PHI Group Inc (PHIL)

[keepdreaming132]

oh wait, you're right. i must have been thinking about the lux fund. Still the 10-K dont show the revenue but the 10-k also dont look too good. Henry got more debt then what he/PHIL makes. So with all these lux fund and building project i would expect his $48Million in debt should be an easy wipe? well lets see what 2020 report shows.

NOTE 20 - income Taxes - No provision was made for income tax since the Company has significant net operating loss carry forward. Through June 30, 2019, the Company incurred net operating losses for tax purposes of approximately $42,688,547. The net operating loss carry forward may be used to reduce taxable income through the year 2034. Net operating loss for carry forwards for the State of California is generally available to reduce taxable income through the year 2024. The availability of the Company’s net operating loss carry-forward is subject to limitation if there is a 50% or more positive change in the ownership of the Company’s stock.

NOTE 22 – GOING CONCERN UNCERTAINTY - As shown in the accompanying consolidated financial statements, the Company has accumulated deficit of $42,688,547 and total stockholders’ deficit of $6,002,724 as of June 30, 2019. These factors as well as the uncertain conditions that the Company faces in its day-to-day operations with respect to cash flows create an uncertainty as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management has taken action to strengthen the Company’s working capital position and generate sufficient cash to meet its operating needs through June 30, 2021 and beyond