Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 15-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | PHI GROUP INC | |
Entity Central Index Key | 704172 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 9,584,675 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $8,692 | $30,623 |
Marketable securities | 306,281 | 261,360 |
Loans receivable | 9,235 | 8,832 |
Total current assets | 324,208 | 300,815 |
Other assets: | ||
Other assets | 78,467 | 70,243 |
Receivable from Discontinued Operations | 73,043 | 73,043 |
Investments in subsidiaries | 2,550 | |
Total other assets | 154,060 | 143,286 |
TOTAL ASSETS | 478,268 | 444,100 |
Current liabilities: | ||
Accounts payable | 520,991 | 526,885 |
Accrued expenses | 4,429,750 | 4,028,422 |
Short-term notes payable | 1,295,008 | 1,346,721 |
Due to officers | 1,870,058 | 1,858,402 |
Due to preferred stockholders | 215,000 | 215,000 |
Advances from customers | 563,219 | 563,219 |
Liabilities from Discontinued Operations & Contingencies | 1,045,232 | 1,046,632 |
Total Current Liabilities | 9,939,258 | 9,585,282 |
Stockholders’ equity: | ||
Preferred stock, $.001 par value, 100,000,000 shares authorized; none issued and outstanding | ||
Common stock, $.001 par value; 300,000,000 shares authorized; 12,873,118 issued and 7,199,791 outstanding on 3/31/2015, and 12,412,114 issued and 6,729,656 outstanding on 6/30/2014, respectively, adjusted for 1 for 1,500 reverse split effective March 15, 2012. | 240,736 | 240,267 |
Treasury stock, $.001 par value, 2,987 shares of common stock as of 3/31/2015 and 6/30/2014. | -3,801 | -3,801 |
Paid-in capital | 28,365,304 | 28,286,521 |
Acc. Other Comprehensive Loss | -519,282 | -709,183 |
Accumulated deficit | -37,543,947 | -36,954,987 |
Total | -9,460,990 | -9,141,182 |
Non-Controlling interest | ||
Total stockholders' deficit | -9,460,990 | -9,141,182 |
Total liabilities and stockholders' deficit | $478,268 | $444,100 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 15, 2012 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $0.00 | $0.00 | |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Common stock, par value | $0.00 | $0.00 | |
Common stock, shares authorized | 300,000,000 | 300,000,000 | |
Common stock, shares issued | 12,873,118 | 12,412,114 | |
Common stock, shares outstanding | 7,199,791 | 6,729,656 | |
Common stock adjusted for Reverse Split for one Share | 1,500 | ||
Treasury stock, par value | $0.00 | $0.00 | |
Treasury stock, shares common stock | 2,987 | 2,987 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net revenues | ||||
Revenues | $16,000 | $54,960 | $31,096 | $54,960 |
Operating expenses: | ||||
Salaries and wages | 52,500 | 52,500 | 157,500 | 157,500 |
Professional services, including non-cash compensation | 40,250 | 32,100 | 72,988 | 32,100 |
General and administrative | 32,999 | 54,440 | 78,031 | 85,323 |
Total operating expenses | 125,749 | 139,040 | 308,519 | 274,922 |
Loss from operations | -109,749 | -84,080 | -277,423 | -219,963 |
Other income and (expenses) | ||||
Interest expense | -81,377 | -81,142 | -242,517 | -242,606 |
Net Gain (Loss) on sale of marketable securities | -39,286 | -47,813 | ||
Net Gain (Loss) on settlement of debts | -26,125 | -25,845 | 372,278 | |
Other income (expenses) | -781 | -152 | -441 | |
Net other expenses | -146,787 | -81,923 | -316,328 | 129,231 |
Net income (loss) | -256,537 | -166,003 | -593,750 | -90,731 |
Other comprehensive Income | ||||
Unrealized gain (loss) on marketable securities | -599,472 | -690,037 | -599,472 | -690,037 |
Comprehensive income (loss) | ($856,009) | ($856,040) | ($1,193,222) | ($780,768) |
Net loss per share: | ||||
Basic | ($0.04) | ($0.03) | ($0.09) | ($0.01) |
Diluted | ($0.04) | ($0.03) | ($0.09) | ($0.01) |
Weighted average number of shares outstanding: | ||||
Basic | 6,875,395 | 6,501,316 | 6,875,395 | 6,425,425 |
Diluted | 6,875,395 | 6,501,316 | 6,875,395 | 6,425,425 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) from operations | ($593,750) | ($90,731) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
(Increase) decrease in other assets and prepaid expenses | -40,324 | 2,864 |
Increase (decrease) in accounts payable and accrued expenses | 353,765 | -863,672 |
Net cash provided by (used in) operating activities | -280,309 | -951,538 |
Cash flows from investing activities: | ||
Investments: Cornerstone Biomass Corp. and deposit for land acquisition | -10,774 | 50,000 |
Net cash provided by (used in) investing activities | -10,774 | 50,000 |
Proceeds from Common Stock | 79,252 | 334,690 |
Payments on notes payable | -127,756 | |
Borrowings from officer | 4,189 | |
Acc. Other Comprehensive Loss | 189,900 | |
Decrease in minority interest | 704,205 | |
Net cash provided by (used in) financing activities | 269,152 | 915,328 |
Net increase in cash and cash equivalents | -21,931 | 13,789 |
Cash and cash equivalents, beginning of period | 30,623 | |
Cash and cash equivalents, end of period | 8,692 | 13,789 |
Supplemental disclosures of cash flow information | ||
Decrease in minority interest | $704,205 |
Nature_of_Business
Nature of Business | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Nature of Business | NOTE 1 – NATURE OF BUSINESS | ||||
Established in June 1982, PHI Group, Inc. (the “Company” or “PHI”) is a Nevada corporation primarily engaged in energy and natural resources (www.phiglobal.com). The Company acquires and consolidates energy-related assets and other natural resources, partners with international companies to develop independent power plant projects in Southeast Asia, and collaborates with certain U.S. companies to provide renewable energy solutions using bio-mass, wind, solar power and other new technological developments. The Company also provides corporate finance services, including merger and acquisition advisory and consulting services, and arranges capital for energy-related, natural resource and infrastructure projects through its wholly owned subsidiary PHI Capital Holdings, Inc. (www.phicapitalholdings.com). In addition, the Company also participates in international trade activity. No assurances can be made that the Company will be successful in achieving its plan. | |||||
PRINCIPLES OF CONSOLIDATION | |||||
The consolidated financial statements include the accounts of PHI Group, Inc., its wholly-owned subsidiary PHI Capital Holdings, and the discontinued operations Providential Securities, Inc., PHI Gold Corporation (formerly PHI Mining Group), Providential Vietnam Ltd., and Philand Ranch Limited, collectively referred to as the “Company.” All significant inter-company transactions have been eliminated in consolidation. | |||||
INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |||||
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These statements should be read in conjunction with the audited financial statements for the year ended June 30, 2014. In the opinion of management, all adjustments consisting of normal reoccurring accruals have been made to the financial statements. The results of operation for the three-month and six-month periods ended March 31, 2015 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2015. | |||||
USE OF ESTIMATES | |||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |||||
Cash and Cash Equivalents | |||||
The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. | |||||
MARKETABLE SECURITIES | |||||
The Company’s securities are classified as available-for-sale and, as such, are carried at fair value. Securities classified as available-for-sale may be sold in response to changes in interest rates, liquidity needs, and for other purposes. | |||||
Each investment in marketable securities represents less than twenty percent (20%) of the outstanding common stock and stock equivalents of the investee, and each security is quoted on either the “Pink Sheets” or the OTC Bulletin Board. As such, each investment is accounted for in accordance with the provisions of SFAS No. 115. | |||||
Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s equity. Realized gains and losses for securities classified as available-for-sale are reported in earnings based upon the adjusted cost of the specific security sold. As of March 31, 2015, the marketable securities were recorded at $306,281, based upon the fair value of the marketable securities at that time (Note 3). | |||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||
Fair Value - Definition and Hierarchy | |||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||
A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. | |||||
Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows: | |||||
● | Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | ||||
● | Level 2 - Valuations based on inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. | ||||
● | Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | ||||
Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including; type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. | |||||
To the extent that valuation is based upon models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement falls in its entirety is determined based upon the lowest level input that is significant to the fair value measurement. | |||||
Fair Value - Valuation Techniques and Inputs | |||||
The Company holds and may invest public securities traded on public exchanges or over-the-counter (OTC), private securities, real estate, convertible securities, interest bearing securities and other types of securities and has adopted specific techniques for their respective valuations. | |||||
Equity Securities in Public Companies | |||||
Unrestricted | |||||
The Company values investments in securities that are freely tradable and listed on major securities exchanges at their last reported sales price as of the valuation date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. | |||||
Securities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or 3 of the fair value hierarchy. | |||||
Restricted | |||||
Securities traded on public exchanges or over-the-counter (OTC) where there are formal restrictions that limit (i.e. Rule 144 holding periods and underwriter’s lock-ups) their sale shall be valued at the closing price on the date of valuation less applicable discounts. The Company may apply a discount to securities with Rule 144 restrictions. Additional discounts may be assessed if the Company believes there are other mitigating factors which warrant the additional discounting. When determining potential additional discounts, factors that will be taken into consideration include, but are not limited to; securities’ trading characteristics, volume, length and overall impact of the restriction as well as other macro-economic factors. Valuations should be discounted appropriately until the securities may be freely traded. | |||||
If it has been determined that the exchange or OTC listed price does not accurately reflect fair market value, the Company may elect to treat the security as a private company and apply an alternative valuation method. | |||||
Investments in restricted securities of public companies may be included in Level 2 of the fair value hierarchy. However, to the extent that significant inputs used to determine liquidity discounts are not observable, investments in restricted securities in public companies may be categorized in Level 3 of the fair value hierarchy. | |||||
The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, marketable securities, and accounts payable. | |||||
As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments. | |||||
PROPERTIES AND EQUIPMENT | |||||
Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of the assets from three to five years. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||
REVENUE RECOGNITION | |||||
The Company’s revenue recognition policies are in compliance with ASC 13 (previously Staff accounting bulletin (SAB) 104). The Company recognizes consulting and advisory fee revenues when the transaction is completed and the service fees are earned. Expenses are recognized in the period in which the corresponding liability is incurred. Payments received before all of the relevant criteria for revenue recognition are recorded as unearned revenue. | |||||
RISKS AND UNCERTAINTIES | |||||
In the normal course of business, the Company is subject to certain risks and uncertainties. The Company provides its service and receives marketable securities upon execution of transactions. Consequently, the value of the securities received from customers can be affected by economic fluctuations and each customer’s business growth. The actual realized value of these securities could be significantly different than recorded value. | |||||
RECENT ACCOUNTING PRONOUNCEMENTS | |||||
Update No. 2013-11—Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) | Jul-13 | Effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. | |||
[Download] | |||||
Update No. 2013-09—Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04 | Jul-13 | The deferral in this amendment is effective upon issuance for financial statements that have not been issued. | |||
[Download] | |||||
Update No. 2013-07—Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting | Apr-13 | Effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013. Early adoption is permitted. | |||
[Download] | |||||
Update No. 2013-04—Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force) | Feb-13 | Effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years ending after December 15, 2014, and interim periods and annual periods thereafter. | |||
[Download] | |||||
Update 2013-02—Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | Feb-13 | For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. For nonpublic entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. | |||
[Download] | |||||
Update 2013-01—Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities | Jan-13 | An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The effective date is the same as the effective date of Update 2011-11. | |||
[Download] | |||||
The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company’s financial statements. In most cases, management has determined that the pronouncement has either limited or no application to the Company and, in all cases, implementation would not have a material impact on the financial statements taken as a whole. |
Loans_Receivable_from_Related_
Loans Receivable from Related Parties | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Loans Receivable from Related Parties | NOTE 2 – LOANS RECEIVABLE FROM RELATED PARTIES | ||||||||
Loans receivable from related parties consist of the following at March 31, 2015 and June 30, 2014: | |||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Loan to Catalyst Resource Group | $ | 4,534 | $ | 3,932 | |||||
Loan to Provimex | $ | 2,000 | $ | 2,000 | |||||
Total | $ | 6,534 | $ | 5,932 |
Marketable_Equity_Securities_A
Marketable Equity Securities Available for Sale | 9 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Marketable Equity Securities Available for Sale | NOTE 3 – MARKETABLE EQUITY SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||
The Company’s marketable securities are classified as available-for-sale and, as such, are carried at fair value. All of the securities are comprised of shares of common stock of the investee. Securities classified as available-for-sale may be sold in response to changes in interest rates, liquidity needs, and for other purposes. Each investment in marketable securities represents less than twenty percent (20%) of the outstanding common stock and stock equivalents of the investee, and each security is nationally quoted on the National Association of Securities Dealers OTC Bulletin Board (“OTCBB”) or the Pink Sheets. As such, each investment is accounted for in accordance with the provisions of SFAS No. 115. | ||||||||||||||||||||||||
Marketable securities classified as available for sale as of March 31, 2015 consisted of 12,623,419 post-split shares of Vanguard Mining Corporation, a public company traded on the OTC Markets (Trading symbol: VNMC), and 14,200,000 shares of Agent 155 Media Corporation, a public company traded on the OTC Markets (Trading symbol: AGMC). The fair value of the shares recorded as of March 31, 2015 was $306,281. | ||||||||||||||||||||||||
Level 1 | Level 2 | |||||||||||||||||||||||
Quoted | Other | Level 3 | ||||||||||||||||||||||
Prices in | Significant | Significant | ||||||||||||||||||||||
Active | Observable | Unobservable | ||||||||||||||||||||||
Investments | Markets | Inputs | Inputs | Total | ||||||||||||||||||||
Cash Equivalents | - | - | - | |||||||||||||||||||||
Marketable Securities | 298,241 | 8,040 | 306,281 | |||||||||||||||||||||
Total | $ | - | $ | 298,241 | $ | 8,040 | $ | 306,281 | ||||||||||||||||
Changes in | ||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||
Gain (Loss) | ||||||||||||||||||||||||
Balance | Realized | Unrealized | Net | Balance | for Investments | |||||||||||||||||||
6/30/14 | Gain or | Gain or | Purchases | 3/31/15 | still held at | |||||||||||||||||||
Assets | (Net) | (Loss) | (Loss) | (Sales) | (Net) | 3/31/15 | ||||||||||||||||||
Marketable Securities | 261,360 | (47,813 | ) | 86,734 | 6,000 | 306,281 | 99,263 | |||||||||||||||||
Total | $ | 261,360 | $ | (47,813 | ) | $ | 86,734 | $ | 6,000 | $ | 306,281 | $ | 99,263 | |||||||||||
The change in unrealized appreciation (depreciation) related to the Level 2 investments still held at March 31,2015 is $86,734. Level 2 securities sold during the year were sold at net realized loss of ($47,813). | ||||||||||||||||||||||||
During the quarter ended March 31, 2015, $177,725 of marketable securities was transferred from level 3 to level 2 due to reclassification from restricted to unrestricted status and increase in market activity for these securities. |
Properties_and_Equipment
Properties and Equipment | 9 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Properties and Equipment | NOTE 4 – PROPERTIES AND EQUIPMENT |
The Company did not have any property or equipment at March 31, 2015 and June 30, 2014. |
Other_Assets
Other Assets | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Assets | NOTE 5 – OTHER ASSETS | ||||||||
The Other Assets comprise of the following as of March 31, 2015 and June 30, 2014: | |||||||||
March 31, 2015 | 30-Jun-14 | ||||||||
Loans Receivable | $ | 66,955 | $ | 66,955 | |||||
Shares issued for investment | $ | 3,288 | $ | 3,288 | |||||
Receivable from discontinued operations | $ | 73,043 | $ | 73,043 | |||||
Investment in subsidiary | $ | 2,550 | 0 | ||||||
Deposit for land purchase | $ | 8,224 | 0 | ||||||
Total Other Assets | $ | 154,060 | $ | 143,286 | |||||
During the fiscal year ended June 30, 2011, Philand Vietnam Ltd., a wholly owned subsidiary of the Philand Ranch Ltd., made a security deposit in the amount of $172,203 to the Chu Lai Open Economic Zone Authority, Quang Nam Province, Vietnam as a guarantee for the Pointe91 development project at Bien Rang, Chu Lai, Nui Thanh District, Quang Nam Province, Vietnam. This amount was later transferred to Ky Ha Chu Lai Investment and Development LLC (“KHCLIDC”) as a deposit for the clearing of land and resettlement of residents in the Pointe91 project area. As a result of the discontinuance of the Pointe91 development project, the Company is entitled to receive the refund of the deposit amount, less any expenses incurred in connection with the land clearing and resettlement activity, and has recorded this amount as Other Receivable. Philand Vietnam Ltd. has received repayments from KHCLIDC totaling approximately $99,160 and still carries $73,043 as Receivable from Discontinued Operations as of March 31, 2015. | |||||||||
During the year ended June 30, 2011, the Company signed a consulting agreement to assist Agent155 Media Corp., a Delaware corporation, with respect to its corporate restructuring and business combination with Freshwater Technologies, Inc., a Nevada corporation. As part of the restructuring requirements, the Company has made payment to Manning Elliot LLP in the amount of $24,476 on behalf of Freshwater Technologies, Inc. and other loan amounts to Agent155 Media Corp. As of June 30, 2014, the President of Agent155 Media Corp. has assumed the balance of $66,955 from Agent155 Media Corp. as his personal obligations to the Company. | |||||||||
On January 10, 2013, the Company issued 3,288,443 shares of its restricted Common Stock for deposit towards the total purchase price of the 70% equity interest in PT Tambang Sekarsa Adadaya. We recorded the value of these shares at par for a total of $3,288. | |||||||||
During the quarter ended March 31, 2015, the Company invested $2,550 into Cornerstone Biomass Corporation, a Florida corporation that has been set up to own and operate a wood pellet mill project in Live Oak, Florida. In addition, the Company made a deposit in the amount of $8,224 towards the purchase price of a 12-acre parcel of land from Klausner Holding USA, Inc. | |||||||||
As of March 31, 2015, the total value of Other Assets mentioned above was $154,060. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 6 – DISCONTINUED OPERATIONS |
The Company decided to recognize the businesses of PHI Gold Corp. (formerly PHI Mining Corporation), Providential Vietnam Ltd., PHI Energy Corp., and Philand Ranch Ltd., a United Kingdom corporation, together with its wholly-owned subsidiaries Philand Corporation (USA), Philand Ranch Ltd. (Singapore) and Philand Vietnam Ltd. as discontinued operations as of June 30, 2012 for practical business and accounting purposes. The Company has recorded a total of $1,045,232 for the liabilities and potential liability contingencies and written off all non-performing assets associated with these discontinued operations in the accompanying consolidated financial statements as of March 31, 2015. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Expenses | NOTE 7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||||||||
The accounts payable and accrued expenses at March 31, 2015 and June 30, 2014 consist of the following: | |||||||||
A/P & ACCRUED EXPENSES | 31-Mar-15 | 30-Jun-14 | |||||||
Accounts payable | 520,991 | 526,885 | |||||||
Accrued salaries and payroll taxes | 749,063 | 556,861 | |||||||
Accrued interest | 3,111,107 | 2,874,509 | |||||||
Accrued legal expenses | 368,822 | 396,294 | |||||||
Accrued consulting fees | 173,870 | 173,870 | |||||||
Other accrued expenses | 26,888 | 26,888 | |||||||
TOTAL: | $ | 4,950,741 | $ | $ | 4,555,307 | ||||
Due_to_Officer
Due to Officer | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Due To Officer | |||||||||
Due to Officer | NOTE 8 – DUE TO OFFICER | ||||||||
Due to officer, represents advances made by officers of the Company and its subsidiaries, which are non-interest bearing, except for $100,000 as described below, unsecured and due on demand. As of March 31, 2015 and June 30, 2014, the balances were $1,870,058 and $1,858,402, respectively. | |||||||||
Officers/Directors | 31-Mar-15 | 30-Jun-14 | |||||||
Henry Fahman | $ | 1,568,558 | $ | 1,556,902 | |||||
Tam Bui | $ | 276,500 | $ | 276,500 | |||||
Frank Hawkins | $ | 12,500 | $ | 12,500 | |||||
Lawrence Olson | $ | 12,500 | $ | 12,500 | |||||
Total | $ | 1,870,058 | $ | 1,858,402 | |||||
As of March 31, 2015, the Company has a short term note payable amounting $100,000 with interest bearing $3,000 per month payable to member of the Board of Directors. |
Loans_and_Promissory_Notes
Loans and Promissory Notes | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Loans and Promissory Notes | NOTE 9 – LOANS AND PROMISSORY NOTES | ||||
SHORT TERM NOTES PAYABLE: | |||||
As of December 31, 2014 and June 30, 2014, the Company had short-term notes payable amounting to $1,312,840 and $1,346,721 with accrued interest of $3,031,931 and $2,874,509, respectively. These notes bear interest rates ranging from 6% to 36% per annum. Some of the notes payable are secured by assets of the Company as summarized below: | |||||
Note Balance: | Secured by: | ||||
$ | 115,000 | 400,000 Catalyst Resource Group, Inc. shares | |||
500,000 Catthai Corporation shares | |||||
$ | 550,000 | 500,000 Catthai Corporation shares | |||
$ | 150,000 | 1,500,000 PHI Gold Corp shares | |||
$ | 100,000 | 1,500,000 PHI Gold Corp shares | |||
CONVERTIBLE PROMISSORY NOTE. The last Convertible Promissory Note issued to Asher Enterprises, Inc. (“Asher”) on June 17, 2011 was $42,500, with interest of 8% per annum, due and payable March 21, 2012. This note is convertible at the election of Asher from time to time after the issuance date, at 39% discount to the average of the lowest closing bid prices for the Company’s common stock during the ten trading day period ending on the latest complete trading prior to the conversion date. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable. Should that occur, the Company is liable to pay Asher 150% of the then outstanding principal and interest. The note agreements contain covenants requiring Asher’s written consent for certain activities not in existence or not committed to by the Company on the issue date of the note. Outstanding note principal and interest amounts accrued thereon can be converted in whole, or in part, at any time by Asher after the issuance date into an equivalent of the Company’s common stock determined by the discount rate mentioned in the note. | |||||
Additionally, the note contains a reset provision to the exercise price and conversion price if the Company issues equity or other derivatives at a price less than the exercise price set forth in such warrants and note. This ratchet provision results in a derivative liability in our financial statements. | |||||
On July 25, 2011, $10,000 principal of the convertible note issued on January 11, 2011 was converted into an equivalent of 1,550 shares of post-split common stock of the Company (2,325,581 pre-split shares). | |||||
On August 8, 2011, $12,000 principal of the convertible note issued on January 11, 2011 was converted into an equivalent of 1,633 shares of post-split common stock of the Company (2,448,980 pre-split shares). | |||||
On August 30, 2011, $15,000 principal of the convertible note issued on January 11, 2011 was converted into an equivalent of 2,941 shares of post-split common stock of the Company (4,411,765 pre-split shares). | |||||
On October 21, 2011, $8,000 principal of the convertible note issued on January 11, 2011 was converted into an equivalent of 2,667 shares of post-split common stock of the Company (4,000,000 pre-split shares). | |||||
On November 22, 2011, $10,000 principal of the convertible note issued on January 11, 2011 was converted into an equivalent of 5,083 shares of post-split common stock of the Company (7,625,000 pre-split shares). | |||||
On 01/03/2012, $10,000 principal of the convertible note issued on June 17, 2011 was converted into an equivalent of 4,444 shares of post-split common stock of the Company (6,666,667 pre-split shares). | |||||
On January 11, 2012, $11,000 principal of the convertible note issued on June 17, 2011 was converted into an equivalent of 5,641 shares of post-split common stock of the Company (8,461,538 pre-split shares). | |||||
On March 01, 2012, $12,000 principal of the convertible note issued on June 17, 2011 was converted into an equivalent of 5,741 shares of post-split common stock of the Company (8,571,429 pre-split shares). | |||||
On April 23, 2012, Asher Enterprises, Inc. converted $7,000 principal amount of the convertible note dated June 17, 2011 into 8,197 shares of post-split common stock of the Company at the price of $0.854 per share. As of December 31, 2014, the total outstanding balance amount due Asher Enterprises, Inc. was $3,750. | |||||
DUE TO PREFERRED STOCKHOLDERS: | |||||
The Company classified $215,000 of preferred stock subscribed as a current liability payable to holders of preferred stock in a previously discontinued subsidiary of the Company due to non-compliance of preferred shares subscription agreement in the year 2000. The Company has made an offer for these preferred stock holders to receive shares of common stock in the Company in exchange for the preferred shares but so far only a few preferred shareholders have accepted the offer. | |||||
The interest expenses payable to holders of preferred stock of $374,555 and $ 361,655 have been included in accrued interest included in account payable and accrued expenses on the balance sheets as of December 31, 2014 and June 30, 2014, respectively. | |||||
ADVANCES FROM CUSTOMERS (PREVIOUSLY CLASSIFIED AS UNEARNED REVENUE) | |||||
The Company has reclassified the Unearned Revenues in the amount of $563,219 as Advances from Customers because the consulting services performed by the Company for the related customers have not been completely finished as of the date of this report due to the customers’ inability to provide GAAP-compliant audited financial statements in order to file a registration statement with the Securities and Exchange Commission. |
Litigation
Litigation | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | NOTE 10 – LITIGATION |
LEGAL PROCEEDING SETTLED AND UNPAID AS OF MARCH 31, 2015: | |
QUANG VAN CAO AND NHAN THI NGUYEN CAO VS. PROVIDENTIAL SECURITIES, INC. ET AL. | |
This case was originally submitted to Orange County Superior Court, CA on June 25, 1997, Case No. 781121, and subsequently moved to NASD Dispute resolution for arbitration. On or about August 24, 2000, the Company’s legal counsel negotiated with the Claimant’s counsel and unilaterally reached a settlement that had not been approved by the Company. While the Company was in the process of re-negotiating the terms of said settlement, the Claimants filed a request for arbitration hearing before the National Association of Securities Dealers on October 4, 2000, Case No. 99-03160. Thereafter, the Claimants filed a complaint with the Orange County Superior Court, CA on October 31, 2000, Case No. 00CC13067 for alleged breach of contract for damages in the sum of $75,000 plus pre-judgment interest, costs incurred in connection with the complaint, and other relief. Without admitting or denying any allegations, the Company reached a settlement agreement with the Claimants whereby the Company would pay the Claimants a total of $62,500 plus $4,500 in administrative costs. As the date of this report, the Company has paid $2,500 and is subject to an entry of judgment for $79,000. In May 2011, the Claimants filed an application for and renewal of judgment for a total of $140,490.78. This amount has been accrued in the accompanying consolidated financial statements. | |
WILLIAM DAVIDSON VS. MARTIN DOAN ET AL. | |
On or about February 01, 2010, the company was notified of a suit that was filed with the Superior Court of the State of California for the County of Los Angeles on November 24, 2009 by William Davidson, an individual against Martin Doan, Henry Fahman, Benjamin Tran, HRCiti Corporation, and Providential Capital, Inc. (N/K/A PHI Capital Holdings, Inc.), collectively referred to as “Defendants” - Case No. BC 426831. Plaintiff demanded an amount of not less than $140,000.00 from Defendants for promissory notes outstanding between Plaintiff and the company. | |
On July 09, 2012 William Davidson and PHI Capital Holdings, Inc. (formerly Providential Capital, Inc.), a subsidiary of the Company, reached a settlement agreement whereby PHI Capital agreed to pay William Davidson a total of $200,000 over a period of nineteen months beginning September 1, 2012. William Davidson has elected to convert a portion of the total amount into common stock of PHI Group, Inc. in lieu of cash payment and has received 100,000 pre-split shares of Vanguard Mining Corporation common stock from the Company. The Company has accrued the remaining liabilities associated with these promissory notes in the accompanying consolidated financial statements as of March 31, 2015. |
Payroll_Liabilities
Payroll Liabilities | 9 Months Ended |
Mar. 31, 2015 | |
Payroll Liabilities | |
Payroll Liabilities | NOTE 11 – PAYROLL LIABILITIES |
The payroll liabilities are accrued and recorded as accrued expenses in the consolidated balance sheet. During the fiscal ended June 30, 2014, the Company paid $41,974.22 to the Internal Revenue Service and $19,289.94 to the State of California Employment Development Department towards the alleged balance of $118,399 of payroll tax, penalties and interest claimed by these agencies. The Company is currently working with the Internal Revenue Service and the State of California Employment Department to resolve the remaining balance. |
Basic_and_Diluted_Net_Profit_L
Basic and Diluted Net Profit (Loss) Per Share | 9 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Profit (Loss) Per Share | NOTE 12 – BASIC AND DILUTED NET PROFIT (LOSS) PER SHARE |
Net loss per share is calculated in accordance with SFAS No. 128, “Earnings per Share”. Under the provision of SFAS No. 128, basic net loss per share is computed by dividing the net loss for the period by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock outstanding for the period and common stock equivalents outstanding at the end of the period. Basic and diluted weighted average numbers of shares for the period ended March 31, 2015 were the same since the inclusion of Common stock equivalents is anti-dilutive. |
Stockholders_Equity
Stockholder's Equity | 9 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stockholder's Equity | NOTE 13 – STOCKHOLDER’S EQUITY |
The total number of authorized capital stock of the Company is 400,000,000 shares with a par value of $0.001 per share, consisting of 300,000,000 shares of voting Common Stock with a par value of $0.001 per share and 100,000,000 shares of Preferred Stock with a par value of $0.001 per share. The rights and terms associated with the Preferred Stock will be determined by the Board of Directors of the Company. | |
On March 15, 2012, the Company effectuated a 1 for 1,500 reverse split of the Company’s Common Stock. | |
Treasury Stock: | |
The balance of treasury stock as of March 31, 2015 was 2,987 post-split shares, valued at $3,801. | |
Common Stock: | |
On July 19, 2012, an officer of the Company converted a total of $307,000 debts owed by the Company into 1,196,424 shares of PHI Group, Inc.’s restricted common stock. | |
On July 31, 2012, seven creditors of the Company converted a total of $177,333.33 debts owed by the Company into 504,865 shares of PHI Group, Inc.’s common stock. | |
On November 19, 2012, the Company reserved 5,673,327 shares of its common stock for a special dividend distribution. | |
On November 30, 2012, four creditors of the Company converted a total of $220,079.06 debts owed by the Company into 81,737 shares of PHI Group, Inc.’s common stock. | |
On January 10, 2013, the Company issued 3,288,443 shares of PHI Group, Inc.’s common stock registered in the name of the majority shareholder of PT Tambang Sekarsa Adadaya as a deposit towards the total purchase price of the 70% equity interest in PT Tambang Sekarsa Adadaya. | |
On February 14, 2013, two creditors of the Company converted a total of $150,000 debts owed by the Company into 155,885 shares of PHI Group, Inc.’s common stock. | |
On February 22, 2013, the Company issued 44,763 shares of PHI Group, Inc.’s common stock valued at $50,000 to an Indonesian attorney as payment for legal services in connection with the purchase of PT Tambang Sekarsa Adadaya. | |
On February 22, 2013, a creditor of the Company converted a total of $33,633 debts owed by the Company into 44,844 shares of PHI Group, Inc.’s common stock. | |
On April 11, 2013, a creditor of the Company converted $50,000 owed by the Company into 76,540 shares of PHI Group, Inc.’s common stock. | |
On April 26, 2013, three creditors of the Company converted a total of $180,000 of debts owed by the Company into 304,913 shares of PHI Group, Inc.’s common stock. | |
On May 10, 2013, the Company issued 100,887 shares of its restricted common stock for $40,000 cash under Rule 144 for working capital. | |
On July 1, 2013, three creditors of the Company converted a total of $177,940 of principal and interest owed by the Company into 412,569 shares of common stock of PHI Group, Inc. | |
On February 11, 2014, a creditor of the Company converted a total of $156,750 of debts owed by the Company into 337,097 shares of PHI Group, Inc.’s common stock. | |
On August 27, 2014, a creditor of the Company converted a total of $27,706.26 of short-term notes and accrued interest owed by the Company into 91,440 shares of PHI Group, Inc.’s common stock. | |
On January 22, 2015, the Company issued 77,049 shares of $0.001 par value Common Stock to Asher Enterprises, Inc. as payment in full for the balance of principal and accrued interest from the last Convertible Promissory Note issued to Asher Enterprises, Inc. on June 17, 2011. | |
On February 10, 2015, the Company issued 300,000 restricted shares of its $0.001 par value Common Stock to a shareholder-investor for cash. | |
As of March 31, 2015, there were 7,199,791 post-split shares of the Company’s $0.001 par value Common Stock issued and outstanding, excluding 5,673,327 shares reserved for a special dividend distribution. | |
On May 15, 2015, the Company cancelled 3,288,443 shares of the Company’s $0.001 par value Common Stock that were issued to the majority shareholder of PT Tambang Sekarsa Adadaya on January 10, 2013 as a deposit towards the total purchase price of the 70% equity interest in PT Tambang Sekarsa Adadaya. This transaction was terminated due to unsatisfactory due diligence results. | |
As of May 15, 2015, there were 9,584,675 post-split shares of the Company’s $0.001 par value Common Stock issued and outstanding, including 5,673,327 shares reserved for a special dividend distribution. | |
Preferred Stock: There is no preferred stock issued and outstanding. | |
Class A Preferred Stock: On April 2, 2015, the Company designated the first fifty million (50,000,000) shares of the Company’s previously authorized 100,000,000 shares of Preferred Stock, with a par value of $0.001 per share, as Class A Cumulative Convertible Redeemable Class A Preferred Stock (the “Class A Preferred Stock “) with the following rights and terms: | |
1) Dividends: Each holder of Class A Preferred Stock is entitled to receive twelve percent (12%) non-compounding cumulative dividends per annum, payable semi-annually. | |
2) Conversion: Each share of the Class A Preferred Stock shall be convertible into the Company’s Common Stock any time after one year from the date of issuance at a Variable Conversion Price (as defined herein) of the Common Stock. The “Variable Conversion Price” shall mean 75% multiplied by the Market Price (as defined herein) (representing a discount rate of 25%). “Market Price” means the average Trading Price for the Company’s Common Stock during the ten (10) trading-day period ending one trading day prior to the date the Conversion Notice is sent by the Holder of the Class A Preferred Stock to the Company via facsimile or email (the “Conversion Date”). “Trading Price” means, for any security as of any date, the closing price on the OTC Markets, OTCQB, NASDAQ Stock Markets, NYSE or applicable trading market as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to the Company and Holder of the Class A Preferred Stock. | |
3) Redemption Rights: The Company, after a period of two years from the date of issuance, may at any time or from time to time redeem the Class A Preferred Stock, in whole or in part, at the option of the Company’s Board of Directors, at a price equal to one hundred twenty percent (120%) of the original purchase price of the Class A Preferred Stock or of a unit consisting of any shares of Class A Preferred Stock and any warrants attached thereto, plus, in each case, accumulated and unpaid dividends to the date fixed for redemption. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 14 – RELATED PARTY TRANSACTIONS |
The Company accrued $52,500 in salaries for Henry Fahman (President of the Company) and Tina Phan (Secretary and Treasurer of the Company) during the quarters ended March 31, 2015 and March 31, 2014. |
Contracts_and_Commitments
Contracts and Commitments | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contracts and Commitments | NOTE 15 – CONTRACTS AND COMMITMENTS |
BUSINESS AND FINANCIAL CONSULTING AGREEMENT WITH THINH HUNG INVESTMENT CO. | |
Effective May 21, 2010 the Company signed an agreement with Thinh Hung Investment Co., Ltd., a Vietnam-based company, to assist Thinh Hung in identifying, locating and, possibly, acquiring various business opportunities for Thinh An Co., Ltd., a subsidiary of Thinh Hung, including but not limited to a reverse merger, a stock swap, or a business combination between Thinh An and a publicly-traded company in the U.S. In exchange for the services rendered, the Company would receive compensation in cash from Thinh Hung and common stock of the combined company. As of September 30, 2011, the Company has completed a stock purchase and investment agreement between Thinh Anh Co., Ltd. and Vietnam Foods Corporation, a Nevada corporation. However, the combined company has not filed a registration statement with the Securities and Exchange Commission to become a reporting company. The Company has recognized $26,656 as only revenues from this transaction. The balance of $293,219 was booked as Customer Advances in the liability portion of the balance sheet. | |
CORPORATE COMBINATION AGREEMENT BETWEEN PROVIMEX, INC. AND HP.ITA JSC. | |
On June 19, 2012, Provimex, Inc. changed its name to HP.ITA Corporation. On July 20, 2012, HP.ITA Corporation (“HPUS”) signed a Corporate Combination Agreement to acquire all the issued and outstanding stock of HP.ITA Joint Stock Company, a company organized and existing under the laws of Vietnam, in exchange solely for such amount of authorized but unissued common stock of HPUS that will have been equal to 95% of all the issued and outstanding shares of HPUS’s common stock immediately following the issuance of such shares. HPUS intends to complete the required financial audits and file a Form 10 registration statement with the Securities and Exchange Commission to become a separate fully reporting publicly traded company in the U.S. As of the date of this report HPUS has not filed a registration statement with the Securities and Exchange Commission. | |
AGREEMENT OF PURCHASE AND SALE WITH PT. TAMBANG SEKARSA ADADAYA | |
On December 24, 2012, the Company signed an Agreement of Purchase and Sale with PT. Tambang Sekarsa Adadaya (“TSA”), an Indonesian limited liability company, and the holder(s) of a minimum of seventy percent (70%) of equity ownership in TSA to acquire a seventy percent (70%) equity interest in TSA in exchange for a total purchase price of ten million five hundred thousand U.S. dollars ($US 10,500,000) in cash and stock of the Company. TSA currently owns two coal concessions together with the operation and production licenses (Izin Usaha Pertambangan Operasi Produksi) and the other pertinent license(s) and permits covering a total area of 9,690 hectares, purportedly containing approximately 205 million metric tonnes of indicative coal resources, in Kecamatan Baras and Sarudu, Kabupaten Mamuju Utara, Propinsi Sulawesi Barat, Indonesia. On January 10, 2013, the Company issued 3,288,443 shares of common stock of PHI Group, Inc. as a deposit towards the total purchase price. On March 16, 2013, the Company signed an amendment with TSA and the majority shareholder of TSA to extend the closing date of this transaction to June 30, 2013. The Company engaged PT Runge Indonesia, a subsidiary of RungePincockMinarco, an Australian company, to conduct the independent technical due diligence of the TSA coal concessions and ES&P Law Firm, an Indonesia legal firm, to conduct the legal due diligence of TSA. Since the technical, legal, and financial due diligence results were incomplete by the extension date, this transaction was terminated on June 30, 2013. On May 14, 2015, the Company cancelled 3,288,443 shares of the Company’s $0.001 par value Common Stock that were issued to the majority shareholder of PT Tambang Sekarsa Adadaya on January 10, 2013 as a deposit towards the total purchase price of the 70% equity interest in PT Tambang Sekarsa Adadaya. This transaction was terminated due to unsatisfactory due diligence results. | |
AGREEMENT WITH COLEBRAND INTERNATIONAL LTD. | |
On January 28, 2013 the Company signed a Business Cooperation Agreement with Colebrand International Ltd., a company organized and existing under the laws of the United Kingdom, to cooperate in international trade and financial intermediation. The term of this agreement is two years and has been extended to December 10, 2015. | |
AGREEMENT WITH PACA | |
On February 25, 2013, PHI Capital Holdings, Inc., a subsidiary of the Company, signed a consulting/engagement agreement with PACA, a New York corporation, to contemplate raising capital for the purpose of financing PHI Group, Inc.’s business plan including acquisition of various energy properties and general working capital. The term of the engagement is two years and has been extended to February 24, 2016. PACA will be entitled to cash success fee and equity success fee for each successful financing transaction. | |
AGREEMENT WITH PT RAKSASA METAL AGUNG | |
On June 29, 2013 the Company signed a Business Cooperation Agreement with PT. Raksasa Metal Agung (“Agung”), an Indonesian company, to co-develop gold mining projects in Central Java, Indonesia. Subsequently, Agung and the Company signed two addenda to the Business Cooperation Agreement, dated October 7, 2013 and January 29, 2014, respectively, to set forth the capital requirements for the gold mining projects and the profit sharing agreement. According to the addenda, the Company will be entitled to 60% and Agung 40% of the net profits to be derived from these operations. The second addendum also allows the Company to right to assign the responsibilities and benefits in connection with this Business Cooperation Agreement to Vietnam Mining Corporation (“VNMC”), a Nevada corporation, or another entity. On April 29, 2014, the Company signed an Assignment Agreement to assign, convey and transfer all rights, interests and obligations in connection with said Business Cooperation Agreement and addenda to VNMC. As part of said Assignment Agreement, the Company also committed itself to arranging the required capital for VNMC to co-develop gold mining opportunities in Central Java, Indonesia with Agung. VNMC agreed to issue two million shares of its $0.001 par value Common Stock to the Company as consideration for said Assignment Agreement. As of the date of this report, the Company has not received the stock compensation from VNMC. | |
WITHDRAWAL FROM POINTE91 HOSPITALITY DEVELOPMENT PROJECT BY PHILAND RANCH LTD. | |
On September 20, 2013, Philand Vietnam Limited, a wholly-owned subsidiary of Philand Corporation, submitted a request to the Chu Lai Open Economic Zone Authority (“CLOEZA”), Quang Nam Province to voluntarily withdraw from the Pointe91 hospitality development project in Tam Quang Village, Nui Thanh District, Quang Nam Province and surrender the investment license due to changed market conditions. After a meeting was held on October 28, 2013 among CLOEZA, Ky Ha Chu Lai Investment and Development Company (“KHCLIDC”) and Philand Vietnam Ltd., CLOEZA agreed to Philand Vietnam Ltd.’s request for the termination of the Pointe91 development project and instructed the appropriate CLOEZA departments and KHCLIDC to return the unspent deposits to Philand Vietnam Ltd. and to assist it in the termination process. In November 2013, KHCLIDC and Philand Vietnam Ltd. signed a settlement agreement to terminate the previously executed land clearance and compensation agreement between the two companies and agreed that KHCLIDC would return VND 2,705,349,242 from the deposit amount to Philand Vietnam Ltd. | |
AGREEMENT WITH NE NORD ENERGY JOINT STOCK COMPANY | |
On November 14, 2013 the Company signed a Business Cooperation and Investment Agreement with NE Nord Energy Joint Stock Company, a Vietnamese company, to cooperate, co-develop, invest or cause to be invested in, produce, market and sell LED lighting, solar energy, kinetic power supply system, renewable energy, and other energy-related products and services in geographical areas and markets that deem economically beneficial to both parties. The term of this agreement is two years. | |
BUSINESS AND FINANCIAL CONSULTING AGREEMENT WITH ASIA GREEN CORP. | |
On January 17, 2014 PHI Capital Holdings, Inc., a wholly-owned subsidiary of the Company, signed a Business and Financial Consulting Agreement with Asia Green LLC (“Asia Green VN”), a Vietnamese company engaged in afforestation and reforestation projects in Vietnam, to assist Asia Green in becoming a fully reporting publicly traded company in the United States and in arranging capital for Asia Green to execute its business plan. PHI Capital Holdings is entitled to receive six hundred twenty thousand U.S. dollars as compensation for the services rendered. The term of this agreement is one year or until Asia Green has become a fully reporting public company. On April 4, 2014 Touchlink Communications, Inc., a Nevada corporation, a majority-owned subsidiary of the Company, changed its name to Asia Green Corporation and entered into a Corporate Combination Agreement with Asia Green VN to become the holding company for Asia Green VN’s agroforestry and afforestation business. On July 28, 2014 Asia Green Corporation changed its name to Omni Resources, Inc to pursue a new business. | |
STOCK PURCHASE AGREEMENTS FOR COMMON STOCK OF VIETNAM MINING CORPORATION | |
On January 24, 2014 the Company signed stock purchase agreements to acquire a total of fourteen million shares of common stock of Vietnam Mining Corporation (“VNMC”), a Nevada corporation, from two individuals for a total purchase price of $141,175.00. The closing of these transactions is scheduled to occur on the twentieth business day following VNMC’s regaining current and good standing status with the State of Nevada, OTC Markets, its transfer agent(s), Depository Trust Corporation, and other pertinent entities. During the quarter ended December 31, 2014, the Company converted the partial payment of $20,000 previously deposited towards the purchase price for 8,750,000 shares of VNMC into 1,983,340 shares of pre-split VNMC stock and terminated the balance of the referenced Stock Purchase Agreements. | |
CONSULTING ENGAGEMENT AGREEMENT WITH VIETNAM MINING CORPORATION (n/k/a VANGUARD MINING CORPORATION) | |
On January 24, 2014 PHI Capital Holdings, Inc., a wholly-owned subsidiary of the Company, signed a Consulting Engagement Agreement with Vietnam Mining Corporation, k/n/a Vanguard Mining Corporation (“VNMC”), a Nevada corporation, to assist VNMC to regain its current and good standing status with the pertinent regulatory agencies in the United States and certain private service providers and to seek new business opportunities for VNMC. PHI Capital Holdings is entitled to receive four million pre-split shares of restricted common stock of VNMC pursuant to the provisions of Rule 144 as compensation for the services rendered. The term of this agreement is six months. During the quarter ended March 31, 2015, PHI Capital Holdings received sixteen million post-split shares of Common Stock of VNMC as compensation for the services rendered. | |
MEMORANDUM OF UNDERSTANDING WITH PT CENDRAWASIH INTERNATIONAL | |
On January 29, 2014 the Company signed a Memorandum of Understanding (“MOU”) with PT Cendrawasih International, an Indonesian company, to co-develop an 8,100-hectare gold concession in Kecamatan Kotannopan and Tambangan, Kabupaten Mandailing Natal, Sumatra Utara, Indonesia. The estimated amount of gold deposits in this concession area is between 400,000 to 1,000,000 ounces, subject to independent verification. Both parties agree to sign a definitive agreement containing representations, warranties, covenants and indemnities customary for a transaction of this time within 30 days following the date of the MOU. The MOU also allows the Company the right to assign the responsibilities and benefits in connection with project to Vietnam Mining Corporation, a Nevada corporation, or another entity. On April 29, 2014, the Company signed an Assignment Agreement to assign, convey and transfer all rights, interests and obligations in connection with said MOU to VNMC. As part of said Assignment Agreement, the Company also committed itself to arranging the required capital for VNMC to co-develop the 8,100-hectare gold concession with PT Cendrawasih International. VNMC agreed to issue three million pre-split shares of its $0.001 par value Common Stock to the Company as consideration for said Assignment Agreement. As of the date of this report, the Company has not received the stock compensation from VNMC. | |
FUNDING AGREEMENT REGARDING PETROBRAS BONDS | |
On February 4, 2014 the Company signed a Funding Agreement with The Dieterich Group and Robert M. Terry to provide up to $300,000, more likely increasing to $400,000 in funding, on a best efforts and non-exclusive basis to underwrite the collection efforts being undertaken on a series of 500 bonds originally issued by Petrobras, a Brazilian corporation focused on oil and gas exploration and development. These bonds are currently owned and controlled by Starboard Financial, a Nevada LLC. In the most recent valuation report, each of these bonds had a published discounted value of $750,000 including 7% interest through February 2008 and a possible published redemption face value of $2,300,000. According to the Funding Agreement, the Company will receive a total recovery of 10 times its investment in funding and 12.5% of the net proceeds, assuming the entire funding is provided by the Company and/or its investors, from the bond collections after deduction of trading or selling expenses, and expenses of the Brazilian agents once Starboard Financial and Brazilian parties have received the first $20,000,000 recovered. | |
ASSIGNMENT OF BUSINESS COOPERATION AGREEMENT WITH PT RAKSASA METAL AGUNG TO VANGUARD MINING CORPORATION | |
On April 29, 2014, the Company signed an Assignment Agreement to assign, convey and transfer all rights, interests and obligations in connection with the Business Cooperation Agreement between PT Raksasa Metal Agung and the Company to Vanguard Mining Corporation (f/k/a Vietnam Mining Corporation), a Nevada corporation. As part of said Assignment Agreement, the Company also committed itself to arranging the required capital for VNMC to co-develop gold mining opportunities in Central Java, Indonesia with PT Raksasa Metal Agung. VNMC agreed to issue two million pre-split shares of its $0.001 par value Common Stock to the Company as consideration for said Assignment Agreement. The Company has not received the stock compensation from VNMC as of the date of this report. | |
ASSISTING VANGUARD MINING CORPORATION (F/K/A VIETNAM MINING CORPORATION) IN ACQUISITION OF LIMESTONE CONCESSION IN INDONESIA | |
During the quarter ended June 30, 2014, the Company provided consulting service and assisted Vietnam Mining Corporation (N/K/A Vanguard Mining Corporation; Trading Symbol: “VNMC”) to acquire a 75% equity interest in PT Mega Kencana Persada (“MKPI”), an Indonesian company which owns of limestone tenement of approximate 330 hectares with an IUP Exploration License No. 540/112/K/2012 dated January 27, 2012, in Desa Sipapaga, Kecamatan Panyabungan, Kabupaten Mandailing Natal, Sumatra Utara, Republic of Indonesia. The estimated amount of limestone deposits in this concession area is between 150,000,000 metric tons, subject to independent verification. The Company also committed itself to arranging the required capital for VNMC to develop this limestone concession with MKPI. VNMC agreed to issue three million pre-split shares of its $0.001 par value Common Stock to the Company as consideration for this transaction. As of the date of this report, the Company has not received the stock compensation from VNMC as of the date of this report. | |
CONSULTING AGREEMENT WITH INDEPENDENT SENIOR GEOLOGIST | |
On April 30, 2014, the Company signed a consulting agreement with an independent senior geologist for certain necessary technical services that will be required in connection with the review, survey, evaluation, and recommendation of mining opportunities and mineral assets, including but not limited to gold, copper, limestone, coal, manganese, and iron ores in Indonesia and elsewhere that may be approved and adopted by the Company. The term of the agreement is two years. The Company agreed to pay the consultant one million shares of Common Stock of Vietnam Mining Corporation (N/K/A Vanguard Mining Corporation) for the duration of the agreement. | |
BUSINESS COOPERATION AGREEMENT WITH DAYAK UNITED ENERGY, LLC. | |
On August 25, 2014, the Company signed a business cooperation agreement with Dayak United Energy, LLC, a Nevada limited liability company (“DUE”), to cooperate with each other to arrange financing, mine, market and sell coal products from DUE’s current joint operation contracts with mine owners in Kalimantan as well as other joint operation contracts that DUE will be able to secure in the future. In addition, both parties may from time to time cooperate with each other and jointly engage in other business activities that deem mutually desirable and beneficial to both parties. | |
BUSINESS COOPERATION AND INVESTMENT AGREEMENT WITH PT. RAY WOLTER ENERGI | |
On September 10, 2014 the Company signed a Business Cooperation and Investment Agreement with PT. Ray Wolter Energi (RWE), a member of Raywolter Group, a company duly organized and existing under and by virtue of the laws of Republic of Indonesia, to primarily cooperate with each other with respect to (1) developing two 225-MW thermal power plants in East Kalimantan, two 50-MW thermal power plants in North Sulawesi, two 50-MW thermal power plants in Nusa Tenggara Timur, (2) manufacturing and installing 1,000 electricity transmission towers, in addition to communications towers, across Indonesia, and (3) mining coal to supply to Indonesian domestic and export customers, as well as other pertinent business activities that are deemed beneficial to both parties. PHI shall utilize its best efforts to invest and/or cause to be invested in RWE and/or its respective projects and to provide and/or cause to be provided best possible technologies and engineering, procurement and construction (EPC) services to jointly develop, construct and operate the projects mentioned herein. RWE and PHI will enter into a separate definitive agreement which includes specific terms and conditions, obligations, benefits, representations, warranties, covenants, and indemnities customary for a transaction of this type with respect to each of the projects mentioned herein. Moreover, RWE and PHI may from time to time cooperate with each other and jointly engage in other business activities that deem mutually acceptable and beneficial to both parties. | |
ASSUMPTION OF DEBT BY AGENT155 MEDIA CORP.’S OFFICER. | |
October 29, 2014, Christopher Martinez, President of Agent155 Media Corp. personally assumed the balance of $66,955 previously owed to the Company by Agent155 Media Corp. as his personal obligations retroactively December 31, 2011. | |
BUSINESS COOPERATION AND INVESTMENT AGREEMENT WITH PT. RARA JAYA ABADI | |
On January 7, 2015, the Company signed a Business Cooperation and Investment Agreement with PT. Rara Jaya Abadi (“RJA”), a company duly organized and existing under and by virtue of the laws of Republic of Indonesia, to primarily cooperate with each other with respect to acquire 70% of equity ownership in PT BHT which holds 3 IUP Operasi Produksi coal mining licenses and port license together with its own jetty and to expand the total area to become an Integrated Mining Area to include (a) offices of port officer, inspection, bank, dormitory, canteen etc., (b) additional 5 sets of conveyors with capacity of 1,000 MT /hour, (c) additional 2 units of crusher with capacity of 2,000 MT /hour, (d) back loading, and (e) other supporting facilities. The purpose of the expansion is to increase loading capacity to approximately 50,000 MT per day, or 500,000 MT per month, up to 7,000,000 MT per year to supply coals to Indonesian domestic and export customers. | |
RJA and the Company will enter into a definitive agreement which includes specific terms and conditions, obligations, benefits, representations, warranties, covenants, and indemnities customary for a transaction of this type with respect to each of the projects mentioned herein. In addition, RJA and the Company may from time to time cooperate with each other and jointly engage in other business activities that deem mutually acceptable and beneficial to both parties. | |
BUSINESS COOPERATION AND INVESTMENT AGREEMENT WITH AG MATERIALS, LLC. | |
On January 7, 2015, the Company signed a Business Cooperation and Investment Agreement with AG Materials, LLC, an Alabama limited liability company, (“AGM”) to primarily cooperate with each other to establish and operate a 200,000 MT wood pellet plant in Live Oak, Suwannee County, Florida. Both AGM and the Company intend to utilize the benefits of AGM’s previous arrangements with Klausner Lumber One, LLC, a wholly-owned subsidiary of Klausner Group, an Australian company, to purchase 400,000 to 800,000 short tons (ST) of feedstock per year from Klausner Lumber One, to purchase a fifteen-acre parcel of land to build the new wood pellet plant in Live Oak, Suwannee County, Florida. The Company will be responsible for providing the required capital for the purchase of land, machinery and equipment, and accessories, for construction and for working capital of the new wood pellet plant. AGM and the Company will enter into a definitive agreement which includes specific terms and conditions, obligations, benefits, representations, warranties, covenants, and indemnities customary for a transaction of this type. Both parties have incorporated Cornerstone Biomass Corporation, a Florida corporation, as the entity to manage the joint-venture wood pellet project in Live Oak, Florida. Moreover, AGM and the Company may from time to time cooperate with each other and jointly engage in other business activities that deem mutually acceptable and beneficial to both parties. | |
PURCHASE AND SALE AGREEMENT WITH PT MEGA KENCANA PERSADA | |
On March 16, 2015 the Company signed an Agreement of Purchase and Sale, to be effective as of April 1, 2015, with PT Mega Kencana Persada (“MKPI”), an Indonesian company, and its majority shareholders (the “Shareholders”) to acquire a seventy-five percent (75%) equity ownership of and the rights to explore and mine the limestone tenement of approximate 330 hectares with an IUP Exploration License No. 540/112/K/2012 dated January 27, 2012, in Desa Sipapaga, Kecamatan Panyabungan, Kabupaten Mandailing Natal, Sumatra Utara, Republic of Indonesia, in exchange for $950,000 in cash and $3,800,000 in the Company’s Class A Preferred Stock valued at $1.00 per share. The Closing date shall be within sixty (60) days following the signing of the Purchase and Sale Agreement, unless extended in writing by MKPI, the Shareholders and PHI Group, Inc. |
Going_Concern_Uncertainty
Going Concern Uncertainty | 9 Months Ended |
Mar. 31, 2015 | |
Going Concern Uncertainty | |
Going Concern Uncertainty | NOTE 16 – GOING CONCERN UNCERTAINTY |
As shown in the accompanying consolidated financial statements, the Company has an accumulated deficit of $37,543,947 as of March 31, 2015 and a loss from operations in the amount of $593,750 for the nine months ended March 31, 2015. These factors as well as the uncertain conditions that the Company faces in its day-to-day operations with respect to cash flows create an uncertainty as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management has taken action to strengthen the Company’s working capital position and generate sufficient cash to meet its operating needs through June 30, 2015 and beyond. In the next twelve months, the Company plan to continue focusing on energy and natural resources, including investing in and developing coal assets, independent power plant projects, renewable energy, and industrial minerals, as well as engaging in international trade. PHI Capital Holdings, Inc., the Company’s wholly owned subsidiary, will also continue to provide corporate and project finance services, including merger and acquisition advisory and consulting services for companies in a variety of industries and arranging funding for energy-related, natural resource and infrastructure projects. The Company anticipated generating more revenues through its proposed mergers and acquisitions as well as other business activities mentioned herein. No assurances could be made that management would be successful in achieving its plan. The president and chairman of the Company has committed to funding the Company’s operations from various sources for the next 12 months. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 17 – SUBSEQUENT EVENT |
BUSINESS COOPERATION AND INVESTMENT AGREEMENT WITH CV BERKAT DO’A MAMA | |
On May 1, 2015, the Company signed a Business Cooperation and Investment Agreement (“BCIA”) with CV Berkat Do’A Mama, an Indonesian company, to: (1) develop and mine a 6,200-hectare coal concession with estimated deposits of 33-55 million MT in Kabupaten Kapuas, Central Kalimantan, (2) build a 30-MW coal-fired power plant in Kota Jayapura, Provinsi Papua, Indonesia, (3) potentially build a mine-mouth coal-fired power plant in Kabupaten Kapuas, Central Kalimantan, and (4) supply coals to the Indonesian domestic market and other countries, particularly Vietnam, Thailand, Malaysia, Japan, India and China. The BCIA calls for PHI Group, Inc. to sign a conditional Purchase and Sale Agreement within twenty one days after the signing of the BCIA to acquire a 70% equity ownership of CV Berkat Do’A Mama, to start a drilling program two weeks after the signing of the conditional Purchase and Sale Agreement, and to sign the definitive Purchase and Sale Agreement thirty days after the drilling and boring results are confirmed. | |
CONSULTING ENGAGEMENT AGREEMENT WITH MYSON INVESTMENT AND IMPORT EXPORT JSC | |
On May 7, 2015, PHI Capital Holdings, Inc., a wholly owned subsidiary of the Company, signed a Consulting Engagement Agreement with Myson Investment and Import Export Joint Stock Company (“Myson JSC”), a Vietnamese company, to provide consulting services to and assist Myson JSC to become a fully reporting public company in the U.S. Stock Market. PHI Capital Holdings will be entitled to receiving cash to defray the costs associated with the services to be rendered and common stock in the new public company under Rule 144. | |
BUSINESS COOPERATION AGREEMENT WITH KHM JOINT STOCK COMPANY | |
On May 8, 2015, the Company signed a Business Cooperation Agreement with KHM JSC, a Vietnamese company, to develop and expand international markets for KHM’s mineral products, particularly exports of reclamation sand and granite to Singapore through Primearth Resources Asia Pte Ltd, another strategic partner of the Company’s. | |
The Company has been granted the first right of refusal by KHM to purchase approximately 102 million cubic meters of sand and 40 million cubic meters of granite over the course of several years for exports to Singapore and other Asian markets. | |
CANCELLATION OF STOCK PREVIOUSLY ISSUED FOR ACQUISITION | |
On May 14, 2015, the Company cancelled 3,288,443 shares of the Company’s $0.001 par value Common Stock that were issued to the majority shareholder of PT Tambang Sekarsa Adadaya on January 10, 2013 as a deposit towards the total purchase price of the 70% equity interest in PT Tambang Sekarsa Adadaya. This transaction was terminated due to unsatisfactory due diligence results. |
Nature_of_Business_Policies
Nature of Business (Policies) | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION | ||||
The consolidated financial statements include the accounts of PHI Group, Inc., its wholly-owned subsidiary PHI Capital Holdings, and the discontinued operations Providential Securities, Inc., PHI Gold Corporation (formerly PHI Mining Group), Providential Vietnam Ltd., and Philand Ranch Limited, collectively referred to as the “Company.” All significant inter-company transactions have been eliminated in consolidation. | |||||
Interim Consolidated Financial Statements | INTERIM CONSOLIDATED FINANCIAL STATEMENTS | ||||
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These statements should be read in conjunction with the audited financial statements for the year ended June 30, 2014. In the opinion of management, all adjustments consisting of normal reoccurring accruals have been made to the financial statements. The results of operation for the three-month and six-month periods ended March 31, 2015 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2015. | |||||
Use of Estimates | USE OF ESTIMATES | ||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||
The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. | |||||
Marketable Securities | MARKETABLE SECURITIES | ||||
The Company’s securities are classified as available-for-sale and, as such, are carried at fair value. Securities classified as available-for-sale may be sold in response to changes in interest rates, liquidity needs, and for other purposes. | |||||
Each investment in marketable securities represents less than twenty percent (20%) of the outstanding common stock and stock equivalents of the investee, and each security is quoted on either the “Pink Sheets” or the OTC Bulletin Board. As such, each investment is accounted for in accordance with the provisions of SFAS No. 115. | |||||
Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s equity. Realized gains and losses for securities classified as available-for-sale are reported in earnings based upon the adjusted cost of the specific security sold. As of March 31, 2015, the marketable securities were recorded at $306,281, based upon the fair value of the marketable securities at that time (Note 3). | |||||
Fair Value of Financial Instruments | Fair Value - Definition and Hierarchy | ||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||
A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. | |||||
Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows: | |||||
● | Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | ||||
● | Level 2 - Valuations based on inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. | ||||
● | Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | ||||
Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including; type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. | |||||
To the extent that valuation is based upon models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement falls in its entirety is determined based upon the lowest level input that is significant to the fair value measurement. | |||||
Fair Value - Valuation Techniques and Inputs | |||||
The Company holds and may invest public securities traded on public exchanges or over-the-counter (OTC), private securities, real estate, convertible securities, interest bearing securities and other types of securities and has adopted specific techniques for their respective valuations. | |||||
Equity Securities in Public Companies | |||||
Unrestricted | |||||
The Company values investments in securities that are freely tradable and listed on major securities exchanges at their last reported sales price as of the valuation date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. | |||||
Securities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or 3 of the fair value hierarchy. | |||||
Restricted | |||||
Securities traded on public exchanges or over-the-counter (OTC) where there are formal restrictions that limit (i.e. Rule 144 holding periods and underwriter’s lock-ups) their sale shall be valued at the closing price on the date of valuation less applicable discounts. The Company may apply a discount to securities with Rule 144 restrictions. Additional discounts may be assessed if the Company believes there are other mitigating factors which warrant the additional discounting. When determining potential additional discounts, factors that will be taken into consideration include, but are not limited to; securities’ trading characteristics, volume, length and overall impact of the restriction as well as other macro-economic factors. Valuations should be discounted appropriately until the securities may be freely traded. | |||||
If it has been determined that the exchange or OTC listed price does not accurately reflect fair market value, the Company may elect to treat the security as a private company and apply an alternative valuation method. | |||||
Investments in restricted securities of public companies may be included in Level 2 of the fair value hierarchy. However, to the extent that significant inputs used to determine liquidity discounts are not observable, investments in restricted securities in public companies may be categorized in Level 3 of the fair value hierarchy. | |||||
The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, marketable securities, and accounts payable. | |||||
As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheet. This is primarily attributed to the short maturities of these instruments. | |||||
Properties and Equipment | PROPERTIES AND EQUIPMENT | ||||
Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of the assets from three to five years. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||
Revenue Recognition | REVENUE RECOGNITION | ||||
The Company’s revenue recognition policies are in compliance with ASC 13 (previously Staff accounting bulletin (SAB) 104). The Company recognizes consulting and advisory fee revenues when the transaction is completed and the service fees are earned. Expenses are recognized in the period in which the corresponding liability is incurred. Payments received before all of the relevant criteria for revenue recognition are recorded as unearned revenue. | |||||
Risks and Uncertainties | REVENUE RECOGNITION | ||||
The Company’s revenue recognition policies are in compliance with ASC 13 (previously Staff accounting bulletin (SAB) 104). The Company recognizes consulting and advisory fee revenues when the transaction is completed and the service fees are earned. Expenses are recognized in the period in which the corresponding liability is incurred. Payments received before all of the relevant criteria for revenue recognition are recorded as unearned revenue. | |||||
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS | ||||
Update No. 2013-11—Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) | Jul-13 | Effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. | |||
[Download] | |||||
Update No. 2013-09—Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04 | Jul-13 | The deferral in this amendment is effective upon issuance for financial statements that have not been issued. | |||
[Download] | |||||
Update No. 2013-07—Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting | Apr-13 | Effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013. Early adoption is permitted. | |||
[Download] | |||||
Update No. 2013-04—Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force) | Feb-13 | Effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years ending after December 15, 2014, and interim periods and annual periods thereafter. | |||
[Download] | |||||
Update 2013-02—Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | Feb-13 | For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. For nonpublic entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. | |||
[Download] | |||||
Update 2013-01—Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities | Jan-13 | An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The effective date is the same as the effective date of Update 2011-11. | |||
[Download] | |||||
The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company’s financial statements. In most cases, management has determined that the pronouncement has either limited or no application to the Company and, in all cases, implementation would not have a material impact on the financial statements taken as a whole. |
Loans_Receivable_from_Related_1
Loans Receivable from Related Parties (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Loans Receivable from Related Parties | Loans receivable from related parties consist of the following at March 31, 2015 and June 30, 2014: | ||||||||
31-Mar-15 | 30-Jun-14 | ||||||||
Loan to Catalyst Resource Group | $ | 4,534 | $ | 3,932 | |||||
Loan to Provimex | $ | 2,000 | $ | 2,000 | |||||
Total | $ | 6,534 | $ | 5,932 |
Marketable_Equity_Securities_A1
Marketable Equity Securities Available For Sale (Tables) | 9 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Schedule of Fair value of Investments Marketable Equity Securities | The fair value of the shares recorded as of March 31, 2015 was $306,281. | |||||||||||||||||||||||
Level 1 | Level 2 | |||||||||||||||||||||||
Quoted | Other | Level 3 | ||||||||||||||||||||||
Prices in | Significant | Significant | ||||||||||||||||||||||
Active | Observable | Unobservable | ||||||||||||||||||||||
Investments | Markets | Inputs | Inputs | Total | ||||||||||||||||||||
Cash Equivalents | - | - | - | |||||||||||||||||||||
Marketable Securities | 298,241 | 8,040 | 306,281 | |||||||||||||||||||||
Total | $ | - | $ | 298,241 | $ | 8,040 | $ | 306,281 | ||||||||||||||||
Schedule of Assets Marketable Equity | Changes in | |||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||
Gain (Loss) | ||||||||||||||||||||||||
Balance | Realized | Unrealized | Net | Balance | for Investments | |||||||||||||||||||
6/30/14 | Gain or | Gain or | Purchases | 3/31/15 | still held at | |||||||||||||||||||
Assets | (Net) | (Loss) | (Loss) | (Sales) | (Net) | 3/31/15 | ||||||||||||||||||
Marketable Securities | 261,360 | (47,813 | ) | 86,734 | 6,000 | 306,281 | 99,263 | |||||||||||||||||
Total | $ | 261,360 | $ | (47,813 | ) | $ | 86,734 | $ | 6,000 | $ | 306,281 | $ | 99,263 |
Other_Assets_Tables
Other Assets (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Schedule of Other Assets | The Other Assets comprise of the following as of March 31, 2015 and June 30, 2014: | ||||||||
March 31, 2015 | 30-Jun-14 | ||||||||
Loans Receivable | $ | 66,955 | $ | 66,955 | |||||
Shares issued for investment | $ | 3,288 | $ | 3,288 | |||||
Receivable from discontinued operations | $ | 73,043 | $ | 73,043 | |||||
Investment in subsidiary | $ | 2,550 | 0 | ||||||
Deposit for land purchase | $ | 8,224 | 0 | ||||||
Total Other Assets | $ | 154,060 | $ | 143,286 |
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accounts Payable and Accrued Expenses | The accounts payable and accrued expenses at March 31, 2015 and June 30, 2014 consist of the following: | ||||||||
A/P & ACCRUED EXPENSES | 31-Mar-15 | 30-Jun-14 | |||||||
Accounts payable | 520,991 | 526,885 | |||||||
Accrued salaries and payroll taxes | 749,063 | 556,861 | |||||||
Accrued interest | 3,111,107 | 2,874,509 | |||||||
Accrued legal expenses | 368,822 | 396,294 | |||||||
Accrued consulting fees | 173,870 | 173,870 | |||||||
Other accrued expenses | 26,888 | 26,888 | |||||||
TOTAL: | $ | 4,950,741 | $ | $ | 4,555,307 |
Due_to_Officer_Tables
Due to Officer (Tables) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Due To Officer | ||||||||
Components of Due to Officer | Officers/Directors | 31-Mar-15 | 30-Jun-14 | |||||
Henry Fahman | $ | 1,568,558 | $ | 1,556,902 | ||||
Tam Bui | $ | 276,500 | $ | 276,500 | ||||
Frank Hawkins | $ | 12,500 | $ | 12,500 | ||||
Lawrence Olson | $ | 12,500 | $ | 12,500 | ||||
Total | $ | 1,870,058 | $ | 1,858,402 |
Loans_and_Promissory_Notes_Tab
Loans and Promissory Notes (Tables) | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Notes Payable Secured Assets | Some of the notes payable are secured by assets of the Company as summarized below: | ||||
Note Balance: | Secured by: | ||||
$ | 115,000 | 400,000 Catalyst Resource Group, Inc. shares | |||
500,000 Catthai Corporation shares | |||||
$ | 550,000 | 500,000 Catthai Corporation shares | |||
$ | 150,000 | 1,500,000 PHI Gold Corp shares | |||
$ | 100,000 | 1,500,000 PHI Gold Corp shares | |||
Nature_of_Business_Details_Nar
Nature of Business (Details Narrative) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Maximum percentage of outstanding common stock and stock equivalents of investee | 20.00% | |
Marketable securities | 306,281 | $261,360 |
Minimum [Member] | ||
Property and equipment, estimated useful lives of the assets | 3 years | |
Maximum [Member] | ||
Property and equipment, estimated useful lives of the assets | 5 years |
Loans_Receivable_from_Related_2
Loans Receivable from Related Parties - Schedule of Loans Receivable from Related Parties (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Loans receivable from related parties | $6,534 | $5,932 |
Loan To Catalyst Resource Group [Member] | ||
Loans receivable from related parties | 4,534 | 3,932 |
Loan To Provimex [Member] | ||
Loans receivable from related parties | $2,000 | $2,000 |
Marketable_Equity_Securities_A2
Marketable Equity Securities Available For Sale (Details Narrative) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Percentage of marketable securities less than outstanding common stock | 20.00% | |
Fair and conservative value of shares recorded | $306,281 | $261,360 |
Unrealized Gain or (Loss) | 86,734 | |
Sold realized loss | 47,813 | |
Marketable securities | $177,725 | |
Vanguard Mining Corporation [Member] | OTC Markets [Member] | ||
Number of marketable securities post-split shares available for sale | 12,623,419 | |
Agent 155 Media Corp [Member] | OTC Markets [Member] | ||
Number of marketable securities available for sale | 14,200,000 |
Marketable_Equity_Securities_A3
Marketable Equity Securities Available For Sale - Schedule of Fair value of Investments Marketable Equity Securities (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Cash Equivalents | ||
Marketable Securities | 306,281 | 261,360 |
Total | 306,281 | |
Level 1 Quoted Prices in Active Markets [Member] | ||
Total | ||
Level 2 Other Significant Observable Inputs [Member] | ||
Cash Equivalents | ||
Marketable Securities | 298,241 | |
Total | 298,241 | |
Level 3 Significant Unobservable Inputs [Member] | ||
Cash Equivalents | ||
Marketable Securities | 8,040 | |
Total | $8,040 |
Schedule_of_Assets_Marketable_
Schedule of Assets Marketable Equity (Details) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Balance | $261,360 |
Realized Gain or (Loss) | -47,813 |
Unrealized Gain or (Loss) | 86,734 |
Net purchases (Sales) | 6,000 |
Balance ending | 306,281 |
Changes in unrealized gain (loss) for investments still held | 99,263 |
Marketable Securities [Member] | |
Balance | 261,360 |
Realized Gain or (Loss) | -47,813 |
Unrealized Gain or (Loss) | 86,734 |
Net purchases (Sales) | 6,000 |
Balance ending | 306,281 |
Changes in unrealized gain (loss) for investments still held | $99,263 |
Other_Assets_Details_Narrative
Other Assets (Details Narrative) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 10, 2013 | Jun. 30, 2011 | Mar. 31, 2015 | Jun. 30, 2014 | |
Total other assets | $154,060 | $143,286 | ||
Investments in subsidiaries | 2,550 | |||
deposit | 8,224 | |||
Restricted Common Stock [Member] | ||||
Issuance of restricted common stock deposit towards total purchase price | 3,288,443 | |||
Percentage of equity interest | 70.00% | |||
Shares recorded at par | 3,288 | |||
Philand Vietnam Ltd., [Member] | ||||
Security deposit | 172,203 | |||
Repayment of deposit amount | 99,160 | |||
Receivable from Discontinued Operations | 73,043 | |||
Manning Elliot LLP [Member] | ||||
Payment for restructuring requirements | 24,476 | |||
Agent 155 Media Corp [Member] | ||||
Amount owed | 66,955 | |||
Cornerstone Biomass Corporation [Member] | ||||
Investments in subsidiaries | 2,550 | |||
deposit | $8,224 |
Other_Assets_Schedule_of_Other
Other Assets - Schedule of Other Assets (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Loans Receivable | $66,955 | $66,955 |
Shares issued for investment | 3,288 | 3,288 |
Receivable from discontinued operations | 73,043 | 73,043 |
Investments in subsidiaries | 2,550 | |
Deposit for land purchase | 8,224 | |
Total other assets | $154,060 | $143,286 |
Discontinued_Operations_Detail
Discontinued Operations (Details Narrative) (USD $) | Mar. 31, 2015 |
Discontinued Operations and Disposal Groups [Abstract] | |
Liabilities and potential liability contingencies and written off all non-performing assets associated with discontinued operations | $1,045,232 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Payables and Accruals [Abstract] | ||
Accounts payable | $520,991 | $526,885 |
Accrued salaries and payroll taxes | 749,063 | 556,861 |
Accrued interest | 3,111,107 | 2,874,509 |
Accrued legal expenses | 368,822 | 396,294 |
Accrued consulting fees | 173,870 | 173,870 |
Other accrued expenses | 26,888 | 26,888 |
Total | $4,950,741 | $4,555,307 |
Due_to_Officer_Details_Narrati
Due to Officer (Details Narrative) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Due to officers | $1,870,058 | $1,858,402 |
Officer [Member] | ||
Unsecured and due on demand | 100,000 | |
Board of Directors [Member] | ||
Short term note payable | 100,000 | |
Interest bearing payable | $3,000 |
Due_to_Officer_Components_of_D
Due to Officer - Components of Due to Officer (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Due to Officers/Directors | $1,870,058 | $1,858,402 |
Henry Fahman [Member] | ||
Due to Officers/Directors | 1,568,558 | 1,556,902 |
Tam Bui [Member] | ||
Due to Officers/Directors | 276,500 | 276,500 |
Frank Hawkins [Member] | ||
Due to Officers/Directors | 12,500 | 12,500 |
Lawrence Olson [Member] | ||
Due to Officers/Directors | $12,500 | $12,500 |
Loans_and_Promissory_Notes_Det
Loans and Promissory Notes (Details Narrative) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||
Aug. 27, 2014 | Feb. 11, 2014 | Apr. 11, 2013 | Feb. 22, 2013 | Mar. 31, 2015 | Jun. 17, 2011 | Mar. 01, 2012 | Jan. 11, 2012 | Jan. 03, 2012 | Nov. 22, 2011 | Oct. 21, 2011 | Aug. 30, 2011 | Aug. 08, 2011 | Jul. 25, 2011 | Apr. 23, 2013 | Mar. 31, 2015 | Jun. 30, 2014 | |
Short-term notes payable | $1,295,008 | $1,295,008 | $1,346,721 | ||||||||||||||
Accrued interest | 3,111,107 | 3,111,107 | 3,031,931 | ||||||||||||||
Issuance of convertible notes conversion | 27,706 | 156,750 | 50,000 | 33,633 | |||||||||||||
Issuance of convertible notes conversion, shares | 91,440 | 337,097 | 76,540 | 44,844 | |||||||||||||
Issuance of convertible notes conversion, pre-split shares | 7,199,791 | ||||||||||||||||
Preferred stock shares subscribed | 215,000 | 215,000 | |||||||||||||||
Interest expenses payable to holders of preferred stock | 3,111,107 | 3,111,107 | 2,874,509 | ||||||||||||||
Advances from Customers | 563,219 | 563,219 | 563,219 | ||||||||||||||
Preferred Stockholders [Member] | |||||||||||||||||
Interest expenses payable to holders of preferred stock | 381,005 | 381,005 | 361,655 | ||||||||||||||
Convertible Promissory Note [Member] | Asher Enterprises Inc [Member] | |||||||||||||||||
Convertible promissory note | 42,500 | ||||||||||||||||
Convertible promissory note, interest percentage | 22.00% | 8.00% | 22.00% | ||||||||||||||
Notes, conversion description | This note is convertible at the election of Asher from time to time after the issuance date, at 39% discount to the average of the lowest closing bid prices for the Company’s common stock during the ten trading day period ending on the latest complete trading prior to the conversion date. | ||||||||||||||||
Convertible notes payable due date | 21-Mar-12 | ||||||||||||||||
Outstanding principal and interest rate | 150.00% | ||||||||||||||||
Convertible Notes [Member] | |||||||||||||||||
Issuance of convertible notes conversion | 12,000 | 11,000 | 10,000 | 10,000 | 8,000 | 15,000 | 12,000 | 10,000 | |||||||||
Issuance of convertible notes conversion, shares | 5,741 | 5,641 | 4,444 | 5,083 | 2,667 | 2,941 | 1,633 | 1,550 | |||||||||
Issuance of convertible notes conversion, pre-split shares | 8,571,429 | 8,461,538 | 6,666,667 | 7,625,000 | 4,000,000 | 4,411,765 | 2,448,980 | 2,325,581 | |||||||||
Convertible Notes [Member] | Asher Enterprises Inc [Member] | |||||||||||||||||
Issuance of convertible notes conversion | 7,000 | ||||||||||||||||
Issuance of convertible notes conversion, shares | 77,049 | ||||||||||||||||
Issuance of convertible notes conversion, pre-split shares | 8,197 | ||||||||||||||||
Price per share | $0.06 | $0.85 | $0.06 | ||||||||||||||
Convertible notes payable outstanding | $4,700 | $4,700 | |||||||||||||||
Minimum [Member] | |||||||||||||||||
Short term notes payable interest rate | 6.00% | 6.00% | |||||||||||||||
Maximum [Member] | |||||||||||||||||
Short term notes payable interest rate | 36.00% | 36.00% |
Loans_and_Promissory_Notes_Sch
Loans and Promissory Notes - Schedule of Notes Payable Secured Assets (Details) (USD $) | Mar. 31, 2015 |
Notes Payable One [Member] | Catalyst Resource Group Inc [Member] | |
Notes balance: | $115,000 |
Secured by: | 400,000 |
Notes Payable One [Member] | Catthai Corporation [Member] | |
Secured by: | 500,000 |
Notes Payable Two [Member] | Catthai Corporation [Member] | |
Notes balance: | 550,000 |
Secured by: | 500,000 |
Notes Payable Three [Member] | PHI Gold Corp [Member] | |
Notes balance: | 150,000 |
Secured by: | 1,500,000 |
Notes Payable Four [Member] | PHI Gold Corp [Member] | |
Notes balance: | $100,000 |
Secured by: | 1,500,000 |
Litigation_Details_Narrative
Litigation (Details Narrative) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | |
Oct. 31, 2000 | 31-May-11 | Mar. 31, 2015 | Jul. 09, 2012 | Feb. 01, 2010 | |
Costs incurred in breach of contract for damages | $75,000 | ||||
Settlement agreement amount | 62,500 | ||||
Administrative costs | 4,500 | ||||
Legal costs | 2,500 | ||||
Accrued litigation amount | 140,490 | 79,000 | |||
Promissory notes outstanding | 140,000 | ||||
Issuance of pre-split shares of common stock | 7,199,791 | ||||
Vanguard Mining Corporation [Member] | |||||
Issuance of pre-split shares of common stock | 100,000 | ||||
William Davidson [Member] | |||||
Settlement agreement amount | $200,000 |
Payroll_Liabilities_Details_Na
Payroll Liabilities (Details Narrative) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Penalties and interest | $118,399 |
Internal Revenue Service [Member] | |
Penalties and interest | 41,974 |
State of California Employment Development Department [Member] | |
Penalties and interest | $19,289 |
Stockholders_Equity_Details_Na
Stockholder's Equity (Details Narrative) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||
Jan. 22, 2015 | Aug. 27, 2014 | Feb. 11, 2014 | Apr. 11, 2013 | Feb. 22, 2013 | Nov. 19, 2012 | Mar. 15, 2012 | Mar. 31, 2015 | Feb. 10, 2015 | Jan. 10, 2013 | Dec. 24, 2012 | Jul. 31, 2012 | Nov. 30, 2012 | Feb. 14, 2013 | Jul. 02, 2013 | Apr. 26, 2013 | 10-May-13 | Jul. 19, 2012 | Jun. 30, 2014 | |
Creditor | Creditor | Creditor | Creditor | Creditor | Creditor | Creditor | Creditor | Creditor | |||||||||||
Number of authorized capital stock | 400,000,000 | ||||||||||||||||||
Number of authorized capital stock, par value | $0.00 | ||||||||||||||||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | |||||||||||||||||
Common stock, par value | $0.00 | $0.00 | 0.001 | $0.00 | |||||||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | |||||||||||||||||
Preferred stock, par value | $0.00 | $0.00 | |||||||||||||||||
Common stock reverse stock split | 1 for 1,500 | ||||||||||||||||||
Treasury stock, post-split shares | 2,987 | 2,987 | |||||||||||||||||
Treasury stock, value | $3,801 | $3,801 | |||||||||||||||||
Common stock, shares | 77,049 | ||||||||||||||||||
Number of creditors | 1 | 1 | 1 | 1 | |||||||||||||||
Conversion debt into equity amount | 27,706 | 156,750 | 50,000 | 33,633 | |||||||||||||||
Issuance of convertible notes into shares | 91,440 | 337,097 | 76,540 | 44,844 | |||||||||||||||
Shares reserved special dividend, shares | 5,673,327 | 5,673,327 | |||||||||||||||||
Issuance of common stock, post-split shares | 7,199,791 | ||||||||||||||||||
Preferred stock issued | |||||||||||||||||||
Preferred stock outstanding | |||||||||||||||||||
Restricted Common Stock One [Member] | |||||||||||||||||||
Number of stock shares issued for cash | 300,000 | ||||||||||||||||||
May 15, 2015 [Member] | |||||||||||||||||||
Common stock, par value | $0.00 | ||||||||||||||||||
Shares reserved special dividend, shares | 5,673,327 | ||||||||||||||||||
Number of shares cancelled | 3,288,443 | ||||||||||||||||||
Percentage of purchase price of equity interest | 70.00% | ||||||||||||||||||
Issuance of common stock, post-split shares | 9,584,675 | ||||||||||||||||||
April 02, 2015 [Member] | Class A Preferred Stock [Member] | |||||||||||||||||||
Common stock, par value | $0.00 | ||||||||||||||||||
Preferred stock, shares authorized | 100,000,000 | ||||||||||||||||||
Shares reserved special dividend, shares | 50,000,000 | ||||||||||||||||||
Percentage of purchase price of equity interest | 12.00% | ||||||||||||||||||
Percentage of veriable conversion market price | 75.00% | ||||||||||||||||||
Percentage of discount rate | 25.00% | ||||||||||||||||||
Percentage of original purchae price of preferred stock | 120.00% | ||||||||||||||||||
PT Tambang Sekarsa Adadaya [Member] | |||||||||||||||||||
Common stock, shares issued | 3,288,443 | ||||||||||||||||||
Percentage of purchase price of equity interest | 70.00% | ||||||||||||||||||
Number of stock shares issued for cash | 10,500,000 | ||||||||||||||||||
Indonesian Attorney [Member] | |||||||||||||||||||
Stock issued for services, shares | 44,763 | ||||||||||||||||||
Stock issued for services | 50,000 | ||||||||||||||||||
Seven Creditors [Member] | |||||||||||||||||||
Number of creditors | 7 | ||||||||||||||||||
Conversion debt into equity amount | 177,333 | ||||||||||||||||||
Issuance of convertible notes into shares | 504,865 | ||||||||||||||||||
Four Creditors [Member] | |||||||||||||||||||
Number of creditors | 4 | ||||||||||||||||||
Conversion debt into equity amount | 220,079 | ||||||||||||||||||
Issuance of convertible notes into shares | 81,737 | ||||||||||||||||||
Two Creditors [Member] | |||||||||||||||||||
Number of creditors | 2 | ||||||||||||||||||
Conversion debt into equity amount | 150,000 | ||||||||||||||||||
Issuance of convertible notes into shares | 155,885 | ||||||||||||||||||
Three Creditors [Member] | |||||||||||||||||||
Number of creditors | 3 | 3 | |||||||||||||||||
Conversion debt into equity amount | 177,940 | 180,000 | |||||||||||||||||
Issuance of convertible notes into shares | 412,569 | 304,913 | |||||||||||||||||
Restricted Common Stock One [Member] | |||||||||||||||||||
Number of stock shares issued for cash | 100,887 | ||||||||||||||||||
Number of stock shares issued for cash, amount | 40,000 | ||||||||||||||||||
Officer [Member] | Restricted Common Stock [Member] | |||||||||||||||||||
Common stock converted debt | $307,000 | ||||||||||||||||||
Common stock, shares | 1,196,424 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Henry Fahman [Member] | ||
Accrued salaries | $52,500 | $52,500 |
Tina Phan [Member] | ||
Accrued salaries | $52,500 | $52,500 |
Contracts_and_Commitments_Deta
Contracts and Commitments (Details Narrative) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Sep. 10, 2014 | Feb. 04, 2014 | Oct. 29, 2014 | Jan. 07, 2015 | Jan. 07, 2015 | Dec. 24, 2012 | Mar. 16, 2015 | Jan. 10, 2013 | Dec. 24, 2012 | Dec. 24, 2012 | Jan. 10, 2013 | Apr. 29, 2014 | Jan. 29, 2014 | Nov. 30, 2013 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Mar. 31, 2015 | Jul. 19, 2012 | Jan. 28, 2013 | Mar. 31, 2015 | Jan. 24, 2014 | Apr. 29, 2014 | Jan. 24, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Feb. 04, 2014 | Feb. 04, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 07, 2015 | Jan. 07, 2015 | Jan. 07, 2015 | Jan. 07, 2015 | Sep. 30, 2011 | Feb. 25, 2013 | Oct. 07, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Geologist [Member] | Pt. Ray Wolter Energi [Member] | Petrobras Bonds [Member] | Agent 155 Media Corp [Member] | Klausner Lumber One [Member] | Klausner Lumber One [Member] | Coal [Member] | Wood Pellet Plant [Member] | PT Tambang Sekarsa Adadaya [Member] | PT Tambang Sekarsa Adadaya [Member] | PT Tambang Sekarsa Adadaya [Member] | PHI Group Inc [Member] | PT Raksasa Metal Agung [Member] | PT Raksasa Metal Agung [Member] | Ky Ha Chu Lai Investment And Development Company [Member] | PT Cendrawasih International [Member] | PT Cendrawasih International [Member] | PT Cendrawasih International [Member] | PT Cendrawasih International [Member] | Vanguard Mining Corporation [Member] | HP ITA Corporation [Member] | Colebrand Interenational Ltd [Member] | Vietnam Mining Corporation [Member] | Vietnam Mining Corporation [Member] | Vanguard Mining Corporation [Member] | Vanguard Mining Corporation [Member] | PT Cendrawasih International [Member] | PT Cendrawasih International [Member] | Dieterich Group [Member] | Dieterich Group [Member] | PT Mega Kencana Persada [Member] | PT Mega Kencana Persada [Member] | PT Mega Kencana Persada [Member] | PT Rara Jaya Abadi [Member] | PT Rara Jaya Abadi [Member] | PT Rara Jaya Abadi [Member] | AG Materials LLC [Member] | Thinh Hung Investment Co [Member] | PACA [Member] | PT Raksasa Metal Agung [Member] | |
USD ($) | Christopher Martinez [Member] | Minimum [Member] | Maximum [Member] | T | Klausner Lumber One [Member] | Hectares [Member] | USD ($) | USD ($) | Viet Nam, Dong [Member] | USD ($) | Minimum [Member] | Maximum [Member] | Hectares [Member] | Consulting Agreements [Member] | USD ($) | Two Individual [Member] | USD ($) | USD ($) | Hectares [Member] | Minimum [Member] | Maximum [Member] | USD ($) | Hectares [Member] | Tonns [Member] | Conveyors [Member] | Crusher [Member] | Wood Pellet Plant [Member] | USD ($) | |||||||||||||||||
USD ($) | T | T | USD ($) | ha | VND | oz | oz | ha | Creditor | USD ($) | ha | USD ($) | USD ($) | ha | T | T | T | ||||||||||||||||||||||||||||
ha | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $16,000 | $54,960 | $31,096 | $54,960 | $26,656 | ||||||||||||||||||||||||||||||||||||||||
Customer advances | 563,219 | 563,219 | 563,219 | 293,219 | |||||||||||||||||||||||||||||||||||||||||
Equity interest | 70.00% | 95.00% | 75.00% | ||||||||||||||||||||||||||||||||||||||||||
Agreement, term | 2 years | 2 years | 6 months | 2 years | |||||||||||||||||||||||||||||||||||||||||
Minimum equity ownership percentage | 75.00% | 70.00% | 70.00% | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares for cash | 10,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Total area in hectares | 15 | 9,690 | 8,100 | 8,100 | 330 | ||||||||||||||||||||||||||||||||||||||||
Units of indicative coal resources | 205,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares | 3,288,443 | ||||||||||||||||||||||||||||||||||||||||||||
Agreement extended expiration date | 10-Dec-15 | 24-Feb-16 | |||||||||||||||||||||||||||||||||||||||||||
Profit sharing percentage | 40.00% | 60.00% | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, shares | 3,288,443 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||||||||||||||||||||||||||||||||||
Land clearance and compensation agreement amount | 2,705,349,242 | ||||||||||||||||||||||||||||||||||||||||||||
Area of land in metric tons | 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition of stock purchase agreements | 141,175 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase price of stock purchase agreements | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase price of stock purchase agreements, shares | 8,750,000 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of pre-split shares of common stock | 7,199,791 | 1,600,000 | 1,983,340 | 2,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted common stock, shares | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Area of gold deposits land in ounces | 400,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Bond value | 3,800,000 | 300,000 | 400,000 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of bonds | 500 | ||||||||||||||||||||||||||||||||||||||||||||
Debt discount value | 750,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt face value | 2,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Bond interest percentage | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||
Net proceeds in bond percentage | 12.50% | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of bonds | 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Stock issued for services, shares | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Business cooperation and investment agreement with related parties | Business Cooperation and Investment Agreement with PT. Ray Wolter Energi (RWE), a member of Raywolter Group, a company duly organized and existing under and by virtue of the laws of Republic of Indonesia, to primarily cooperate with each other with respect to (1) developing two 225-MW thermal power plants in East Kalimantan, two 50-MW thermal power plants in North Sulawesi, two 50-MW thermal power plants in Nusa Tenggara Timur, (2) manufacturing and installing 1,000 electricity transmission towers, in addition to communications towers, across Indonesia, and (3) mining coal to supply to Indonesian domestic and export customers, as well as other pertinent business activities that are deemed beneficial to both parties. | The purpose of the expansion is to increase loading capacity to approximately 50,000 MT per day, or 500,000 MT per month, up to 7,000,000 MT per year | |||||||||||||||||||||||||||||||||||||||||||
Loans receivable | 66,955 | 66,955 | 66,955 | 66,955 | 141,175 | ||||||||||||||||||||||||||||||||||||||||
Number of independent consultants | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Area of land in metric tons | 2,000 | 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Area of land in short tons | 400,000 | 800,000 | |||||||||||||||||||||||||||||||||||||||||||
Cash | $950,000 |
Going_Concern_Uncertainty_Deta
Going Concern Uncertainty (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Going Concern Uncertainty | |||||
Accumulated deficit | $37,543,947 | $37,543,947 | $36,954,987 | ||
Net income (loss) | $256,537 | $166,003 | $593,750 | $90,731 |
Subsequent_Event_Details_Narra
Subsequent Event (Details Narrative) (USD $) | 0 Months Ended | ||||||
8-May-15 | 1-May-15 | 14-May-15 | Mar. 31, 2015 | Feb. 10, 2015 | Jan. 22, 2015 | Jun. 30, 2014 | |
Common stock, par value | $0.00 | $0.00 | $0.00 | $0.00 | |||
Khm Joint Stock Company [Member] | |||||||
Business corporation and investments descriptions | KHM to purchase approximately 102 million cubic meters of sand and 40 million cubic meters of granite over the course of several years. | ||||||
Subsequent Event [Member] | CV Berkat Do A Mama [Member] | |||||||
Business corporation and investments descriptions | develop and mine a 6,200-hectare coal concession with estimated deposits of 33-55 million | ||||||
Percentage of acquiring equity ownership | 70.00% | ||||||
Subsequent Event [Member] | PT Tambang Sekarsa [Member] | |||||||
Number of shares cancelled | 3,288,443 | ||||||
Common stock, par value | $0.00 | ||||||
Percentage of purchase price of equity interest | 70.00% |