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PHI Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generated during the period. The company focused on developing the Asia Diamond Exchange and advancing geomagnetic energy technology.
Operating expenses for the quarter were $171,250, down from $245,731 in the same quarter of the previous year. The decrease was primarily due to reduced professional service costs.
The company reported a net loss of $1,076,674 for the quarter, compared to a net loss of $2,989,904 in the previous year, with the improvement attributed to reduced other expenses.
Cash used in operating activities was $955,155, while cash provided by financing activities was $954,865. The company had cash and cash equivalents of $13 at the end of the period.
PHI Group has several subsidiaries, including Philux Global Funds SCA, SICAV-RAIF (PHIL+50.00%), and Philux Capital Advisors, Inc., focusing on mergers and acquisitions, corporate finance, and investment in various sectors.
The company is engaged in multiple business cooperation agreements, including projects in renewable energy and proprietary clean energy technology.
The filing notes a material weakness in internal controls over financial reporting, with plans to enhance and improve these controls in the future.
PHI Group's management is focused on securing financing to support its business plans, including developing the Asia Diamond Exchange and International Financial Center in Vietnam.
The company acknowledges the risks associated with its business strategy, including dependence on key personnel and challenges in mergers and acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PHI Group Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.