mPhase Technologies Inc (XDSL)

[AvantGarde]

You are right. Based on the 10Q filed today, looks like they removed a bunch of debt by converting it to common shares. That was exactly why those SC 13D's were filed.

The liabilities dropped from $3,993,530 (back in June 2018) to $1,873,651.

On September 24, 2018 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 and 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, of the Company's common stock. Also, on September 24, 2018 accounts payable to strategic vendors totaling $99,500 were converted into 995,000,000 shares of common stock.

https://www.otcmarkets.com/filing/html?id=13065900&guid=r2UbUKR86xSE93h