mPhase Technologies Inc (XDSL)

[NoMoDo]

I was watching most of the day. 4 of the 6 mil went off at the ask - yea, the ask was .0001. I missed the last trade of the day, but in order to get less than .0001, it was a market maker's trade. We can't trade any less than .0001. Someone likely put a market sell in and the MM took advantage. If we were able to buy at .00005, I would be 5% owner by now. Maybe 15% owner - then I could sit at the negotiating table alongside mPhase.

We have 4 trading days left before the end of the month. At that time, mPhase should have audited financials ready for the new company. If not, the new company can choose to give more time or to cancel the deal. If they do have the financials, the new company will need some time to review before they give the green light. Regardless of the time to review, mPhase should file the audited financials to the SEC immediately. If they do, it would be a good indication that things are on schedule.

Keep in mind that the new company won't care if the company has a profit or loss. It will look at the auditor's report of any financial obligations the company may have. mPhase put out an 8k stating that they took care of their toxic debt and set up a payment schedule with the financier as a regular loan. That loan turned out to be discounted drastically as long as the company paid it off pretty quickly. IMO, the elimination of the toxic debt was a sign that mPhase was pretty serious about the reverse merger and that the deal will likely go through.