mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL) Files An 8-K Entry into a Material Definitive Agreement

mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

On June 12, 2020, mPhase Technologies, Inc. (the “Company”) issued and sold a convertible promissory note to an accredited investor in the principal amount of $103,000 (the “Note”). The closing of the transaction contemplated by the Note occurred on June 16, 2020, the date the Company received net proceeds in the amount of $100,000 as a result of $3,000 being paid to reimburse the accredited investor for legal fees incurred with respect to the Note.

The Note matures on June 12, 2021, bears interest at a rate of 8% per annum (increasing to 18% per annum upon the occurrence of an Event of Default (as defined in the Note)) and is convertible into shares of the Company’s common stock, par value $0.01 per share, at a conversion price as specified in the Note, subject to adjustment. The Note may be prepaid by the Company at any time prior to the 180th day after the issuance date of the Note with certain prepayment penalties as set forth therein.

The foregoing description of the Note does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the document, which is attached as Exhibit 10.1 to this Current Report on Form 8-K, and is hereby incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 2.03 by reference.

Item 3.02 Unregistered Sales of Equity Securities.

Reference is made to the disclosure under Item 1.01 above which is hereby incorporated in this Item 3.02 by reference.

The Note has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state, and was offered and issued in reliance on the exemption from the registration requirements under the Securities Act afforded by Section 4(a)(2) thereof.

Item 9.01 Financial Statements and Exhibits.

10.1 Form of Note

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MPHASE TECHNOLOGIES INC Exhibit
EX-10.1 2 ex10-1.htm   Exhibit 10.1   NEITHER THIS NOTE NOR THE SECURITIES THAT MAY BE ISSUED BY THE COMPANY UPON CONVERSION HEREOF (COLLECTIVELY,…
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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.

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