Except for the audited historical information contained herein, this report
specifies forward-looking statements of management of the Company within the
meaning of Section 27a of the Securities Act of 1933 and Section 21e of the
Securities Exchange Act of 1934 ("forward-looking statements") including,
without limitation, forward-looking statements regarding the Company's
expectations, beliefs, intentions and future strategies. Forward-looking
statements are statements that estimate the happening of future events and are
not based on historical facts. Forward- looking statements may be identified by
the use of forward-looking terminology, such as "could", "may", "will",
"expect", "shall", "estimate", "anticipate", "probable", "possible", "should",
"continue", "intend" or similar terms, variations of those terms or the negative
of those terms. The forward-looking statements specified in this report have
been compiled by management of the Company on the basis of assumptions made by
management and considered by management to be reasonable. Future operating
results of the Company, however, are impossible to predict and no
representation, guaranty, or warranty is to be inferred from those
forward-looking statements. The assumptions used for purposes of the
forward-looking statements specified in this report represent estimates of
future events and are subject to uncertainty as to possible changes in economic,
legislative, industry, and other circumstances. As a result, the identification
and interpretation of data and other information and their use in developing and
selecting assumptions from and among reasonable alternatives require the
exercise of judgment. To the extent that the assumed events do not occur, the
outcome may vary substantially from anticipated or projected results, and,
accordingly, no opinion is expressed on the achievability of those
forward-looking statements. In addition, those forward-looking statements have
been compiled as of the date of this report and should be evaluated with
consideration of any changes occurring after the date of this report. No
assurance can be given that any of the assumptions relating to the
forward-looking statements specified in this report are accurate and the Company
assumes no obligation to update any such forward-looking statements.
NOTE 1 - NATURE OF BUSINESS
INTRODUCTION
PHI Group, Inc. (n/k/a Philux Global Group Inc) (the "Company" or "PHI")
(www.philuxglobal.com) is primarily engaged in mergers and acquisitions,
advancing PHILUX Global Funds, SCA, SICAV-RAIF, a "Reserved Alternative
Investment Fund" ("RAIF") under the laws of Luxembourg, and establishing the
Asia Diamond Exchange in Vietnam. Besides, the Company provides corporate
finance services, including merger and acquisition advisory and consulting
services for client companies through our wholly owned subsidiary PHILUX Capital
Advisors, Inc. (formerly PHI Capital Holdings, Inc.) (www.philuxcapital.com) and
invests in selective industries and special situations aiming to potentially
create significant long-term value for our shareholders. PHILUX Global Funds
intends to include a number of sub-funds for investment in select growth
opportunities in the areas of agriculture, renewable energy, real estate,
infrastructure, and the Asia Diamond Exchange in Vietnam.
BACKGROUND
Originally incorporated on June 8, 1982 as JR Consulting, Inc., a Nevada
corporation, the Company applied for a Certificate of Domestication and filed
Articles of Domestication to become a Wyoming corporation on September 20, 2017.
In the beginning, the Company was foremost engaged in mergers and acquisitions
and had an operating subsidiary, Diva Entertainment, Inc., which operated two
modeling agencies, one in New York and one in California. In January 2000, the
Company changed its name to Providential Securities, Inc., a Nevada corporation,
following a business combination with Providential Securities, Inc., a
California-based financial services company. In February 2000, the Company then
changed its name to Providential Holdings, Inc. In October 2000, Providential
Securities withdrew its securities brokerage membership and ceased its financial
services business. Subsequently, in April 2009, the Company changed its name to
PHI Group, Inc. From October 2000 to October 2011, the Company and its
subsidiaries were engaged in various transactions in connection with mergers and
acquisitions advisory and consulting services, real estate and hospitality
development, mining, oil and gas, telecommunications, technology, healthcare,
private equity, and special situations. In October 2011, the Company
discontinued the operations of Providential Vietnam Ltd., Philand Ranch Limited,
a United Kingdom corporation (together with its subsidiaries Philand Ranch -
Singapore, Philand Corporation - US, and Philand Vietnam Ltd. - Vietnam), PHI
Gold Corporation (formerly PHI Mining Corporation, a Nevada corporation), and
PHI Energy Corporation (a Nevada corporation), and mainly focused on acquisition
and development opportunities in energy and natural resource businesses.
The Company is currently focused on PHILUX Global Funds, SCA, SICAV-RAIF by
launching Philux Global Select Growth Fund and potentially other sub-funds for
investment in real estate, renewable energy, infrastructure, agriculture and
healthcare and the Asia Diamond Exchange in Vietnam. In addition, PHILUX Capital
Advisors, Inc. (formerly Capital Holdings, Inc.), a wholly owned subsidiary of
the Company, continues to provide corporate and project finance services,
including merger and acquisition (M&A) advisory and consulting services for U.S.
and international companies. The Company has signed agreements to acquire
majority equity interests in Kota Construction LLC and Kota Energy Group LLC
which are engaged in solar energy business (https://www.kotasolar.com), Tin
Thanh Group, a Vietnamese joint stock company (www.tinthanhgroup.vn) and Van
Phat Dat Joint Stock Company, a Vietnamese joint stock company. In addition, the
Company is in the process of amending the Purchase and Sale Agreement that was
originally signed on January 18, 2022 with Five-Grain Treasure Spirits Co.,
Ltd., a Chinese baiju distiller, to collaborate in launching American-made baiju
products through Empire Spirits, Inc., a subsidiary of the Company. The Company
will relocate CO2-1-0 (CARBON) Corp., a subsidiary of the Company engaged in
carbon emission mitigation using blockchain and crypto technologies, to the
United Arab Emirates. These activities are disclosed in greater detail elsewhere
in this report. No assurances can be made that the Company will be successful in
achieving its plans.
3
BUSINESS STRATEGY
PHI's strategy is to:
1. Identify, build, acquire, commit and deploy valuable resources with
distinctive competitive advantages;
2. Identify, evaluate, acquire, participate and compete in attractive businesses
that have large, growing market potential;
3. Build an attractive investment that includes points of exit for investors
through capital appreciation or spin-offs of business units.
SUBSIDIARIES:
As of January 30, 2023, the Company owned the following subsidiaries: (1) Asia
Diamond Exchange, Inc., a Wyoming corporation (100%), (2) Empire Spirits, Inc.,
a Nevada corporation (85% - formerly Provimex, Inc.) (3) PHILUX Global Funds
SCA, SICAV-RAIF, a Luxembourg Reserved Alternative Investment Fund (100%), (4)
PHILUX Capital Advisors, Inc., a Wyoming corporation (100%), (5) PHI Luxembourg
Development S.A., a Luxembourg corporation (100%), (6) PHILUX Global General
Partners SA, a Luxembourg corporation (100%), (7) PHI Luxembourg Holding SA, a
Luxembourg corporation (100%), (8) Philux Global Vietnam Investment and
Development Company Ltd., a Vietnamese limited liability company (100%), (9)
Phivitae Healthcare, Inc. (100%), (10) American Pacific Resources, Inc., a
Wyoming corporation (100%), (11) Philux Fidelity Global Group, a Wyoming
corporation, (12) and Philux Global Trade Inc., a Wyoming corporation.
ASIA DIAMOND EXCHANGE AND THE DEVELOPMENT OF MULTI-COMMODITIES AND LOGISTICS
CENTER IN VIETNAM
Along with the establishment of PHILUX Global Funds, the Company has worked with
the Authority of Chu Lai Open Economic Zone and the Provincial Government of
Quang Nam, Vietnam to develop the Asia Diamond Exchange. Quang Nam Provincial
Government has agreed in principle to allocate about 200 hectares in the
sanctioned Free-Trade Zone near Chu Lai Airport, Nui Thanh District, Quang Nam
Province in Central Vietnam for us to set up a multi-commodities center which
would include the Asia Diamond Exchange.
On June 04, 2021 the Company incorporated Asia Diamond Exchange, Inc., a Wyoming
corporation, ID number 2021-001010234, as the holding company for the
development of the Asia Diamond Exchange in Vietnam.
In addition, another opportunity has arisen with the start of construction of
the new international airport in Long Thanh District, Dong Nai Province near Ho
Chi Minh City in Southern Vietnam. In December 2020, the Vietnamese central
government designated approximately 2,600 hectares of land in Bau Can and Tan
Hiep Villages, Long Thanh District, Dong Nai Province as a new industrial zone.
The Company has submitted a request for additional land close to the new Long
Thanh International Airport to develop the Long Thanh Multi-Commodities
Logistics Center (LMLC) together with the Industrial Zone and is currently
working with the Dong Nai Provincial People's Committee and the relevant
ministries of the Vietnamese central government on this project.
4
EMPIRE SPIRITS, INC. (FORMERLY PROVIMEX, INC.)
Provimex, Inc. was originally incorporated as a Nevada corporation on September
23, 2004, Entity Number C25551-4, as a subsidiary of the Company to engage in
international trade. On 9/26/2021, Provimex, Inc. changed its name to Empire
Spirits, Inc. as the holding company for the acquisition of a majority ownership
in Five-Grain Treasure Spirits Company, Ltd., a baiju distiller in Jilin
Province. The Company is in the process of amending the Purchase and Sale
Agreement that was originally signed on January 18, 2022 with Five-Grain
Treasure Spirits Co. Ltd., to collaborate in launching American-made baiju
products through Empire Spirits, Inc.
Baijiu is a white spirit distilled from sorghum. It is similar to vodka but with
a fragrant aroma and taste. It is currently the most consumed spirit in the
world. Mainly consumed in China, it is gaining popularity in the rest of the
world.
Five-Grain specializes in the production and sales of spirits and the
development of proprietary spirit production processes. It also possesses a
patented technology to grow red sorghum for baiju manufacturing. The patented
grain produces superior yield and quality. Five-Grain is a reputable bulk
alcohol supplier to some of the largest spirits companies in the world.
PHILUX GLOBAL FUNDS SCA, SICAV-RAIF
On June 11, 2020, the Company received the approval from the Luxembourg
Commission de Surveillance du Secteur Financier (CSSF) and successfully
established and activated PHILUX GLOBAL FUNDS SCA, SICAV-RAIF (the "Fund"),
Registration No. B244952, a Luxembourg bank fund organized as a Reserved
Alternative Investment Fund in accordance with the Luxembourg Law of July 23,
2016 relative to reserved alternative investment funds, Law of August 23, 2016
relative to commercial companies, and Modified Law of July 12, 2013 relative to
alternative investment fund managers.
The following entities had been engaged to support the Fund's operations: a)
Custodian Bank: Hauck & Aufhauser Privatbankiers AG, b) Administrative Registrar
& Transfer Agent: Hauck & Aufhauser Alternative Investment Services S.A., c)
Fund Manager: Hauck & Aufhauser Fund Services S.A., d) Fund Attorneys: DLP Law
Firm SARL and VCI Legal, e) Investment Advisor: PHILUX Capital Advisors, Inc.,
f) Fund Auditors: E&Y Luxembourg and E&Y Vietnam, g) Fund Tax Advisor: ATOZ Tax
Management, Luxembourg, h) Fund Independent Asset Valuator: Cushman & Wakefield,
Vietnam. Currently the Fund is in the process of changing the custodian bank,
administrative registrar & transfer agent, investment advisor and the fund
manager.
The Fund is an umbrella fund intended to contain one or more sub-fund
compartments for investing in select opportunities in the areas of real estate,
infrastructure, renewable energy, agriculture, healthcare and especially the
Asia Diamond Exchange and Multi-Commodities and Logistics Center in Vietnam.
Other subsidiaries of the Company that are established in conjunction with
PHILUX Global Funds include PHI Luxembourg Development S.A., PHILUX Global
General Partners SA, and PHI Luxembourg Holding SA. Website:
www.philuxfunds.com.
PHILUX CAPITAL ADVISORS, INC.
PHILUX Capital Advisors, Inc. was originally incorporated under the name of
"Providential Capital, Inc." in 2004 as a Nevada corporation and wholly owned
subsidiary of the Company to provide merger and acquisition (M&A) advisory
services, consulting services, project financing, and capital market services to
clients in North America and Asia. In May 2010, Providential Capital, Inc.
changed its name to PHI Capital Holdings, Inc. It was re-domiciled as a Wyoming
corporation on September 20, 2017 and changed its name to "PHILUX Capital
Advisors, Inc." on June 03, 2020. This subsidiary has successfully managed
merger plans for a number of privately held and publicly traded companies and
continues to focus on serving the Pacific Rim markets in the foreseeable future.
This subsidiary also arranges debt financing for international clients. Website:
www.philuxcapital.com.
5
CO2-1-0 (CARBON) CORP
In August 2021, PHI Group signed a Letter of Intent with Indonesia-based CYFS
Group, headed by Mr. Choky Fernando Simanjuntak, to sponsor and co-found CO2-1-0
(CARBON) CORP to implement a new disruptive carbon mitigation initiative through
environmentally sustainable projects starting in Indonesia, Vietnam, other ASEAN
countries, and worldwide. On September 21, 2021 CO2-1-0 (CARBON) CORP was
incorporated as a Wyoming corporation to manage this program. During the fiscal
year ended June 30, 2022, PHI Group, Inc. has contributed a major portion of the
development budget for CO2-1-0 (CARBON) CORP) and hold 50.1% shares of CO2-1-0
(CARBON). The Company is in the process of relocating CO2-1-0 (CARBON) CORP to
the United Arab Emirates.
AMERICAN PACIFIC RESOURCES, INC.
American Pacific Resources, Inc. ("APR") is a Wyoming corporation established in
April 2016 as a subsidiary of the Company to serve as a holding company for
various natural resource projects. On September 2, 2017, APR entered into an
Agreement of Purchase and Sale with Rush Gold Royalty, Inc. ("RGR"), a Wyoming
corporation, to acquire a 51% ownership in twenty-one mining claims over an area
of approximately 400 acres in Granite Mining District, Grant County, Oregon,
U.S.A., in exchange for a total purchase price of twenty-five million U.S.
Dollars ($US 25,000,000) to be paid in a combination of cash, convertible demand
promissory note and PHI Group, Inc.'s Class A Series II Convertible Cumulative
Redeemable Preferred Stock ("Preferred Stock"). This transaction was closed
effective October 3, 2017. Following the first amendment dated April 19, 2018
and the second amendment dated September 29, 2018 retroactively effective April
20, 2018, to the afore-mentioned Agreement of Purchase and Sale, PHI Group, Inc.
paid ten million shares of its Class A Series II Convertible Cumulative
Redeemable Preferred Stock to Rush Gold Royalty, Inc.. As of June 30, 2020, the
Company recorded $462,000 paid for this transaction as expenses for research and
development in connection with the Granite Mining Claims project. The value of
these mining claims is expected to be adjusted later after a new valuation of
these mining assets is conducted by an independent third-party valuator.
The Company has passed several resolutions with respect to the declaration of a
twenty percent (20%) special stock dividend in American Pacific Resources, Inc.
to shareholders of Common Stock of the Company. Due to the continued adverse
effects of the coronavirus pandemic and other factors that have delayed the
development of APR, it deems necessary for the Company to suspend the
distribution of the APR special stock dividend until later on in order to allow
APR additional time to reach certain milestones that would make the spin-off of
APR and this special stock dividend distribution economically beneficial for the
Company's shareholders. The Company will provide an update regarding the new
Record Date for this special dividend when certain conditions are met.
PHIVITAE HEALTHCARE, INC.
PHIVITAE HEALTHCARE, INC., a Wyoming corporation, is a wholly-owned subsidiary
of PHI Group established on July 07, 2017 under the name of "PHIVATAE
Corporation, Inc." with the intention to acquire a pharmaceutical and medical
equipment distribution company in Romania and to manage distribution of medical
equipment and pharmaceutical products to emerging markets. This subsidiary
changed its name to PHIVITAE HEALTHCARE, INC. on March 17, 2020. On April 27,
2020, PHI Group, Inc. signed a business cooperation agreement with Natural Well
Technical Ltd. ("NWTL"), a Taiwanese company, to jointly cooperate in the
research and development activities of pertinent technologies that have been
initiated and continue to be carried out by NWTL and applying them to produce
commercial products and services in the fields of healthcare, beauty supply,
agriculture and industry as well as any other business activities deemed
mutually beneficial. PHIVITAE is in the process of entering into a strategic
alliance with a Vietnam-based medical supply company.
PHILUX GLOBAL ENERGY, INC.
On January 3, 2022, the Company filed "Profit Corporation Articles of
Incorporation" with the Wyoming Secretary of State to incorporate "PHILUX GLOBAL
ENERGY, INC." - Original ID: 2020-001066221, as a wholly-owned subsidiary of the
Company to serve as the holding company for the contemplated acquisition of
fifty-point one percent (50.10%) ownership in both Kota Energy Group LLC and
Kota Construction LLC, both of which are California limited liability companies.
6
PHILUX FIDELITY GLOBAL GROUP
PHILUX FIDELITY GLOBAL GROUP is a Wyoming corporation incorporated on June 30,
2022 to serve as the holding company for business cooperation between Tin Thanh
Group (www.tinthanhgroup.vn) and the Company.
CRITICAL ACCOUNTING POLICIES
The Company's financial statements and related public financial information are
based on the application of accounting principles generally accepted in the
United States ("GAAP"). GAAP requires the use of estimates; assumptions,
judgments and subjective interpretations of accounting principles that have an
impact on the assets, liabilities, revenue and expense amounts reported. These
estimates can also affect supplemental information contained in the external
disclosures of the Company including information regarding contingencies, risk
and financial condition. We believe our use of estimates and underlying
accounting assumptions adhere to GAAP and are consistently and conservatively
applied. Valuations based on estimates are reviewed by us for reasonableness and
conservatism on a consistent basis throughout the Company. Primary areas where
financial information of the Company is subject to the use of estimates,
assumptions and the application of judgment include acquisitions, valuation of
long-lived and intangible assets, recoverability of deferred tax and the
valuation of shares issued for services. We base our estimates on historical
experience and on various other assumptions that we believe to be reasonable
under the circumstances. Actual results may differ materially from these
estimates under different assumptions or conditions.
Valuation of Long-Lived and Intangible Assets
The recoverability of long-lived assets requires considerable judgment and is
evaluated on an annual basis or more frequently if events or circumstances
indicate that the assets may be impaired. As it relates to definite life
intangible assets, we apply the impairment rules as required by SFAS No. 121,
"Accounting for the Impairment of Long-Lived Assets and Assets to Be Disposed
Of" as amended by SFAS No. 144, which also requires significant judgment and
assumptions related to the expected future cash flows attributable to the
intangible asset. The impact of modifying any of these assumptions can have a
significant impact on the estimate of fair value and, thus, the recoverability
of the asset.
Income Taxes
We recognize deferred tax assets and liabilities based on the differences
between the financial statement carrying amounts and the tax bases of assets and
liabilities. We regularly review our deferred tax assets for recoverability and
establish a valuation allowance based upon historical losses, projected future
taxable income and the expected timing of the reversals of existing temporary
differences. As of September 30, 2021, we estimated the allowance on net
deferred tax assets to be one hundred percent of the net deferred tax assets.
RESULTS OF OPERATIONS
The following is a discussion and analysis of our results of operations for the
three-month and nine-month periods ended September 30, 2022 and 2021, our
financial condition on September 30, 2022 and factors that we believe could
affect our future financial condition and results of operations. Historical
results may not be indicative of future performance.
This discussion and analysis should be read in conjunction with our consolidated
financial statements and the notes thereto included elsewhere in this Form 10-Q.
Our consolidated financial statements are prepared in accordance with Generally
Accepted Accounting Principles in the United States ("GAAP"). All references to
dollar amounts in this section are in United States dollars.
7
Three months ended September 30, 2022 compared to the three months ended
September 30, 2021
Total Revenues:
The Company primarily focused on developing the Asia Diamond Exchange, launching
PHILUX Global Funds, engaging financing partners and pursuing a number of
acquisitions during the past several years and only generated $25,000 in
revenues from consulting services for the quarter ended September 30, 2022 as
compared to $20,000 in revenues from consulting services for the quarter ended
September 30, 2021.
Total Operating Expenses:
Total operating expenses were $286,804 and $5,229,229 for the three months ended
September 30, 2022, and 2021, respectively. The decrease of $4,942,425 in total
operating expenses between the two periods was mainly due to a decrease of
$4,993,757 in general and administrative expenses and an increase of $51,332 in
professional services between the two periods. The majority of general and
administrative expenses in the previous was due to consulting services for the
development of the ADE token in connection with the Asia Diamond Exchange.
Loss from Operations:
Loss from operations for the quarter ended September 30, 2022 was $261,804, as
compared to loss from operations of $5,209,229 for the corresponding period
ended September 30, 2021. The decrease of $4,947,425 in the loss from operations
between the two periods was mainly due to a decrease of $4,993,757 in general
and administrative expenses as mentioned above.
Other Income and Expenses:
The Company had a net other expenses of $1,559,209 for the three months ended
September 30, 2022, as compared to net other expenses of $750,941for the three
months ended September 30, 2021. The increase in other expenses of $808,268
between the two periods was mainly due to an increase of $251,189 in interest
expense and an increase of $557,226 in other expense stemming primarily from
loss on issuances of warrants during the three months ended September 30, 2022.
Net Income (Loss):
Net loss for the three months ended September 30, 2022 was $1,821,013, as
compared to net loss of $5,960,170 for the same period in 2021, which is
equivalent to ($0.00) per share for the current period and ($0.00) per share for
the corresponding period ended September 30, 2021, based on the weighted average
number of basic and diluted shares outstanding at the end of each corresponding
period.
CASH FLOWS
The Company's cash and cash equivalents balances were $13,926 and $188,734 as of
September 30, 2022 and September 30, 2021, respectively.
Net cash used in the Company's operating activities during the three months
ended September 30, 2022 was $407,228, as compared to net cash used in operating
activities of $406,732 during the corresponding period ended September 30, 2021.
This represents a small increase of $496 in net cash used in operating
activities between the two periods. The underlying reasons for the variance were
primarily due to a decrease of $4,139,157 in loss from operations, net change in
stock issuances for conversion of notes and exercises of warrants in the amount
of $3,395,323, a total increase in assets and prepaid expenses of $176,465, a
net decrease in accounts payable and accrued expenses of $567,679 between the
two periods.
There was no net cash provided by or used in investing activities during the
three months ended September 30, 2022, as compared to net cash used in investing
activities of $207,583 in the corresponding period ended September 30, 2021.
Cash provided by financing activities was $353,258 for the three months ended
September 30, 2022, as compared to cash provided by financing activities in the
amount of $707,705 for the same period ended September 30, 2021. The primary
underlying reasons for a decrease of $354,447 in cash provided by financing
activities between the two corresponding periods were primarily due to a
decrease in loans and notes payable in the amount of $415,319 and decrease in
loans from officers of $59,872.
8
HISTORICAL FINANCING ARRANGEMENTS
SHORT TERM NOTES PAYABLE AND ISSUANCE OF COMMON STOCK
In the course of its business, the Company has obtained short-term loans from
individuals and institutional investors, including merchant cash advances, and
from time to time raised money by issuing restricted common stock of the Company
under the auspices of Rule 144. These notes bear interest rates ranging from 0%
to 36% per annum.
CONVERTIBLE PROMISSORY NOTES
The Company has also from time to time issued convertible promissory notes to
various private investment funds for short-term working capital and special
projects. Typically these notes bear interest rates from 5% to 12% per annum,
mature within one year, are convertible to common stock of the Company at a
discount ranging from 42% to 50%, and may be repaid within 180 days at a
prepayment premium ranging from 130% to 150%.
COMPANY'S PLAN OF OPERATION FOR THE FOLLOWING 12 MONTHS
In the next twelve months the Company's goals are to advance the Philux Global
Select Growth Fund under PHILUX Global Funds SCA, SICAV-RAIF, develop the Asia
Diamond Exchange in Vietnam as well as consummate and integrate some pending
acquisitions that should add critical mass to the Company. In addition, the
Company will continue to carry out its merger and acquisition program by
acquiring target companies for a roll-up strategy and also invest in special
situations. We will also continue to provide advisory and consulting services to
international clients through our wholly owned subsidiary PHILUX Capital
Advisors, Inc. (formerly known as PHI Capital Holdings, Inc.)
MATERIAL CASH REQUIREMENTS: We must raise substantial amounts of capital to
fulfill our plans for PHILUX Global Funds and for acquisitions. We intend to use
equity, debt and project financing to meet our capital needs for acquisitions
and investments.
Management has taken action and formulated plans to meet the Company's operating
needs through June 30, 2023 and beyond. The working capital cash requirements
for the next 12 months are expected to be generated from operations, sale of
marketable securities and additional financing. The Company plans to generate
revenues from its consulting services, merger and acquisition advisory services,
and acquisitions of target companies with cash flows.
AVAILABLE FUTURE FINANCING ARRANGEMENTS: The Company may use various sources of
funds, including short-term loans, long-term debt, equity capital, and project
financing as may be necessary. The Company believes it will be able to secure
the required capital to implement its business plan.
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