mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of Assets.
On July 9, 2019, mPhase Technologies, Inc. (the “Company”) filed a Current Report on Form 8-K reporting that, on June 30, 2019, the Company completed the acquisition (“the Acquisition”) of 99% of the outstanding stock of Alpha Predictions, LLP, (“Alpha Predictions”) from Snehalkumar Santosh Kadam, Smita Dinakar Shinde, Anuj Kumar Saxena, and Dhananjay Rajendra Adik (collectively, the “Sellers”) in exchange for cash of approximately $1,400 (USD), (99,000 INR), to a Share Purchase Agreement (“SPA”) entered into on June 30, 2019. This Amendment No. 1 to the June 30, 2019 Current Report on Form 8-K contains the required financial statements and pro forma financial information which was not available at the time the Current Report on Form 8-K was filed.
The SPA was filed as Exhibit 10.1 to Current Report on Form 8-K filed by the Company on July 9, 2019 and incorporated herein by reference. The foregoing descriptions of the SPA do not purport to be complete and are qualified in its entirety by reference to the full text of the document.
The following financial statements of Alpha Predictions are attached as Exhibit 99.1 to this Form 8-K/A and are incorporated herein by reference:
|99.2||The unaudited pro forma condensed combined balance sheet of the Company and Alpha Predictions as of March 31, 2019 and the related unaudited pro forma condensed combined statements of income for the nine months ended March 31, 2019 and for the year ended June 30, 2018.|
MPHASE TECHNOLOGIES INC Exhibit
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About mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL)
mPhase Technologies, Inc. is focused on marketing its automotive battery jump starter designed for the mass market and developing new smart surface products through the sciences of microfluidics, microelectromechanical systems (MEMS) and nanotechnology. The Company is engaged in commercializing its nanotechnology-enabled product for military and commercial applications-The Smart NanoBattery providing Power On Command. Its battery technology, based on the phenomenon of electrowetting, offers a way to store energy and manage power. The platform technology behind the Smart NanoBattery is a porous nanostructured material used to repel and precisely control the flow of liquids. The material has a Smart Surface that can be designed for other product applications, including medical oxygen generation, hot/cold packs and emergency lighting. As of December 31, 2015, the Company had completed a Phase II Small Business Technology Transfer Program (STTR) grant.