PHI Group, Inc., now operating as Philux Global Group Inc., reported significant financial changes for the three months ended September 30, 2024. The company experienced a net loss of $1.1 million, a notable improvement from a net loss of $3.0 million during the same period in 2023. This reduction in losses can be attributed to a decrease in total operating expenses, which fell to $171,250 from $245,731 year-over-year. Additionally, other expenses decreased significantly from $(2.7 million) in 2023 to $(863,689) in 2024.

The company’s cash and cash equivalents plummeted to $13 as of September 30, 2024, down from $303,000 at the end of June 2024. Total current assets also decreased to $33.3 million from $58.6 million in the previous quarter, while total assets dropped to $66.9 million from $90.9 million. Total liabilities increased to approximately $10.7 million from $9.7 million, contributing to a growing accumulated deficit of $(86.6 million) compared to $(85.5 million) in the prior quarter. The total stockholders’ deficit also widened to $(10.6 million) from $(9.7 million).

In terms of cash flow, the company reported net cash used in operating activities of $(955,155) for the quarter, compared to $(622,470) in the same period last year. However, net cash provided by financing activities improved to $954,865 from $606,483 in 2023, indicating a strategic focus on securing financing.

Strategically, PHI Group is engaged in mergers and acquisitions, corporate finance services, and the development of the Asia Diamond Exchange in Vietnam. The company has established Philux Global Energy, Inc. to commercialize energy-related products based on proprietary research. Recent agreements include partnerships for self-sustainable energy technology and clean energy development, reflecting a commitment to renewable energy investments.

As of September 30, 2024, the company had no properties or equipment and reported no accounts receivable. Current liabilities totaled approximately $8.7 million, with significant components including accrued expenses and notes payable. The company continues to focus on identifying and acquiring businesses with substantial market potential while managing its financial position amid ongoing operational challenges.