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Phi Group Inc (PHIL): material weakness open at least 2,678 days

By , Ctrl Worx™. Built from its own SEC filings. How the Clock works.

Phi Group Inc reported ineffective internal control over financial reporting because of a material weakness in 32 filings since Mar 11, 2021. The latest was its 10-Q for the period ended Mar 31, 2025.

Ctrl Worx Watch List™ status

On the Clock
7.3 yearsopen since at least Jun 30, 2019
10-Q, May 20, 2025latest filing that reports the weakness. Read it on SEC EDGAR
#5 of 1,250on the Clock by time open, tied with 2 other companies that share its start date. See the Clock

Behind on filings: late notice for the year ended Jun 30, 2025, no report since May 20, 2025. No annual report of its own says the weakness is fixed.

Checked against SEC EDGAR: Oct 29, 2026 · Entry #10066

Filings with a weakness32
First in our dataMar 11, 2021
AuditorM.S. Madhava Rao

Causes the company named

Segregation of duties · 32Financial close and reporting · 23Accounting expertise and resources · 9

Inadequate segregation of duties and ineffective period-end financial disclosure and reporting controls.

What the latest filing says

March 31, 2025, based on the material weaknesses defined below. Internal Control over Financial Reporting Management’s Report on Internal Control of Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a set of processes designed by, or under the supervision of, a company’s principal executive and principal financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that: - pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of our assets, - provide reasonable assurance that our transactions are recorded as necessary to permit preparation of our financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directo [...]

From the controls section of the 10-Q filed May 20, 2025. Read the full filing on SEC EDGAR.

Company response: Phi Group Inc can send a statement or a link to its remediation update to russell@ctrlworx.com. We post it here, unedited and dated.

Filings

FiledFormPeriodControlsCausesFiling
May 20, 202510-QMar 31, 2025Not effectiveSegregation of duties; Financial close and reportingEDGAR
Feb 19, 202510-QDec 31, 2024Not effectiveSegregation of duties; Financial close and reportingEDGAR
Nov 19, 202410-QSep 30, 2024Not effectiveSegregation of duties; Financial close and reportingEDGAR
Oct 15, 202410-KJun 30, 2024Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR
May 20, 202410-QMar 31, 2024Not effectiveSegregation of duties; Financial close and reportingEDGAR
Mar 11, 202410-QDec 31, 2023Not effectiveSegregation of duties; Financial close and reportingEDGAR
Nov 20, 202310-QSep 30, 2023Not effectiveSegregation of duties; Financial close and reportingEDGAR
Oct 13, 202310-KJun 30, 2023Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR
May 22, 202310-QMar 31, 2023Not effectiveSegregation of duties; Financial close and reportingEDGAR
Feb 21, 202310-QDec 31, 2022Not effectiveSegregation of duties; Financial close and reportingEDGAR
Feb 21, 202310-Q/ASep 30, 2022Not effectiveSegregation of duties; Financial close and reportingEDGAR
Feb 3, 202310-QSep 30, 2022Not effectiveSegregation of duties; Financial close and reportingEDGAR
Jan 17, 202310-K/AJun 30, 2022Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR
Jan 13, 202310-KJun 30, 2022Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR
May 23, 202210-QMar 31, 2022Not effectiveSegregation of duties; Financial close and reportingEDGAR
Feb 22, 202210-QDec 31, 2021Not effectiveSegregation of duties; Financial close and reportingEDGAR
Nov 22, 202110-QSep 30, 2021Not effectiveSegregation of duties; Financial close and reportingEDGAR
Nov 8, 202110-K/AJun 30, 2021Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR
Oct 13, 202110-KJun 30, 2021Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR
Sep 8, 202110-Q/AMar 31, 2021Not effectiveSegregation of duties; Financial close and reportingEDGAR
Aug 20, 202110-Q/AMar 31, 2021Not effectiveSegregation of duties; Financial close and reportingEDGAR
Jul 26, 202110-QMar 31, 2021Not effectiveSegregation of duties; Financial close and reportingEDGAR
Aug 11, 202110-Q/ADec 31, 2020Not effectiveSegregation of duties; Financial close and reportingEDGAR
Jul 26, 202110-QDec 31, 2020Not effectiveSegregation of duties; Financial close and reportingEDGAR
Jul 21, 202110-QSep 30, 2020Not effectiveSegregation of duties; Financial close and reportingEDGAR
Jun 30, 202110-K/AJun 30, 2020Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR
Jun 23, 202110-KJun 30, 2020Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR
May 14, 202110-Q/AMar 31, 2020Not effectiveSegregation of duties; Financial close and reportingEDGAR
Apr 23, 202110-QMar 31, 2020Not effectiveSegregation of duties; Financial close and reportingEDGAR
Apr 20, 202110-QDec 31, 2019Not effectiveSegregation of duties; Financial close and reportingEDGAR
Apr 9, 202110-QSep 30, 2019Not effectiveSegregation of duties; Financial close and reportingEDGAR
Mar 11, 202110-KJun 30, 2019Not effectiveSegregation of duties; Accounting expertise and resourcesEDGAR

Others on the Clock in the same industry

By SEC industry code: 8741, Services-Management Services, then related codes.

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Based on public SEC filings. Causes are grouped into standard categories by Ctrl Worx. The filings are the authority. Ctrl Worx is not affiliated with Phi Group Inc or the SEC. Not investment advice. Why you can rely on the Watch List.