Exhibit No. 21.1
SUBSIDIARIES OF REGISTRANT
As of December 31, 2018
| 1) | PHI Capital Holdings, Inc. |
| A Wyoming corporation | |
| Percentage of ownership: 100% | |
| Business activity: Consulting and M&A advisory services. | |
| 2) | Abundant Farms, Inc. |
| A Florida corporation | |
| Percentage of ownership: 100% | |
| Business activity: Agriculture | |
| 3) | American Pacific Plastics, Inc. |
| A Wyoming corporation | |
| Percentage of ownership: 100% | |
| Business activity: Plastics film manufacturing, holding company for Vinafilms JSC. | |
| 4) | American Pacific Resources, Inc. |
| A Wyoming corporation | |
| Percentage of ownership: 100% | |
| Business activity: Mining & natural resources. | |
| 5) | American Saigon Palace Group, Inc. |
| A Wyoming corporation | |
| Percentage of ownership: 100% | |
| Business activity: Food and beverage, hospitality. | |
| 6) | ComMatrix, Inc. |
| A Wyoming corporation | |
| Percentage of ownership: 100% | |
| Business activity: Telecommunication, holding company for Gridline Communications, Inc. (inactive) | |
| 7) | Constructii SA Group, Inc. |
| A Delaware corporation | |
| Percentage of ownership: 100% | |
| Holding company for acquisition of a Romanian construction company (inactive). | |
| 8) | PHI VIETNAM INVESTMENT AND DEVELOPMENT LTD. |
| A Vietnamese company | |
| Percentage of ownership: 100% | |
| Business activity: Investment and Consulting Services. | |
| 9) | PHI EZ Water Tech, Inc. |
| A Wyoming corporation | |
| Percentage of ownership: 75% | |
| Business activity: Water treatment technology (inactive). | |
| 10) | PHIVITAE Corporation |
| A Wyoming corporation | |
| Percentage of ownership: 100% | |
| Business activity: inactive. |
