mPhase Technologies Inc (XDSL)

[Penny Machine]

Court Rulings in Favor of Company - DEBT CANCELLED

In April of 2017, the Company received a judgment from the Federal District Court of Northern Illinois Eastern Division in its favor with prejudice dismissing a claim by River North Equity covering Convertible Securities of the Company which effectively negated the two notes River North Equity obtained from JMJ Financial. At March 31, 2016 the amount recorded in Current Liabilities for all three convertible notes and accrued interest thereon previously issued to JMJ Financial was $1,097,877. At March 31, 2016 the amount recorded in Current Liabilities for the two notes and accrued interest thereon subject to the River North Equity claim was $689,822.

https://www.sec.gov/Archives/edgar/data/825322/000121390017012179/f10q0316_mphasetech.htm