mPHASE TECHNOLOGIES, INC. (OTCMKTS:XDSL) Files An 8-K Other EventsItem 8.01 Other Events
As part of an overall recapitalization of mPhase Technologies, Inc. (the “Company”), the Board of Directors has approved the conversion of loans and unpaid salaries (“Payables’) through October 31, 2017 made by the officers and directors and two consultants to the Company into shares of common stock of the Company at a conversion price of $.0001 per share. The shares shall be issued to such persons or their respective designees. The effective date for the conversion of Payables shall be the date the Company receives tax clearance from the State of New Jersey allowing the Company to file an amendment to its Certificate of Incorporation increasing its authorized shares of common stock from 18 billion to 72 billion shares to Section 14A:7-2(4) of the Business Corporation Law of the State of New Jersey.
The Officers of the Company are hereby authorized to issue an aggregate total of approximately 16,000,000,000 shares of common stock in connection with aggregate Payables of, approximately $1,600,000 converted effective upon the filing of an Amendment to its certificate of incorporation increasing is authorized shares of common stock.
During the fiscal year beginning July 1, 2016, the following persons surrendered for cancellation shares of common stock held in the Company in order to enable the Company to continued private placements of common stock to finance its operations
| Karen Durando (wife of Ronald Durando) | 1,395,000,000 shares |
| Martin Smiley | 1,367,226,450 shares |
| Patricia Dotoli (wife of Gustave Dotoli) | 1,336,972,075 shares |
Effective on the date of the filing by the Company of the Amendment to its Certificate of Incorporation, increasing its authorized shares of common stock to 72 billion shares the Board of Directors of the Company has also approved the grant of an aggregate of 5,750,000,000 shares to officers, directors and two consultants to the Company:
In addition, the Board of Directors of the Company have authorized the Officer’s of the Company to transfer to one or more wholly-owned subsidiaries of the Company all or a portion of the Company’s intellectual property.
Finally, the Company is actively seeking to identify and consummate a potential merger of a privately-held company into the Company in order to maximize shareholder value.
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.
