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 September 5, 2019 mPhase Technologies, Inc., a New Jersey corporation (the “Company”), entered into a Securities Purchase Agreement dated as of September 5, 2019 with Power Up Lending Group, a Virginia corporation (“Lender”) and issued an 8% Convertible Promissory Note in the principal amount of $53,000 to the Lender with a maturity date of September 5, 2020. On September 9, 2019, the Company received net proceeds in the amount of $46,800 as a result of $3,000 being paid to reimburse Lender for legal and due diligence fees incurred by Lender with respect to this Securities Purchase Agreement and Convertible Promissory Note and $3,200 being paid to the Company’s Transfer Agent to satisfy an outstanding balance.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Company.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
| 10.1 | Purchase Agreement dated as of September 5, 2019, between mPhase Technologies, Inc. and Power Up Lending Group LTD |
| 10.2 | Convertible Promissory Note issued by mPhase Technologies, Inc. to Power Up Lending Group LTD |
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MPHASE TECHNOLOGIES INC Exhibit
EX-10.1 2 ex10-1.htm SECURITIES PURCHASE AGREEMENT This SECURITIES PURCHASE AGREEMENT (the “Agreement”),…
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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.