Business
PHI Group Reports Operating Results for the Second Quarter Ended December 31, 2017
PHI Group Reports Operating Results for the Second Quarter Ended December 31, 2017.
About this update from Phi Group Inc. (wy)
[{"type":"text","content":"\n\n NEW YORK, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- PHI Group, Inc., (www.phiglobal.com) (OTCQB:PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, today announced operating results for its second quarter ended December 31, 2017.\n The Company had $432,000 in revenue for the quarter ended December 31, 2017, an increase of $392,000 or 980% as compared to $40,000 in revenue for the quarter ended December 31, 2016. The reason for the increase between the two periods was due to sales of gold concentrates by American Pacific Resources, Inc., a subsidiary of the Company's, during the current period versus only revenue from consulting services during the corresponding quarter last year. Total operating expenses were $135,172 and $112,916 for the three months ended December 31, 2017, and 2016, respectively. The increase of $22,255 on total operating expenses between the two periods was mainly due to increases in R&D, travel expenses and advertising, offset by decreases in contract labor, filings and office supplies. Income from operations for the quarter ended December 31, 2017 was $296,828, as compared to loss from operations of $72,916 for the previous corresponding period ended December 31, 2016. A variance of $369,745 in income and loss from operations between the two quarters was mainly due to the net changes in revenues and total operating expenses between the two periods. Net other expenses were $732,062 for the three months ended December 31, 2017, as compared to net other expenses of $204,265 for the three months ended December 31, 2016. The increase in other expenses of $527,797 was mainly due to an increase of $246,418 in net interest expenses, an increase of $390,137 due to reserves for Preferred Stock dividends, offset by a decrease of $122,508 from settlement of debts and a decrease in discounts on convertible notes of $18,307 between the two periods. Interest expenses were $295,045 and $48,627 for the three months ended December 31, 2017 and 2016, respectively. Net loss for the three months ended December 31, 2017 was $435,234, as compared to net loss of $204,265 for the same period in 2016, which is equivalent to ($0.01) per share for the current period and ($0.03) per share for the corresponding period ended Decem...