PHI Group Inc (PHIL)

[Djk0689]

Cost from financials “Total operating expenses were $1,590,669 and $603,839 for the nine months ended March 31, 2020, and 2019, respectively. An increase of $986,830 in total operating expenses between the two periods was mainly due to an increase of salaries in the amount of $90,500, an decrease in professional services of $968,681 as a result of an increase of $1,125,542 in fees towards setting up the Luxembourg bank funds, and a decrease in general and administrative expenses of $72,351. The increase in salaries and wages was due to an increase in manpower in connection with the development of the Asia Diamond Exchange.”