Business
PHI Group Comments on Operating Results for the Quarter Ended September 30, 2018
PHI Group Comments on Operating Results for the Quarter Ended September 30, 2018.
About this update from Phi Group Inc. (wy)
[{"type":"text","content":"\n* Company Hosts Conference Call at 4:30 PM Eastern Standard Time\n New York, Nov. 20, 2018 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com) (OTCQB: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, today commented on the operating results of the quarter ended September 30, 2018. During the quarter ended September 30, 2018, the Company primarily focused on the establishment of the Luxembourg institutional bank fund and new M&A business development as a principal and did not generate any revenue from advisory and consulting services, as compared to $28,500 for the quarter ended September 30, 2017. The company incurred $280,497 and $134,295 in operating expenses for the comparable three months ended September 30, 2018 and 2017, respectively. The increase of $146,202 on total operating expenses between the two periods was mainly due to increases in professional services and general and administrative expenses.  Loss from operations for the quarter ended September 30, 2018 was $280,497, as compared to loss from operations of $105,795 for the corresponding period ended September 30, 2017. An increase of $174,702 in the loss from operations between the two periods was mainly due to the absence of revenue and increases in professional services and general and administrative expenses in the current quarter. Net other expenses were $637,186 for the three months ended September 30, 2018, as compared to net other expenses of $455,623 for the three months ended September 30, 2017. The increase in other expenses of $181,563 between the two periods was mainly due to an increase of $413,328 in net interest expenses, offset by a decrease of $44,444 in other expense, and the absence of loss on debt settlement and on loan conversion during the current period.  Net loss for the three months ended September 30, 2018 was $917,682, as compared to net loss of $561,418 for the same period in 2017, which is equivalent to ($0.01) per share for the current period and ($0.02) per share for the corresponding period ended September 30, 2017, based on the weighted average number of basic and diluted shares outstanding at the end of each corresponding period. During the quarter ended September 30, 2018, the Company successfully closed the acquisi...