
Stock Issued During Value Shares Issued For Cash
StockIssuedDuringValueSharesIssuedForCash
|
919396 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8222002 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8222002 | usd |
CY2023Q3 | PHIL |
Stock Issued During Value Conversions Of Promissory Notes1
StockIssuedDuringValueConversionsOfPromissoryNotes1
|
102937 | usd |
CY2023Q3 | PHIL |
Stock Issued During Value Exercise Of Warrants1
StockIssuedDuringValueExerciseOfWarrants1
|
1756320 | usd |
CY2023Q3 | PHIL |
Stock Issued During Value Conversions Of Promissory Notes2
StockIssuedDuringValueConversionsOfPromissoryNotes2
|
75016 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8540992 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8540992 | usd |
CY2023Q3 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80E_eus-gaap--NatureOfOperations_z0Vqcgt0eeA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 1</span></b> – <b><span id="xdx_826_zYzgcVLnNbbe">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INTRODUCTION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHI Group, Inc. (n/k/a Philux Global Group Inc) (the “Company” or “PHI”) (<span style="text-decoration: underline">www.philuxglobal.com</span>) is primarily engaged in mergers and acquisitions, advancing Philux Global Funds, SCA, SICAV-RAIF, a “Reserved Alternative Investment Fund” (“RAIF”) under the laws of Luxembourg, and developing the Asia Diamond Exchange in Vietnam. Besides, the Company provides corporate finance services, including merger and acquisition advisory and consulting services for client companies through our wholly owned subsidiary Philux Capital Advisors, Inc. (formerly PHI Capital Holdings, Inc.) (www.philuxcapital.com<span style="text-decoration: underline">)</span> and invests in selective industries and special situations aiming to potentially create significant long-term value for our shareholders. Philux Global Funds intends to include a number of sub-funds for investment in select growth opportunities in the areas of renewable energy, real estate, infrastructure, healthcare, agriculture, and the Asia Diamond Exchange in conjunction with the International Financial Center in Vietnam.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BACKGROUND</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Originally incorporated on June 8, 1982 as JR Consulting, Inc., a Nevada corporation, the Company applied for a Certificate of Domestication and filed Articles of Domestication to become a Wyoming corporation on September 20, 2017. In the beginning, the Company was foremost engaged in mergers and acquisitions and had an operating subsidiary, Diva Entertainment, Inc., which operated two modeling agencies, one in New York and one in California. In January 2000, the Company changed its name to Providential Securities, Inc., a Nevada corporation, following a business combination with Providential Securities, Inc., a California-based financial services company. In February 2000, the Company then changed its name to Providential Holdings, Inc. In October 2000, Providential Securities withdrew its securities brokerage membership and ceased its financial services business. Subsequently, in April 2009, the Company changed its name to PHI Group, Inc. From October 2000 to October 2011, the Company and its subsidiaries were engaged in various transactions in connection with mergers and acquisitions advisory and consulting services, real estate and hospitality development, mining, oil and gas, telecommunications, technology, healthcare, private equity, and special situations. In October 2011, the Company discontinued the operations of Providential Vietnam Ltd., Philand Ranch Limited, a United Kingdom corporation (together with its subsidiaries Philand Ranch - Singapore, Philand Corporation - US, and Philand Vietnam Ltd. - Vietnam), PHI Gold Corporation (formerly PHI Mining Corporation, a Nevada corporation), and PHI Energy Corporation (a Nevada corporation), and mainly focused on acquisition and development opportunities in energy and natural resource businesses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is currently focused on Philux Global Funds, SCA, SICAV-RAIF by launching Philux Global Select Growth Fund and potentially other sub-funds for investment in real estate, renewable energy, infrastructure, agriculture, healthcare and the International Financial Center and Asia Diamond Exchange in Vietnam. In addition, Philux Capital Advisors, Inc., a wholly owned subsidiary of the Company, continues to provide corporate and project finance services, including merger and acquisition (M&A) advisory and consulting services for U.S. and international companies. The Company has also formed Philux Global Advisors, Inc. to serve as the investment advisor to Philux Global Funds and other potential fund clients in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had signed agreements to acquire majority equity interests in Kota Construction LLC and Kota Energy Group LLC (“KOTA”) which are engaged in solar energy business (<span style="text-decoration: underline">https://www.kotasolar.com</span>), and Tin Thanh Group, a Vietnamese joint stock company (www.tinthanhgroup.vn) (“TTG”). Whereas the scheduled closing dates for the KOTA and TTG transactions already expired, the Company has continued to discuss with these companies and intends to renegotiate an revised agreement with each of them when the Company successfully closes one or more of the pending asset management agreements and financing with certain investor groups and lenders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company intends to amend the Purchase and Sale Agreement that was originally signed on January 18, 2022 with Five-Grain Treasure Spirits Co., Ltd., a Chinese baiju distiller, to collaborate in launching American-made baiju products through Empire Spirits, Inc., a subsidiary of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2023, the Company signed a comprehensive business cooperation agreement with Dr. Tri Viet Do, a German-trained electromagnetic energy and quantum physics expert, to jointly develop and commercialize a number of key products using proprietary intellectual properties by him, with initial focus on clean energy generation and transportation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, in May 2023, the company signed a business cooperation agreement with SSE Global JSC, a Vietnamese joint stock company, to establish SSE Global Group, Inc., a Wyoming corporation, (<span style="text-decoration: underline">www.sseglobalgroup.com</span>) to commercialize a self-sustainable energy technology. The Company intends to integrate Dr. Tri Viet Do’s and SSE Global Group, Inc.’s technologies in the new subsidiary to be established in United Arab Emirates which will replace its former subsidiary CO2-1-0 (CARBON) Corp. to continue engaging in carbon emission mitigation using blockchain and crypto technologies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover, in June 2023 the Company signed a business cooperation agreement with Saphia Alkali JSC, a Vietnamese joint stock company, to form Sapphire Alkali Global Group in the United States to finance, manufacture, sell and distribute Saphia Alkali’s proprietary products on a worldwide basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These activities are disclosed in greater detail elsewhere in this report. No assurances can be made that the Company will be successful in achieving its plans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS STRATEGY</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PHI’s strategy is to:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Identify, build, acquire, commit and deploy valuable resources with distinctive competitive advantages;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Identify, evaluate, acquire, participate and compete in attractive businesses that have large, growing market potential;</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Build an attractive investment that includes points of exit for investors through capital appreciation or spin-offs of business units.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> | |
CY2023Q3 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84B_eus-gaap--UseOfEstimates_zX710brXIjE4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zQL5wxHRlOO1">USE OF ESTIMATES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q3 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
5 | usd |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0118 | pure |
CY2023Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P7Y | |
CY2023Q3 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_z1q2FN0I3AFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zwqv1LtQHLa3">RISKS AND UNCERTAINTIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the normal course of business, the Company is subject to certain risks and uncertainties. The Company provides its service and receives marketable securities upon execution of transactions. Consequently, the value of the securities received from customers can be affected by economic fluctuations and each customer’s business growth. The actual realized value of these securities could be significantly different than recorded value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q3 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
5 | usd |
CY2023Q3 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
5 | usd |
CY2023Q2 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
420 | usd |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
2.393 | pure |
CY2023Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
616075 | usd |
CY2023Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
616245 | usd |
CY2023Q3 | us-gaap |
Settlement Liabilities Current
SettlementLiabilitiesCurrent
|
1624775 | usd |
CY2023Q2 | us-gaap |
Settlement Liabilities Current
SettlementLiabilitiesCurrent
|
1624775 | usd |
CY2023Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
2048642 | usd |
CY2023Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
1485310 | usd |
CY2023Q3 | us-gaap |
Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
|
1672386 | usd |
CY2023Q2 | us-gaap |
Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
|
1164685 | usd |
CY2023Q3 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
218167 | usd |
CY2023Q2 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
297805 | usd |
CY2023Q3 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
339141 | usd |
CY2023Q2 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
1027782 | usd |
CY2023Q3 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
1079038 | usd |
CY2023Q2 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
1079038 | usd |
CY2023Q3 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
1220576 | usd |
CY2023Q2 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
1220576 | usd |
CY2023Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
8818800 | usd |
CY2023Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
8516217 | usd |
CY2023Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
2048642 | usd |
CY2023Q3 | us-gaap |
Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
|
1080595 | usd |
CY2023Q3 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
371158 | usd |
CY2023Q3 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
1490198 | usd |
CY2023Q3 | us-gaap |
Professional Fees
ProfessionalFees
|
819038 | usd |
CY2023Q3 | us-gaap |
Deposits
Deposits
|
260000 | usd |
CY2023Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
60000000000 | shares |
CY2023Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
500000000 | shares |
CY2023Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q3 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
44170 | usd |
CY2023Q3 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
3290721896 | usd |
CY2023Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
42705215171 | shares |
CY2023Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
42705215171 | shares |
CY2015Q1 | us-gaap |
Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
|
1000000 | shares |
CY2023Q3 | PHIL |
Common Stock To Be Issued
CommonStockToBeIssued
|
759562 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8540992 | usd |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2989904 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1821013 | usd |