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XDSL > SEC Filings for XDSL > Form 8-K on 23-Nov-2012All Recent SEC Filings

Show all filings for MPHASE TECHNOLOGIES INC

Form 8-K for MPHASE TECHNOLOGIES INC


23-Nov-2012

Triggering Events That Accelerate or Increase a Direct Financial Obligati


Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

On November 20, 2012, mPhase Technologies, Inc. (the "Company") formally received an Event of Default and Redemption Notice dated November 16, 2012 with respect to an 8% Convertible Note dated September 13, 2011 issued by the Company to St. George Investments LLC and assigned to John Fife. The Triggering Events include alleged defaults with respect to payments owed by the Company under the Convertible Note and the failure to convert the Note into shares of the Company's common stock. The alleged amount owed according to the notice is approximately $902,279. The Company believes it has affirmative defenses to the actions of the holder of the Convertible Note as well as counterclaims against the Holder. The Company is hopeful that it will be able to find a solution to this matter acceptable to the Holder without legal action.


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