I wonder if this is a typo or a Freudian slip. :)
Pursuant to Section 4(2) of the Securities Act of 1933, as amended, mPhase Technologies, Inc. issued a convertible note to Asher Enterprises in a Pirate Placement. On February 15, 2013 the Company received $50,000 cash proceeds from the sale of the Convertible Note that will be used as additional working capital.
(my emphasis)
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