Current Report Filing (8-k)
March 18 2022 - 5:29PM
Edgar (US Regulatory)
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2022-03-14
2022-03-14
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date
of Report (Date of earliest event reported): March 14, 2022
mPHASE
TECHNOLOGIES INC.
(Exact
name of Registrant as specified in its charter)
| New
Jersey |
|
000-30202 |
|
22-2287503 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
1101
Wootton Parkway, #1040
Rockville,
MD 20852
(Address
of principal executive offices, including zip code)
(301)
329-2700
(Registrant’s
telephone number, including area code)
Check
the appropriate box below if the 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any
of the following provisions:
| ☐ |
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| None |
|
None |
|
None |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
1.01 |
|
Entry
into a Material Definitive Agreement. |
On
March 14, 2022, mPhase Technologies, Inc. (the “Company”) received from Anshu Bhatnagar, the Company’s Chief
Executive Officer (the “Lender”), a loan in the principal amount of $450,000, made pursuant to a Demand
Promissory Note (the “Note”) made in favor of Mr. Bhatnagar. Pursuant to the Note, the Company is obligated to pay on
demand principal and interest, with interest on the unpaid principal balance at the rate of 6% per annum, and a default
interest rate of 18% per annum applicable for amounts unpaid and owing more than 30 days following notice for demand of repayment.
In the event of a underwritten offering by the Company pursuant to which the Company receives aggregate gross proceeds of at least
$5,000,000 in consideration of the purchase of its common stock and (b) the common stock of the Company becomes listed on senior
securities exchange, upon the option of the Lender, the amounts owed pursuant to the Note will be converted into shares of the
Company’s common stock at the price per share equal to the price per share at which the Company’s common stock is sold
in such offering.
Item
1.01 of this Current Report on Form 8-K contains only a brief description of the material terms of the Note, and does not purport to
be a complete description of the rights and obligations of the parties thereunder, and such descriptions are qualified in their entirety
by reference to the full text of the Form of the Note, which is attached as Exhibits 4.1 to this Current Report on Form 8-K, and is incorporated
herein by reference.
| Item
2.03 |
|
Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
The
information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
| Item 3.02 |
|
Unregistered
Sales of Equity Securities |
The
information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.
The
securities to be issued pursuant to the Note were not registered under the Securities Act of 1933, as amended (the “Securities
Act”), but qualified for exemption under Section 4(a)(2) of the Securities Act. The securities were exempt from registration under
Section 4(a)(2) of the Securities Act because the issuance of such securities by the Company did not involve a “public offering,”
as defined in Section 4(a)(2) of the Securities Act, due to the insubstantial number of persons involved in the transaction, size of
the offering, manner of the offering and number of securities offered. The Company did not undertake an offering in which it sold a high
number of securities to a high number of investors. In addition, these shareholders had the necessary investment intent as required by
Section 4(a)(2) of the Securities Act since they agreed to, and will receive, share certificates bearing a legend stating that such securities
are restricted pursuant to Rule 144 of the Securities Act. This restriction ensures that these securities would not be immediately redistributed
into the market and therefore not be part of a “public offering.” Based on an analysis of the above factors, the Company
has met the requirements to qualify for exemption under Section 4(a)(2) of the Securities Act.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
| |
mPhase
Technologies, Inc. |
| |
|
| Date:
March 18, 2022 |
By: |
/s/
Anshu Bhatnagar |
| |
Name: |
Anshu
Bhatnagar |
| |
Title: |
Chief
Executive Officer |
MPhase Technologies (CE) (USOTC:XDSL)
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