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Subsequent Event
9 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Event

NOTE 18 – SUBSEQUENT EVENT

 

These financial statements were approved by management and available for issuance on May 22, 2017. Subsequent events have been evaluated through this date.

 

PHI GROUP EB-5 REGIONAL CENTER

 

PHI Group EB-5 Regional Center, LLC was formed on March 23, 2017 with the intention to manage a new EB-5 Regional Center in connection with the Company’s organic farming program, Abundant Farms, Inc., a wholly owned subsidiary of the Company, and other potential business activities in the State of Florida. On April 27, 2017, an I-924 application was filed with the United States Citizenship and Immigration Service (USCIS) for PHI Group EB5 Regional Center, LLC. Under the EB-5 Program, created by Congress to stimulate the U.S. economy through job creation and capital investment, foreign entrepreneurs (and their spouses and unmarried children under 21) are eligible to apply for a Green Card (permanent residence) if they make the necessary investment in a commercial enterprise in the United States that creates or preserves at least 10 permanent, full-time jobs for qualified U.S. workers. The operation of this Regional Center is subject to the review and approval of United States Citizenship and Immigration Service.

 

NEW CONVERTIBLE PROMISSORY NOTES

 

On April 4, 2017, the Company issued a new convertible promissory note to EMA Financial LLC for $50,000, with an interest rate of 10% and convertible to Common Stock of the Company at 50% discount. The maturity date of this note is 4/4/2018.

 

On April 5, 2017, the Company issued a new convertible promissory note to JSJ Investments, Inc. for $40,000, with an interest rate of 10% and convertible to Common Stock of the Company at 45% discount. The maturity date of this note is 1/5/2018.

 

On April 12, 2017, the Company issued a new convertible promissory note to Power Up Lending Group for $33,500, with an interest rate of 12% and convertible to Common Stock of the Company at 42% discount. The maturity date of this note is 1/25/2018.

 

SMARTWAY INTERNATIONAL, INC.

 

On April 10, 2017, the Company incorporated “Smartway International, Inc.,” a Wyoming corporation, as a holding company for Smartway GmbH, a German company with advanced algorithms that provide competitive all-inclusive software and dynamic vehicle control system for urban areas.

 

Smartway GmbH’s business model is based on intelligent bundling of existing resources, all digital and automated bundling of bookings, and scalable door-to-door multi-services worldwide. Smartway intends to initially launch commuter services in Bonn, Germany and Los Angeles this year. Smartway business segments include ad-hoc and same-day deliveries, mini car/dial-a-ride services and taxi sharing.

 

MEMORANDUM OF UNDERSTANDING WITH MAXAGRO GROUP

 

On April 10, 2017, the Company signed a Memorandum of Understanding with Maxagro Group, a Romanian company, to study a number of possibilities that may facilitate mutual growth for both companies, including:

 

- Potential acquisition of a majority interest and investment in Maxagro by the Company;

 

- Recapitalization of and raising capital for Maxagro to acquire additional farmland and grow its business as may be needed;

 

- Taking Maxagro public in the U.S. and European Stock Markets, either directly or indirectly, to create a platform for Maxagro to access the capital markets for further growth and expansion;

 

- Introducing new products and technologies to Maxagro;

 

- Transferring of farming technologies and organic farming techniques to Maxagro to potentially improve and grow its business;

 

- Introducing new markets for Maxagro’s products; and

 

- Assisting Maxagro in its corporate strategy through internal growth and mergers and acquisitions.

 

BUSINESS COOPERATION AGREEMENT WITH HUNG VUONG EXPORT IMPORT AND CONSTRUCTION JOINT STOCK COMPANY

 

On May 6, 2017, the Company signed a Business Cooperation Agreement with Hung Vuong Export Import and Construction Joint Stock Company, a Vietnamese company, to form a new corporation or utilize Philand Corporation, a Wyoming corporation previously formed by the Company, as the holding company for the purpose of acquiring an eighty-five percent ownership in VIDIFI JSC, a Vietnamese company that owns and operates the 105-Km Hanoi-Haiphong Expressway together with other industrial zone and urban centers along this expressway. This transaction is subject to the approval of the appropriate ministries and the Prime Minister of the central government of Vietnam as well as available financing options.

 

BUSINESS COOPERATION AGREEMENT WITH DR. MARTIN NGUYEN

 

On May 11, 2017, the Company signed a Business Cooperation Agreement with Dr. Martin Nguyen, an individual, to cooperate with each other in business opportunities relating to biotechnology, biological system engineering, applied water science and agricultural economics. The two parties will initially focus on the manufacturing and sale of water-treatment systems for agricultural irrigation and industrial and household applications based on Dr. Martin Nguyen’s proprietary intellectual properties and research and development.

 

BUSINESS COOPERATION AGREEMENT WITH DR. THANH CHI LE

 

On May 17, 2017, the Company signed a Business Cooperation Agreement with Dr. Thanh Chi Le, an individual, to cooperate with each other in business opportunities relating to agriculture. Initially two parties will focus on deploying a “smart fertilizer” product that has been developed by Dr. Le for agricultural cultivation using biopolymers. The Company also intends to apply Dr. Le’s techniques for organic shrimp farming in the U.S., Vietnam, Eastern Europe, and Central America. Subsequently both parties may choose to jointly launch other products and engage in other business transactions that deem mutually beneficial.