CURRENT LIABILITIES

6 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

CURRENT LIABILITIES

NOTE 5 – CURRENT LIABILITIES

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

Current Liabilities	December 31, 2024		June 30, 2024
Accounts payable		628,120		626,730
Sub-fund obligations		1,624,775		1,624,775
Accrued expenses		1,983,283		1,795,874
Short-term loans and notes payable		6,063,081		4,460,981
Convertible Promissory Notes - Institutional Investor		5,000		5,000
Due to Officers		266,954		278,812
Advances from customers		948,964		952,650
Total Current Liabilities		11,520,177		9,744,823

ACCRUED EXPENSES: Accrued expenses as of December 31, 2024 totaling $1,983,283 consist of $1,343,095 in accrued salaries and payroll liabilities, $627,305 in accrued interest from notes and loans, and $2,883 from American Express.

NOTES PAYABLE: As of December 31, 2024, Notes Payable consist of $6,063,081 in short-term loans and notes payable which includes $3,451,050 contingency liabilities due to amendments and extensions of short-term notes and reserves for claims from certain noteholders, $43,750 in PPP loan, and $105,482 in Merchant Cash Advance loans.

CONVERTIBLE NOTES: As of December 31, 2024, there was a balance of convertible note in the amount of $5,000 with an institutional investor.

ADVANCES FROM CUSTOMERS AND DEPOSITS FROM CLIENTS:

As of December 31, 2024, the Company recorded $948,964 for Advances from Customers for consulting fees previously received from a client plus mutually agreed accrued interest totaling $819,038 and $129,926 of retainer deposits from two other clients 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.