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Phi Group Inc. – ‘8-K’ for 8/16/22

On:  Wednesday, 8/24/22, at 9:00am ET   ·   For:  8/16/22   ·   Accession #:  1493152-22-23907   ·   File #:  1-38255

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/24/22  Phi Group Inc.                    8-K:1,9     8/16/22   12:415K                                   M2 Compliance LLC/FA

Current Report   —   Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     43K 
 2: EX-10.1     Material Contract                                   HTML    164K 
 3: EX-10.2     Material Contract                                   HTML     16K 
 7: R1          Cover                                               HTML     44K 
10: XML         IDEA XML File -- Filing Summary                      XML     12K 
 8: XML         XBRL Instance -- form8-k_htm                         XML     14K 
 9: EXCEL       IDEA Workbook of Financial Reports                  XLSX      8K 
 5: EX-101.LAB  XBRL Labels -- phil-20220816_lab                     XML     96K 
 6: EX-101.PRE  XBRL Presentations -- phil-20220816_pre              XML     64K 
 4: EX-101.SCH  XBRL Schema -- phil-20220816                         XSD     13K 
11: JSON        XBRL Instance as JSON Data -- MetaLinks               25±    33K 
12: ZIP         XBRL Zipped Folder -- 0001493152-22-023907-xbrl      Zip     47K 


‘8-K’   —   Current Report


This is an HTML Document rendered as filed.  [ Alternative Formats ]



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 i 0000704172  i false 0000704172 2022-08-16 2022-08-16 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM  i 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  i August 16, 2022

 

 

 

 i PHI GROUP, INC.

(a/k/a PHILUX GLOBAL GROUP INC.)

(Exact name of registrant as specified in its charter)

 

 i Wyoming    i 001-38255-NY    i 90-0114535
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

 i 2323 Main Street,  i Irvine,  i CA    i 92614
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code:  i 714- i 793-9227

 

N/A

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 i  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
 i  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
 i  Precommencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
 i  Precommencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
 i Common Stock    i PHIL   OTC Markets

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  i 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provide pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 C: 
 

 

 

Section 1 – Registrant’s Business and Operations

 

Item 1.01 Entry into Material Definitive Agreements

 

Effective August 16, 2022, PHI Group, Inc. (a/k/a PHILUX GLOBAL GROUP INC.) (the Registrant) signed an Agreement of Purchase and Sale with Van Phat Dat Export Joint Stock Company, a joint stock company organized and existing by virtue of the laws of Socialist Republic of Vietnam, with principal business address at 316 Le Van Sy Street, Ward 1, Tan Binh District, Ho Chi Minh City, Vietnam, hereinafter referred to as “VPD,” and the holder of at least fifty-one percent (51.00%) of equity ownership in VPD, hereinafter referred to as “Seller,” to acquire Five Million One Hundred Thousand (5,100,000) Shares of Ordinary Stock of VPD, which is equivalent to Fifty-One percent (51.00%) of all the issued and outstanding Ordinary Stock of VPD for a total purchase price of Six Million One Hundred Twenty-Seven Thousand Eight Hundred Ninety-Five U.S. Dollars ($US 6,127,895) in form of a convertible promissory note to be issued by Philux Global Trade Inc., a Wyoming corporation and wholly-owned subsidiary of the Registrant. The closing date of this transaction shall be the date on which the closing actually occurs, which is expected to happen as soon as possible within sixty days following the signing of the Agreement of Purchase and Sale, unless extended in writing by the Parties to said Agreement.

 

The convertible promissory note, which will be guaranteed by Philux Global Group Inc. and carries no interest, will be due and payable 180 days commencing the date of issuance and may be converted into common stock of Philux Global Trade Inc. any time after this subsidiary becomes a publicly traded company in the United States. The conversion price will be 50% of the average closing price during the ten trading-day period ending one trading day prior to the date of conversion.

 

The foregoing description of Agreement of Purchase and Sale by and among the Registrant, VPD and the Seller and is qualified in its entirety by reference to the full text of said Agreement which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

 

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

 

Item 9.01 Financial Statements and Exhibits

 

The following is a complete list of exhibit(s) filed as part of this Report.

 

Exhibit number(s) correspond to the number(s) in the exhibit table of Item 601 of Regulation S-K.

 

Exhibit No.   Description
     
10.1.   Agreement of Purchase and Sale by and among PHI Group, Inc. (a/k/a PHILUX Global Group Inc.), Van Phat Dat Export Joint Stock Company and Mr. Huynh Ngoc Vu, the Majority Shareholder.
     
10.2.   Press release dated August 22, 2022
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 C: 
 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: August 24, 2022

 

PHI GROUP, INC.  
(Registrant)  
     
By: /s/ Henry D. Fahman  
  Henry D. Fahman  
  Chairman and CEO  

 

 C: 
 

 

 C: 

Dates Referenced Herein

This ‘8-K’ Filing    Date    Other Filings
Filed on:8/24/22None on these Dates
For Period end:8/16/22
 List all Filings 


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/13/23  Phi Group Inc.                    10-K        6/30/23   70:5.5M                                   M2 Compliance LLC/FA
 1/17/23  Phi Group Inc.                    10-K/A      6/30/22   74:6.4M                                   M2 Compliance LLC/FA
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