Exhibit No. 21.1

SUBSIDIARY OF REGISTRANT

As of June 30, 2016

1.	PHI Capital Holdings, Inc.
	Percentage of ownership: 100%
	Business activity: Consulting and M&A advisory services.
2.	American Pacific Resources, Inc.
	Percentage of Ownership: 100%
	Business activity: Natural resources
	(This subsidiary is newly-formed and has not begun operation)