PHI Group Reports Decreased Net Loss and Unchanged Revenue for December 2024 Quarter

PHI Group, Inc., now known as Philux Global Group Inc., reported its financial results for the quarter ending December 31, 2024, revealing a net loss of $949,315, a decrease from a loss of $1,711,938 in the same period last year. The company's total revenues remained unchanged at $0 for the quarter, with previous consulting and advisory services generating $5,000 in the prior year. Operating expenses for the quarter were reported at $146,464, down from $186,692 in the previous year, indicating a reduction in costs despite the lack of revenue generation.

Comparing the six-month period ending December 31, 2024, to the same period in 2023, PHI Group's net loss decreased to $2,025,989 from $4,701,841. Total operating expenses for the six months were $317,714, significantly lower than the $432,423 reported in the previous year. The reduction in operating expenses was primarily attributed to lower general and administrative costs, which fell from $303,688 to $157,108. The company’s interest expenses also decreased from $280,300 to $83,470, contributing to the overall improvement in financial performance.

In terms of strategic developments, PHI Group has been actively pursuing partnerships and agreements to enhance its business operations. Notably, the company signed a cooperation agreement with SSE Global JSC in May 2023 to establish SSE Global Group, Inc., aimed at commercializing self-sustainable energy technology. Additionally, in December 2023, PHI entered into a comprehensive cooperation agreement with a Vietnamese inventor to develop clean energy technologies utilizing geomagnetic energy. These initiatives are part of the company's broader strategy to invest in renewable energy and infrastructure projects.

Operationally, PHI Group's total assets decreased to $39,843 as of December 31, 2024, down from $90,856 at the end of the previous fiscal period. Current liabilities increased to $11,520,177, primarily due to a rise in short-term loans and notes payable, which grew from $4,460,981 to $6,063,081. The company reported no accounts receivable as of the end of the reporting period, indicating a lack of revenue-generating activities. The total stockholders' deficit also widened to $11,480,334 from $9,653,967, reflecting ongoing financial challenges.

Looking ahead, PHI Group aims to continue its focus on mergers and acquisitions, as well as the development of its investment funds targeting growth opportunities in various sectors, including renewable energy and real estate. The company has expressed intentions to integrate clean energy technologies into its operations and expand its geographic footprint, particularly in Vietnam and the United Arab Emirates. However, the filing cautions that there are no assurances regarding the success of these initiatives, highlighting the inherent risks and uncertainties in the company's business strategy.