Asher Enterprises buys note; funds used as additional working capital
By Toni Weeks
San Luis Obispo, Calif., July 18 - mPhase Technologies, Inc. sold a $37,500 8% convertible promissory note to Asher Enterprises, Inc. on June 26, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note matures on March 28, 2014 and is convertible into common stock at a 42% discount to the average of the lowest three trading prices for the stock during the 10 trading days preceding the conversion date.
Proceeds will be used as additional working capital.
The developer of broadband communications products is based in Norwalk, Conn.
| Issuer: | mPhase Technologies, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $37,500
|
| Maturity: | March 28, 2014
|
| Coupon: | 8%
|
| Conversion price: | 42% discount to average of lowest three trading prices for stock during 10 trading days preceding conversion
|
| Call option: | No
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Announcement date: | July 18
|
| Settlement date: | June 26
|
| Stock symbol: | OTCBB: XDSL
|
| Stock price: | $0.0015 at close June 25
|
| Market capitalization: | $6.86 million
|
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