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Subsequent Event
3 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Event

NOTE 19 – SUBSEQUENT EVENT

 

These financial statements were approved by management and available for issuance on November 21, 2016. Subsequent events have been evaluated through this date.

 

CONTRIBUTION AND ASSIGNMENT OF INTELLECTUAL PROPERTY FOR ORGANIC FARMING

 

On October 17, 2016, the Company and Mr. Van Minh Pham, an individual, (the “Assignor”) signed an Intellectual Property Contribution and Assignment Agreement whereby the Assignor agreed to assign to the Company: (1) Intellectual Property relating to the natural immune and symbiotic bacteria formulations for the breeding of poultry, cattle and various aquatic species and for the growing of organic agricultural and herbal products, (2) any and all Intellectual Property Rights claiming or covering such Intellectual Property and (3) any and causes of action that may have accrued to the Assignor in connection with such Intellectual Property and/or Intellectual Property Rights. The Assignor’s prior inventions and applications include: (1) Eliminating bad smell in breeding cattle and poultry, (2) Treating stagnant water and converting into drinking water for cattle and poultry, (3) Breeding cattle and poultry without antibiotics and vaccines, and (4) Ecological shrimp breeding without using disinfectants and antibiotics. The Company intends to apply the Intellectual Property to its organic farming programs in the U.S. and abroad in the near future.

 

LETTER OF INTENT TO ACQUIRE LIME ROCK MINE IN FLORIDA, U.S.A.

 

On October 26, 2016, the Company signed a Letter of Intent with Blue Rok, Inc., a Florida corporation, to acquire a lime rock mine at 3153 W. U.S. Highway 27 Mayo, Florida 32066, consisting of property, facilities, equipment, inventory, and licenses and permits, including 16.6 acres of land owned free and clear by BRI and 140 acres of land leased from three discrete landowners for mining purposes, for a total purchase price of $2,900,000. It is agreed that $1,500,000 of the total purchase price will be paid in cash upon closing and $1,400,000 will be paid in 10 six-month installments of $140,000 each without interest. Subject to further satisfactory due diligence review by the Company and mutual agreement between parties, the Company and Blue Rok’s controlling shareholder will enter into a definitive Sale and Purchase Agreement for the consummation of this transaction.

 

ISSUANCES OF COMPANY’S COMMON STOCK

 

On October 30, 2016, the Company issued 200,00 shares of PHI Group, Inc.’s restricted Common Stock valued at $0.25 per share to two independent consultants consulting services.

 

RETURN OF SPORTS POUCH BEVERAGE COMPANY STOCK

 

On November 1, 2016, PHI Capital Holdings, Inc., a wholly owned subsidiary of the Company, returned 97,350,000 shares of Common Stock of Sports Pouch Beverage Company to this client company.

 

LETTER OF INTENT TO ACQUIRE A FARM IN HOLMES COUNTY, FLORIDA

 

On November 3, 2016, the Company signed a Letter of Intent to acquire a 408-acre farm together with buildings, fixtures, and farming systems and in Bonifay, Holmes County, Florida for a total purchase price of $1,500,000. Subject to further satisfactory due diligence review by the Company and mutual agreement between parties, the Company and the farm owners will enter into a definitive Sale and Purchase Agreement for the consummation of this transaction. The Company intends to use this property to develop a proprietary organic farming program in conjunction with EB-5 investment capital from qualified international investors.