mPhase Technologies Inc (XDSL)

[camguy99]

<<<10K is due mid next month but im sure we will see a PR sometime before that for something. Just dont know what it will be about. If the 10K reflects good sales and revenue, or any at all it will be good for these guys. Especially since they have never had any before. May be able to get this guys over .10 finally ;)>>>

Here's your PR...right on schedule (see 8K notes below)...the quarterly dilution and rise in debt. TRANSLATION: Durando gets a 1.2 million payment, pays an up front fee for the privilege along with a double digit interest rate, and gives the holder discounted shares at .015 per that they can dump into the market at anytime....NET RESULT, approx. 80 million more shares added to the OUTSTANDING SHARE COUNT...Durando and gang contnue to pay themselves their inflated salaries and the retail mom and pop bag holder get fleeced...or rather their investment gets diluted i.e. watered down thereby offsetting to the negative, any revenue that might be incurred from the actual sell of something other than stock.

Those in the know call it DEATH SPIRAL FINANCING and it's
business as usual for Durando....the same business he's been in for 14 years.....the business of sellng stock. Everybody makes money but the long-term holders of the retail stock.

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Other Events, Financial Statements and Exhibits

Item 8.01. Other Events

On April 5, 2010 mPhase Technologies, Inc. (the "Company"), a New Jersey corporation, issued a new $1,200,000 Convertible Promissory Note to JMJ Financial under the terms described in the Exhibits hereto.

Item 9.01. Financial Statements and Exhibits

99.1 Convertible Promissory Note
99.2 Secured and Collateralized Promissory Note