mPhase Technologies Inc (XDSL)

[NoMoDo]

We should be getting an audited 10k very soon. Likely by Friday. Mphase eliminated it's toxic debt and according to the letter of intent, the board personally assumes the $370k in remaining debt, but negotiated it down to $250k.

So we have a clean shell with no debt and all legal matters removed. Once the audited k is done, the acquiring company will have until April 30, to accept or terminate the agreement.