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mPhase Technologies (OTC Pink: XDSL) is seeking to expand its Board of Directors to enhance corporate governance, aiming for at least five members, with a majority being independent. The company plans to establish independent audit, compensation, and nominating committees and implement a robust code of conduct within 60 days. CEO Anshu Bhatnagar highlighted efforts to improve corporate governance as a strategy to attract institutional shareholders and pursue key partnerships. mPhase is focusing on growth in artificial intelligence, data analytics, legacy battery technology, and other emerging technology sectors.
mPhase Technologies (OTC Pink: XDSL) reported a profitable fiscal Q2 2021, marking its fourth consecutive quarter of profitability. Revenue reached $7.6 million, a slight increase from $7.5 million in Q2 2020, driven by $6.2 million in subscription revenue. The gross profit margin improved to 26.3%. The net income of $1.0 million contrasts with a loss of $5.9 million in the previous year. Stockholders’ equity rose to $8.0 million, a 45% increase year-over-year. The company also indicated plans to pay off convertible notes to prevent shareholder dilution.
mPhase Technologies (OTC Pink: XDSL) announced on Feb. 19, 2021, its increased cash flow allows for accelerated development in its learning management system and artificial intelligence projects. The company is targeting global market expansion, including a new project for a Japanese client, which is expected to drive revenue growth. Additionally, mPhase has paid off two convertible notes in February, bringing the total to six for 2021. A financial update call is scheduled for February 22, 2021, alongside the Q2 financial results.
mPhase Technologies, Inc. (OTC Pink: XDSL) has successfully paid off two additional convertible notes, totaling four notes retired in January 2021, aimed at reducing debt and avoiding dilution. CEO Anshu Bhatnagar noted that the company has generated sufficient cash flow to start this process, which will facilitate the pursuit of growth opportunities. mPhase has regained reporting compliance and plans to file its next 10-Q by February 16, 2021. The company intends to defer its first investor call to discuss growth strategies after Q2 2021 filing.
Gaithersburg, MD, Oct. 13, 2020 – mPhase Technologies, Inc. (OTCQB: XDSL) updates on its Learning Track division, highlighting a revenue surge from $2.5 million in Q4 2019 to approximately $7.6 million in Q3 2020, marking its first profitable quarter. The company anticipates over $30 million in revenue for FY 2020. Key technology enhancements include an updated User Interface, mobile app support, and expanded course offerings. The company also signed two new channel partners, increasing its customer base to 24. However, mPhase is delayed in filing its Annual Report due to COVID-19 disruptions, now expected by October 31, 2020.