Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 19, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 2-78335-NY | |
Entity Registrant Name | PHI GROUP, INC. | |
Entity Central Index Key | 0000704172 | |
Entity Tax Identification Number | 90-0114535 | |
Entity Incorporation, State or Country Code | WY | |
Entity Address, Address Line One | 2323 Main Street | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92614 | |
City Area Code | 714 | |
Local Phone Number | 793-9227 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | PHIL | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,578,055,259 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 188,734 | $ 95,344 |
Marketable securities | 2,722,400 | 385,457 |
Total current assets | 2,911,134 | 480,801 |
Other assets: | ||
Investments | 653,753 | 446,995 |
Total Assets | 3,564,886 | 927,796 |
Current Liabilities | ||
Accounts payable | 589,903 | 608,521 |
Sub-fund obligations | 1,474,775 | 1,474,775 |
Accrued expenses | 983,763 | 1,993,478 |
Short-term loans and notes payable | 342,030 | 325,621 |
Convertible Promissory Notes | 997,730 | 220,230 |
Due to officers | 1,119,118 | 1,720,322 |
Advances from customers | 572,237 | 582,237 |
Total Liabilities | 6,079,556 | 6,925,185 |
Stockholders’ deficit: | ||
Preferred Stock, $0.001 par value; 500,000,000 shares authorized. 180,000 shares of Class B Series I issued and outstanding as of 09/30/2021 and 06/30/2021 respectively. Par value: | 180 | 180 |
Common stock, $0.001 par value; 40 billion shares authorized; 27,173,587,483 shares issued and outstanding on 09/30/2021; 40 billion shares authorized and 26,081,268,895 shares issued and outstanding on 6/30/2021, respectively. Par value: | 27,173,587 | 26,081,269 |
APIC - Common Stock | 27,122,802 | 21,123,349 |
Common Stock to be issued | 30,000 | 15,000 |
Common Stock to be cancelled | (2,696,410) | (2,696,410) |
Treasury stock: 484,767 shares as of 9/30/21 and 6/30/21, respectively - cost method. | (44,170) | (44,170) |
Accumulated deficit | (56,523,700) | (50,563,530) |
Total Acc. Other Comprehensive Income (Loss) | 2,423,041 | 86,923 |
Total stockholders’ deficit | (2,514,670) | (5,997,389) |
Total liabilities and stockholders’ deficit | $ 3,564,886 | $ 927,796 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 25, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000,000 | 40,000,000,000 | 40,000,000,000 |
Common stock, shares issued | 27,173,587,483 | 26,081,268,895 | |
Common stock, shares outstanding | 27,173,587,483 | 26,081,268,895 | |
Treasury stock, shares | 484,767 | 484,767 | |
Class B Series I Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.001 | ||
Preferred stock, shares authorized | 1,000,000 | ||
Preferred stock, shares issued | 180,000 | 180,000 | |
Preferred stock, shares outstanding | 180,000 | 180,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net revenues | ||
Total revenues | $ 20,000 | $ 5,000 |
Operating expenses: | ||
Salaries and wages | 90,000 | 52,500 |
Professional services, including non-cash compensation | 132,583 | 207,942 |
General and administrative | 5,006,646 | 56,581 |
Total operating expenses | 5,229,229 | 317,023 |
Income (loss) from operations | (5,209,229) | (312,023) |
Other income and expenses | ||
Other income | 223 | 1,170 |
Interest expense | (51,944) | (25,411) |
Other expenses | (699,220) | |
Net other income (expenses) | (750,941) | (24,241) |
Net income (loss) | $ (5,960,170) | $ (336,264) |
Net loss per share: | ||
Basic | $ 0 | $ 0 |
Diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding: | ||
Basic | 26,934,105,454 | 13,367,391,444 |
Diluted | 26,934,105,454 | 13,367,391,444 |
Investment Advisory, Management and Administrative Service [Member] | ||
Net revenues | ||
Total revenues | $ 20,000 | $ 5,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) from operations | $ (5,960,170) | $ (336,264) | $ 6,553,178 |
Provisions for development costs of Asia Diamond Exchange | (37,642) | ||
Net change due to conversion of notes and salaries | 5,478,306 | ||
(Increase) decrease in assets and prepaid expenses | |||
Total (increase) decrease in assets and prepaid expenses | |||
Increase (decrease) in accounts payable and accrued expenses | |||
Accounts payable | (18,618) | 22,382 | |
Sub-fund obligations | 156,366 | ||
Accrued expenses | 103,750 | 55,492 | |
Advances from customers | (10,000) | ||
Total increase (decrease) in accounts payable and accrued expenses | 75,132 | 234,241 | |
Net cash provided by (used in) operating activities | (406,732) | (139,665) | |
Cash flows from investing activities: | |||
Net cash provided by (used in) investing activities | (207,583) | ||
Cash flows from financing activities: | |||
Loans from Directors & Officers | (101,205) | ||
Loans and Notes payable | 793,909 | 55,415 | |
Common Stock | 15,000 | 10,419 | |
Net cash provided by (used in) financing activities | 707,705 | 65,834 | |
Net decrease in cash and cash equivalents | 93,390 | (73,831) | |
Cash and cash equivalents, beginning of period | 95,344 | 225,381 | 225,381 |
Cash and cash equivalents, end of period | $ 188,734 | $ 151,549 | $ 95,344 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Common Stock to be Cancelled [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2020 | $ 13,232,409 | $ 10,180 | $ 23,922,943 | $ (44,767) | $ (35,000) | $ (135,301) | $ (44,010,352) | $ (7,059,790) |
Balance, shares at Jun. 30, 2020 | 13,232,408,755 | 10,180,000 | (484,767) | |||||
Common Shares issued for conversion of note during quarter ended September 30, 2020 | $ 239,611 | 219,192 | 20,419 | |||||
Common Shares issued for conversion of note during quarter ended September 30, 2020, shares | 239,611,455 | |||||||
Common Shares issued for conversion of notes during quarter ended December 31, 2020 | $ 991,988 | 829,718 | 162,270 | |||||
Common Shares issued for conversion of notes during quarter ended December 31, 2020, shares | 991,987,513 | |||||||
Common Shares issued for conversion of notes during quarter ended March 31, 2021 | $ 8,781,230 | (8,080,856) | 700,374 | |||||
Common Shares issued for conversion of notes during quarter ended March 31, 2021, shares | 8,781,230,346 | |||||||
Common Shares issued for conversion of notes during quarter ended June 30, 2021 | $ 1,514,851 | 2,073,720 | 3,457,779 | |||||
Common Shares issued for conversion of notes during quarter ended June 30, 2021, shares | 1,514,851,203 | |||||||
Common Shares issued for cash during quarter ended June 30, 2021 | $ 867,050 | 1,647,395 | 2,514,445 | |||||
Common Shares issued for cash during quarter ended June 30, 2021, shares | 867,049,520 | |||||||
Common Shares issued for conversion of preferred stock in quarter ended June 30, 2021 | $ 213,651 | $ 10,000 | 174,126 | 377,777 | ||||
Common Shares issued for conversion of preferred stock in quarter ended June 30, 2021, shares | 213,651,293 | (10,000,000) | ||||||
Common Shares issued for investment during quarter ended June 30, 2021 | $ 235,479 | 2,425,432 | 2,660,911 | |||||
Common Shares issued for investment during quarter ended June 30, 2021, shares | 235,478,810 | |||||||
Common Shares issued for note agreement during quarter ended June 30, 2021 | $ 5,000 | 9,500 | 14,500 | |||||
Common Shares issued for note agreement during quarter ended June 30, 2021, shares | 5,000,000 | |||||||
Net Income (Loss) | 6,553,178 | |||||||
Ending balance, value at Jun. 30, 2021 | $ 26,081,269 | $ 180 | 21,123,350 | $ (44,170) | (35,500) | 266,890 | (50,563,530) | (5,997,389) |
Balance, shares at Jun. 30, 2021 | 26,081,268,895 | 180,000 | (484,767) | |||||
Common Shares cancelled during quarter ended September 30, 2021 | $ 784 | (753) | 1,537 | |||||
Common Shares cancelled during quarter ended September 30, 2021, shares | 784,249 | |||||||
Common Shares issued for conversion of loans duirng quarter ended September 30, 2021 | $ 103,279 | 495,740 | 599,019 | |||||
Common Shares issued for conversion of loans duirng quarter ended September 30, 2021, shares | 103,279,112 | |||||||
Common Shares issued for accrued salaries during quarter ended September 30, 2021 | $ 222,824 | 1,362,666 | 1,585,490 | |||||
Common Shares issued for accrued salaries during quarter ended September 30, 2021, shares | 222,823,725 | |||||||
Common Shares issued for consulting service during quarter ended September 30, 2021 | $ 767,000 | 4,141,800 | $ 4,908,800 | |||||
Common Shares issued for consulting service during quarter ended September 30, 2021, shares | 767,000,000 | 1,093,102,837 | ||||||
Net Income (Loss) | $ (5,960,170) | |||||||
Ending balance, value at Sep. 30, 2021 | $ 27,173,588 | $ 180 | $ 27,122,802 | $ (44,170) | $ (35,500) | $ 2,423,041 | $ (56,523,700) | $ (2,514,670) |
Balance, shares at Sep. 30, 2021 | 27,173,587,483 | 180,000 | (484,767) |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 NATURE OF BUSINESS INTRODUCTION PHI Group, Inc. (the “Company” or “PHI”) ( www.phiglobal.com ) BACKGROUND Originally incorporated on June 8, 1982 as JR Consulting, Inc., a Nevada corporation, the Company applied for a Certificate of Domestication and filed Articles of Domestication to become a Wyoming corporation on September 20, 2017. In the beginning, the Company was foremost engaged in mergers and acquisitions and had an operating subsidiary, Diva Entertainment, Inc., which operated two modeling agencies, one in New York and one in California. In January 2000, the Company changed its name to Providential Securities, Inc., a Nevada corporation, following a business combination with Providential Securities, Inc., a California-based financial services company. In February 2000, the Company then changed its name to Providential Holdings, Inc. In October 2000, Providential Securities withdrew its securities brokerage membership and ceased its financial services business. Subsequently, in April 2009, the Company changed its name to PHI Group, Inc. From October 2000 to October 2011, the Company and its subsidiaries were engaged in mergers and acquisitions advisory and consulting services, real estate and hospitality development, mining, oil and gas, telecommunications, technology, healthcare, private equity, and special situations. In October 2011, the Company discontinued the operations of Providential Vietnam Ltd., Philand Ranch Limited, a United Kingdom corporation (together with its subsidiaries Philand Ranch - Singapore, Philand Corporation - US, and Philand Vietnam Ltd. - Vietnam), PHI Gold Corporation (formerly PHI Mining Corporation, a Nevada corporation), and PHI Energy Corporation (a Nevada corporation), and mainly focused on acquisition and development opportunities in energy and natural resource businesses. The Company is currently focused on PHILUX Global Funds, SCA, SICAV-RAIF by launching a number of sub-funds for investment in real estate, renewable energy, infrastructure, agriculture and healthcare and on developing and establishing the Asia Diamond Exchange in Vietnam. In addition, PHILUX Capital Advisors, Inc. (formerly Capital Holdings, Inc.), a wholly owned subsidiary of the Company, continues to provide corporate and project finance services, including merger and acquisition (M&A) advisory and consulting services for U.S. and international companies. Recently, the Company has signed a Memorandum of Agreement to acquire seventy percent ownership in Five-Grain Treasure Spirits Company, Ltd., a baiju distiller in Jilin Province, China. No assurances can be made that the Company will be successful in achieving its plans. BUSINESS STRATEGY PHI’s strategy is to: 1. Identify, build, acquire, commit and deploy valuable resources with distinctive competitive advantages; 2. Identify, evaluate, acquire, participate and compete in attractive businesses that have large, growing market potential; 3. Build an attractive investment that includes points of exit for investors through capital appreciation or spin-offs of business units. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of PHI Group, Inc. and its wholly owned subsidiaries: (1) American Pacific Plastics, Inc., a Wyoming corporation ( 100 100 100 100 100 100 100 100% INTERIM CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These statements should be read in conjunction with the audited financial statements for the year ended June 30, 2021. In the opinion of management, all adjustments consisting of normal reoccurring accruals have been made to the financial statements. The results of operation for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2022. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. MARKETABLE SECURITIES The Company’s securities are classified as available-for-sale and, as such, are carried at fair value. Securities classified as available-for-sale may be sold in response to changes in interest rates, liquidity needs, and for other purposes. Typically, each investment in marketable securities represents less than twenty percent ( 20 Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s equity. Realized gains and losses for securities classified as available-for-sale are reported in earnings based upon the adjusted cost of the specific security sold. On September 30, 2021, the marketable securities were recorded at $ 2,722,400 FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value - Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level Level Level 3 Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including; type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based upon models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement falls in its entirety is determined based upon the lowest level input that is significant to the fair value measurement. Fair Value - Valuation Techniques and Inputs The Company holds and may invest public securities traded on public exchanges or over-the-counter (OTC), private securities, real estate, convertible securities, interest bearing securities and other types of securities and has adopted specific techniques for their respective valuations. Equity Securities in Public Companies Unrestricted The Company values investments in securities that are freely tradable and listed on major securities exchanges at their last reported sales price as of the valuation date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or 3 of the fair value hierarchy. Restricted Securities traded on public exchanges or over-the-counter (OTC) where there are formal restrictions that limit (i.e. Rule 144 holding periods and underwriter’s lock-ups) their sale shall be valued at the closing price on the date of valuation less applicable discounts. The Company may apply a discount to securities with Rule 144 restrictions. Additional discounts may be assessed if the Company believes there are other mitigating factors which warrant the additional discounting. When determining potential additional discounts, factors that will be taken into consideration include, but are not limited to; securities’ trading characteristics, volume, length and overall impact of the restriction as well as other macro-economic factors. Valuations should be discounted appropriately until the securities may be freely traded. If it has been determined that the exchange or OTC listed price does not accurately reflect fair market value, the Company may elect to treat the security as a private company and apply an alternative valuation method. Investments in restricted securities of public companies may be included in Level 2 of the fair value hierarchy. However, to the extent that significant inputs used to determine liquidity discounts are not observable, investments in restricted securities in public companies may be categorized in Level 3 of the fair value hierarchy. The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, marketable securities, short-term notes payable, convertible notes, derivative liability and accounts payable. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments. Effective July 1, 2008, the Company adopted ASC 820 (previously SFAS 157), Fair Value Measurements Assets measured at fair value on a recurring basis are summarized below. The Company also has convertible notes and derivative liabilities as disclosed in this report that are measured at fair value on a regular basis until paid off or exercised. Available-for-sale securities The Company uses various approaches to measure fair value of available-for-sale securities, while applying the three-level valuation hierarchy for disclosures, specified in ASC 820. Our Level 1 securities were measured using the quoted prices in active markets for identical assets and liabilities. The company’s policy regarding the transfers in and/or out of Level 3 depends on the trading activity of the security, the volatility of the security, and other observable units which clearly represents the fair value of the security. If a level 3 security can be measured using a more fairly represented fair value, we will transfer these securities either into Level 1 or Level 2, depending on the type of inputs. ACCOUNTS RECEIVABLE Management reviews the composition of accounts receivable and analyzes historical bad debts. As of September 30, 2021, the Company did no PROPERTIES AND EQUIPMENT Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of the assets from three five REVENUE RECOGNITION STANDARDS ASC 606-10 provides the following overview of how revenue is recognized from an entity’s contracts with customers: An entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price – The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Step 4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer). For performance obligations satisfied over time, an entity recognizes revenue over time by selecting an appropriate method for measuring the entity’s progress toward complete satisfaction of that performance obligation. (Paragraphs 606-10 25-23 through 25-30). In addition, ASC 606-10 contains guidance on the disclosures related to revenue, and notes the following: It also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. Specifically, Section 606-10-50 requires an entity to provide information about: - Revenue recognized from contracts with customers, including disaggregation of revenue into appropriate categories. - Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities. - Performance obligations, including when the entity typically satisfies its performance obligations and the transaction prices is that is allocated to the remaining performance obligations in a contract. - Significant judgments, and changes in judgments, made in applying the requirements to those contracts. Additionally, Section 340-40-50 requires an entity to provide quantitative and/or qualitative information about assets recognized from the costs to obtain or fulfill a contract with a customer. The Company’s revenue recognition policies are in compliance with ASC 606-10. The Company recognizes consulting and advisory fee revenues in accordance with the above-mentioned guidelines and expenses are recognized in the period in which the corresponding liability is incurred. STOCK-BASED COMPENSATION Effective July 1, 2006, the Company adopted ASC 718-10-25 (previously SFAS 123R) and accordingly has adopted the modified prospective application method. Under this method, ASC 718-10-25 is applied to new awards and to awards modified, repurchased, or cancelled after the effective date. Additionally, compensation cost for the portion of awards that are outstanding as of the date of adoption for which the requisite service has not been rendered (such as unvested options) is recognized over a period of time as the remaining requisite services are rendered. RISKS AND UNCERTAINTIES In the normal course of business, the Company is subject to certain risks and uncertainties. The Company provides its service and receives marketable securities upon execution of transactions. Consequently, the value of the securities received from customers can be affected by economic fluctuations and each customer’s business growth. The actual realized value of these securities could be significantly different than recorded value. RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06-Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020. The Company intends to adopt ASU 2020-06 for the quarter beginning January 1, 2022. Update No. 2018-13 – August 2018 Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement Modifications: The following disclosure requirements were modified in Topic 820: 1. In lieu of a roll-forward for Level 3 fair value measurements, a non-public entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities. 2. For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. 3. The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additions: The following disclosure requirements were added to Topic 820; however, the disclosures are not required for non-public entities: 1. The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period. 2. The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Update No. 2018-07 – June 2018 Compensation – Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting Main Provisions: The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Update No. 2017-13 - September 2017 Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606) FASB Accounting Standards Updates No. 2014-09, Revenue from Contracts with Customers (Topic 606), issued in May 2014 and codified in ASC Topic 606, Revenue from Contracts with Customers, and No. 2016-02. The transition provisions in ASC Topic 606 require that a public business entity and certain other specified entities adopt ASC Topic 606 for annual reporting 3 periods beginning after December 15, 2017, including interim reporting periods within that reporting period. FN2 All other entities are required to adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Update No. 2016-10 - April 2016 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: 1. Identify the contract(s) with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company’s financial statements. In most cases, management has determined that the implementation of these pronouncements would not have a material impact on the financial statements taken as a whole. |
MARKETABLE EQUITY SECURITIES AV
MARKETABLE EQUITY SECURITIES AVAILABLE FOR SALE | 3 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE EQUITY SECURITIES AVAILABLE FOR SALE | NOTE 3 MARKETABLE EQUITY SECURITIES AVAILABLE FOR SALE The Company’s marketable securities are classified as available-for-sale and, as such, are carried at fair value. All of the securities are comprised of shares of common stock of the investee. Securities classified as available-for-sale may be sold in response to changes in interest rates, liquidity needs, and for other purposes. These marketable securities are quoted on the OTC Markets or other public exchanges and are accounted for in accordance with the provisions of SFAS No. 115. Marketable securities held by the Company and classified as available for sale as of September 30, 2021 consisted of 905,000 292,050,000 2,722,400 SCHEDULE OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES Securities available for sale Level 1 Level 2 Level 3 Total September 30, 2021 None $ 6,335 $ 2,716,065 $ 2,722,400 June 30, 2021 None $ 5,792 $ 379,665 $ 385,457 |
PROPERTIES AND EQUIPMENT
PROPERTIES AND EQUIPMENT | 3 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTIES AND EQUIPMENT | NOTE 4 PROPERTIES AND EQUIPMENT The Company did not have any properties or equipment as of September 30, 2021. |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | NOTE 5 OTHER ASSETS Other Assets comprise of the following as of September 30, 2021 and June 30, 2021 SCHEDULE OF OTHER ASSETS September 30, 21 June 30, 2021 Investment in Asia Diamond Exchange, Inc. $ 614,010 $ 406,427 Investment in PHILUX Global Funds, SCA, SICAV-RAIF $ 34,743 $ 35,568 Investment in AQuarius Power, Inc. $ 5,000 $ 5,000 Total Other Assets $ 653,753 $ 446,995 Other Assets as of September 30, 2021 consist of a $ 5,000 614,010 34,743 During the quarter ended September 30, 2021, the Company received 207,582,770 0.001 207,572.77 For the investment in PHILUX Global Funds, as of September 30, 2021, PHI Luxembourg Development SA, a Luxembourg corporation and wholly-owned subsidiary of PHI Group, Inc. held twenty-eight 28,000 100 1,000 100 1,000 34,743 |
CURRENT LIABILITIES
CURRENT LIABILITIES | 3 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
CURRENT LIABILITIES | NOTE 6 CURRENT LIABILITIES Current Liabilities of the Company consist of the followings as of September 30, 2021 and June 30, 2021. SCHEDULE OF CURRENT LIABILITIES Sep 30, 2021 Jun 30, 2021 Current Liabilities Accounts payable 589,903 608,521 Sub-fund obligations 1,474,775 1,474,775 Accrued expenses 983,763 1,993,478 Short-term notes and loans payable 342,030 325,621 Convertible Promissory Notes 997,730 220,230 Due to officers 1,119,118 1,720,322 Advances from customers 572,237 582,237 Total Current Liabilities $ 6,079,556 $ 6,925,185 ACCRUED EXPENSES: Accrued expenses as of September 30, 2021 totaling $ 983,763 741,683 242,079 NOTES PAYABLE: As of September 30, 2021, Notes Payable consist of $ 289,280 43,750 997,730 ADVANCES FROM CUSTOMERS: As of September 30, 2021, the Company recorded $ 572,237 SUB-FUND OBILGATIONS: The Company has recorded a total of $ 1,474,775 |
DUE TO OFFICERS
DUE TO OFFICERS | 3 Months Ended |
Sep. 30, 2021 | |
Due To Officers | |
DUE TO OFFICERS | NOTE 7 DUE TO OFFICERS Due to officer, represents loans and advances made by officers and directors of the Company and its subsidiaries, unsecured and due on demand. As of September 30, 2021 and June 30, 2021, the balances were $ 1,119,118 1,720,322 COMPONENTS OF DUE TO OFFICERS AND DIRECTORS Officers/Directors Sep 30, 2021 Jun 30, 2021 Henry Fahman 455,768 $ 1,056,972 Tam Bui 663,350 $ 663,350 Total $ 1,119,118 $ 1,720,322 |
LOANS AND PROMISSORY NOTES
LOANS AND PROMISSORY NOTES | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
LOANS AND PROMISSORY NOTES | NOTE 8 LOANS AND PROMISSORY NOTES A. SHORT TERM NOTES PAYABLE: In the course of its business, the Company has obtained short-term loans from individuals and institutional investors. As of September 30, 2021, the Company had a total of $ 342,030 242,079 0 36 B. CONVERTIBLE PROMISSORY NOTES OUTSTANDING AS OF SEPTEMBER 30, 2021 As of September 30, 2021, the Company had a net balance of $ 997,730 |
PAYROLL TAX LIABILITIES
PAYROLL TAX LIABILITIES | 3 Months Ended |
Sep. 30, 2021 | |
Payroll Tax Liabilities | |
PAYROLL TAX LIABILITIES | NOTE 9 PAYROLL TAX LIABILITIES As of September 30, 2021, payroll tax liabilities were $ 5,747 |
BASIC AND DILUTED NET PROFIT (L
BASIC AND DILUTED NET PROFIT (LOSS) PER SHARE | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET PROFIT (LOSS) PER SHARE | NOTE 10 BASIC AND DILUTED NET PROFIT (LOSS) PER SHARE Net loss per share is calculated in accordance with SFAS No. 128, “Earnings per Share”. Under the provision of SFAS No. 128, basic net loss per share is computed by dividing the net loss for the period by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock outstanding for the period and common stock equivalents outstanding at the end of the period. Basic and diluted weighted average numbers of shares for the period ended September 30, 2021 were the same since the inclusion of Common stock equivalents is anti-dilutive. |
DOMESTICATION IN THE STATE OF W
DOMESTICATION IN THE STATE OF WYOMING | 3 Months Ended |
Sep. 30, 2021 | |
Domestication In State Of Wyoming | |
DOMESTICATION IN THE STATE OF WYOMING | NOTE 11 DOMESTICATION IN THE STATE OF WYOMING On September 20, 2017, the Company applied for a Certificate of Domestication and filed Articles of Domestication with the office of the Secretary of State of Wyoming to re-domicile the Company’s jurisdiction to the State of Wyoming. On September 20, 2017, the Company filed Articles of Amendment with the Wyoming Secretary of State to amend the authorized capital of the Company as follows: “The total number of shares into which the authorized capital stock of the corporation is divided is one billion shares, consisting of: nine hundred 0.001 fifty 5.00 twenty 5.00 twenty 5.00 five 5.00 On June 25, 2020, the Company filed Articles of Amendment with the Wyoming Secretary of State to amend Article 10 of the Articles of Domestication to authorize Forty Billion ( 40,000,000,000 0.001 500,000,000 0.001 I. CLASS A PREFERRED STOCK A. DESIGNATIONS, AMOUNTS AND DIVIDENDS 1. Class A Series I Cumulative Convertible Redeemable Preferred Stock a. Designation: Fifty million ( 50,000,000 0.001 b. Number of Shares: The number of shares of Class A Series I Preferred Stock authorized shall be fifty million (50,000,000) shares. c. Dividends: Each holder of Class A Series I Preferred Stock is entitled to receive ten percent ( 10 2. Class A Series II Cumulative Convertible Redeemable Preferred Stock a. Designation. Two hundred million ( 200,000,000 0.001 Class A Series II Preferred Stock b. Number of Shares. The number of shares of Class A Series II Preferred Stock authorized shall be two hundred million (200,000,000) shares. c. Dividends: Each holder of Class A Series II Preferred Stock is entitled to receive eight percent ( 8 3. Class A Series III Cumulative Convertible Redeemable Preferred Stock a. Designation. Fifty million ( 50,000,000 0.001 Class A Series III Preferred Stock b. Number of Shares. The number of shares of Class A Series III Preferred Stock authorized shall be fifty million (50,000,000) shares. c. Dividends: Each holder of Class A Series III Preferred Stock is entitled to receive eight percent ( 8 4. Class A Series IV Cumulative Convertible Redeemable Preferred Stock a. Designation. One hundred ninety-nine million ( 199,000,000 0.001 Class A Series IV Preferred Stock b. Number of Shares. The number of shares of Class A Series III Preferred Stock authorized shall be one hundred ninety-nine million (199,000,000) shares. c. Dividends: To be determined by the Corporation’s Board of Directors. B. CONVERSION 1. Conversion of Series I, Series II and/or Series IV Class A Preferred Stock into Common Stock of PHI Group, Inc. Each share of the Class A Preferred Stock, either Series I, Series II or Series IV shall be convertible into the Company’s Common Stock any time after two years from the date of issuance at a Variable Conversion Price (as defined herein) of the Common Stock. The “Variable Conversion Price” shall mean 75% multiplied by the Market Price (as defined herein) (representing a discount rate of 25%). “Market Price” means the average Trading Price for the Company’s Common Stock during the ten (10) trading-day period ending one trading day prior to the date the Conversion Notice is sent by the Holder of the Class A Preferred Stock to the Company via facsimile or email (the “Conversion Date”). 2. Conversion of Series I, Series II and/or Series IV Class A Preferred Stock into Common Stock of a subsidiary of PHI Group, Inc.’s. Alternatively, each share of the Class A Preferred Stock, either Series I, Series II and/or Series IV may be convertible into Common Stock of a subsidiary of PHI Group, Inc.’s, to be determined by the Company’s Board of Directors, any time after such subsidiary has become a fully-reporting publicly traded company for at least three months, at a Variable Conversion Price (as defined herein). The Variable Conversion Price to be used in connection with the conversion into Common Stock of a subsidiary of PHI Group, Inc.’s shall mean 50% multiplied by the Market Price (as defined herein), representing a discount rate of 50%, of that Common Stock. “Market Price” means the average Trading Price for the Common Stock of said subsidiary of PHI Group, Inc.’s during the ten (10) trading-day period ending one trading day prior to the date the Conversion Notice is sent by the Holder of the Preferred Stock to the Company via facsimile or email (the “Conversion Date”). 3. Conversion of Class A Series III Preferred Stock of PHI Group, Inc. into Common Stock of American Pacific Plastics, Inc., a subsidiary of PHI Group, Inc.’s. The entire Class A Series III Preferred Stock of PHI Group, Inc. (i.e. fifty million ( 50,000,000 80 4. Conversion Shares. The amount of shares of Common Stock of PHI Group, Inc., or alternatively, of a subsidiary of PHI Group, Inc.’s, to be received by Holder at the time of conversion of Class A Series I or Series II Preferred Stock of PHI Group, Inc. will be based on the following formula: Where CS Common Shares of PHI Group, Inc., Amount of CS OIP + AUD or alternatively, of a subsidiary of PHI Group, Inc.’s. VCP OIP Original Issue Price of Class A Series I or Series II Preferred Stock of PHI Group, Inc. AUD Accrued and Unpaid Dividends. VCP Variable Conversion Price of PHI Common Stock or of a subsidiary of PHI Group, Inc.’s as defined above. C. REDEMPTION RIGHTS The Corporation, after a period of two years from the date of issuance, may at any time or from time to time redeem the Class A Preferred Stock, either Series I, Series II, Series III or Series IV in whole or in part, at the option of the Company’s Board of Directors, at a price equal to one hundred twenty percent ( 120 D. LIQUIDATION Upon the occurrence of a Liquidation Event (as defined below), the holders of Class A Preferred Stock are entitled to receive net assets on a pro rata basis. As used herein, “ Liquidation Event Permitted Merger E. RANK All shares of the Class A Preferred Stock shall rank (i) senior to the Corporation’s Common Stock and any other class or series of capital stock of the Corporation hereafter created, (ii) pari passu F. VOTING RIGHTS 1. G. PROTECTION PROVISIONS So long as any shares of Class A Preferred Stock are outstanding, the Corporation shall not, without first obtaining the majority written consent of the holders of Class A Preferred Stock, alter or change the rights, preferences or privileges of the Class A Preferred Stock so as to affect adversely the holders of Class A Preferred Stock. H. MISCELLANEOUS 1. Status of Redeemed Stock 2. Lost or Stolen Certificates 3 Waiver 4 Notices If to the Corporation: PHI GROUP, INC. 30 N Gould Street, Suite R Sheridan, WY 82801 Facsimile: 702-472-8556 Email: info phiglobal.com If to the holders of Class Preferred Stock, to the address to be listed in the Corporation’s books and Records. II. CLASS B PREFERRED STOCK 1. Class B Series I Preferred Stock a. Designation: One million ( 1,000,000 0.001 b. Number of Shares: The number of shares of Class B Series I Preferred Stock authorized will be one million (1,000,000) shares. c. Dividend: None d. Voting rights: Except as provided by law, the shares of Class B Series I Preferred Stock shall have the same right to vote or act on all matters on which the holders of Common Stock have the right to vote or act and the holders of the shares of Class B Series I shall be entitled to notice of any stockholders’ meeting or action as to such matters on the same basis as the holders of Common Stock, and the holders of Common Stock and shares of Class B Series I shall vote together or act together thereon as if a single class on all such matters; provided, in such voting or action each one share of Class B Series I shall be entitled to one hundred thousand (100,000) votes |
STOCKHOLDER_S EQUITY
STOCKHOLDER’S EQUITY | 3 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDER’S EQUITY | NOTE 12 STOCKHOLDER’S EQUITY As of September 30, 2021, the total number of authorized capital stock of the Company consisted of 40 0.001 500,000,000 0.001 TREASURY STOCK The balance of treasury stock as of September 30, 2021 was 484,767 44,170 COMMON STOCK During the quarter ended September 30, 2021, the Company issued a total of 1,093,102,837 784,249 As of September 30, 2021, there were 27,173,587,483 PREFERRED STOCK CLASS B SERIES I PREFERRED STOCK As of September 30, 2021, the following amounts of Preferred Stock were issued and outstanding: Class B Series I Preferred Stock: 180,000 |
STOCK-BASED COMPENSATION PLAN
STOCK-BASED COMPENSATION PLAN | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION PLAN | NOTE 13 STOCK-BASED COMPENSATION PLAN 1. On February March 18, 2015, the Company adopted an Employee Benefit Plan to set aside 1,000,000 2. On September 23, 2016, the Company issued incentive stock options and nonqualified stock options to certain key employee(s) (Henry Fahman – CEO/CFO) and directors (Tam Bui, Henry Fahman, and Frank Hawkins constitute the Board of Directors) as deferred compensation. The options allow the holders to acquire the Company’s Common Stock at the fair exercise price of the Company’s Common Stock on the grant date of each option at $ 0.24 6,520,000 seven years one year SCHEDULE OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS Risk-free interest rate 1.18 % Expected life 7 years Expected volatility 239.3 % Vesting is based on a one-year cliff from grant date. Annual attrition rates were used in the valuation since ongoing employment was condition for vesting the options. The fair value of the Company’s Stock Options as of issuance valuation date is as follows: SCHEDULE OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE Holder Issue Date Maturity Stock Options Exercise Price Fair Value at Tam Bui 9/23/2016 9/23/2023 875,000 Fixed price: $ 0.24 $ 219,464 Frank Hawkins 9/23/2016 9/23/2023 875,000 Fixed price: $ 0.24 $ 219,464 Henry Fahman 9/23/2016 9/23/2023 4,770,000 Fixed price: $ 0.24 $ 1,187,984 3. On September 9, 2021, the Company adopted the PHI Group 2021 Employee Benefit Plan and set aside 2,600,000,000 shares of its common stock to provide a means of non-cash remuneration to selected eligible employees and independent contractors (“Eligible Participants”) of the Company and its subsidiaries. On September 17, 2021, the Company filed Form S-8 Registration Statement under the Securities Act of 1933 with the Securities and Exchange Commission to register these shares for the above-mentioned plan. As of September 30, 2021 the Company has issued 767,000,000 shares for consulting service under the PHI Group 2021 Employee Benefit Plan. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 14 RELATED PARTY TRANSACTIONS The Company recognized a total of $ 90,000 Henry Fahman, Chairman and Chief Executive Officer, and Tam Bui, a member of the Board of Directors and Chief Operating Officer, of the Company from time to time lend money to the Company. These loans are without interest and payable upon demand. As of September 30, 2021, the Company still owed the following amounts to Related Parties: SCHEDULE OF RELATED PARTIES No. Name: Title: Amount: Description: 1) Tam Bui Director/COO $ 75,000 Accrued salaries $ 663,350 Loans 2) Henry Fahman Chairman/CEO $ 279,250 Accrued salaries $ 455,768 Loans 3) Tina Phan Secretary/Treasurer $ 259,186 Accrued salaries |
CONTRACTS AND COMMITMENTS
CONTRACTS AND COMMITMENTS | 3 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTRACTS AND COMMITMENTS | NOTE 15 CONTRACTS AND COMMITMENTS 1. ACQUISITION OF 51% EQUITY INTEREST IN VINAFILMS JOINT STOCK COMPANY On August 06, 2018, signed a Business Cooperation Agreement with Vinafilms JSC (Công ty Cổ phần Màng Bao Bì Tân Vinh Nam Phát), a Vietnamese joint stock company, with principal business address at Lot G9, Road No. 9, Tan Do Industrial Zone, Duc Hoa Ha Village, Duc Hoa District, Long An Province, Vietnam, hereinafter referred to as “VNF” and its majority shareholder, to exchange fifty-one percent ownership in VNF for Preferred Stock of PHI. According to the Agreement, PHI will be responsible for filing a S-1 Registration Statement with the Securities and Exchange Commission for American Pacific Plastics, Inc., a subsidiary of PHI that holds the 51 On September 20, 2018, a Stock Swap Agreement was signed by and between Ms. Do Thi Nghieu, the majority shareholder holding 76 3,060,000 50 2. AGREEMENT WITH TECCO GROUP FOR PARTICIPATION IN PHILUX INFRASTRUCTURE FUND COMPARTMENT OF PHILUX GLOBAL FUNDS On August 10, 2020, Tecco Group, a Vietnamese company, signed an agreement with PHI Luxembourg Development SA, a subsidiary of the Company, to participate in the proposed infrastructure fund compartment of PHILUX Global Funds SCA, SICAV-RAIF. According to the agreement, Tecco Group will contribute $ 2,000,000 49 four 156,366 3. AGREEMENT WITH PHAT VAN HUNG CO. LTD. FOR PARTICIPATION IN PHILUX REAL ESTATE FUND COMPARTMENT OF PHILUX GLOBAL FUNDS On November 09, 2020, Phat Van Hung Co. Ltd. signed an agreement with PHI Luxembourg Development SA, a subsidiary of the Company, to participate in the real estate fund compartment of PHILUX Global Funds SCA, SICAV-RAIF. According to the agreement, Phat Van Hung Co. Ltd. will contribute $ 2,000,000 49 4. AGREEMENT WITH XUAN QUYNH LLC FOR PARTICIPATION IN PHILUX INFRASTRUCTURE FUND COMPARTMENT OF PHILUX GLOBAL FUNDS On November 20, 2020, Xuan Quynh LLC, a Vietnamese company, signed an agreement with PHI Luxembourg Development SA, a subsidiary of the Company, to participate in the proposed infrastructure fund compartment of PHILUX Global Funds SCA, SICAV-RAIF. According to the agreement, Xuan Quynh LLC will contribute $ 2,000,000 49 5. INVESTMENT AGREEMENTS AND MEMORANDUM OF UNDERSTANDING From August 24, 2020 to November 11, 2020, the Company through its Luxembourg bank fund mother holding company PHI Luxembourg Development SA and PHILUX Global Funds SCA, SICAV-RAIF has signed investment agreements and memorandum of understanding with three non-US entities for total investments of more than one billion U.S. dollars. However, as of the date of this report, the Company has not received any money from these investment agreements and there is no guarantee that any money will be received from these agreements and memorandum of understanding in the future. 6. ISSUANCE OF CONVERTIBLE PROMISSORY NOTES During the quarter ended September 30, 2021, the Company issued the following convertible notes: a. On July 22, 2021, the Company issued a Promissory Note to Power Up Lending Group, Ltd., a Virginia corporation, in the amount of $ 80,000 at an interest rate of 8 % per annum. This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a 39% discount to the average of the two lowest closing bid prices during the ten trading days immediately prior to the conversion date or may be prepaid on or prior to the 180 th th b. On August 10, 2021, the Company issued a Promissory Note to Power Up Lending Group, Ltd., a Virginia corporation, in the amount of $ 53,750 at an interest rate of 8 % per annum. This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a 39% discount to the average of the two lowest closing bid prices during the ten trading days immediately prior to the conversion date or may be prepaid on or prior to the 180 th th c. On August 31, 2021, the Company issued Promissory Note to EMA Financial LLC, a Delaware limited liability company, in the amount of $ 100,000 at an interest rate of 6 % per annum. This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a fixed conversion price of $ 0.001 th th d. On September 01 2021, the Company issued a Promissory Note to Power Up Lending Group, Ltd., a Virginia corporation, in the amount of $ 53,750 at an interest rate of 8 % per annum. This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a 39% discount to the average of the two lowest closing bid prices during the ten trading days immediately prior to the conversion date or may be prepaid on or prior to the 180 th th e. On September 15, 202 1, the Company issued Promissory Note to Master Hill Fund, LLC , a Delaware limited liability company, in the principal amount of $ 550,000 at an interest rate of 12 % per annum. This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a fixed conversion price of $ 0.0061 f. Effective September 27, 2021, the Company issued a 12 275,000 This note matures one year from the date of issuance and is convertible to Common Stock of the Company at $ 0.0061 7. DEVELOPMENT OF THE MULTI-COMMODITIES CENTER, ASIA DIAMOND EXCHANGE AND LOGISTICS CENTER IN VIETNAM Along with the establishment of PHILUX Global Funds, since March 2018 the Company has worked closely with the Authority of Chu Lai Open Economic Zone and the Provincial Government of Quang Nam, Vietnam to develop the Asia Diamond Exchange. Quang Nam Provincial Government has agreed in principle to allocate more than 200 hectares in the sanctioned Free-Trade Zone near Chu Lai Airport, Nui Thanh District, Quang Nam Province in Central Vietnam for us to set up a multi-commodities center which would include the Asia Diamond Exchange. On June 04, 2021 the Company incorporated Asia Diamond Exchange, Inc., a Wyoming corporation, ID number 2021-001010234, as the holding company for the development of the Asia Diamond Exchange in Vietnam. On July 07, 2021, the Company had an online meeting with the Chairman of Quang Nam Province, the Authority of Chu Lai Open Economic Zone and the heads of various Provincial Departments to update and plan for the implementation of the Asia Diamond Exchange. The Company plans to return to Vietnam as soon possible to hold an international press conference and complete the required documents with the Vietnamese provincial and central governments. In addition, another opportunity has arisen with the start of construction of the new international airport in Long Thanh District, Dong Nai Province near Ho Chi Minh City in Southern Vietnam. In December 2020, the Vietnamese central government designated 1,200 hectares of land in Bau Can village, Long Thanh District, Dong Nai Province as a new industrial zone. The Company is in the process of applying for additional land close to the Long Thanh International Airport to develop Long Thanh Multi-Commodities Logistics Center (LMLC). 8. TERMINATION OF INVESTMENT AGREEMENT On March 6, 2017, PHI Group, Inc., a Nevada corporation (the “Company”) and Azure Capital, a Massachusetts Corporation (the “Investor”) entered into an Investment Agreement (the “Investment Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”), each dated March 6, 2017 between the Company and the Investor. Pursuant to the Investment Agreement, the Investor committed to purchase, subject to certain restrictions and conditions, up to $ 10,000,000 20,000,000 This Investment Agreement was amended on August 3, 2017 to allow for the reservation of 65,445,000 The Company had filed a S-1 Registration Statement with the Securities and Exchange Commission to include 7,936,600 On September 7, 2021 to terminate this Investment Agreement effective retroactively January 11, 2021. 9. LETTER OF INTENT WITH CHOKY F. SIMANJUNTAK (CYFS Group) On August 02, 2021, the Company signed a Letter of Intent with Indonesia-based CYFS Group, headed by Mr. Choky Fernando Simanjuntak, to sponsor and co-found CO2-1-0 (CARBON) CORP to implement a new disruptive carbon mitigation initiative through environmentally sustainable projects starting in Indonesia, Vietnam, other ASEAN countries, and worldwide. On September 21, 2021 CO2-1-0 (CARBON) CORP was incorporated as a Wyoming corporation to manage this program. PHI Group will contribute a major portion of the development budget and will hold 50.1% shares of CO2-1-0 (CARBON). According to the United Nation Framework Convention on Climate Change (UNFCCC), together with the Paris agreement and Kyoto protocol in 2016, where Indonesia has actively participated and agreed to maintain the earth temperature not to exceed by 1,5 degrees Celsius by 2030. The greenhouse gases (GHG), mainly CO2, CH4, N2O, SF6, HFCs, PFCs, are the root cause of global climate change, each of which can be calculated as CER (CO2 Emission Reduction) equivalent. The target for Indonesia is 834 million tonnes of CER by 2030. CO2-1-0 (CARBON) aims to provide a solution in disruptive decentralized new carbon market system using blockchain technology which will be empowering environmentally sustainable projects (renewable energy/ waste/ agriculture/ forestry/ etc.) starting in Indonesia, Vietnam, other ASEAN countries and worldwide. It has a clear and systematic product development roadmap, and the ultimate milestones of the products estimated to be launched in the near future. The solution, methodology, and improved TACCC (transparent, accurate, consistent, complete, and comparable) business process originally introduced by CO2-1-0 (CARBON) CORP are expected to bring full impact to better environment and life of millions. 10. MEMORANDUM OF UNDERSTANDING WITH FIVE-GRAIN TREASURE SPIRITS CO., LTD. On September 16, 2021, PHI Group, Inc. entered into a Memorandum of Understanding (“MOU”) with Five-Grain Treasure Spirits Co., Ltd. (“FGTS”), a baiju distilling company with principal business address at Jigu Road Economic Zone, Shulan City, Jilin Province, China, to acquire seventy percent ( 70 100,000,000 Completion of this transaction will be conditioned, among other matters, upon: (a) Upon signing of this MOU, FGTS will cooperate with and accommodate PHIL and/or its representative(s) for further due diligence review of FGTS’s business, including but not limited to its assets, liabilities, property, plant and equipment, technologies, operations, books and records, and business plan. (b) The signing of the Definitive Agreement by the parties within forty-five days following the signing of this MOU and the closing of this transaction by December 31, 2021, unless extended by the consent of both parties in writing. (c) The establishment of a special purpose vehicle (SPV) as the holding company for the seventy percent ( 70 PHI Group, Inc. changed the name of its subsidiary “Provimex, Inc.”, a Nevada corporation established on September 23, 2004, Entity Number C25551-4, to Empire Spirits, Inc. as the holding company for the acquisition of seventy percent ( 70 Baijiu is a white spirit distilled from sorghum. It is similar to vodka but with a fragrant aroma and taste. It is currently the most consumed spirit in the world. Mainly consumed in China, it is gaining popularity in the rest of the world. Five-Grain specializes in the production and sales of spirits and the development of proprietary spirit production processes. It also possesses a patented technology to grow red sorghum for baiju manufacturing. The patented grain produces superior yield and quality. Five-Grain is a reputable bulk alcohol supplier to some of the largest spirits companies in the world. Empire Spirits, Inc. will proceed to sign the Definitive Agreement with Five-Grain to consummate this transaction. 11. SERVICES AGREEMENTS FOR DEVELOPMENT OF ADE TOKENS USING BLOCKCHAIN AND CRYPTO TECHNOLOGIES On September 21, 2021, the Company signed Services Agreements with Johnny Park (“JP”) and Whankuk Je (“WJ”), collectively (“the Consultants”), to form an “Asia Diamond Exchange Blockchain Task Force” to develop “ADE Tokens” in connection with the Asia Diamond Exchange to be established in Vietnam. The Consultants will be totally responsible for planning, organizing, designing, structuring, configuring, programming and implementing the necessary systems, architecture, and platform for launching a most optimum ADE Token possible in connection with the Asia Diamond Exchange using advanced crypto and blockchain technologies to finance the development and implementation of the Asia Diamond Exchange project. According to the Services Agreements, the Company will compensate the Consultants by issuing One Billion One Hundred Fifty Million ( 1,150,000,000 ) shares of Common Stock of PHI Group, Inc. to JP and One Billion One Hundred Fifty Million ( 1,150,000,000 ) shares of Common Stock of PHI Group, Inc. to WJ from the 2021 Employee Benefit Plan of PHI Group, Inc. as filed with the Securities and Exchange Commission on September 17, 2021. |
GOING CONCERN UNCERTAINTY
GOING CONCERN UNCERTAINTY | 3 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTY | NOTE 16 GOING CONCERN UNCERTAINTY As shown in the accompanying consolidated financial statements, the Company has accumulated deficit of $ 56,523,700 2,514,670 5,960,170 336,264 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 17 SUBSEQUENT EVENT These financial statements were approved by management and available for issuance on or about November 19, 2021. Subsequent events have been evaluated through this date. 1. ISSUANCES AND CANCELLATION OF COMMON STOCK From October 01, 2021 to November 19, 2021, the Company issued and cancelled the following shares of its Common Stock: A. Issuances: a. Issuance of 1,533,000,000 shares of Common Stock for the Services Agreements dated September 21, 2021 with Johnny Park and Whankuk Je regarding the development and launching of the ADE Tokens in connection with the Asia Diamond Exchange. b. Issuance of 54,750,000 shares of Common Stock for the conversion of one half of the principal amount and accrued interest of the convertible note with EMA Financial LLC dated March 23, 2021. c. Issuance of 52,196,586 215,898 B. Cancellation: Cancellation of 235,478,810 2. FINANCING CONTRACT AGREEMENT WITH HAJ FINANCE GROUP Effective October 17, 2021 the Company signed a contract agreement with Haj Finance Group, a corporation registered in Oman, Hatat House Ground Floor, Ruwi, Muscat, Sultanate of Oman, for a financing program in the amount of $ 1,500,000,000 2.5 thirty-five three 3. BUSINESS COOPERATION AGREEMENT WITH DIGITAL SOLUTIONS COMPANY LTD. On November 1, 2021, the Company signed an Business Cooperation Agreement with Digital Solutions Company Limited, a Vietnamese company, to cooperate in developing technical solutions for a variety of industries, including real estate, energy, agriculture and healthcare using digital, blockchain and crypto technologies. Digital Solutions currently assists CO2-1-0 (CARBON) CORP, a subsidiary of PHI Group, Inc., to launch the new disruptive carbon mitigation initiative and will also support PHI Group with technological solutions for the Asia Diamond Exchange to be established in Vietnam, as well as jointly advance a number of special projects for the benefits of both companies. 4. LOAN AGREEMENT DEED WITH NEOK FINANCIAL INCORPORATED On November 14, 2021 the Company signed a Loan Agreement Deed with Neok Financial Incorporated, a corporation organized and existing under the laws of United Arab Emirates, with office address located at Trade Center Road, Bur Dubai, Dubai, United Arab Emirates, for a financing program in the amount of $ 2,000,000,000 which carries an rate of fixed interest of 2.00 % per annum for the term of thirty-five (35) years. The closing of this transaction is subject to the registration of a Special Purpose Vehicle (SPV) within United Arab Emirates, the signing of the closing documents and the approval of the transfer of funds by the appropriate oversight authorities. The Company intends to use the funds for the establishment of the Asia Diamond Exchange and the Multi-Commodities Center in Vietnam, for financing selective projects in the areas of real estate, infrastructure, renewable energy, healthcare, and for other investment opportunities in connection with PHILUX Global Funds SCA, SICA-RAIF, a group of Luxembourg bank funds sponsored by the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of PHI Group, Inc. and its wholly owned subsidiaries: (1) American Pacific Plastics, Inc., a Wyoming corporation ( 100 100 100 100 100 100 100 100% |
INTERIM CONSOLIDATED FINANCIAL STATEMENTS | INTERIM CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These statements should be read in conjunction with the audited financial statements for the year ended June 30, 2021. In the opinion of management, all adjustments consisting of normal reoccurring accruals have been made to the financial statements. The results of operation for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2022. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. |
MARKETABLE SECURITIES | MARKETABLE SECURITIES The Company’s securities are classified as available-for-sale and, as such, are carried at fair value. Securities classified as available-for-sale may be sold in response to changes in interest rates, liquidity needs, and for other purposes. Typically, each investment in marketable securities represents less than twenty percent ( 20 Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s equity. Realized gains and losses for securities classified as available-for-sale are reported in earnings based upon the adjusted cost of the specific security sold. On September 30, 2021, the marketable securities were recorded at $ 2,722,400 |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value - Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level Level Level 3 Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including; type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based upon models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement falls in its entirety is determined based upon the lowest level input that is significant to the fair value measurement. Fair Value - Valuation Techniques and Inputs The Company holds and may invest public securities traded on public exchanges or over-the-counter (OTC), private securities, real estate, convertible securities, interest bearing securities and other types of securities and has adopted specific techniques for their respective valuations. Equity Securities in Public Companies Unrestricted The Company values investments in securities that are freely tradable and listed on major securities exchanges at their last reported sales price as of the valuation date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or 3 of the fair value hierarchy. Restricted Securities traded on public exchanges or over-the-counter (OTC) where there are formal restrictions that limit (i.e. Rule 144 holding periods and underwriter’s lock-ups) their sale shall be valued at the closing price on the date of valuation less applicable discounts. The Company may apply a discount to securities with Rule 144 restrictions. Additional discounts may be assessed if the Company believes there are other mitigating factors which warrant the additional discounting. When determining potential additional discounts, factors that will be taken into consideration include, but are not limited to; securities’ trading characteristics, volume, length and overall impact of the restriction as well as other macro-economic factors. Valuations should be discounted appropriately until the securities may be freely traded. If it has been determined that the exchange or OTC listed price does not accurately reflect fair market value, the Company may elect to treat the security as a private company and apply an alternative valuation method. Investments in restricted securities of public companies may be included in Level 2 of the fair value hierarchy. However, to the extent that significant inputs used to determine liquidity discounts are not observable, investments in restricted securities in public companies may be categorized in Level 3 of the fair value hierarchy. The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, marketable securities, short-term notes payable, convertible notes, derivative liability and accounts payable. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments. Effective July 1, 2008, the Company adopted ASC 820 (previously SFAS 157), Fair Value Measurements Assets measured at fair value on a recurring basis are summarized below. The Company also has convertible notes and derivative liabilities as disclosed in this report that are measured at fair value on a regular basis until paid off or exercised. Available-for-sale securities The Company uses various approaches to measure fair value of available-for-sale securities, while applying the three-level valuation hierarchy for disclosures, specified in ASC 820. Our Level 1 securities were measured using the quoted prices in active markets for identical assets and liabilities. The company’s policy regarding the transfers in and/or out of Level 3 depends on the trading activity of the security, the volatility of the security, and other observable units which clearly represents the fair value of the security. If a level 3 security can be measured using a more fairly represented fair value, we will transfer these securities either into Level 1 or Level 2, depending on the type of inputs. |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Management reviews the composition of accounts receivable and analyzes historical bad debts. As of September 30, 2021, the Company did no |
PROPERTIES AND EQUIPMENT | PROPERTIES AND EQUIPMENT Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of the assets from three five |
REVENUE RECOGNITION STANDARDS | REVENUE RECOGNITION STANDARDS ASC 606-10 provides the following overview of how revenue is recognized from an entity’s contracts with customers: An entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price – The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Step 4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer). For performance obligations satisfied over time, an entity recognizes revenue over time by selecting an appropriate method for measuring the entity’s progress toward complete satisfaction of that performance obligation. (Paragraphs 606-10 25-23 through 25-30). In addition, ASC 606-10 contains guidance on the disclosures related to revenue, and notes the following: It also includes a cohesive set of disclosure requirements that would result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. Specifically, Section 606-10-50 requires an entity to provide information about: - Revenue recognized from contracts with customers, including disaggregation of revenue into appropriate categories. - Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities. - Performance obligations, including when the entity typically satisfies its performance obligations and the transaction prices is that is allocated to the remaining performance obligations in a contract. - Significant judgments, and changes in judgments, made in applying the requirements to those contracts. Additionally, Section 340-40-50 requires an entity to provide quantitative and/or qualitative information about assets recognized from the costs to obtain or fulfill a contract with a customer. The Company’s revenue recognition policies are in compliance with ASC 606-10. The Company recognizes consulting and advisory fee revenues in accordance with the above-mentioned guidelines and expenses are recognized in the period in which the corresponding liability is incurred. |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Effective July 1, 2006, the Company adopted ASC 718-10-25 (previously SFAS 123R) and accordingly has adopted the modified prospective application method. Under this method, ASC 718-10-25 is applied to new awards and to awards modified, repurchased, or cancelled after the effective date. Additionally, compensation cost for the portion of awards that are outstanding as of the date of adoption for which the requisite service has not been rendered (such as unvested options) is recognized over a period of time as the remaining requisite services are rendered. |
RISKS AND UNCERTAINTIES | RISKS AND UNCERTAINTIES In the normal course of business, the Company is subject to certain risks and uncertainties. The Company provides its service and receives marketable securities upon execution of transactions. Consequently, the value of the securities received from customers can be affected by economic fluctuations and each customer’s business growth. The actual realized value of these securities could be significantly different than recorded value. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06-Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020. The Company intends to adopt ASU 2020-06 for the quarter beginning January 1, 2022. Update No. 2018-13 – August 2018 Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement Modifications: The following disclosure requirements were modified in Topic 820: 1. In lieu of a roll-forward for Level 3 fair value measurements, a non-public entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities. 2. For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. 3. The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additions: The following disclosure requirements were added to Topic 820; however, the disclosures are not required for non-public entities: 1. The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period. 2. The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Update No. 2018-07 – June 2018 Compensation – Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting Main Provisions: The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Update No. 2017-13 - September 2017 Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606) FASB Accounting Standards Updates No. 2014-09, Revenue from Contracts with Customers (Topic 606), issued in May 2014 and codified in ASC Topic 606, Revenue from Contracts with Customers, and No. 2016-02. The transition provisions in ASC Topic 606 require that a public business entity and certain other specified entities adopt ASC Topic 606 for annual reporting 3 periods beginning after December 15, 2017, including interim reporting periods within that reporting period. FN2 All other entities are required to adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Update No. 2016-10 - April 2016 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: 1. Identify the contract(s) with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company’s financial statements. In most cases, management has determined that the implementation of these pronouncements would not have a material impact on the financial statements taken as a whole. |
MARKETABLE EQUITY SECURITIES _2
MARKETABLE EQUITY SECURITIES AVAILABLE FOR SALE (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES | SCHEDULE OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES Securities available for sale Level 1 Level 2 Level 3 Total September 30, 2021 None $ 6,335 $ 2,716,065 $ 2,722,400 June 30, 2021 None $ 5,792 $ 379,665 $ 385,457 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
SCHEDULE OF OTHER ASSETS | Other Assets comprise of the following as of September 30, 2021 and June 30, 2021 SCHEDULE OF OTHER ASSETS September 30, 21 June 30, 2021 Investment in Asia Diamond Exchange, Inc. $ 614,010 $ 406,427 Investment in PHILUX Global Funds, SCA, SICAV-RAIF $ 34,743 $ 35,568 Investment in AQuarius Power, Inc. $ 5,000 $ 5,000 Total Other Assets $ 653,753 $ 446,995 |
CURRENT LIABILITIES (Tables)
CURRENT LIABILITIES (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF CURRENT LIABILITIES | Current Liabilities of the Company consist of the followings as of September 30, 2021 and June 30, 2021. SCHEDULE OF CURRENT LIABILITIES Sep 30, 2021 Jun 30, 2021 Current Liabilities Accounts payable 589,903 608,521 Sub-fund obligations 1,474,775 1,474,775 Accrued expenses 983,763 1,993,478 Short-term notes and loans payable 342,030 325,621 Convertible Promissory Notes 997,730 220,230 Due to officers 1,119,118 1,720,322 Advances from customers 572,237 582,237 Total Current Liabilities $ 6,079,556 $ 6,925,185 |
DUE TO OFFICERS (Tables)
DUE TO OFFICERS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Due To Officers | |
COMPONENTS OF DUE TO OFFICERS AND DIRECTORS | COMPONENTS OF DUE TO OFFICERS AND DIRECTORS Officers/Directors Sep 30, 2021 Jun 30, 2021 Henry Fahman 455,768 $ 1,056,972 Tam Bui 663,350 $ 663,350 Total $ 1,119,118 $ 1,720,322 |
STOCK-BASED COMPENSATION PLAN (
STOCK-BASED COMPENSATION PLAN (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SCHEDULE OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS | SCHEDULE OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS Risk-free interest rate 1.18 % Expected life 7 years Expected volatility 239.3 % Vesting is based on a one-year cliff from grant date. |
SCHEDULE OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE | The fair value of the Company’s Stock Options as of issuance valuation date is as follows: SCHEDULE OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE Holder Issue Date Maturity Stock Options Exercise Price Fair Value at Tam Bui 9/23/2016 9/23/2023 875,000 Fixed price: $ 0.24 $ 219,464 Frank Hawkins 9/23/2016 9/23/2023 875,000 Fixed price: $ 0.24 $ 219,464 Henry Fahman 9/23/2016 9/23/2023 4,770,000 Fixed price: $ 0.24 $ 1,187,984 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTIES | As of September 30, 2021, the Company still owed the following amounts to Related Parties: SCHEDULE OF RELATED PARTIES No. Name: Title: Amount: Description: 1) Tam Bui Director/COO $ 75,000 Accrued salaries $ 663,350 Loans 2) Henry Fahman Chairman/CEO $ 279,250 Accrued salaries $ 455,768 Loans 3) Tina Phan Secretary/Treasurer $ 259,186 Accrued salaries |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership | 100.00% | |
Maximum percentage of outstanding common stock and stock equivalents of investee | 20.00% | |
Marketable securities | $ 2,722,400 | $ 385,457 |
Accounts receivables | $ 0 | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives of assets | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives of assets | 5 years | |
American Pacific Plastics, Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership | 100.00% | |
American Pacific Resources, Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership | 100.00% | |
PHILUX Capital Advisors, Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership | 100.00% | |
PHILUX Global Funds SCA, SICAV-RAIF [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership | 100.00% | |
PHILUX Global General Partners SA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership | 100.00% | |
PHI Luxembourg Holding SA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership | 100.00% | |
Asia Diamond Exchange Inc Wyoming Corporation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership | 100.00% |
SCHEDULE OF FAIR VALUE OF INVES
SCHEDULE OF FAIR VALUE OF INVESTMENTS MARKETABLE EQUITY SECURITIES (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable securities | $ 2,722,400 | $ 385,457 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable securities | 6,335 | 5,792 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Marketable securities | $ 2,716,065 | $ 379,665 |
MARKETABLE EQUITY SECURITIES _3
MARKETABLE EQUITY SECURITIES AVAILABLE FOR SALE (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Marketable Securities [Line Items] | ||
Marketable securities, fair value | $ 2,722,400 | $ 385,457 |
Myson Group, Inc., [Member] | OTC Markets [Member] | ||
Marketable Securities [Line Items] | ||
Number of marketable securities available for sale | 905,000 | |
Sports Pouch Beverage Co [Member] | OTC Markets [Member] | ||
Marketable Securities [Line Items] | ||
Number of marketable securities available for sale | 292,050,000 | |
Myson Group, Inc & Sports Pouch Beverage Co. [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities, fair value | $ 2,722,400 |
SCHEDULE OF OTHER ASSETS (Detai
SCHEDULE OF OTHER ASSETS (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investments | $ 653,753 | $ 446,995 |
Investment in Asia Diamond Exchange, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | 614,010 | 406,427 |
Investment in PHILUX Global Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | 34,743 | 35,568 |
Investment in AQuarius Power, Inc.[Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | $ 5,000 | $ 5,000 |
OTHER ASSETS (Details Narrative
OTHER ASSETS (Details Narrative) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($) | Sep. 30, 2021EUR (€)shares | |
Ownership interest | 100.00% | 100.00% | |
AQuarius Power, Inc [Member] | |||
Investments | $ 5,000 | ||
Investment in Asia Diamond Exchange, Inc. [Member] | |||
Number of shares received, value | $ 614,010 | ||
Number of shares received | shares | 207,582,770 | ||
Shares, price per share | $ / shares | $ 0.001 | ||
Development costs | $ 207,572.77 | ||
PHILUX Global Funds [Member] | |||
Number of shares received, value | $ 34,743 | ||
Value of shares held | $ 34,743 | ||
PHI Luxembourg Development S.A. [Member] | |||
Number of shares held | shares | 28 | 28 | |
Value of shares held | € | € 28,000 | ||
Ownership interest | 100.00% | 100.00% | |
PHI Luxembourg Holding SA [Member] | |||
Value of shares held | € | € 1,000 | ||
Ownership interest | 100.00% | 100.00% | |
PHILUX Global General Partners SA [Member] | |||
Value of shares held | $ 1,000 |
SCHEDULE OF CURRENT LIABILITIES
SCHEDULE OF CURRENT LIABILITIES (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 589,903 | $ 608,521 |
Sub-fund obligations | 1,474,775 | 1,474,775 |
Accrued expenses | 983,763 | 1,993,478 |
Short-term notes and loans payable | 342,030 | 325,621 |
Convertible Promissory Notes | 997,730 | 220,230 |
Due to officers | 1,119,118 | 1,720,322 |
Advances from customers | 572,237 | 582,237 |
Total Current Liabilities | $ 6,079,556 | $ 6,925,185 |
CURRENT LIABILITIES (Details Na
CURRENT LIABILITIES (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Short-term Debt [Line Items] | ||
Accrued expenses | $ 983,763 | $ 1,993,478 |
Accrued salaries | 741,683 | |
Accrued interest | 242,079 | |
Advance from customers | 572,237 | 582,237 |
Sub-fund obligations | 1,474,775 | $ 1,474,775 |
Short-term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 289,280 | |
PPP Loan [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 43,750 | |
Convertible Promissory Notes [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 997,730 |
COMPONENTS OF DUE TO OFFICERS A
COMPONENTS OF DUE TO OFFICERS AND DIRECTORS (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Due to officers/directors | $ 1,119,118 | $ 1,720,322 |
Henry Fahman [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Due to officers/directors | 455,768 | 1,056,972 |
Tam Bui [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Due to officers/directors | $ 663,350 | $ 663,350 |
DUE TO OFFICERS (Details Narrat
DUE TO OFFICERS (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Due To Officers | ||
Due to officers/directors | $ 1,119,118 | $ 1,720,322 |
LOANS AND PROMISSORY NOTES (Det
LOANS AND PROMISSORY NOTES (Details Narrative) | Sep. 30, 2021USD ($) |
Short-term Debt [Line Items] | |
Notes payable | $ 242,079 |
Minimum [Member] | |
Short-term Debt [Line Items] | |
Percentage of short-term notes payable | 0.00% |
Maximum [Member] | |
Short-term Debt [Line Items] | |
Percentage of short-term notes payable | 36.00% |
Short-term Notes Payable [Member] | |
Short-term Debt [Line Items] | |
Notes payable | $ 342,030 |
Notes payable | 242,079 |
Convertible Promissory Notes [Member] | |
Short-term Debt [Line Items] | |
Notes payable | $ 997,730 |
PAYROLL TAX LIABILITIES (Detail
PAYROLL TAX LIABILITIES (Details Narrative) | Sep. 30, 2021USD ($) |
Payroll Tax Liabilities | |
Payroll tax liabilities | $ 5,747 |
DOMESTICATION IN THE STATE OF_2
DOMESTICATION IN THE STATE OF WYOMING (Details Narrative) | 3 Months Ended | |||
Sep. 30, 2021$ / sharesshares | Jun. 30, 2021$ / sharesshares | Jun. 25, 2020$ / sharesshares | Sep. 20, 2017$ / sharesshares | |
Common stock, shares authorized | 40,000,000,000 | 40,000,000,000 | 40,000,000,000 | |
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | |
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |
Class B Series I Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 1,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.001 | |||
Preferred stock, voting rights | one hundred thousand (100,000) votes | |||
Board of Directors [Member] | ||||
Purchase price percentage | 120.00% | |||
American Pacific Plastics, Inc [Member] | ||||
Preferred sock conversion shares issued | 50,000,000 | |||
Preferred stock conversion percentage | 0.80 | |||
Voting Common Stock [Member] | ||||
Common stock, shares authorized | 900,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.001 | |||
Non-voting Class A Series I Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 50,000,000 | |||
Preferred stock, par value | $ / shares | $ 5 | |||
Non-voting Class A Series II Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 25,000,000 | |||
Preferred stock, par value | $ / shares | $ 5 | |||
Non-voting Class A Series III Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 20,000,000 | |||
Preferred stock, par value | $ / shares | $ 5 | |||
Voting Class A Series IV Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 5,000,000 | |||
Preferred stock, par value | $ / shares | $ 5 | |||
Class A Series I Cumulative Convertible Redeemable Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 50,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.001 | |||
Percentage of non-compounding cumulative dividends per annum | 10.00% | |||
Class A Series II Cumulative Convertible Redeemable Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 200,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.001 | |||
Percentage of non-compounding cumulative dividends per annum | 8.00% | |||
Class A Series III Cumulative, Convertible, Redeemable Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 50,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.001 | |||
Percentage of non-compounding cumulative dividends per annum | 8.00% | |||
Class A Series IV Cumulative Convertible Redeemable Preferred Stock [Member] | ||||
Preferred stock, shares authorized | 199,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.001 |
STOCKHOLDER_S EQUITY (Details N
STOCKHOLDER’S EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Jun. 25, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock, shares authorized | 40,000,000,000 | 40,000,000,000 | 40,000,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Treasury stock, shares | 484,767 | 484,767 | |
Treasury stock, value | $ 44,170 | $ 44,170 | |
Common Shares issued for consulting service, accrued salaries and loan conversion during quarter ended September 30, 2021, shares | 1,093,102,837 | ||
Common stock cancelled | 784,249 | ||
Common stock, shares issued | 27,173,587,483 | 26,081,268,895 | |
Common stock, shares outstanding | 27,173,587,483 | 26,081,268,895 | |
Class B Series I Preferred Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares issued | 180,000 | ||
Preferred stock, shares outstanding | 180,000 |
SCHEDULE OF FAIR VALUE OF STOCK
SCHEDULE OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS (Details) | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Risk-free interest rate | 1.18% |
Expected life | 7 years |
Expected volatility | 239.30% |
SCHEDULE OF FAIR VALUE OF STO_2
SCHEDULE OF FAIR VALUE OF STOCK OPTION ISSUANCE DATE (Details) | 3 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Tam Bui [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Stock Options Issue Date | Sep. 23, 2016 |
Stock Options Maturity Date | Sep. 23, 2023 |
Stock Options Shares | shares | 875,000 |
Stock Options Exercise Price | $ / shares | $ 0.24 |
Fair Value at Issuance of Stock Option | $ | $ 219,464 |
Frank Hawkins [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Stock Options Issue Date | Sep. 23, 2016 |
Stock Options Maturity Date | Sep. 23, 2023 |
Stock Options Shares | shares | 875,000 |
Stock Options Exercise Price | $ / shares | $ 0.24 |
Fair Value at Issuance of Stock Option | $ | $ 219,464 |
Henry Fahman [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Stock Options Issue Date | Sep. 23, 2016 |
Stock Options Maturity Date | Sep. 23, 2023 |
Stock Options Shares | shares | 4,770,000 |
Stock Options Exercise Price | $ / shares | $ 0.24 |
Fair Value at Issuance of Stock Option | $ | $ 1,187,984 |
STOCK-BASED COMPENSATION PLAN_2
STOCK-BASED COMPENSATION PLAN (Details Narrative) - $ / shares | Sep. 09, 2021 | Sep. 23, 2016 | Sep. 30, 2021 | Mar. 18, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee benefit plan shares of common stock for eligible employees | 1,000,000 | |||
Stock Issued During Period, Shares, Issued for Services | 1,093,102,837 | |||
2021 Employee Benefit Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Employee Benefit Plan | 2,600,000,000 | |||
Stock Issued During Period, Shares, Issued for Services | 767,000,000 | |||
Henry Fahman [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grant date exercise price per share | $ 0.24 | |||
Number of option shares | 6,520,000 | |||
Number of options outstanding term | 7 years | |||
Number of options exercisable term | 1 year |
SCHEDULE OF RELATED PARTIES (De
SCHEDULE OF RELATED PARTIES (Details) | Sep. 30, 2021USD ($) |
Tam Bui [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Accrued salaries | $ 75,000 |
Loans | 663,350 |
Henry Fahman [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Accrued salaries | 279,250 |
Loans | 455,768 |
Tina Phan [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Accrued salaries | $ 259,186 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Sep. 30, 2021USD ($) |
President, Chief Operating Officer and Secretary [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Accrued salaries | $ 90,000 |
CONTRACTS AND COMMITMENTS (Deta
CONTRACTS AND COMMITMENTS (Details Narrative) $ / shares in Units, ₫ in Billions | Sep. 27, 2021USD ($)$ / shares | Sep. 17, 2021shares | Sep. 15, 2021USD ($)$ / shares | Sep. 01, 2021USD ($) | Aug. 31, 2021USD ($)$ / shares | Aug. 10, 2021USD ($) | Jul. 22, 2021USD ($) | Nov. 20, 2020USD ($) | Nov. 09, 2020USD ($) | Aug. 10, 2020USD ($) | Sep. 20, 2018shares | Aug. 03, 2017shares | Mar. 06, 2017USD ($)shares | Sep. 30, 2021shares | Jun. 30, 2021USD ($)shares | Sep. 16, 2021USD ($) | Aug. 13, 2021USD ($) | Aug. 13, 2021VND (₫) | Aug. 06, 2018 |
Acquire ownership percent | 100.00% | ||||||||||||||||||
Value of common stock purchase | $ 2,514,445 | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 1,093,102,837 | ||||||||||||||||||
2021 Employee Benefit Plan [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 767,000,000 | ||||||||||||||||||
Tecco Group [Member] | |||||||||||||||||||
Contributed amount | $ 2,000,000 | $ 156,366 | |||||||||||||||||
Ownership interest of general partners | 49.00% | ||||||||||||||||||
Tecco Group [Member] | Vietnam Dong [Member] | |||||||||||||||||||
Contributed amount | ₫ | ₫ 4 | ||||||||||||||||||
Phat Van Hung Co. Ltd [Member] | |||||||||||||||||||
Contributed amount | $ 2,000,000 | ||||||||||||||||||
Ownership interest of general partners | 49.00% | ||||||||||||||||||
Xuan QuynhLLC [Member] | |||||||||||||||||||
Contributed amount | $ 2,000,000 | ||||||||||||||||||
Ownership interest of general partners | 49.00% | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Value of common stock purchase | $ 867,050 | ||||||||||||||||||
Number of shares issued | shares | 867,049,520 | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 767,000,000 | ||||||||||||||||||
Power Up Lending Group Ltd [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||
Debt amount | $ 53,750 | $ 53,750 | $ 80,000 | ||||||||||||||||
Interest rate | 8.00% | 8.00% | 8.00% | ||||||||||||||||
Debt conversion description | This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a 39% discount to the average of the two lowest closing bid prices during the ten trading days immediately prior to the conversion date or may be prepaid on or prior to the 180th calendar day after the Issue Date at a Prepayment Factor of 125% to 139% depending on the passage of time from the date of issuance to the date of payment. The Company plans to prepay this note in cash prior to the 180th calendar day after the Issue Date. | This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a 39% discount to the average of the two lowest closing bid prices during the ten trading days immediately prior to the conversion date or may be prepaid on or prior to the 180th calendar day after the Issue Date at a Prepayment Factor of 125% to 139% depending on the passage of time from the date of issuance to the date of payment. The Company plans to prepay this note in cash prior to the 180th calendar day after the Issue Date. | This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a 39% discount to the average of the two lowest closing bid prices during the ten trading days immediately prior to the conversion date or may be prepaid on or prior to the 180th calendar day after the Issue Date at a Prepayment Factor of 125% to 139% depending on the passage of time from the date of issuance to the date of payment. The Company plans to prepay this note in cash prior to the 180th calendar day after the Issue Date. | ||||||||||||||||
EMA Financial LLC [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||
Debt amount | $ 100,000 | ||||||||||||||||||
Interest rate | 6.00% | ||||||||||||||||||
Debt conversion description | This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a fixed conversion price of $0.001 per share or may be prepaid on or prior to the 180th calendar day after the Issue Date at a Prepayment Factor of 115%. The Company plans to prepay this note in cash prior to the 180th calendar day after the Issue Date. | ||||||||||||||||||
Conversion price | $ / shares | $ 0.001 | ||||||||||||||||||
Mast Hill Fund, L.P [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||
Debt amount | $ 550,000 | ||||||||||||||||||
Interest rate | 12.00% | ||||||||||||||||||
Debt conversion description | This note will mature twelve months from the Issue Date and may be convertible into shares of common stock of the Company at a fixed conversion price of $0.0061 per share or may be prepaid at any time prior to the date that an Event of Default occurs under this Note in a cash amount equal to the sum of (i) 100% multiplied by the principal amount then outstanding plus (ii) accrued and unpaid interest on the principal amount to the prepayment date, plus (iii) $750.00 reimbursement for administrative fees. The Company plans to prepay this note in cash prior to the 180th calendar day after the Issue Date. | ||||||||||||||||||
Conversion price | $ / shares | $ 0.0061 | ||||||||||||||||||
Firstfire Global Opportunities Fund LLC [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||
Debt amount | $ 275,000 | ||||||||||||||||||
Interest rate | 12.00% | ||||||||||||||||||
Debt conversion description | This note matures one year from the date of issuance and is convertible to Common Stock of the Company at $0.0061 per share. The Company can elect to prepay the note within 180 days of the issuance date in cash with an amount equal to the sum of the principal amount then outstanding plus any accrued and unpaid interest, fees and defaults, and there shall be no prepayment penalty. The Company intends to prepay this note during the allowable prepayment period. | ||||||||||||||||||
Conversion price | $ / shares | $ 0.0061 | ||||||||||||||||||
Five-Grain Treasure Spirits Co., Ltd [Member] | |||||||||||||||||||
Acquire ownership percent | 70.00% | ||||||||||||||||||
Additional required capital | $ 100,000,000 | ||||||||||||||||||
Johnny Park [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 1,150,000,000 | ||||||||||||||||||
Whankuk Je [Member] | 2021 Employee Benefit Plan [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 1,150,000,000 | ||||||||||||||||||
Business Cooperation Agreement [Member] | Vinafilms JSC [Member] | |||||||||||||||||||
Acquire ownership percent | 51.00% | ||||||||||||||||||
Stock Swap Agreement [Member] | Vinafilms JSC [Member] | |||||||||||||||||||
Acquire ownership percent | 76.00% | ||||||||||||||||||
Stock Swap Agreement [Member] | Vinafilms JSC [Member] | Class A Series III Cumulative, Convertible, Redeemable Preferred Stock [Member] | |||||||||||||||||||
Exchange of shares | shares | 50,000,000 | ||||||||||||||||||
Stock Swap Agreement [Member] | Vinafilms JSC [Member] | Common Stock [Member] | |||||||||||||||||||
Exchange of shares | shares | 3,060,000 | ||||||||||||||||||
Investment Agreement and Registration Rights Agreement [Member] | |||||||||||||||||||
Number of shares issued | shares | 7,936,600 | ||||||||||||||||||
Investment Agreement and Registration Rights Agreement [Member] | Investor [Member] | |||||||||||||||||||
Value of common stock purchase | $ 10,000,000 | ||||||||||||||||||
Number of shares issued | shares | 65,445,000 | 20,000,000 |
GOING CONCERN UNCERTAINTY (Deta
GOING CONCERN UNCERTAINTY (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accumulated deficit | $ 56,523,700 | $ 50,563,530 | ||
Stockholders' deficit | 2,514,670 | 5,997,389 | $ 7,059,790 | |
Net loss | $ 5,960,170 | $ 336,264 | $ (6,553,178) |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - USD ($) | Oct. 17, 2021 | Sep. 21, 2021 | Mar. 23, 2021 | Nov. 19, 2021 | Sep. 30, 2021 | Nov. 14, 2021 |
Subsequent Event [Line Items] | ||||||
Common Shares issued for consulting service, accrued salaries and loan conversion during quarter ended September 30, 2021, shares | 1,093,102,837 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of stock issued | 52,196,586 | |||||
Accrued and unpaid salaries | $ 215,898 | |||||
Cancellation of shares | 235,478,810 | |||||
Johnny Park and Whankuk Je [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Shares issued for consulting service, accrued salaries and loan conversion during quarter ended September 30, 2021, shares | 1,533,000,000 | |||||
EMA Financial LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, Conversion of Units | 54,750,000 | |||||
Haj Finance Group [Member] | Subsequent Event [Member] | Contract Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt amount | $ 1,500,000,000 | |||||
Interest rate | 2.50% | |||||
Debt term | 35 years | |||||
Debt grace period | 3 years | |||||
Neok Financial Incorporated [Member] | Subsequent Event [Member] | Loan agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt amount | $ 2,000,000,000 | |||||
Interest rate | 2.00% |