MPHASE TECHNOLOGIES, INC. Form 8-K Current Report Filed 2023-03-16

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

As previously disclosed, on January 4, 2023, the board of directors (the “Board”) of mPhase Technologies (the “Company”), formed a special committee of the Board (the “Special Committee”) to investigate allegations of inaccurate disclosures, misappropriation and other potential fraudulent actions (the “Investigation”) by Anshu Bhatnagar (the “Former CEO”), who had been the Company’s Chief Executive Officer until July 11, 2022, when he was terminated with cause, and to complete the review of the factual matters related to such allegations as had been previously conducted by the Board from the Company’s 2022 third fiscal quarter to the present.

On March 10, 2023, based on the preliminary results of the Investigation, the Board met with the Company’s newly appointed (as of November 22, 2022) independent registered public accounting firm, Prager Metis CPAs LLP (“Prager Metis”) and it was determined that previously filed financial statements of the Company should not be relied upon. This includes financial statements beginning with the September 30, 2019, Form 10-Q and each 10-Q and 10-K through March 31, 2022 (the “Previously Issued Financial Statements”).

The conclusion that the Previously Issued Financial Statements cannot be relied upon resulted from the determination that such statements reported inaccurate activity and balances as a result of the fraudulent actions of the Former CEO. Specifically, the Company has determined that:

The Company acknowledges that the Former CEO received significant stock-based compensation of 37,390,452 common shares as a result of having fraudulently reported revenue. Under the Former CEO’s employment agreement, he vested into certain warrants (which were subsequently exchanged into the aforementioned common shares) by achieving recurring revenue metrics of $15 million. Such employment agreement does not include “clawback” provisions; however, the Company is currently pursuing all available legal options to reclaim these shares. As there is not currently a mechanism to recall these shares, they remain reported as issued and outstanding.

We continue to work on the corrected and restated financial statements for the Company and have engaged the newly appointed independent registered public accounting firm, Prager Metis, to re-audit prior periods, for which Prager Metis had no prior association with.

The effect of correcting the Company’s Financial Statements (unaudited) for this fraud (excluding the removal of the misappropriated operating expenses as such amounts are preliminary and require further analysis) is presented in the following tables:

¹The effect of restating Revenue and Cost of Revenue for the year ended on June 30, 2020, will be reported through Retained Earning on June 30, 2020.

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.

Cover	Mar. 10, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Mar. 10, 2023
Entity File Number	000-30202
Entity Registrant Name	mPHASE TECHNOLOGIES, INC.
Entity Central Index Key	0000825322
Entity Tax Identification Number	22-2287503
Entity Incorporation, State or Country Code	NJ
Entity Address, Address Line One	5011 Gate Parkway
Entity Address, Address Line Two	Building 100
Entity Address, Address Line Three	Suite 100
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32256
City Area Code	(941)
Local Phone Number	538-6257
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false

Cover

Mar. 10, 2023

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Mar. 10, 2023

Entity File Number

000-30202

Entity Registrant Name

mPHASE TECHNOLOGIES, INC.

Entity Central Index Key

0000825322

Entity Tax Identification Number

22-2287503

Entity Incorporation, State or Country Code

Entity Address, Address Line One

5011 Gate Parkway

Entity Address, Address Line Two

Building 100

Entity Address, Address Line Three

Suite 100

Entity Address, City or Town

Jacksonville

Entity Address, State or Province

Entity Address, Postal Zip Code

32256

City Area Code

(941)

Local Phone Number

538-6257

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

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	For the three months ended on September 30, 2019¹
	(As Previously Reported)		Adjustments			(As Restated)
Revenue	$	7,569,612	$	(7,569,612	)	$	0
Cost of Revenue		5,706,514		(5,706,514	)		0

	For the six months ended on December 31, 2019¹
	(As Previously Reported)		Adjustments			(As Restated)
Revenue	$	15,131,579	$	(15,131,579	)	$	0
Cost of Revenue		11,330,444		(11,330,444	)		0

	For the nine months ended on March 31, 2020¹
	(As Previously Reported)		Adjustments			(As Restated)
Revenue	$	22,688,086	$	(22,688,086	)	$	0
Cost of Revenue		16,955,320		(16,955,320	)		0

	For the fiscal year ended on June 30, 2020¹
	(As Previously Reported)		Adjustments			(As Restated)
Revenue	$	30,276,422	$	(30,276,422	)	$	0
Cost of Revenue		22,579,544		(22,579,544	)		0

	For the three months ended on September 30, 2020
	(As Previously Reported)		Adjustments			(As Restated)
Revenue	$	7,586,864	$	(7,586,864	)	$	0
Cost of Revenue		5,625,389		(5,625,389	)		0

☐	Written communications 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))

	For the six months ended on December 31, 2020
	(As Previously Reported)		Adjustments			(As Restated)
Revenue	$	15,223,300	$	(15,223,300	)	$	0
Cost of Revenue		11,250,399		(11,250,399	)		0

	For the nine months ended on March 31, 2021
	(As Previously Reported)		Adjustments			(As Restated)
Revenue	$	22,882,648	$	(22,882,648	)	$	0
Cost of Revenue		16,876,480		(16,876,480	)		0

	For the fiscal year ended on June 30, 2021
	(As Previously Reported)		Adjustments			(As Restated)
Revenue	$	30,672,314	$	(30,672,314	)	$	0
Cost of Revenue		22,501,496		22,501,496	)		0

	Preferred Stock
	Shares			$0.01 Par Value
Balance June 30, 2020		1,000		$	10
Balance adjustments due to restatement		(1,000	)		(10	)
Restated Balance June 30, 2020		-		$	-

	mPhase Technologies, Inc.

Dated: March 15, 2023	/s/ Richard Thorpe
	Richard Thorpe
	Chief Executive Officer