mPhase Technologies Inc (XDSL)

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13. SUBSEQUENT EVENTS



* From July 1, 2018 through October 12, 2018, the Company issued 400,000,000 shares of its common stock in private placements pursuant to Section 4(a)(2) of the Securities Act of 1933 raising gross proceeds of $20,000 subject to $2,000 of accrued finder’s fees, all of which was used for working capital and general corporate purposes.


* From July 1, 2018 through October 12, 2018, Messrs. Durando, Dotoli and Smiley loaned the Company approximately $27,900, $10,000 and $15,000 respectively to provide general working capital


* Effective August 22, 2018 the Company increased its authorized shares of common stock from 18 billion shares to 72 billion shares.


* In September 2018:

a.) the officers converted $538,777 accrued wages into 5,387,770,000 shares and $702,105 of notes payable and accrued interest into 7,021,050,000 shares,

b.) a director converted $186,000 of accrued fees into 1,860,000,000 shares and $126,364 of a note and accrued interest into 1,263,642,700 shares, &;

c.) Strategic vendors converted $99,500 of accounts payable into 990,500,000 shares, of the Company's common stock.


* In September 2018 the Company issued the 5,750,000 shares of its common stock pursuant to the stock award the Board approved November 28, 2017, extinguishing an accrued expense at June 30, 2018 of $575,000 for the same.