CURRENT LIABILITIES

9 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

CURRENT LIABILITIES

NOTE 6 – CURRENT LIABILITIES

Current Liabilities of the Company consist of the followings as of March 31, 2024 and June 30, 2023.

Current Liabilities	March 31, 2024		June 30, 2023
Accounts payable		621,280		616,245
Sub-fund obligations		1,624,775		1,624,775
Accrued expenses		2,288,990		1,485,310
Short-term loans and notes payable		3,167,163		1,164,685
Convertible Promissory Notes		54,420		297,805
Due to officers		294,782		1,027,782
Advances from customers and client deposits		1,029,757		1,079,038
Derivative liabilities and Note Discount		12,964		1,220,576
Total Liabilities		9,094,131		8,516,217

ACCRUED EXPENSES: Accrued expenses as of March 31, 2024 totaling $2,288,990 consist of $1,185,594 in accrued salaries and payroll liabilities, $506,962 in accrued interest from notes and loans, $3,309 from American Express and $593,125 in other accrued expenses due to administrative and extension fees from short-term notes.

NOTES PAYABLE: As of March 31, 2024, Notes Payable consist of $3,017,931 in short-term loans and notes payable, $43,750 in PPP loan, $54,420 in convertible promissory notes and $105,482 in Merchant Cash Advance loans.

ADVANCES FROM CUSTOMERS AND DEPOSITS FROM CLIENTS:

As of March 31, 2024, the Company recorded $819,038 as Advances from Customers for consulting fees previously received from a client plus mutually agreed accrued interest and $210,719 of deposits from other clients/partners for project financing agreements.

SUB-FUND OBILGATIONS: The Company has recorded a total of $1,624,775 from four partners/investors towards the expenses for setting up sub-funds under the master PHILUX Global Funds. These amounts are currently booked as liabilities until these sub-funds are set up and activated, at which time the sub-fund participants will receive their respective percentages of the general partners’ portion of ownership in the relevant sub-funds based on their actual total contributions.