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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 0pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt; color: Black"><b>UNITED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="xdx_908_edei--EntityAddressAddressLine1_c20210701__20211231_zP0fJ125TDyd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" name="dei:EntityAddressAddressLine1">1101
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>(Address,
including zip code, and telephone number including<br />
area code, of Registrant&#8217;s principal executive offices)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Anshu
Bhatnagar</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Chief
Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>mPhase
Technologies, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>1101 Wootton Parkway, Suite 1040</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Rockville, MD 20852</b>&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>(301)
329-2700</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>(Name,
address, including zip code, and telephone number<br />
including area code, of agent for service)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>With
copies to:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Lucosky Brookman LLP<br /> 101 Wood Avenue South, 5</b><sup>th</sup> <b>Floor<br /> Woodbridge, NJ 08830<br /> Tel. No.: (732) 395-4400<br /> Fax No.: (732) 395-4401</b></span></p></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Robert F. Charron, Esq.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Ellenoff Grossman &amp; Schole LLP</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>1345 Avenue of the Americas, 5th Floor</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>New York, NY 10105</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Tel. No.: (212) 370-1300</b></p>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Approximate
date of commencement of proposed sale to the public:</b> As soon as practicable after this Registration Statement is declared effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller
reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Accelerated
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
an emerging growth company, indicate by checkmark if the registrant has not elected to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>The
Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a), may determine.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is
not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">PRELIMINARY
    PROSPECTUS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">SUBJECT
    TO COMPLETION</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">DATED
    FEBRUARY 28, 2022</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>___________
Units</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Each Unit Consisting of One Share of Common
Stock and </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One
Warrant To Purchase One Share of Common Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="logo_001.jpg" alt="" /><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: Black"><b>mPhase
Technologies, Inc.<sup>1</sup></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">We are offering an aggregate of
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Units (the &#8220;Units&#8221;) based
on a public offering price of
$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per Unit. Each Unit
consists of one shares of common stock of mPhase Technologies, Inc., a New Jersey corporation, par value $0.01 per share
(&#8220;Common Stock&#8221;), and one warrant (&#8220;Warrant&#8221;) to purchase one share of Common Stock. The Warrants may be
exercised in whole, with an exercise price equal to 100% of the public offering price of each Unit sold in this offering.
This offering also relates to the shares of Common Stock issuable upon exercise of any Warrants sold in this offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock is presently quoted on the <span style="background-color: white">OTC Pink Marketplace operated by OTC Markets Group,
Inc. (&#8220;OTC Pink&#8221;) </span>under the symbol &#8220;XDSL.&#8221; We intend to apply to list our shares of Common Stock
and Warrants on The Nasdaq Capital Market under the symbols &#8220;XDSL&#8221; and &#8220;XDSLW&#8221;, respectively, upon
our satisfaction of the exchange&#8217;s initial listing criteria. If our Common Stock and Warrants are not approved for listing
on The Nasdaq Capital Market, we will not consummate this offering. No assurance can be given that our application will be approved.
As of February 28, 2022, the last reported sale price for our Common Stock on the OTC Pink was $0.19 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
board of directors (&#8220;Board of Directors&#8221;) intends to effect a 1-for-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
reverse stock split of our issued and outstanding shares of Common Stock following the effective date of the registration statement
of which this prospectus forms a part, but prior to and in connection with this offering and our intended listing of our Common Stock
and Warrants on Nasdaq. However, we cannot guarantee that such reverse stock split will occur, that such reverse stock split will
be necessary or will occur in connection with the listing of our Common Stock on Nasdaq, or that the Nasdaq Stock Market, LLC
will approve our initial listing application for our Common Stock upon such reverse stock split. The share and per share information
in this prospectus does not give effect to the proposed reverse stock split. Unless specifically provided otherwise herein, such numbers
and prices above and used elsewhere in this registration statement, of which this prospectus forms a part, do not assume the effectiveness
of such reverse stock split or the uplist of our Common Stock and Warrants to Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The offering is being underwritten on a firm commitment
basis. The underwriters may offer the securities from time to time to purchasers directly or through agents, or through brokers in brokerage
transactions on Nasdaq, or to dealers in negotiated transactions or in a combination of such methods of sale, or otherwise, at fixed
price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market
prices.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black; background-color: white">The
final public offering price per Unit will be determined through negotiation between us and the underwriter in this offering
and will take into account the recent market price of our Common Stock, the general condition of the securities market at the time
of this offering, the history of, and the prospects for, the industry in which we compete, and our past and present operations and
our prospects for future revenues. The recent market price per share of Common Stock used throughout this prospectus may not be
indicative of the final public offering price per Unit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Investing
in our securities involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 16 of this prospectus for a
discussion of information that should be considered in connection with an investment in our securities.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</b></span></p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="color: Black">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold; text-align: center">Per Unit (1)</td><td style="padding-bottom: 1.5pt; color: Black; font-weight: bold">&#160;</td><td style="color: Black; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold; text-align: center">Total (1)</td><td style="padding-bottom: 1.5pt; color: Black; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%; color: Black">Public offering price</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 12%; color: Black; text-align: right">&#160;</td><td style="width: 1%; color: Black; text-align: left">&#160;</td><td style="width: 2%; color: Black">&#160;</td>
    <td style="width: 1%; color: Black; text-align: left">$</td><td style="width: 12%; color: Black; text-align: right">&#160;</td><td style="width: 1%; color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="color: Black; text-align: left">Underwriting discounts and commissions (2)</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: Black; text-align: left">Proceeds to us, before expenses (3)</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">$</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 95%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
                                            public offering price and underwriting discount in respect of the Units corresponds
                                            to a public offering price per share of Common Stock of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;and
                                            a public offering price per Warrant of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
                                            have agreed to reimburse the underwriters for certain expenses. The underwriters will receive
                                            an underwriting discount equal to 7.0% of the gross proceeds in this offering. In
                                            addition, we have agreed to pay up to a maximum of $75,000 of the fees and expenses of H.C.
                                            Wainwright &amp; Co., LLC, the representative of the underwriters in this offering (&#8220;Wainwright&#8221;
                                            or the &#8220;Representative&#8221;) in connection with this offering, which includes
                                            the fees and expenses of underwriters&#8217; counsel, and we have agreed to issue common
                                            stock purchase warrants (the &#8220;Representative&#8217;s Warrants&#8221;) to the Representative, which are exercisable for up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares
                                            of Common Stock. See &#8220;Underwriting&#8221;
                                            for more information.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    amount of offering proceeds to us presented in this table does not give effect to any exercise of the: (i) option (if any) we have
    granted to the Representative of the underwriters as described below and (ii) the Warrants or the Representative&#8217;s Warrants
    being issued in this offering.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted a 30-day option to the Representative exercisable one or more times in whole or in part, to purchase up to an
additional &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares of Common
Stock and/or Warrants to purchase up to an additional
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares of Common stock (equal to
15% of the number of shares of Common Stock and/or Warrants sold in this offering) less the underwriting discounts payable by
us, solely to cover over-allotments, if any.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
underwriters expect to deliver our securities to purchasers in the offering on or about &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: Black"><b>H.C.
Wainwright &amp; Co.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
date of this prospectus is &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#m_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market for Our Common Stock and Related Stockholder Matters</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">46</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Note Regarding Forward-Looking Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#m_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">48</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors and Executive Officers</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">58</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Compensation</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#t_001">Security Ownership of Certain Beneficial Owners and Management</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Relationships and Related Party Transactions</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">67</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#t_002">Description
    of Securities</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">71</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#m_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt; text-indent: -6pt"><a href="#fin_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index to Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>You
should rely only on information contained in this prospectus. We have not, and the underwriters have not, authorized anyone to provide
you with additional information or information different from that contained in this prospectus. We are not making an offer of these
securities in any state or other jurisdiction where the offer is not permitted. The information in this prospectus may only be accurate
as of the date on the front of this prospectus regardless of time of delivery of this prospectus or any sale of our securities.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>No
person is authorized in connection with this prospectus to give any information or to make any representations about us, the Common
Stock hereby or any matter discussed in this prospectus, other than the information and representations contained in this prospectus.
If any other information or representation is given or made, such information or representation may not be relied upon as having been
authorized by us. This prospectus does not constitute an offer to sell, or a solicitation of an offer to buy our securities in any circumstance
under which the offer or solicitation is unlawful. Neither the delivery of this prospectus nor any distribution of our securities in
accordance with this prospectus shall, under any circumstances, imply that there has been no change in our affairs since the date of
this prospectus.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Neither
we nor the underwriter have done anything that would permit this offering or possession or distribution of this prospectus in
any jurisdiction where action for that purpose is required, other than the United States. You are required to inform yourself about,
and to observe any restrictions relating to, this offering and the distribution of this prospectus.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="a_001"></span>PROSPECTUS
SUMMARY</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>This
summary highlights selected information appearing elsewhere in this prospectus. While this summary highlights what we consider to be
important information about us, you should carefully read this entire prospectus before investing in our securities, especially
the risks and other information we discuss under the headings &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and
Analysis of Financial Condition and Results of Operation&#8221; and our consolidated financial statements and related notes beginning
on page F-1. Our fiscal year end is June 30 and our fiscal years ended June 30, 2021, and 2020 are sometimes referred to herein as fiscal
years 2021, and 2020, respectively. Some of the statements made in this prospectus discuss future events and developments, including
our future strategy and our ability to generate revenue, income and cash flow. These forward-looking statements involve risks and uncertainties
which could cause actual results to differ materially from those contemplated in these forward-looking statements. See &#8220;Cautionary
Note Regarding Forward-Looking Statements&#8221;. Unless otherwise indicated or the context requires otherwise, the words &#8220;we,&#8221;
&#8220;us,&#8221; &#8220;our&#8221;, the &#8220;Company&#8221; or &#8220;our Company&#8221; or &#8220;mPhase&#8221; refer to mPhase Technologies,
Inc., a New Jersey corporation, and our subsidiaries.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Our Business</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mPhase
Technologies, Inc. (&#8220;mPhase,&#8221;, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;) began
as Tecma Laboratory, Inc., which was incorporated under the laws of the State of Nevada in 1979. In 1987, we changed our name to Tecma
Laboratories, Inc. On February 17, 1997, we acquired Lightpaths, Inc., a Delaware corporation, which was engaged in the development of
telecommunications products incorporating DSL technology and the Company changed its name to Lightpaths TP Technologies, Inc. Lightpaths
TP Technologies, Inc. completed a reverse merger and changed its name to mPhase Technologies, Inc. on June 2, 1997.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have 85,008,099 shares of Common Stock outstanding as of February 28, 2022. The Common Stock is currently quoted on the OTC Pink under
the ticker symbol &#8220;XDSL&#8221;. We are headquartered in Rockville, Maryland. Our website is available at <i><span style="text-decoration: underline">https://mpower.co</span></i>.
Information on our website or any other website is not incorporated by reference herein and does not constitute a part of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
our history, we have explored a number of different business opportunities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
1997 until June 29, 2010, we focused in the commercial deployment of our TV+ products for delivery of broadcast Internet Protocol Television,
and Digital Subscriber Line (DSL) component products which include Plain Old Telephone Service (OTS) splitters that entail devices using low-pass and high-pass filters
to DSL signals to different lines. On June 30, 2010, we discontinued our TV+ line of products as well as our electronic sensor products
and shifted their business focus on the development of innovative power cells and related products through the science of microfluidics,
microelectromechanical systems (&#8220;MEMS&#8221;) and nanotechnology. This led to the development of a battery that has a significantly
longer shelf life prior to activation than conventional batteries and capable of disposal after use without harm to the environment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
February of 2004 through March of 2007, we engaged Lucent/Bell Labs (now Nokia) to develop, using the science of nanotechnology, micro
power cell arrays creating a structure for zinc batteries that separated the chemicals or electrolytes prior to initial activation. This
was done by suspending on nano grass or small spoke-like pieces of silicon a liquid electrolyte taking advantage of a superhydrophobic
effect that occurs as a result of the ability to manipulate materials of a very small size or less than 1/50,000 the size of a human
hair. We had a strategic alliance with the U.S. Army to successfully test, under military combat conditions, its SmartBattery design,
leading to further validation of its path to product development under a Cooperative Research and Development Agreement (CRADA). This
continues to be a potential opportunity for the Company which we intend to visit at a more strategic time. In addition, the Company formed
a relationship with Energy Storage Research Group, a center of excellence at Rutgers University, in New Jersey, that enabled us to expand
its battery development from a zinc to a lithium battery capable of delivering significantly more power. During fiscal years 2009 and
2010, we outsourced considerable foundry work for final development of the Smart NanoBattery to Silex, a Swedish company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2008, we successfully deployed a prototype of its Smart NanoBattery in a gun-fired test at the Aberdeen Proving Ground in Maryland.
The battery not only survived the harsh conditions of deployment at a gravitational force in excess of 45,000 g, but it was also flawlessly
activated in the process. In 2010, we received from the appropriations committee of the U.S. Congress an &#8220;earmark&#8221; of $2.5
million to develop with Picatinny Arsenal a battery based upon the specifications of the Smart NanoBattery. Due to circumstances out
of our control, the funding was not made for such development as Congress eliminated the use of &#8220;earmarks&#8221; at the end of
2010.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2011, we announced that we had been granted a U.S. patent for multi-chemistry battery architecture. Thereafter, on February 10,
2012, we filed a U.S. provisional patent with the USPTO for a Non-Pump Enabled Drug Delivery System.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
refocused on two new products; a high-end portable emergency flashlight and a jump starter for a dead car battery developed for the Company
by Porsche Design Studio. From 2011 to 2016, we generated revenue from these products, but could not establish sufficient sales. We were
unable to obtain sufficient financing to continue its operations as of 2018 and began to seek new management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of 2018, we were not able to obtain sufficient financing to continue its operations and on January 11, 2019, we underwent a major change
in management and control. The new management began positioning our focus as a technology leader in artificial intelligence (&#8220;AI&#8221;)
and machine learning. We saw opportunities to generate significant revenue by embedding artificial intelligence and machine learning
into business operations, platform architectures, business services, and customer experiences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 15, 2019, we acquired Travel Buddhi, a software platform to enhance travel via ultra-customization tools that tailor a planned
trip experience by understanding a traveler&#8217;s profile and travel patterns and react in real time during travel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2019, we acquired the assets of Alpha Predictions LLP (&#8220;Alpha Predictions&#8221;) and integrated its staff and some of
its data analysis products into the Company&#8217;s business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 11, 2020, the Company entered into an Asset Purchase Agreement to acquire all assets owned, used or held in connection with the business,
other than excluded assets and assumed certain liabilities of CloseComms Limited (&#8220;CloseComms&#8221;). The most substantial acquired
asset was a patented, software application platform. We have integrated into a retail customer&#8217;s existing Wi-Fi infrastructure,
giving the retailer important customer data and enabling AI-enhanced, targeted promotions to drive store traffic and sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, we announced the addition of the EV Charging Network and Consumer Engagement Platform as part of the mPower ecosystem with the
purpose to monetize additional services and products offerings such as the high-speed millimeter wave 5G relating to consumer travel.
Layered on top of this mobile experience, we also announced the buildout of a marketplace with a loyalty and rewards program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
during the same year, we rolled out the pilot program for the EV Charging Network with one of our customers for their multiple locations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
late-2021, we transitioned into clean technology company that bridges the gap between the green consumers and customers such as
retailers and other service providers. Although we had initially contemplated the design and build of the marketplace into our
ecosystem, we have since evaluated this business model and the resources required to fully launch such a concept and have decided
that it remains better suited as a concept to implement through partnerships with other third-party companies. Although the
marketplace remains a natural choice for our ecosystem for numerous reasons, in order for us to scale up and fully integrate this
concept into our larger business model, we would rather work directly with other third-party companies that have this as their
primary business. We will consider strategic partnerships with third party companies with an already established marketplace infrastructure, where
we can simply secure revenue streams via contracts or other commercial structures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service (&#8220;SaaS&#8221;) and
technology as a service (&#8220;TaaS&#8221;).  The focus of our business and central to our success is the full build out
and deployment of our EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the mPower
ecosystem, we seek to tailor it to each individual&#8217;s tastes and needs, with particular emphasis on empowering today&#8217;s
green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our technology and
services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the following
products and services offered through the mPower application (&#8220;mPower App&#8221;): (1) mPower EV Charging Network and (2)
Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties such as
retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers), which in
return will create further contracted revenue for mPhase. This path forward will allow us to still layer on the right offerings to
our mPower ecosystem but mPhase will not divert any resources, financially or otherwise to build out the infrastructure of the CBRS
spectrum and millimeter-wave 5G and the marketplace.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">mPower
EV Charging Network</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
continue to build out our mPower EV Charging Network across the United States by offering the high-quality hardware and software subscriptions
with turn-key support and warranty services. We will be partnering with third party suppliers and manufacturers for its charging stations
in order to build out the network, which includes Level 2 Alternative Current (&#8220;AC&#8221;) Chargers and Level 3 Direct Current
(&#8220;DC&#8221;) Fast Charging systems for commercial and residential use. In addition, we will engage third-party contractors to provide
the basic electrical charging installation and on-going O&amp;M (operations and maintenance) to the customer base seeking to have on
premise EV charging capability. We also see exponential growth in EVs and microgrids due to the rapid innovation in technology, which
is why with the right partnerships, we would seek to offer renewable energy sources + microgrids wrapped around the EV Charging Network.
The microgrids can support EV charging as their batteries can be used as an energy resource to charge vehicles during peak times, reducing
the grid demand and therefore providing stability and an even better benefit of providing charge with clean energy. Through the use of
our mPower App, customers will have the ability to access the mPower EV Charging Network.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Consumer
Engagement Platform</span></i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
create the Consumer Engagement Platform, we are combining the consumer engagement framework acquired from the CloseComms acquisition
with the AI based travel optimization framework from Travel Buddhi.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fundamentally
the platform uses AI to understand behavior patterns of consumers and allows the customers (i.e., retailers) to make these just in time
offers available to the end consumer as they travel. In addition to providing charging station hardware, we are building a Consumer Engagement
Platform which will interconnect a set of business systems and functions that includes using software solutions within the framework
of SaaS and TaaS model to optimize consumer engagement as they travel by making just in time offers available as they travel. One of
our customer base is the retail store owners. The consumers are the every-day travelers (i.e., drivers) that will benefit from the offers
those customers are setting up through our secure portal. For consumers, they will utilize the mPower App and set up a profile that has
information about their preferences and demographics. In turn, the customer initiates an offer on the secure power portal and only the
consumers, based on their preferences and demographics on their mPower App, receive such select offers. The customers are the contracting
party entering into subscription agreements with us for the SaaS and TaaS services. The SaaS service allows for the customer to set up
their own offers directly without the Company providing any management services. While the TaaS service offers a managed service where
we handle all the back end work for the consumers. In both models, the Company generates recurring monthly revenue. As customers incentivize
the consumers by providing offers, the mPower App increases in subscribers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employee
Count</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 28, 2022, the Company employs 35 full-time employees with a range of expertise in technology platform development services,
sales and marketing services, human resources, and accounting services. The Company&#8217;s subsidiary in India employs a total of 16
software engineers and data analysis experts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Products
under continued Research and Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>mPower
Ecosystem</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
mPower Ecosystem <i>(as discussed above)</i> is still being developed and therefore it is the majority of our R&amp;D.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Smart
Surfaces</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a technology platform known as the Smart Surface. By being able to control the surface properties of materials down to the nanometer
scale, new and improved devices can be designed and built that may lead to compelling business opportunities. One type of smart surface
that we provide allows properties to be changed in response to an external stimulus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our research and development efforts evolve, in addition to silicon materials, the ability to control the surface properties of materials
can be extended to other substances such as polymers, ceramics, metals, and fibers providing opportunities for our platform technology
to be used in a range of potential applications such as energy storage and power management for portable electronics and microelectronics,
self-cleaning surfaces, filters for water purification or desalination systems, materials for environmental remediation that separate
liquids or solvents, and other situations where the control of the interaction of a solid surface exposed to a liquid is vitally important.
Towards the end of 2022, we plan to focus on advancing this technology platform, as well as consider potential collaborations or strategic
partnerships.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Smart
NanoBattery</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
challenged conventional norms of battery development by using our proprietary superhydrophobic porous silicon membrane technology as
the basis to build the Smart NanoBattery, a reserve battery providing Power On Command&#8482; prior to initial activation. The Smart
NanoBattery is a product and technology owned by us, with ongoing efforts to provide the product to the United States Army in the future.
To the best of our knowledge, no other battery technology available today can deliver the long-term performance requirements specified
by the U.S. Army for this application. Super-hydrophobicity initially keeps the liquid electrolyte physically separated from the solid
electrodes of the battery, thus preventing the chemical reactions from occurring that cause the battery to provide power. This gives
the Smart NanoBattery the benefit of potentially infinite shelf life.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
conventional battery loses some capacity while sitting on the shelf in its package or stored in an electronic or electrical device, even
before being used for the first time. On the other hand, the Smart NanoBattery is built so that it is inactive and remains that way indefinitely
until it is turned on. No power is lost to self-discharge or leakage current prior to activation. When needed, the Smart NanoBattery
can be activated on command via the phenomenon of electrowetting, which is the modification of the wetting properties of a surface with
an applied electric field. In such a case, when effective, surface properties of the porous silicon membrane are selectively controlled
to shift instantly from a superhydrophobic to hydrophilic state. In other words, electrowetting acts as the triggering mechanism.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have successfully fabricated and demonstrated our first 3-volt lithium-based Smart NanoBattery, based on a design allowing either manual
or remote activation by the user, the feature known as Power on Command&#8482;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
incorporating the phenomenon of electrowetting on nanostructured surfaces into a revolutionary way of storing energy, the Smart NanoBattery
provides power to portable electronic and microelectronic devices exactly when and where it is needed. As a reserve battery, it can be
made to be an augmentation to conventional primary batteries. The nanobattery converts stored chemical energy into usable electrical
energy, but in a way that is potentially more reliable, more versatile, more environmentally friendly, and less expensive than conventional
primary batteries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today
charging is key to the EV experience and technologies to boost EV adoption are constantly being challenged by advancements in power-cell
technology. We see synergies on using nanotechnology in the manufacture of batteries and that our technology could potentially have a
use in increasing performance and decreasing time required to recharge a battery. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the intellectual property developed from the research to date could be resumed to develop viable military and industrial
products depending upon our future financial resources and future competitive market conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Our
Intellectual Property</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have obtained trademark protection for our mPower Emergency Illuminator<sup>TM</sup> and mPower on Command<sup>TM</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date hereof, we have rights under the following active patents:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bypass
    for telephone system splitter, Filed 3/18/2003 in United States, Patent Number 6,535,581</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signal
    splitter with test relays on auxiliary circuit board and system using same, filed 7/12/2005, Patent Number 6,917,683</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-001
    Battery System, Filed 3/20/2008 in United States, Patent Number 8,021,773</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-004
    Tunable Liquid Microlens with Lubrication Assisted Electrowetting, Filed 9/13/2001in United States, Patent Number 6,545,815</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-005
    Method and Apparatus for Controlling Friction Between a Fluid and a Body, Filed 8/27/2003 in United States, Patent Number 7,156,032</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-006
    Electrowetting Battery Having a Nanostructured Electrode Surface, Filed 11/18/2003 in United States, Patent Number 7,227,235</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-007
    Method and Apparatus For Controlling The Flow Resistance Of A Fluid On Nanostructured Or Microstructured Surfaces, Filed 9/30/2003
    in United States, Patent Number 8,124,423</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-009
    Method and Apparatus For Controlling The Flow Resistance Of A Fluid On Nanostructured Or Structured Membrane with Controllable Permeability,
    Filed 7/28/2006 in United States, Patent Number 7,695,550</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-010
    End of Life Cycle, Nanostructured Battery, Filed 3/18/2004 in United States, Patent Number 7,618,746</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-014
    Device for Fluid Spreading and Transport, Filed 1/25/2008 in United States, Patent Number 8,435,397</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-019
    Modular Device, Filed 9/2/2009 in United States, Patent Number 8,344,543</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALWA-034
    Reserve Battery System, Filed 3/2/2010 in United States, Patent Number 8,372,531</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlling
    access and accessing a traffic network in high density environment, Filed 12/7/2017, Patent Number GB2559469</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we also rely on unpatented proprietary technology, we can make no assurance that others may not independently develop the same or similar
technology or otherwise obtain access to our unpatented technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">International
Presence</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business operations primarily take place in the
United States. However, we have a wholly owned subsidiary with an office in India which is solely being used for development
purposes. We make no financial or monetary efforts in India. Due to the office based in India we are subject to
India&#8217;s regulations and laws relating to developmental business conducts. Please refer to the section titled <i>Risk Factors
</i>below for more information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are seeking to move our</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> key development operations
to the United States. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> entered into a contract with a channel partner
that has a global presence, which assists in further developing our products, from whom we receive payment in return
for products and services. All  our customer relation operations with this channel partner are based in
the United States, as are our transactions. All payments which we earn in return of its sale of products and/or services
worldwide are made with the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt">The
Company also has an office in the United Kingdom, which is primarily used for development, pursuant to a local consulting arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Developments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors intends to effect a 1-for-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reverse stock split of
our issued and outstanding shares of Common Stock following the effective date of the
registration statement of which this prospectus forms a part, but prior to and in connection with this offering and our intended listing
of our Common Stock on Nasdaq. However, we cannot guarantee that such reverse stock split will occur, that such reverse stock split will
be necessary or will occur in connection with the listing of our Common Stock on Nasdaq, or that the Nasdaq Stock Market, LLC will approve
our initial listing application for our Common Stock upon such reverse stock split. The share and per share information in this prospectus
does not give effect to the proposed reverse stock split. Unless specifically provided otherwise herein, such numbers and prices above
and used elsewhere in this registration statement, of which this prospectus forms a part, do not assume the effectiveness of such reverse
stock split or the uplist of our Common Stock and Warrants to Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
of Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business and our ability to execute our business strategy are subject to a number of risks of which you should be aware of before you
decide to buy our securities. In particular, you should carefully consider following risks, which are discussed more fully in &#8220;Risk
Factors&#8221; beginning on page 16 of this prospectus:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    or regional health pandemics or epidemics, including COVID-19, could negatively impact our business operations, financial performance
    and results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    have reported net operating losses for each of our fiscal years from our inception in 1996 through the present and may not be able
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    depend on one customer and the loss of this customer would have a material adverse effect on our business, financial condition and
    results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    depend on one primary vendor and the loss of this vendor would have a material adverse effect on our business, financial condition
    and results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    operate in highly competitive industries.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    and large companies, most of which have significantly greater experience and financial resources than we do.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    depend on certain third parties to assist us in the development of new products, and any failure of those parties to fulfill their
    obligations could result in costs and delays and prevent us from successfully commercializing our products on a timely basis, if
    at all.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    depend on our collaborators to help us develop and test our proposed products, and our ability to develop and commercialize products
    may be impaired or delayed if collaborations are unsuccessful.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    reliance on the activities of our non-employee consultants, research institutions, and scientific contractors, whose activities are
    not wholly within our control, may lead to delays in development of our proposed products.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    are dependent upon key personnel whose loss may adversely impact our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    acquisition strategy creates risks for our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    may fail to realize all of the anticipated benefits of any entities which we acquire, such benefits may take longer to realize than
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    not achieve their intended benefits, our business, financial condition, and results of operations could be materially and adversely
    affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    insurance policies are limited in scope and coverage and may potentially expose us to unrecoverable risks.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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    to comply with laws relating to labor and employment could subject us to penalties and other adverse consequences.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
    of the Warrants offered by this prospectus could discourage an acquisition of us by a third party.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to effect a reverse stock split of our outstanding Common Stock prior to the closing of this offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
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    will be able to continue to comply with the minimum bid price requirement of Nasdaq.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
    if the reverse stock split increases the market price of our Common Stock, there can be no assurance that we will be able to comply
    with other continued listing standards of The Nasdaq Capital Market.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    reverse stock split may decrease the liquidity of the shares of our Common Stock.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
    the reverse stock split, the resulting market price of our Common Stock may not attract new investors, including institutional investors,
    and may not satisfy the investing requirements of those investors. Consequently, the trading liquidity of our Common Stock may not
    improve.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    our listing applications for our Common Stock and Warrants are not approved by Nasdaq, we will not be able to consummate the offering
    and will terminate this offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    a result of the timing of the reverse stock split, uplist to Nasdaq and pricing of this offering, potential investors will not have
    an opportunity to check the actual post-split market price before confirming their purchases in this offering.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
are a smaller reporting company within the meaning of the rules adopted by the Securities and Exchange Commission, and if we take advantage
of certain exemptions from disclosure requirements available to smaller reporting companies, this could make our securities less attractive
to investors and may make it more difficult to compare our performance with other public companies.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;smaller reporting company&#8221; as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage
of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We
will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our Common Stock held
by non-affiliates equals or exceeds $250 million as of the end of the prior June 30<sup>th</sup>, or (2) our annual revenues equaled
or exceeded $100 million during such completed fiscal year and the market value of our Common Stock held by non-affiliates exceeds $700
million as of the prior June 30<sup>th</sup>. To the extent we take advantage of such reduced disclosure obligations, it may also make
comparison of our financial statements with other public companies difficult or impossible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We have elected to take advantage of certain
of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage
of other reduced reporting requirements in future filings. As a result, the information that we provide to our stockholders may be different
from what you might receive from other public reporting companies in which you hold equity interests. References herein to &#8220;smaller
reporting company&#8221; shall have the meaning associated with it in Item 10(f)(1) of Regulation S-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>THE
OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Securities
    offered by us:</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 58%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Units,
    based on a public offering price of $ per Unit (assuming a reverse stock split of 1-for-&#160;&#160;&#160;&#160;&#160;&#160;&#160;), with each Unit consisting
    of one share of Common Stock and one Warrant to purchase one share of Common Stock at an exercise price of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share (equal to
    100% of the public offering price per Unit).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Public
    offering price per Unit</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">An
    assumed public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per Unit, which is the last reported sale price of our Common Stock
    on the OTC Pink as of &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022. (1)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Common
    Stock outstanding before the offering</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">85,008,099
    shares of Common Stock</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Common
    Stock to be outstanding after the offering </b>(1)(2)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;shares
    of Common Stock, based on a public offering price of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per Unit, assuming
    no exercise of any option granted to the underwriter or exercise of the Representative&#8217;s Warrants. If the underwriter&#8217;s
    option is exercised in full, the total number of shares of Common Stock outstanding immediately after this offering would be&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    , based on a public offering price of $ per Unit.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><b>Underwriter&#8217;s Option</b></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have granted the Representative a 30-day option to purchase up to </span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                                            additional shares of Common Stock and/or &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; additional
                                            Warrants to purchase up to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares of Common Stock (equal to
                                            15% of the number of shares of Common Stock and/or Warrants  sold in this offering)
                                            from us at a price per share of Common Stock and/or Warrant  equal to the public offering
                                            price per share of Common Stock and/or Warrant, less the underwriting discounts payable
                                            by us, solely to cover over-allotments, if any.</p>
</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of Warrants</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; border-left-width: 0in; border-left-color: black"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            exercise price of the Warrants is $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                                            per share (with an exercise price equal to 100% of the public offering price per Unit). Each
                                            Warrant is exercisable for one share of Common Stock, subject to adjustment in the event
                                            of stock dividends, stock splits, stock combinations, reclassifications, reorganizations
                                            or similar events affecting our shares of Common Stock as described herein. A holder may not exercise
                                            any portion of a Warrant to the extent that the holder, together with its affiliates and
                                            any other person or entity acting as a group, would own more than 4.99% of the outstanding
                                            shares of Common Stock after exercise, as such percentage ownership is determined in accordance with the
                                            terms of the Warrants, except that upon notice from the holder to us, the holder may waive
                                            such limitation up to a percentage, not in excess of 9.99%. Each Warrant will be exercisable
                                            immediately upon issuance and will expire five years after the initial issuance date. The
                                            terms of the Warrants will be governed by a warrant agreement, dated as of the closing
                                            date of this offering, between us and Worldwide Stock Transfer, as the warrant agent. This
                                            prospectus also relates to the offering of the shares of Common Stock issuable upon exercise
                                            of the Warrants. For more information regarding the Warrants, you should carefully read the
                                            section titled &#8220;Underwriting Section&#8221; in this prospectus.</span></p>
</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Representative&#8217;s
                                            Warrant (1)</b></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The
                                            registration statement of which this prospectus is a part also registers the Representative&#8217;s
                                            Warrants to purchase up to shares of Common Stock (5.0% of the number of shares of Common
                                            Stock sold in this offering (including any shares of Common Stock sold pursuant
                                            to the option to be issued to the underwriters, as a portion of
                                            the underwriting compensation payable in connection with this offering. <span style="font-size: 10pt">The
                                            Representative&#8217;s Warrants will be exercisable immediately upon issuance, and
                                            from time to time, in whole or in part, and will expire five years from the commencement
                                            of sales at an exercise price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
(125% of the public offering price of the Units). Please see &#8220;Underwriting Representative&#8217;s
                                            Warrants&#8221; for a description of these warrants.</span></p>



</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Risk
    factors</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Investing
    in our securities is highly speculative and involves a high degree of risk. You should carefully consider the information set forth
    in the &#8220;Risk Factors&#8221; section beginning on page 16 before deciding to invest in our securities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Trading
    symbols</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
    Common Stock is currently quoted on OTC Pink under the trading symbol &#8220;XDSL&#8221;. We are in the process of applying
    to list our Common Stock and Warrants on Nasdaq under the symbols &#8220;XDSL&#8221; and &#8220;XDSLW&#8221;, respectively.
    We will not consummate this offering unless our application is approved.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Reverse
    stock split</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
    expect to effect a 1-for-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    reverse stock split of our outstanding shares of Common Stock following the effective time on which the registration statement of
    which this prospectus forms a part is declared effective by the SEC but prior to the closing of this offering. We cannot guarantee
    that such reverse stock split will occur based on any specific ratio or that Nasdaq will approve our initial listing application
    for our Common Stock upon such reverse stock split. If our listing applications are not approved by Nasdaq, we will not be able to
    consummate this offering and will terminate this offering. The information in this prospectus does not reflect this proposed reverse
    stock split of the outstanding shares of Common Stock of the Company or the listing of our Common Stock and Warrants on Nasdaq.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 58%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    and our directors, officers and any other holders of three percent (3%) or more of the outstanding shares of Common Stock as of the
    effective date of the registration statement, of which this prospectus forms a part, have agreed with the underwriters not to offer
    for sale, issue, sell, contract to sell, pledge, encumber grant any option for the sale of or otherwise dispose of any of our securities,
    including the issuance of shares of Common Stock upon the exercise of the Company&#8217;s currently outstanding options, without
    the prior written consent of the Representative for a period of &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; months after the closing of this offering. See &#8220;Underwriting&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    estimate that the net proceeds from the sale of the Units in the offering, at an assumed public offering price per Unit of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    will be approximately $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, after deducting the
    underwriting discounts and commissions and estimated offering expenses, or $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    if the underwriters exercise their option in full, assuming no exercise of the Representative Warrants. &#160; We currently expect
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remaining proceeds of approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for general corporate purposes, including working capital and possibly acquisitions of other companies.</span></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 95%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    actual number of Units, shares of Common Stock and Representative&#8217;s Warrants that we will offer and that will be outstanding
    after this offering will be determined based on the actual public offering price and the reverse split ratio will be determined based
    in part on the price of our Common Stock on the OTC Pink at the time of the determination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    shares of Common Stock outstanding prior to this offering and to be outstanding after this offering is based on shares outstanding
    as of February 28, 2022 and excludes the following:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">14,181,646
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">25,038,731 shares of Common Stock issuable upon
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Unless
we indicate otherwise, all information in this prospectus:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Assumes
    no exercise by the underwriter of its option to purchase up to an additional
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares of Common Stock and/or
    Warrants to purchase up to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Assumes no exercise of the Warrants issued in this offering.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Assumes no exercise of the Representative Warrants issued
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>SUMMARY
CONSOLIDATED FINANCIAL INFORMATION</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>The
following summary consolidated statements of operations data for the fiscal period ended December 31, 2021, and 2020 have
been derived from our unaudited consolidated financial statements included elsewhere in this prospectus. The historical financial data
presented below is not necessarily indicative of our financial results in future periods. You should read the summary consolidated financial
data in conjunction with those financial statements and the accompanying notes and &#8220;Management&#8217;s Discussion and Analysis
of Financial Condition and Results of Operations.&#8221; Our consolidated financial statements are prepared and presented in accordance
with United States generally accepted accounting principles, or U.S. GAAP. Our consolidated financial statements have been prepared on
a basis consistent with our audited financial statements and include all adjustments, consisting of normal and recurring adjustments
that we consider necessary for a fair presentation of the financial position and results of operations as of and for such periods.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>mPhase
Technologies, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Consolidated
Statements of Operations and Other Comprehensive Income (Loss)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

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  <tr style="vertical-align: bottom">
    <td style="text-align: center; color: Black">&#160;</td><td style="text-align: center; color: Black; font-weight: bold">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: center; color: Black">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; color: Black; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; color: Black">Revenue</td><td style="width: 2%; color: Black">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>mPhase
Technologies, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Consolidated
Balance Sheets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_002"></span>RISK
FACTORS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Investing
in our securities involves a great deal of risk. Careful consideration should be made of the following factors as well as other information
included in this prospectus before deciding to purchase our securities. There are many risks that affect our business and results of
operations, some of which are beyond our control. Our business, financial condition or operating results could be materially harmed by
any of these risks. This could cause the trading price of our securities to decline, and you may lose all or part of your investment.
Additional risks that we do not yet know of or that we currently think are immaterial may also affect our business and results of operations.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>We
intend to effect a reverse stock split of our Common Stock in order to uplist our Common Stock on Nasdaq in
connection with this offering. However, we cannot guarantee that such reverse stock split will occur based on any specific ratio
or that Nasdaq will approve our initial listing application for our Common Stock upon such reverse stock split. If such reverse stock
split is not effected or if our listing application is not approved by Nasdaq, we will not be able to consummate this offering and will
terminate this offering.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Risks
Relating to Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Global
or regional health pandemics or epidemics, including COVID-19, could negatively impact our business operations, financial performance
and results of operations.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
business and financial results could be negatively impacted by the recent outbreak of COVID-19 or other pandemics or epidemics. The severity,
magnitude and duration of the current COVID-19 pandemic is uncertain, rapidly changing and hard to predict. During 2020, 2021, and 2022
to date, COVID-19 has significantly impacted economic activity and markets around the world, and it can unpredictably negatively
impact our business in numerous ways, including but not limited to those outlined below:&#160;&#160;</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Purchasing
    power of consumers may be reduced thereby affecting demand for our products and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Decreased
    demand for our products and services due to significant capital constraints as a result of COVID-19 and the macro-economic environment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Disruptions
    or uncertainties related to the COVID-19 outbreak for a sustained period of time could result in delays or modifications to our strategic
    plans and initiatives and hinder our ability to achieve our business objectives;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin: 0">supply chain could be impact our
                                            procurement and upending in the global container volume demand could cause shipping delays;</p>
</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Illness,
    travel restrictions or workforce disruptions could negatively affect our business processes including office closures, limitations,
    and inability to travel to marketplaces;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Government
    or regulatory responses to pandemics could negatively impact our business. Mandatory lockdowns or other restrictions could materially
    adversely impact our operations and results; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    COVID-19 outbreak has increased volatility and pricing in the capital markets and volatility is likely to continue which could have
    a material adverse effect on our ability to obtain debt or equity financing to fund operations.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">These
and other impacts of the COVID-19 or other global or regional health pandemics or epidemics can have an unpredictable effect of heightening
many of the other risks described in this &#8220;Risk Factors&#8221; section. We might not be able to predict or respond to all impacts
on a timely basis to prevent near- or long-term adverse impacts to our results. The ultimate impact of these disruptions also depends
on events beyond our knowledge or control, including the duration and severity of any outbreak and actions taken by parties other than
us to respond to them. Any of these disruptions could have a negative impact on our business operations, financial performance and results
of operations, which impact could be material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
have reported net operating losses for each of our fiscal years from our inception in 1996 through the present and may not be able to
operate profitability in the future</i></b>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
of December 31, 2021, we have had net losses of approximately $225,867,206 since our inception in 1979 and cannot be certain when
or if we will ever be profitable. If we continue to incur losses as we have in the past, investors may not receive any return on their
investment and may lose their entire investment. Our prospects must be considered speculative in light of the risks, expenses and difficulties
frequently encountered by companies with new products in their early stages of development, particularly in light of the uncertainties
relating to the new, competitive and rapidly evolving markets in which we operate. To attempt to address these risks, we must, among
other things, further develop our technologies, products and services, successfully implement our research, development, marketing and
commercialization strategies, respond to competitive developments and attract, retain and motivate qualified personnel. A substantial
risk is involved in investing in us because, as a company we have fewer resources than an established company, and we may be more vulnerable
operationally and financially to external factors beyond our control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
generated net income of $194,203 and $1,725,706 for the six months ended December 31, 2021 and 2020, respectively. If we are unable
to maintain profitability, we may be unable to continue our operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
will require additional financing in the future to fund our operations which may cause dilution to our existing stockholders or restrict
our operations</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
will need additional capital in the future to continue to execute our business plan. Therefore, we will be dependent upon additional
capital in the form of either debt or equity to continue our operations. At the present time, we do not have arrangements to raise all
of the needed additional capital, and we will need to identify potential investors and negotiate appropriate arrangements with them.
Our ability to obtain additional financing will be subject to a number of factors, including market conditions, our operating performance
and investor sentiment. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the
ownership interests of our stockholders will be diluted, and the terms of such financings may include liquidation or other preferences,
anti-dilution rights, and other provisions that may adversely affect the rights of our stockholders, including rights, preferences and
privileges that are senior to those of our holders of Common Stock in the event of a liquidation. In addition, debt financing,
if available, could include covenants limiting or restricting our ability to take certain actions, such as incurring additional debt,
making capital expenditures, or declaring dividends and may require us to grant security interests in our assets. If we are unable to
raise additional capital when required or on acceptable terms we may need to curtail or cease our operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
indebtedness and liquidity needs could restrict our operations and make us more vulnerable to adverse economic conditions.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
existing indebtedness may adversely affect our operations and limit our growth, and we may have difficulty repaying our debt when due.
If market or other economic conditions deteriorate, our ability to comply with covenants contained in our debt instruments may be impaired.
If we violate any of the restrictions or covenants set forth in our debt instruments, all or a significant portion of our indebtedness
may become immediately due and payable. Our inability to make payments on our indebtedness when due may have a material adverse effect
on our operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may not be able to raise the required capital to conduct our operations and develop and commercialize our products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
require substantial additional capital resources in order to conduct our operations and develop and commercialize our products and run
our facilities. We will need significant additional funds or collaborative partners, or both, to finance the research and development
activities of our potential products. Accordingly, we are continuing to pursue additional sources of financing. Our future capital requirements
will depend upon many factors, including:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    continued progress and cost of our research and development programs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    costs in preparing, filing, prosecuting, maintaining and enforcing patent claims;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    costs of developing sales, marketing and distribution channels and our ability to sell the products if developed;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    costs involved in establishing manufacturing capabilities for commercial quantities of our proposed products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Competing
    technological and market developments,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Market
    acceptance of our proposed products; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    costs for recruiting and retaining employees and consultants.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Additional
financing through strategic collaborations, public or private equity financings or other financing sources may not be available on acceptable
terms, or at all. Our prior failure to be timely in our required periodic filings of quarterly and annual financial reports with the
SEC may significantly limit our ability to raise additional capital. Additional equity financing could result in significant dilution
to our shareholders. Further, if additional funds are obtained through arrangements with collaborative partners, these arrangements may
require us to relinquish rights to some of our technologies, product candidates or products that we would otherwise seek to develop and
commercialize on our own. If sufficient capital is not available, we may be required to delay, reduce the scope of or eliminate one or
more of our programs or potential products, any of which could have a material adverse effect on our financial condition or business
prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
depend on one customer and the loss of this customer would have a material adverse effect on our business, financial condition and results
of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">At
December 31, 2021 and 2020, approximately 100% and 100%, respectively, of accounts receivable were concentrated with one customer located
outside the United States. For the six months ended December 31, 2021 and 2020, approximately 100% and 100%, respectively, of revenue
were concentrated with the same customer. The loss of this customer, or a substantial decrease in demand by this customer for our products,
would have a material adverse effect on our business, results of operations and financial condition. During December 2021, the Company
began invoicing its consumer engagement locations. Although immaterial at December 31, 2021, as these locations continue to grow, the
aforementioned one customer will become less of the Company&#8217;s total revenue and accounts receivable, thus decreasing the Company&#8217;s
revenue risk concentrations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
depend on one primary vendor and the loss of this vendor would have a material adverse effect on our business, financial condition and
results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">At
December 31, 2021 and 2020, approximately 80% and 97%, respectively, of accounts payable were concentrated with one vendor located
in the United States. For the years ended June 30, 2021 and 2020, approximately 100% and 100%, respectively, of cost of revenue were
concentrated with the same vendor. The loss of this vendor would have a material adverse effect on our business, results of operations
and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
operate in highly competitive industries</i>.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
artificial intelligence, machine learning, consumer engagement, and EV charging industries are highly competitive.
We face competition in the areas of brand recognition, price, convenience and service. A number of our competitors are larger than us
and have substantial financial, marketing and other resources as well as substantial operations. In addition, reduced barriers to entry
are creating new competition. Furthermore, in order to protect our existing market share or capture increased market share in this highly
competitive environment, we may be required to increase expenditures for advertising and continue to introduce and establish new products.
Due to inherent risks in the marketplace associated with advertising and new product introductions, including uncertainties about consumer
acceptance, increased expenditures may not prove successful in maintaining or enhancing our market share and could impact our operating
results. In addition, we may incur increased credit and other business risks because we operate in a highly competitive environment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>All
of our business segments face competition that includes both public and private organizations and collaborations among academic institutions
and large companies, most of which have significantly greater experience and financial resources than we do.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Private
and public academic and research institutions also compete with us in the research and development of products that could affect our
patent portfolio. In the past several years, the nanotechnology industry has selectively entered into collaborations with both public
and private organizations to explore the development of new products evolving out of research in micro-fluid dynamics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
depend on certain third parties to assist us in the development of new products, and any failure of those parties to fulfill their obligations
could result in costs and delays and prevent us from successfully commercializing our products on a timely basis, if at all.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
engage consultants and contract research organizations to help design, develop and manufacture our products. The consultants and contract
research organizations we engage provide us critical skills, resources and finished products for sale that we do not have within our
own company. As a result, we depend on these consultants and contract research and product supply organizations to deliver our existing
automotive products and to perform the necessary research and development to create new products. We may face delays in developing and
bringing new products to market if these parties do not perform their obligations in a timely or competent fashion or if we are forced
to change service providers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
depend on our collaborators to help us develop and test our proposed products, and our ability to develop and commercialize products
may be impaired or delayed if collaborations are unsuccessful.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
strategy for the development, testing and commercialization of certain of our proposed products requires that we enter into collaborations
with corporate partners, licensors, licensees and others. Some of these collaborators will be located in India and other countries outside
of the United States which pose additional legal and economic risks. We are dependent upon the subsequent success of these other parties
in performing their respective responsibilities and the continued cooperation of our partners. Under agreements with collaborators, we
may rely significantly on such collaborators to, among other things:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Fund
    research and development activities with us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Pay
    us fees upon the achievement of milestones under Small Business Technology Transfer (STTR) and Small Business Innovation Research
    (SBIR) programs; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Market
    with us any commercial products that result from our collaborations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
collaborators may not cooperate with us or perform their obligations under our agreements with them. We cannot control the amount and
timing of our collaborators&#8217; resources that will be devoted to our research and development activities related to our collaborative
agreements with them. Our collaborators may choose to pursue existing or alternative technologies in preference to those being developed
in collaboration with us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
various outside vendors and collaborators do not achieve milestones set forth in our agreements, or if our collaborators breach or terminate
their collaborative agreements with us, our business may be materially harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
reliance on the activities of our non-employee consultants, research institutions, and scientific contractors, whose activities are not
wholly within our control, may lead to delays in development of our proposed products</i>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">From
time to time, we rely upon and have relationships with outside consultants and companies having specialized skills to conduct research.
These consultants are not our employees and may have commitments to, or consulting or advisory contracts with, other entities that may
limit their availability to us. We have limited control over the activities of these consultants and, except as otherwise required by
our collaboration and consulting agreements to the extent they exist, can expect only limited amounts of their time to be dedicated to
our activities. These research facilities may have commitments to other commercial and non-commercial entities. We have limited control
over the operations of these collaborators and can expect only limited amounts of time to be dedicated to our research and product development
goals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
are dependent upon key personnel whose loss may adversely impact our business.</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Due
to the specialized nature of our business, we are highly dependent on our ability to identify, hire, train and retain highly qualified
scientific and technical personnel for the research and development activities we conduct or sponsor. The loss of one or more certain
key executive officers, or scientists, would be significantly detrimental to us. In addition, recruiting and retaining qualified scientific
personnel to perform research and development work is critical to our success. Our anticipated growth and expansion into areas and activities
requiring additional expertise, such as new applications for &#8220;smart surfaces&#8221;, manufacturing and marketing, will require
the addition of new management personnel and the development of additional expertise by existing management personnel. Despite the current
economic conditions and job market there is significant competition for qualified personnel in the areas of our present and planned activities,
and there can be no assurance that we will be able to continue to attract and retain the qualified personnel necessary for the development
of our business. Any difficulties in obtaining and retaining qualified personnel could have a material adverse effect on our results
of operation or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Our
                                            acquisition strategy creates risks for our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
expect that we may pursue acquisitions of other businesses, assets or technologies to grow our business. We might not be able to raise
enough cash to compete for attractive acquisition targets. If we are unable to complete acquisitions in the future, our ability to grow
our business at our anticipated rate may be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may pay for acquisitions by issuing additional shares of our Common Stock, which would dilute our stockholders, or by issuing debt, which
could include terms that restrict our ability to operate our business or pursue other opportunities and subject us to meaningful debt
service obligations. We may also use significant amounts of cash to complete acquisitions. Acquisitions involve numerous other risks,
including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
    integrating the operations, technologies, services and personnel of the acquired companies;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">challenges
    maintaining our internal standards, controls, procedures and policies;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion
    of management&#8217;s attention from other business concerns;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    litigation resulting from activities of the acquired company, including claims from terminated employees, customers, former stockholders
    and other third parties;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insufficient
    revenues to offset increased expenses associated with the acquisitions and unanticipated liabilities of the acquired companies;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    loss of key employees of the acquired companies; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impairment
    of relationships with clients and employees of the acquired companies or our clients and employees as a result of the integration
    of acquired operations and new management personnel.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mergers
and acquisitions are time intensive, requiring significant commitment of our management team&#8217;s focus and resources. If our management
team spends too much time focused on recent acquisitions or on potential acquisition targets, our management team may not have sufficient
time to focus on our existing business and operations. This diversion of attention could have material and adverse consequences on our
operations and our ability to be profitable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may fail to realize all of the anticipated benefits of any entities which we acquire, such benefits may take longer to realize than expected
or we may encounter significant difficulties integrating acquired businesses into our operations. If our acquisitions do not achieve
their intended benefits, our business, financial condition, and results of operations could be materially and adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
believe that businesses we acquire will result in certain benefits, including certain cost synergies and operational efficiencies; however,
to realize these anticipated benefits, the businesses we acquire must be successfully combined with our business. The combination of
independent businesses is a complex, costly, and time-consuming process that will require significant management attention and resources.
The integration process may disrupt the businesses and, if implemented ineffectively, would limit the expected benefits of these acquisitions
to us. The failure to meet the challenges involved in integrating acquired businesses and realizing anticipated benefits could cause
an interruption of, or a loss of momentum in, our activities and could adversely affect our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
overall integration of acquired businesses may result in material unanticipated problems, expenses, liabilities, competitive responses,
loss of customer and other business relationships, and diversion of management&#8217;s attention. The difficulties of combining the operations
of companies include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    diversion of management&#8217;s attention to integration matters;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">difficulties
    in achieving anticipated cost savings, synergies, business opportunities, and growth prospects from the combinations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">difficulties
    in the integration of operations and systems; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">conforming
    standards, controls, procedures, accounting and other policies, business cultures, and compensation structures between the two companies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Many
of these factors are outside of our control and any one of these factors could result in, among other things, increased costs and decreases
in the amount of expected revenues, which could materially adversely impact our business, financial condition, and results of operations.
In addition, even if we are able to successfully integrate acquired businesses, the full benefits, including the synergies, cost savings,
revenue growth, or other benefits that are expected, may not be achieved within the anticipated time frame, or at all. All of these factors
could decrease or delay the expected accretive effect of the acquisitions, and negatively impact our business, operating results, and
financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
insurance policies are limited in scope and coverage and may potentially expose us to unrecoverable risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have limited commercial insurance policies. Any significant insurance claims would have a material adverse effect on our business, financial
condition and results of operations. Insurance availability, coverage terms and pricing continue to vary with market conditions. We endeavor
to obtain appropriate insurance coverage for insurable risks that we identify, however, we may, due to limited financial resources, be
unable to correctly cover those risks that we can anticipate or quantify as insurable risks. We may not be able to obtain appropriate
insurance coverage, and insurers may not respond as we intend to cover insurable events that may occur. We have observed rapidly changing
conditions in the insurance markets relating to nearly all areas of traditional corporate insurance. Such conditions have resulted in
higher premium costs, higher policy deductibles, and lower coverage limits. For some risks, we may not have or maintain insurance coverage
because of cost or availability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
coverage may be cancelled while the Company remains exposed to the risk and it is not possible to obtain insurance to protect against
all operational risks, natural hazards and liabilities. Although the Company maintains insurance policies that it believes to be adequate,
it cannot provide assurance that this insurance will be adequate to protect it from all material judgments and expenses related to potential
future claims or that these levels of insurance will be available in the future at economical prices or at all. A successful liability
claim could result in substantial cost to the Company. Even if the Company is fully insured as it relates to a claim, the claim could
nevertheless diminish the Company&#8217;s brand and divert management&#8217;s attention and resources, which could have a negative impact
on the Company&#8217;s business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
have limited product liability insurance within the business liability coverage, which may leave us vulnerable to
future claims we will be unable to satisfy.</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
testing, manufacturing, marketing and sale of consumer products entail an inherent risk of product liability claims, and we cannot assure
you that substantial product liability claims will not be asserted against us. We have limited product liability insurance. In the event
we are forced to expend significant funds on defending product liability actions, and in the event those funds come from operating capital,
we will be required to reduce our business activities, which could lead to significant losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
cannot assure you that adequate insurance coverage will be available in the future on acceptable terms, if at all, or that, if available,
we will be able to maintain any such insurance at sufficient levels of coverage or that any such insurance will provide adequate protection
against potential liabilities. Whether or not a product liability insurance policy is obtained or maintained in the future, any product
liability claim could harm our business or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>A
portion of our operations is located outside of the United States, which subjects us to additional risks, including increased complexity
and costs of managing international operations and geopolitical instability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have channel partners and customers that are primarily located in India and U.K. In addition, we conduct research and development activities
in the United States and India, and work with third-party contractors in U.K. We also conduct marketing and administrative functions
globally. In addition, consultants and employees are located in the United States, India, and the United Kingdom. As a result of our
international focus, we face numerous challenges and risks, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">geopolitical
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">limited
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">compliance
    with local laws and regulations and unanticipated changes in local laws and regulations, including tax laws and regulations, including
    uncertainty surrounding the United Kingdom&#8217;s decision to exit the European Union;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">trade
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    and availability of import and export licenses and other governmental approvals, permits, and licenses, including export classification
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">regional
    health issues and the impact of public health epidemics on employees and the global economy, such as the coronavirus outbreak in
    India and other countries;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    restrictions, power outages, and natural disasters; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    stoppages.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">These
risks could harm our international operations, delay new product releases, increase our operating costs, and hinder our ability to grow
our operations and business and, consequently, our business, financial condition, and results of operations could suffer. This in turn
has led to travel restrictions and may otherwise impact companies&#8217; international operations. At this point, the extent to which
the coronavirus may impact our business is uncertain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Government
Regulation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
operate globally and in a rapidly evolving regulatory environment characterized by a heightened regulatory focus on all aspects of the
Company&#8217;s industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to laws and regulations enacted by national, regional and local governments. In particular, we will be required to comply
with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult,
time consuming and costly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Those
laws and regulations and their interpretation and application may also change from time to time and those changes could have a material
adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations,
as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our
initial business combination and results of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to comply with laws relating to labor and employment could subject us to penalties and other adverse consequences.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to various employment-related laws in the jurisdictions in which we operate and our employees are based. We face risks if
we fail to comply with applicable U.S. federal or state wage law or applicable U.S. federal or state labor and employment laws, or wage,
labor or&#160;employment laws applicable to our employees outside of the United States. Any violation of applicable wage laws or other
labor- or employment-related laws could result in complaints by current or former employees, adverse media coverage, investigations,
and damages or penalties, which could have a materially adverse effect on our reputation, business, operating results, and prospects.
In addition, responding to any such proceeding may result in a significant diversion of management&#8217;s attention and resources, significant
defense costs, and other professional fees. Further, any legislative or regulatory changes that impact our relationship with our workforce,
such as changes to minimum wage requirements or health insurance or other employee benefits mandates, could increase our expenses and
adversely affect our operations. While it is our policy and practice to comply with legal and regulatory requirements and our procedures
and internal controls are designed to promote such compliance, we cannot assure that all of our operations will comply with all such
legal and regulatory requirements. Further, laws and regulations change over time and we may be required to incur significant expenses
or to modify our operations in order to ensure compliance. Complying with new legislation or regulations could be time consuming and
expensive, and if we are unable to offset increased labor costs related to our retail store operations by increased sales or improved
gross margins, this could harm our profitability or financial condition. Moreover, if we are found to be in violation of any laws or
regulations, we could become subject to fines, penalties, damages or other sanctions as well as potential adverse publicity or litigation
exposure. This could adversely impact our business, reputation, sales, profitability, cash flows or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s business is subject to a wide variety of additional extensive and evolving government laws and regulations. Failure to
comply with such laws and regulations could have a material adverse effect on the Company&#8217;s business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to a wide variety of laws and regulations relating to various aspects of its business, including with respect to its
EV Charging operations, employment and labor, health care, tax, privacy and data security, health and safety, and environmental issues.
Laws and regulations at the foreign, federal, state and local levels frequently change, especially in relation to new and emerging industries,
and the Company cannot reasonably predict the impact from, or the ultimate cost of compliance with, current or future regulatory or administrative
changes. The Company monitors these developments and devotes a significant amount of management&#8217;s time and external resources towards
compliance with these laws, regulations and guidelines, and such compliance places a significant burden on management&#8217;s time and
other resources, and it may limit the Company&#8217;s ability to expand into certain jurisdictions. Moreover, changes in law, the imposition
of new or additional regulations or the enactment of any new or more stringent legislation that impacts the Company&#8217;s business
could require the Company to change the way it operates and could have a material adverse effect on its sales, profitability, cash flows
and financial condition. Failure to comply with these laws or regulations or failure to satisfy any criteria or other requirement under
such laws or regulations, such as with respect to obtaining and maintaining licenses, certificates, authorizations and permits critical
for the operation of the Company&#8217;s business, may result in civil penalties or private lawsuits, or result in a delay or the denial,
suspension or revocation of licenses, certificates, authorizations or permits, which would prevent the Company from operating its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
changes in applicable laws could adversely affect the Company&#8217;s business and financial condition. Any material failure to comply
with applicable laws could result in contract termination, price or fee reductions or suspension or debarment from contracting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we grow our U.S. business and to the extent we become a U.S. governmental contractor, our business will be subject to various
additional U.S. regulation and related requirements, including routine investigations and reviews relating to compliance with
various U.S. laws and regulations, including those associated with organizational conflicts of interest, procurement integrity, bid
integrity and claim presentation, among others.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
business is subject to the risks of international operations, including movements in foreign currency exchange rates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
international operations of the company represented approximately 0% and 100% on December 31, 2021 and 2020, respectively, and
may be impacted by currencies other than the U.S. Dollar, including the British Pound and Indian Rupee. Our business and financial results
could be adversely affected due to a variety of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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or unfavorable changes in foreign laws, regulatory requirements and related interpretations;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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of effective enforcement of contractual provisions in local jurisdictions;</td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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intellectual property protection in foreign countries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">trade-</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">protection
    measures, import or export licensing requirements such as Export Administration Regulations promulgated by the U.S. Department of
    Commerce and fines, penalties or suspension or revocation of export privileges;</span></td></tr>

</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">longer
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">managing
    a geographically dispersed workforce; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">compliance
    with the U.S. Foreign Corrupt Practices Act (the &#8220;FCPA&#8221;), the United Kingdom Anti-Bribery Act of 2020 (the
    &#8220;Anti-Bribery Act&#8221;),  and the Office of Foreign Assets.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Control
regulations, particularly in emerging markets.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
foreign countries, particularly in those with developing economies, certain business practices may exist that are prohibited by laws
and regulations applicable to us, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and other anti-corruption laws.
Although our policies and procedures require compliance with these laws and are designed to facilitate compliance with these laws, our
employees, contractors and agents may take actions in violation of applicable laws or our policies. Any such violation, even if prohibited
by our policies, could have a material adverse effect on our business and reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
have businesses in emerging markets that may experience significant economic volatility.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have operations in emerging markets, primarily in the United States, United Kingdom, and India. These emerging market economies tend
to be more volatile than the more established markets, which could add volatility to our future revenues and earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cyber
incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depend on digital technologies, including information systems, infrastructure and cloud applications and services, including those
of third parties with which we may deal. Sophisticated and deliberate attacks on, or security breaches in, our systems or
infrastructure, or the systems or infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our
assets, proprietary information and sensitive or confidential data. As an early-stage company without significant investments in
data security protection, we may not be sufficiently protected against such occurrences. We may not have sufficient resources to
adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible that any of these
occurrences, or a combination of them, could have adverse consequences on our ability to consummate a business combination and lead
to financial loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Data
breaches or incidents involving the Company&#8217;s technology or products could damage its business, reputation and brand and substantially
harm its business and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company&#8217;s data and network infrastructure were to fail, or if the Company were to suffer an interruption or degradation of
services, or other infrastructure environments, it could lose important manufacturing and technical data, which could harm its business.
The Company&#8217;s facilities, as well as the facilities of third parties that maintain or have access to the Company&#8217;s data or
network infrastructure, are vulnerable to damage or interruption from earthquakes, hurricanes, floods, fires, cyber security attacks,
terrorist attacks, power losses, telecommunications failures and similar events. In the event that the Company&#8217;s or any third-party
provider&#8217;s systems or service abilities are hindered by any of the events discussed above, the Company&#8217;s ability to operate
may be impaired and its business could be adversely affected. A decision to close facilities without adequate notice, or other unanticipated
problems, could adversely impact the Company&#8217;s operations. The Company&#8217;s infrastructure also could be subject&#160;to break-ins,
cyber-attacks,&#160;sabotage, intentional acts of vandalism and other misconduct, from a spectrum of actors ranging in sophistication
from threats common to most industries to more advanced and persistent, highly organized adversaries. Any security breach, including
personal data breaches, or incident, including cybersecurity incidents, that the Company experiences could result in unauthorized access
to, misuse of or unauthorized acquisition of its internal sensitive corporate data, such as financial data, intellectual property, or
data related to contracts with commercial or government customers or partners. Such unauthorized access, misuse, acquisition, or modification
of sensitive data may result in data loss, corruption or alteration, interruptions in the Company&#8217;s operations or damage to the
Company&#8217;s computer hardware or systems or those of its employees and customers. Moreover, negative publicity arising from these
types of disruptions could damage the Company&#8217;s reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Threats
from malicious persons and groups, new vulnerabilities and advanced new attacks against information systems create risk of&#160;cybersecurity
incidents. These incidents can include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating
assets or sensitive information, corrupting data, or causing operational disruption. Because the techniques used to obtain unauthorized
access, disable or degrade service, or sabotage systems change frequently and may not immediately produce signs of intrusion, the Company
may be unable to anticipate these incidents or techniques, timely discover them, or implement adequate preventative measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the past several years, cyber-attacks have become more prevalent and much harder to detect and defend against. The Company&#8217;s network
and storage applications may be vulnerable to cyber-attack, malicious intrusion, malfeasance, loss of data privacy or other significant
disruption and may be subject to unauthorized access by hackers, employees, consultants or other service providers. In addition, hardware,
software or applications the Company develops or procures from third parties may contain defects in design or manufacture or other problems
that could unexpectedly compromise information security. Unauthorized parties may also attempt to gain access to the Company&#8217;s
systems or facilities through fraud, trickery or other forms of deceiving the Company&#8217;s employees, contractors and temporary staff.
As cyber threats continue to evolve, the Company may be required to expend significant additional resources to continue to modify or
enhance its protective measures or to investigate and remediate any&#160;cybersecurity vulnerabilities. The Company  does not currently
have a cyber liability insurance policy and even if a policy is purchased, the Company cannot be certain that its coverage will be adequate
for liabilities actually incurred or that insurance will continue to be available to it on economically reasonable terms, or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
unavailability of the Company&#8217;s services due to attacks could cause users to cease using the Company&#8217;s services and materially
adversely affect the Company&#8217;s business, prospects, financial condition and results of operations. The Company uses software which
it has developed, which the Company seeks to continually update and improve. Replacing such systems is often time-consuming and expensive
and can also be intrusive to daily business operations. Further, the Company may not always be successful in executing these upgrades
and improvements, which may occasionally result in a failure of its systems. The Company may experience periodic system interruptions
from time to time. Any slowdown or failure of the Company&#8217;s underlying technology infrastructure could harm its business, reputation
and ability to execute on its business plan, which could materially adversely affect its results of operations. The Company&#8217;s disaster
recovery plan or those of its third-party providers may be inadequate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
must continually maintain, protect and/or upgrade our information technology systems, including protecting our sensitive information
from internal and external </i>cybersecurity <i>threats.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
technology enables us to operate efficiently, interface with customers, maintain financial accuracy and efficiency and accurately produce
our financial statements. If we do not appropriately allocate and effectively manage the resources necessary to build and sustain the
proper technology infrastructure, we could be subject to transaction errors, processing inefficiencies, the loss of customers, business
disruptions, and/or the loss of and/or damage to intellectual property through security breaches, including internal and external cybersecurity
threats.&#160;cybersecurity attacks are evolving and include, but are not limited to, malicious software (malware, ransomware and viruses),
phishing and social engineering, attempts to gain unauthorized access to networks, computer systems and data, malicious or negligent
actions of employees (including misuse of information they are entitled to access) and other forms of electronic security breaches that
could lead to disruptions in business systems, an inability to process customer orders and/or lost customer orders, unauthorized release
of confidential or otherwise protected information and corruption of data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on relationships with third parties, including suppliers, distributors, contractors, cloud data storage and other information
technology service providers and other external business partners, for certain functions or for services in support of our
operations. These third-party service providers and partners, with whom we may share data, are subject to similar risks relating
to&#160;cybersecurity, privacy violations, business interruption, and systems, as well as employee failures. While we strive to have
procedures in place for selecting and managing our relationships with third-party service providers and other business partners, we
do not have control over their business operations or governance and compliance systems, practices and procedures, which increases
our financial, legal, reputational and operational risk. These third parties may experience cybersecurity incidents that
may involve data we share with them or rely on them to provide to us, and the need to coordinate with such third parties, including
with respect to timely notification and access to personnel and information concerning an incident, may complicate our efforts to
resolve any issues that arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given the unpredictability of the timing, nature and scope of such disruptions, we could potentially be subject to operational interruption,
damage to our brand image and private data exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
if our data management systems do not effectively collect, store, process and report relevant data for the operation of our business
(whether due to equipment malfunction or constraints, software deficiencies,&#160;cybersecurity&#160;attack and/or human error), our
ability to effectively plan, forecast and execute our business plan and comply with applicable laws and regulations will be impaired,
perhaps materially. Any such impairment could materially and adversely affect our financial condition, results of operations, cash flows
and the timeliness with which we report our internal and external operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to comply with data privacy and personal data protection laws, we could be subject to adverse publicity, government enforcement
actions and/or private litigation, which may negatively impact our business and operating results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
receive, process, transmit and store information relating to certain identified or identifiable individuals (&#8220;personal data&#8221;),
including current and former employees, in the ordinary course of business. As a result, we are subject to various U.S. federal and state
and foreign laws and regulations relating to personal data. These laws are subject to change, and new personal data legislation may be
enacted in other jurisdictions at any time. The California Consumer Privacy Act of 2018 (&#8220;CCPA&#8221;), which was enacted in June
2018 and came into effect on January 1, 2020, provides a new private right of action and statutory damages for certain data breaches
and imposes operational requirements on companies that process personal data of California residents, including making new disclosures
to consumers about data collection, processing and sharing practices and allowing consumers to opt out of certain data sharing with third
parties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
introduced by the CCPA, as well as other changes to existing personal data protection laws and the introduction of such laws in other
jurisdictions, subject the Company to, among other things, additional costs and expenses and may require costly changes to our business
practices and security systems, policies, procedures and practices. There can be no assurances that our security controls over personal
data, training of personnel on data privacy and data security, vendor management processes, and the policies, procedures and practices
we implement will prevent the improper processing or breaches of personal data. Data breaches or improper processing, or breaches of
personal data in violation of the CCPA and/or of other personal data protection or privacy laws and regulations, could harm our reputation,
cause loss of consumer confidence, subject us to government enforcement actions (including fines), or result in private litigation against
us, which may result in potential loss of revenue, increased costs, liability for monetary damages or fines and/or criminal prosecution,
thereby negatively impacting our business and operating results.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increasing
regulatory focus on privacy issues and expanding laws may impact the Company&#8217;s business or expose it to increased&#160;liability</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company collects and processes customer data, which may include personal
data. Due to the sensitivity of the information
and data the Company expects to manage in the future, as well as the nature of its customer base, the security features of its information
systems are critical. A variety of U.S. federal, state and foreign laws and regulations govern the collection, use, retention, sharing
and security of this information. Laws and regulations relating to privacy, data protection and consumer protection are evolving and
subject to potentially differing interpretations. These requirements may not be harmonized, may be interpreted and applied in a manner
that is inconsistent from one jurisdiction to another or may conflict with other rules or the Company&#8217;s practices. As a result,
the Company&#8217;s practices may not have complied or may not comply in the future with all such laws, regulations, requirements and
obligations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects that new industry standards, laws and regulations will continue to be proposed regarding privacy, data protection and
information security in many jurisdictions, Additionally, the Company stores customer information and content and if its customers fail
to comply with their contractual obligations or applicable laws, it could result in litigation or reputational harm to the Company. Laws,
regulations, standards and self-regulatory codes may affect the Company&#8217;s ability to reach current and prospective customers, understand
how the Company&#8217;s offerings and services are being used, respond to customer requests allowed under the laws, and implement its
new business models effectively. These new laws and regulations would similarly affect the Company&#8217;s competitors as well as its
customers. These requirements could impact demand for the Company&#8217;s offerings and services and result in more onerous contract
obligations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
internal computer systems, or those of our collaborators or other contractors or consultants, may fail or suffer security breaches, which
could result in a material disruption of our product development programs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
internal computer systems and those of our current and any future collaborators and other contractors or consultants are vulnerable to
damage from computer viruses, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. Such
a material system failure, accident or security breach could result in a disruption of our development programs and our business operations,
whether due to a loss of our trade secrets or other proprietary information or other similar disruptions.&#160;To the extent that any
disruption or security breach were to result in a loss of, or damage to, our data or applications, or inappropriate disclosure of confidential
or proprietary information, we could incur liability, our competitive position could be harmed, and the further development and commercialization
of our product candidates could be delayed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
could be subject to risks caused by misappropriation, misuse, leakage, falsification or intentional or accidental release or loss of
information maintained in the information systems and networks of our company and our vendors, including personal information of our
employees and study subjects, and company and vendor confidential data. In addition, outside parties may attempt to penetrate our systems
or those of our vendors or fraudulently induce our personnel or the personnel of our vendors to disclose sensitive information in order
to gain access to our data and/or systems. We may experience threats to our data and systems, including malicious codes and viruses,
phishing and other cyberattack. The number and complexity of these threats continue to increase over time. If a material breach of, or
accidental or intentional loss of data from, our information technology systems or those of our vendors occurs, the market perception
of the effectiveness of our security measures could be harmed and our reputation and credibility could be damaged. We could be required
to expend significant amounts of money and other resources to repair or replace information systems or networks. In addition, we could
be subject to regulatory actions and/or claims made by individuals and groups in private litigation involving privacy issues related
to data collection and use practices and other data privacy laws and regulations, including claims for misuse or inappropriate disclosure
of data, as well as unfair or deceptive practices. The development and maintenance of these systems, controls and processes is costly
and requires ongoing monitoring and updating as technologies change and efforts to overcome security measures become increasingly sophisticated.
Moreover, despite our efforts, the possibility of these events occurring cannot be eliminated entirely. As we outsource more of our information
systems to vendors, engage in more electronic transactions with payors and patients, and rely more on cloud-based information systems,
the related security risks will increase and we will need to expend additional resources to protect our technology and information systems.
In addition, there can be no assurance that our internal information technology systems or those of our third-party contractors, or our
consultants&#8217; efforts to implement adequate security and control measures, will be sufficient to protect us against breakdowns,
service disruption, data deterioration or loss in the event of a system malfunction, or prevent data from being stolen or corrupted in
the event of a cyberattack, security breach, industrial espionage attacks or insider threat attacks which could result in financial,
legal, business or reputational harm.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Computer
malware, viruses, ransomware, hacking, phishing attacks and similar disruptions could result in security and privacy breaches and interruptions
and delays in services and operations, which could harm our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
malware, viruses, physical or electronic&#160;break-ins&#160;and similar disruptions could lead to interruptions and delays in our services
and operations and loss, misuse or theft of data. Computer malware, viruses, ransomware, hacking, phishing, and other attacks against
online networks have become more prevalent and may occur on our systems in the future. We have implemented security measures, such as
multi-factor authentication and security incident and event management tools. But any attempts by cyber attackers to disrupt our services
or systems, if successful, could harm our business, introduce liability to data subjects, result in the misappropriation of funds, be
expensive to remedy and damage our reputation or brand. Insurance may not be sufficient to cover significant expenses and losses related
to cyber-attacks. As cyber-attacks evolve, the cost of measures designed to prevent such attacks continues to increase, and we may not
be able to cause the implementation or enforcement of such preventions with respect to our third-party vendors. Though it is difficult
to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability,
security and availability of systems and technical infrastructure may, in addition to other losses, harm our reputation, brand and ability
to attract customers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
disruptions, outages and other performance problems can be caused by a variety of factors, including infrastructure changes, cyber-security
threats, third-party service providers, human or software errors and capacity constraints. If our services are unavailable when users
attempt to access them, they may seek other services, which could reduce demand for our solutions from target customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have processes and procedures in place designed to enable us to recover from a disaster or catastrophe and continue business operations.
However, there are several factors ranging from human error to data corruption that could materially impact the efficacy of such processes
and procedures, including by lengthening the time services are partially or fully unavailable to customers and users. It may be difficult
or impossible to perform some or all recovery steps and continue normal business operations due to the nature of a particular disaster
or catastrophe, especially during peak periods, which could cause additional reputational damages, or loss of revenues, any of which
could adversely affect our business and financial results.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
related to the EV Market</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
to fuel economy standards or the success of alternative fuels may negatively impact the EV market and thus impact our products and services.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
regulatory initiatives have required an increase in the mileage capabilities of cars, consumption of renewable transportation fuels,
such as ethanol and biodiesel, and consumer acceptance of EVs and other alternative vehicles has been increasing. If fuel efficiency
of non-electric vehicles continues to rise, whether as the result of regulations or otherwise, and affordability of vehicles using renewable
transportation fuels improves, the demand for electric and high energy vehicles could diminish. In addition, the EV fueling model is
different than gas or other fuel models, requiring behavior change and education of influencers, consumers and others such as regulatory
bodies. Developments in alternative technologies, such as advanced diesel, ethanol, fuel cells or compressed natural gas, or improvements
in the fuel economy of the internal combustion engine, may materially and adversely affect demand for EVs and EV charging stations. For
example, fuel which is abundant and relatively inexpensive in the United States, such as compressed natural gas, may emerge as a preferred
alternative to petroleum-based propulsion. Regulatory bodies may also adopt rules that substantially favor certain alternatives to petroleum-based
propulsion over others, which may not necessarily be EVs. This may impose additional obstacles to the purchase of EVs or the development
of a more ubiquitous EV market. Finally, the current litigation between the state of California and the National Highway Traffic Safety
Administration (&#8220;NHTSA&#8221;) could impact other&#8217;s ability to set fuel economy standards that encourage the adoption of
EVs and could be followed by many other states. If any of the above cause or contribute to consumers or businesses to no longer purchase
EVs or purchase them at a lower rate, it would materially and adversely affect our business, operating results, financial condition and
prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to keep up with advances in EV technology, we may suffer a decline in our competitive position.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EV industry is characterized by rapid technological change. If we are unable to keep up with changes in EV technology, our competitive
position may deteriorate which would materially and adversely affect our business, prospects, operating results and financial condition.
As technologies change, we plan to upgrade or adapt our equipment in order to continue to provide EV charging services with the latest
technology. However, due to our limited cash resources, our efforts to do so may be limited. As a result, we may be unable to grow, maintain
and enhance the equipment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
future growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of EVs for passenger and fleet
applications.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future growth is dependent upon the adoption of EVs by businesses and consumers. The market for EVs is still rapidly evolving, characterized
by rapidly changing technologies, competitive pricing and competitive factors, evolving government regulation and industry standards
and changing consumer demands and behaviors, changing levels of concern related to environmental issues and governmental initiatives
related to climate change and the environment generally. Although demand for EVs has grown in recent years, there is no guarantee of
continuing future demand. If the market for EVs develops more slowly than expected, or if demand for EVs decreases, our business, prospects,
financial condition and operating results would be harmed. The market for EVs could be affected by numerous factors, such as: perceptions
about EV features, quality, safety, performance and cost; perceptions about the limited range over which EVs may be driven on a single
battery charge; competition, including from other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy
internal combustion engine vehicles; volatility in the cost of oil and gasoline; concerns regarding the stability of the electrical grid;
the decline of an EV battery&#8217;s ability to hold a charge over time; availability of service for EVs; consumers&#8217; perception
about the convenience and cost of charging EVs; increases in fuel efficiency; government regulations and economic incentives, including
adverse changes in, or expiration of, favorable tax incentives related to EVs, EV charging stations or decarbonization generally; relaxation
of government mandates or quotas regarding the sale of EVs; and concerns about the future viability of EV manufacturers. In addition,
sales of vehicles in the automotive industry can be cyclical, which may affect growth in acceptance of EVs. It is uncertain how macroeconomic
factors will impact demand for EVs, particularly since they can be more expensive than traditional gasoline-powered vehicles, when the
automotive industry globally has been experiencing a recent decline in sales. Furthermore, because fleet operators often make large purchases
of EVs, this cyclicality and volatility in the automotive industry may be more pronounced with commercial purchasers, and any significant
decline in demand from these customers could reduce demand for EV charging and our products and services in particular. Demand for EVs
may also be affected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles, such as sales
and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations, including tariffs,
import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may result in reduced demand for
EV charging solutions and therefore adversely affect our business, financial condition and operating results.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
EV market currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities
and others to offset the purchase or operating cost of EVs and EV charging stations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, our marketing efforts have heavily relied upon federal tax credits available to purchasers of its EV charging stations
that effectively provide purchasers with a significantly discounted purchase price. The reduction, modification, or elimination of such
benefits could cause reduced demand for EVs and EV charging stations, which would adversely affect our financial results. The U.S. federal
government, foreign governments and some state and local governments provide incentives to end users and purchasers of EVs and EV charging
stations in the form of rebates, tax credits and other financial incentives, such as payments for regulatory credits. The EV market relies
on these governmental rebates, tax credits and other financial incentives to significantly lower the effective price of EVs and EV charging
stations to customers. However, these incentives may expire on a particular date, end when the allocated funding is exhausted, or be
reduced or terminated as a matter of regulatory or legislative policy. The EV charging market is characterized by rapid technological
change, which requires us to continue to develop new products and product innovations. Any delays in such development could adversely
affect market adoption of its products and our financial results. Continuing technological changes in battery and other EV technologies
could adversely affect adoption of current EV charging technology and/or our products. Our future success will depend upon its ability
to develop and introduce a variety of new capabilities and innovations to its existing product offerings, as well as introduce a variety
of new product offerings, to address the changing needs of the EV charging market. As new products are introduced, gross margins tend
to decline in the near term and improves as the product become more mature and with a more efficient manufacturing process. As EV technologies
change, we may need to upgrade or adapt to different EV charging stations and introduce new products and services in order to serve vehicles
that have the latest technology, in particular battery cell technology, which could involve substantial costs. Even if we are able to
keep pace with changes in technology and develop new products and services, its research and development expenses could increase, its
gross margins could be adversely affected in some periods and its prior products could become obsolete more quickly than expected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus includes estimates of the addressable market for our solutions and the EV market in general. Market opportunity estimates
and growth forecasts, whether obtained from third-party sources or developed internally, are subject to significant uncertainty and are
based on assumptions and estimates that may prove to be inaccurate. This is especially so at the present time due to the uncertain and
rapidly changing projections of the severity, magnitude and duration of the COVID-19 pandemic. The estimates and forecasts in this prospectus
relating to the size and expected growth of the target market, market demand and adoption, capacity to address this demand and pricing
may also prove to be inaccurate. In particular, estimates regarding the current and projected market opportunity are difficult to predict.
The estimated addressable market may not materialize for many years, if ever, and even if the markets meet the size estimates and growth
forecasted in this prospectus, our business could fail to grow at similar rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Some
of our products contain open-source software, which may pose particular risks to our proprietary software, products and services in a
manner that could harm our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use open-source software in its products and anticipates using open-source software in the future. Some open-source software licenses
require those who distribute open-source software as part of their own software product to publicly disclose all or part of the source
code to such software product or to make available any derivative works of the open-source code on unfavorable terms or at no cost, and
we may be subject to such terms. The terms of many open-source licenses have not been interpreted by U.S. or foreign courts, and there
is a risk that open-source software licenses could be construed in a manner that imposes unanticipated conditions or restrictions on
our ability to provide or distribute our products or services. In addition, we rely on some open-source software and libraries issued
under the General Public License (or similar &#8220;copyleft&#8221; licenses) for development of its products and may continue to rely
on similar copyleft licenses. Third parties may assert a copyright claim against us regarding its use of such software or libraries,
which could lead to the adverse results listed above. Use of such software or libraries may also force us to provide third parties, at
no cost, the source code to its proprietary software, which may decrease revenue and lessen any competitive advantage we have due to
the secrecy of its source code. We could face claims from third parties claiming ownership of, or demanding release of, the open-source
software or derivative works that we developed using such software, which could include our proprietary source code, or otherwise seeking
to enforce the terms of the applicable open-source license. These claims could result in litigation and could require us to make its
software source code freely available, purchase a costly license or cease offering the implicated products or services unless and until
we can re-engineer them to avoid infringement, which may be a costly and time-consuming process, and we may not be able to complete the
re-engineering process successfully. Additionally, the use of certain open-source software can lead to greater risks than use of third-party
commercial software, as open-source licensors generally do not provide warranties or controls on the origin of software. There is typically
no support available for open-source software, and we cannot ensure that the authors of such open-source software will implement or push
updates to address security risks or will not abandon further development and maintenance. Many of the risks associated with the use
of open-source software, such as the lack of warranties or assurances of title or performance, cannot be eliminated, and could, if not
properly addressed, could have an adverse effect on our business and results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Existing
and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating costs
or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or other limitations
that may adversely impact our financial results or results of operation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations, as well as those of our contractors, suppliers and customers, are subject to certain environmental laws and regulations,
including laws related to the use, handling, storage, transportation and disposal of hazardous substances and wastes as well as electronic
wastes and hardware, whether hazardous or not. These laws may require us or others in our value chain to obtain permits and comply with
procedures that impose various restrictions and obligations that may have material effects on our operations. If key permits and approvals
cannot be obtained on acceptable terms, or if other operational requirements cannot be met in a manner satisfactory for our operations
or on a timeline that meets our commercial obligations, it may adversely impact our business. Environmental and health and safety laws
and regulations can be complex and may be subject to change, such as through new requirements enacted at the supranational, national,
sub-national and/or local level or new or modified regulations that may be implemented under existing law. The nature and extent of any
changes in these laws, rules, regulations and permits may be unpredictable and may have material effects on our business. Future legislation
and regulations or changes in existing legislation and regulations, or interpretations thereof, including those relating to hardware
manufacturing, electronic waste or batteries, could cause additional expenditures, restrictions and delays in connection with our operations
as well as other future projects, the extent of which cannot be predicted. Further, we would rely on third parties to ensure compliance
with certain environmental laws, including those related to the disposal of hazardous and non-hazardous wastes. Any failure to properly
handle or dispose of such wastes, regardless of whether such failure is ours or our contractors, may result in liability under environmental
laws, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act (&#8220;CERCLA&#8221;),
under which liability may be imposed without regard to fault or degree of contribution for the investigation and clean-up of contaminated
sites, as well as impacts to human health and damages to natural resources. Additionally, we may not be able to secure contracts with
third parties to continue their key supply chain and disposal services for the Company&#8217;s business, which may result in increased
costs for compliance with environmental laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interruptions,
delays in service or inability to increase capacity, including internationally, at third party data center facilities could impair the
use or functionality of our subscription services, harm its business and subject it to liability. </i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
might serve customers from third party data center facilities operated by Amazon Web Services (&#8220;AWS&#8221;) located in the United
States, Europe and Canada. Any outage or failure of such data centers could negatively affect our product connectivity and performance.
Our primary environments are behind the Content Delivery Network operated by Cloudflare, Inc. (&#8220;Cloudflare&#8221;), and any interruptions
of Cloudflare&#8217;s services could negatively affect our product connectivity and performance. Furthermore, we depend on connectivity
from its charging stations to its data centers through cellular service providers, such as Verizon. Any incident affecting a data center
facility&#8217;s or a cellular service provider&#8217;s infrastructure or operations, whether caused by fire, flood, severe storm, earthquake,
power loss, telecommunications failures, breach of security protocols, computer viruses and disabling devices, failure of access control
mechanisms, natural disasters, war, criminal act, military actions, terrorist attacks and other similar events could negatively affect
the use, functionality or availability of our services. Any damage to, or failure of, our systems, or those of its third-party providers,
could interrupt or hinder the use or functionality of its services. Impairment of or interruptions in our services may reduce revenue,
subject it to claims and litigation, cause customers to terminate their subscriptions, and adversely affect renewal rates and its ability
to attract new customers. Our business will also be harmed if customers and potential customers believe its products and services are
unreliable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business will depend on customers renewing their services subscriptions. If customers do not continue to use its subscription offerings
or if they fail to add more stations, its business and operating results will be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to selling charging station hardware, we also depend on customers continuing to subscribe to its EV charging services and extended
warranty coverages. Therefore, it is important that customers renew their subscriptions when the contract term expires and add additional
charging stations and services to their subscriptions. Customers may decide not to renew their subscriptions with a similar contract
period, at the same prices or terms or with the same or a greater number of users, stations or level of functionality. Customer retention
may decline or fluctuate as a result of a number of factors, including satisfaction with software and features, functionality of the
charging stations, prices, features and pricing of competing products, reductions in spending levels, mergers and acquisitions involving
customers and deteriorating general economic conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
customers do not renew their subscriptions, if they renew on less favorable terms or if they fail to add products or services, our business
and operating results will be adversely affected</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in subscriptions or pricing models may not be reflected in near-term operating results. We generally recognize subscription revenue from
customers ratably over the terms of their contracts. As a result, most of the subscription revenue reported in each quarter is derived
from the recognition of deferred revenue relating to subscriptions entered into during previous quarters. Consequently, a decline in
new or renewed subscriptions in any single quarter will likely have only a small impact on revenue for that quarter. However, such a
decline will negatively affect revenue in future quarters. In addition, the severity and duration of events may not be predictable, and
their effects could extend beyond a single quarter. Accordingly, the effect of significant downturns in sales and market acceptance of
subscription services, and potential changes in pricing policies or rate of renewals, may not be fully apparent until future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face risks related to companies in the technology sector.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Business
combinations with companies in the  technology sector entail
special considerations and risks. If we are successful in completing a business combination with such a target business, we may be subject
to, and possibly adversely affected by, the following risks:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to compete effectively in a highly competitive environment with many incumbents having substantially greater resources;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to manage rapid change, increasing customer expectations and growth;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to build strong brand identity and improve subscriber or customer satisfaction and loyalty;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    reliance on proprietary technology to provide services and to manage our operations, and the failure of this technology to operate
    effectively, or our failure to use such technology effectively;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to deal with our subscribers&#8217; or customers&#8217; privacy concerns;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to attract and retain subscribers or customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to license or enforce intellectual property rights on which our business may depend;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    significant disruption in our computer systems or those of third parties that we would utilize in our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability by us, or a refusal by third parties, to license content to us upon acceptable terms;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    liability for negligence, copyright or trademark infringement or other claims based on the nature and content of materials that we
    may distribute;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    for advertising revenue;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruption
    or failure of our networks, systems or technology as a result of computer viruses, &#8220;cyber-attacks,&#8221; misappropriation
    of data or other malfeasance, as well as outages, natural disasters, terrorist attacks, accidental releases of information or similar
    events;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to obtain necessary hardware, software and operational support; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reliance
    on third-party vendors or service providers, over whom we have no control.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Any
of the foregoing could have an adverse impact on our business, financial condition and results of operations following a business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Past
performance by our management team may not be indicative of future performance of an investment in us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Past
performance by our management team is not a guarantee either (i) of success with respect to any business combination we may consummate
or (ii) that we will be able to locate a suitable candidate for our initial business combination. You should not rely on the historical
record of our management team&#8217;s performance as indicative of our future performance of an investment in the company or the returns
the company will, or is likely to, generate going forward. Additionally, in the course of their respective careers, members of our management
team have been involved in businesses and deals that were unsuccessful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to an increased rate of tax on our income if we are treated as a personal holding company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 23.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on the date and size of our initial business combination, it is possible that we could be treated as a &#8220;personal holding company&#8221;
for U.S. federal income tax purposes. A U.S. corporation generally will be classified as a personal holding company for U.S. federal
income tax purposes in a given taxable year if more than 50% of its ownership (by value) is concentrated, within a certain period of
time, in five or fewer individuals (without regard to their citizenship or residency and including as individuals for this purpose certain
entities such as certain tax-exempt organizations, pension funds, and charitable trusts), and at least 60% of its income is comprised
of certain passive items. See the section titled &#8220;Material U.S. Federal Tax Considerations &#8212; Personal Holding Company Status&#8221;
for more detailed information.</span><span style="font-size: 8pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Risks
Related to Intellectual Property</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Certain
aspects of our technology are not protectable by patent or copyright.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Certain
parts of our know-how and technology are not patentable. To protect our proprietary position in such know-how and technology, we require
all employees, consultants, advisors and collaborators with access to our technology to enter into confidentiality and invention ownership
agreements with us. We cannot ensure that these agreements will provide meaningful protection for our trade secrets, know-how or other
proprietary information in the event of any unauthorized use or disclosure. Further, in the absence of patent protection, competitors
who independently develop substantially equivalent technology may harm our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may not be able to adequately defend against piracy of intellectual property in foreign jurisdictions.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Considerable
research in the areas of micro fluid dynamics is being performed in countries outside of the United States, and a number of potential
competitors are located in these countries. The laws protecting intellectual property in some of those countries may not provide adequate
protection to prevent our competitors from misappropriating our intellectual property. Several of these potential competitors may be
further along in the process of product development and also operate large, company-funded research and development programs. As a result,
our competitors may develop more competitive or affordable products, or achieve earlier patent protection or product commercialization
than we are able to achieve. Competitive products may render any products or product candidates that we develop obsolete.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may not be able to protect our proprietary technology, which could harm our ability to operate profitably.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Patent
and trade secret protection is critical for the new technologies we utilize, artificial intelligence, machine learning and nanotechnology
and microfluidics, as well as the products and processes derived through them. Our success will depend, to a substantial degree, on our
ability to obtain and enforce patent protection for our products, preserve any trade secrets and operate without infringing the proprietary
rights of others. We cannot assure you that:</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">we
    will succeed in obtaining any patents in a timely manner or at all, or that the breadth or degree of protection of any such patents
    will protect our interests;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    use of our technology will not infringe on the proprietary rights of others;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">patent
    applications relating to our potential products or technologies will result in the issuance of any patents or that, if issued, such
    patents will afford adequate protection to us or not be challenged, invalidated or infringed;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">patents
    will not issue to other parties, which may be infringed by our potential products or technologies; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">we
    will continue to have the financial resources necessary to prosecute our existing patent applications, pay maintenance fees on patents
    and patent applications, or file patent applications on new inventions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
fields in which we operate have been characterized by significant efforts by competitors to establish dominant or blocking patent rights
to gain a competitive advantage, and by considerable differences of opinion as to the value and legal legitimacy of competitors&#8217;
purported patent rights and the technologies they actually utilize in their businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may incur substantial expenditures in the future in order to protect our intellectual property.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
believe that our intellectual property with respect to our Smart NanoBattery, our proprietary rights with respect to the Company&#8217;s
permeable membrane design consisting of both micro and nano scale silicon features that are coated with a monolayer chemistry used to
repel liquids, and our recent entry into the area of artificial intelligence and machine learning are critical to our future success.
The Company&#8217;s current battery related patent portfolio consists of Smart Surfaces technologies. Our pending patent applications
may never be granted for various reasons, including the existence of conflicting patents or defects in our applications. Even if additional
U.S. patents are ultimately granted, there are significant risks regarding enforcement of patents in international markets. There are
many patents being filed as the science of nanotechnology develops and the Company has limited financial resources compared to large,
well established companies to bring patent litigation based upon claims of patent infringement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
the event litigation over patent matters with one or more of our competitors arise, we could incur substantial litigation or interference
costs in defending ourselves against suits brought against us or in suits in which we may assert our patents against others. If the outcome
of any such litigation is unfavorable, our business could be materially adversely affected. To determine the priority of inventions,
we may also have to participate in interference proceedings declared by the United States Patent and Trademark Office, which could result
in substantial cost to us. Without additional capital, we may not have the resources to adequately defend or pursue this litigation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Patents
obtained by other persons may result in infringement claims against us that are costly to defend and which may limit our ability to use
the disputed technologies and prevent us from pursuing research and development or commercialization of potential products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
third party patents or patent applications contain claims infringed by either our technology or other technology required to make and
use our potential products and such claims are ultimately determined to be valid, there can be no assurance that we would be able to
obtain licenses to these patents at a reasonable cost, if at all, or be able to develop or obtain alternative technology. If we are unable
to obtain such licenses at a reasonable cost, we may not be able to develop some products commercially. We may be required to defend
ourselves in court against allegations of infringement of third-party patents. Patent litigation is very expensive and could consume
substantial resources and create significant uncertainties. Any adverse outcome in such a suit could subject us to significant liabilities
to third parties, require disputed rights to be licensed from third parties, or require us to cease using such technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
current &#8220;smart surface technology&#8221; is at an early stage of development and we may not develop products that can be commercialized.</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
smart surface technology has derived very limited revenue from a Phase I Army Grant of approximately $100,000 and a Phase II Army Grant
of approximately $750,000 with respect to our Smart NanoBattery product from inception of development in February 2004 through the date
hereof. Other material revenue was derived from our series of battery &#8220;Jump Starters&#8221; in the fiscal years ended 2014 and
2015; products that the Company discontinued beginning in April 2016 owing to contracting margins and increased competition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Because
of the numerous risks and uncertainties associated with our product development and commercialization efforts, we are unable to predict
the extent of our future losses or when or if we will become profitable, which, in turn, would result in a loss of investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
failure to continue successful commercialization of our new products in the fields of machine learning and artificial intelligence or
successfully commercialize our Smart Nano Battery or to become and remain profitable could depress the market price of our Common Stock
and impair our ability to raise capital, expand our business, diversify our product offerings and continue our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Forces
outside our control which cannot be predicted, including, but not limited to, general economic conditions and other such forces which
include the success of our research and field testing, the availability of collaborative partners to finance our work in pursuing applications
of artificial intelligence, machine learning and &#8220;smart surfaces&#8221; or other developments in the field which, due to efficiencies
or technological breakthroughs may render one or more areas of commercialization more attractive, obsolete or competitively unattractive.
It is possible that one or more areas of commercialization will not be pursued at all if a collaborative partner or entity willing to
fund research and development cannot be located. Our decisions regarding the ultimate products and/or services we pursue could have a
significant adverse effect on our ability to earn revenue if we misinterpret trends, underestimate development costs and/or pursue wrong
products or services. Any of these factors either alone or in concert could materially harm our ability to earn revenues or could result
in a loss of any investment in us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
products may not be accepted in the marketplace</i></b><i>.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
degree of market acceptance of our products will depend on many factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
    ability to manufacture or obtain from third party manufacturers sufficient quantities of our product candidates with acceptable quality
    and at an acceptable cost to meet demand; and</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Marketing
    and distribution support for our products.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
cannot predict or guarantee that either commercial or military entities, in general, will accept or utilize any of our product candidates.
Failure to achieve market acceptance would limit our ability to generate revenue and would have a material adverse effect on our business.
In addition, if any of our product candidates achieve market acceptance, we may not be able to maintain that market acceptance over time
if competing products or technologies are introduced that are received more favorably or are more cost-effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>If
we are unable to keep up with rapid technological changes in our field or compete effectively, we will be unable to operate profitably.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are engaged in activities in the artificial intelligence, machine learning, nanotechnology and microfluidics field, which is characterized
by extensive research efforts and rapid technological progress. If we fail to anticipate or respond adequately to technological developments,
our ability to operate profitably could suffer. We cannot assure you that research and discoveries by other companies will not render
our technologies or potential products or services uneconomical or result in products superior to those we develop or that any technologies,
products or services we develop will be preferred to any existing or newly developed technologies, products or services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Risks
Relating to Our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>If
we fail to comply with the rules under the Sarbanes-Oxley Act of 2002 (&#8220;Sarbanes-Oxley&#8221;) related to internal controls and
procedures in the future, or, if we discover material weaknesses and other deficiencies in our internal controls over financial reporting,
our stock price could decline significantly and raising capital could be more difficult.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Section
404 of Sarbanes-Oxley requires annual management assessments of the effectiveness of our internal controls over financial reporting.
If we fail to comply with the rules under Sarbanes-Oxley related to disclosure controls and procedures in the future, or, if we discover
material weaknesses and other deficiencies in our internal controls over financial reporting, our stock price could decline significantly
and raising capital could be more difficult. If material weaknesses or significant deficiencies are discovered or if we otherwise fail
to achieve and maintain the adequacy of our internal controls, we may not be able to ensure that we can conclude on an ongoing basis
that we have effective internal controls over financial reporting in accordance with Section 404 of Sarbanes-Oxley. Moreover, effective
internal controls are necessary for us to produce reliable financial reports and are important to helping prevent financial fraud. If
we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose
confidence in our reported financial information, and the trading price of our Common Stock could drop significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>There
is no assurance that an active and liquid trading market in our Common Stock will develop.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">This
offering will close only if our Common Stock and Warrants are accepted to be listed on the Nasdaq Capital Market. There can
be no assurance any broker will be interested in trading our Common Stock and/or Warrants. Therefore, it may be difficult to
sell any securities you purchase in this offering if you desire or need to sell them. Neither we nor the underwriters can provide
any assurance that an active and liquid trading market in our Common Stock and/or Warrants will develop or, if developed,
that such markets will continue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>There
is no guarantee that we will successfully have our Common Stock and Warrants listed on the Nasdaq Capital Market, in which case
we will not complete this offering. Even if our Common Stock and Warrants are accepted for listing on the Nasdaq Capital Market,
upon our satisfaction of the exchange&#8217;s initial listing criteria, the exchange may subsequently delist our Common Stock and/or
Warrants if we fail to comply with ongoing listing standards.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
the event we are able to list our Common Stock and Warrants on the Nasdaq Capital Market upon our satisfaction of the exchange&#8217;s
initial listing criteria, the exchange will require us to meet certain financial, public float, bid price and liquidity standards on
an ongoing basis in order to continue the listing of our Common Stock and/or Warrants. If we fail to meet these continued listing
requirements, our Common Stock and/or Warrants may be subject to delisting. If our Common Stock and/or Warrants are delisted
and we are not able to list such Common Stock and /or Warrants on another national securities exchange, we expect our securities
would be quoted on an over-the-counter market; however, if this were to occur, our stockholders could face significant material adverse
consequences, including limited availability of market quotations for our Common Stock and /or Warrants and reduced liquidity
for the trading of our securities. In addition, in the event of such delisting, we could experience a decreased ability to issue additional
securities and obtain additional financing in the future. Even if our Common Stock and/or Warrants are listed on the Nasdaq Capital
Market, there can be no assurance that an active trading market for our Common Stock and/or Warrants will develop or be sustained
after our initial listing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Restrictions
on foreign investment in India may prevent us from making future acquisitions or investments in </i></b>India<b><i>, which may adversely
affect our results of operations, financial condition and financial performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">India
regulates ownership of Indian companies by foreigners, although some restrictions on foreign investment have been relaxed in recent years.
These regulations and restrictions may apply to acquisitions by us or our affiliates, including India and affiliates which are not resident
in India, of shares in Indian companies or the provision of funding by us or any other entity to Indian companies within our group. For
example, under its consolidated foreign direct investment policy, the Government of India has set out additional requirements for foreign
investments in India, including requirements with respect to downstream investments by Indian companies owned or controlled by foreign
entities and the transfer of ownership or control of Indian companies in sectors with caps on foreign investment from resident Indian
persons or entities to foreigners. These requirements, which currently include restrictions on valuations and sources of funding for
such investments and may include prior approval from the Foreign Investment Promotion Board, may adversely affect our ability to make
investments in India, including through India. There can be no assurance that we will be able to obtain any required approvals for future
acquisitions or investments in India, or that we will be able to obtain such approvals on satisfactory terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
business and activities are regulated by The Competition Act, 2002.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Competition Act, 2002, as amended, or the Competition Act, several provisions of which have recently come into force, seeks to prevent
practices that could have an appreciable adverse effect on competition. Under the Competition Act, any arrangement, understanding or
action between enterprises, whether formal or informal, which causes or is likely to cause an appreciable adverse effect on competition,
is void and will be subject to substantial penalties. Any agreement that directly or indirectly determines purchase or sale prices, limits
or controls production, or creates market sharing by way of geographical area or number of customers in the market is presumed to have
an appreciable adverse effect on competition. Provisions relating to the regulations of certain acquisitions, mergers or amalgamations
which have an appreciable adverse effect on competition are not yet in force. Such provisions could, if brought into force in the future,
be applicable to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
effect of the Competition Act on the business environment in India is unclear. If we or any member of our group, including India, are
affected, directly or indirectly, by the application or interpretation of any provision of the Competition Act or any enforcement proceedings
initiated by the Competition Commission of India or any adverse publicity that may be generated due to scrutiny or prosecution by the
Competition Commission of India, our business and financial performance may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>There
is no assurance that the Company will maintain its Nasdaq listing and may be subject to &#8220;Penny Stock Rules.&#8221;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
is no assurance that the Company will be able to maintain its Nasdaq listing, and if it cannot, the Common Stock or Warrants
would likely be quoted again on one of the over-the-counter markets operated by the OTC Markets Group, Inc., making it subject to
the &#8220;penny stock rules.&#8221; Rule 15g-9 under the Exchange Act establishes the definition of a &#8220;penny stock,&#8221; for
the purposes relevant to us, as any equity security that has a market price of less than $5.00 per share or with an exercise price of
less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require:
(a) that a broker or dealer approve a person&#8217;s account for transactions in penny stocks; and (b) the broker or dealer receive from
the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased. Although
not yet listed on Nasdaq, the Common Stock may still be subject to the Penny Stock rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
order to approve a person&#8217;s account for transactions in penny stocks, the broker or dealer must: (a) obtain financial information
and investment experience objectives of the person and (b) make a reasonable determination that the transactions in penny stocks are
suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the
risks of transactions in penny stocks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to
the penny stock market, which, in highlight form: (a) sets forth the basis on which the broker or dealer made the suitability determination;
and (b) confirms that the broker or dealer received a signed, written agreement from the investor prior to the transaction. Generally,
brokers may be less willing to execute transactions in securities subject to the &#8220;penny stock&#8221; rules. This may make it more
difficult for investors to dispose of our Common Stock and cause a decline in the market value of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Disclosure
also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions
payable to both the broker or dealer and the registered representative, current quotations for the securities and the rights and remedies
available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent
price information for the penny stock held in the account and information on the limited market in penny stocks</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Moreover,
if our Common Stock returns to being quoted on <span style="background-color: white">OTC Pink,</span> the quotation of our shares
on the OTC Pink may result in a less liquid market available for existing and potential stockholders to trade shares of our Common
Stock, could depress the trading price of our Common Stock and could have a long-term adverse impact on our ability to raise
capital in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
have never paid cash dividends and have no plans to pay cash dividends in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Holders
of shares of our Common Stock are entitled to receive such dividends as may be declared by our Board of Directors.
To date, we have paid no cash dividends on our capital stock and we do not expect to pay cash dividends in the foreseeable future. We
intend to retain future earnings, if any, to provide funds for operations of our business. Therefore, any return investors in our capital
stock may have will be in the form of appreciation, if any, in the market value of their shares of Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
stock price has fluctuated in the past, has recently been volatile and may be volatile in the future, and as a result, investors in our
Common Stock securities could incur substantial losses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
stock price has fluctuated in the past, has recently been volatile and may be volatile in the future. We may incur rapid and substantial
decreases in our stock price in the foreseeable future that are unrelated to our operating performance or prospects. In addition, the
recent COVID-19 pandemic has caused broad stock market and industry fluctuations. The stock market has experienced extreme volatility
that has often been unrelated to the operating performance of particular companies. As a result of this volatility, investors may experience
losses on their investment in our Common Stock. The market price for our Common Stock may be influenced by many factors,
including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">investor
    reaction to our business strategy;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    success of competitive products or technologies;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">regulatory
    or legal developments in the United States and other countries, especially changes in laws or regulations applicable to our products;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">variations
    in our financial results or those of companies that are perceived to be similar to us;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability or inability to raise additional capital and the terms on which we raise it;</span></td></tr>

</table>

<p style="margin: 0">&#160;</p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">declines
    in the market prices of stocks generally;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    public disclosure of the terms of any financing which we consummate in the future;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">an
    announcement that we have effected a reverse split of our Common Stock;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    failure to become profitable;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    failure to raise working capital;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">any
    acquisitions we may consummate, including, but not limited to, the Merger;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">announcements
    by us or our competitors of significant contracts, new services, acquisitions, commercial relationships, joint ventures or capital
    commitments;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">cancellation
    of key contracts;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    failure to meet financial forecasts we publicly disclose;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">trading
    volume of our Common Stock;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">sales
    of our Common Stock by us or our stockholders;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">general
    economic, industry and market conditions; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">other
    events or factors, including those resulting from such events, or the prospect of such events, including war, terrorism and other
    international conflicts, public health issues including health epidemics or pandemics, such as the recent outbreak of the COVID-19
    pandemic, and natural disasters such as fire, hurricanes, earthquakes, tornados or other adverse weather and climate conditions,
    whether occurring in the United States or elsewhere, could disrupt our operations, disrupt the operations of our suppliers or result
    in political or economic instability.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">These
broad market and industry factors may seriously harm the market price of our Common Stock, regardless of our operating performance.
Since the stock price of our Common Stock has fluctuated in the past, has been recently volatile and may be volatile in the future,
investors in our Common Stock could incur substantial losses. In the past, following periods of volatility in the market, securities
class-action litigation has often been instituted against companies. Such litigation, if instituted against us, could result in substantial
costs and diversion of management&#8217;s attention and resources, which could materially and adversely affect our business, financial
condition, results of operations and growth prospects. There can be no guarantee that our stock price will remain at current prices or
that future sales of our Common Stock will not be at prices lower than those sold to investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>There
is no assurance that, if our Common Stock or Warrants become listed on Nasdaq, we will not continue to experience volatility in
the prices of our securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
OTC Pink, where our Common Stock had been quoted, prior to this offering, is an inter-dealer, over-the-counter market that provides
significantly less liquidity than Nasdaq. Our Common Stock is thinly traded due to the limited number of shares available for
trading on the OTC Pink thus causing large swings in price. As such, investors and potential investors may find it difficult to obtain
accurate stock price quotations, and holders of our Common Stock or Warrants may be unable to resell their securities at or near
their original purchase price or at any price. If an active market for our Common securities develops and continues, the prices
of our securities may nevertheless be volatile. If our securities experiences volatility as it has in the past, investors
may not be able to sell their securities at or above their original purchase price or at any price. Sales of substantial amounts
of our securities, or the perception that such sales might occur, could adversely affect prevailing market prices of our securities
and our securities price may decline substantially in a short period of time. As a result, our stockholders could suffer
losses or be unable to liquidate their holdings. No assurance can be given that the price of our Common Stock and/or Warrants
will become less volatile when listed on Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Market
prices for our Common Stock and Warrants will be influenced by a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    issuance of new equity securities of the Company pursuant to a future offering, including issuances of preferred stock;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    introduction of new products or services by us or our competitors;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">any
    future reseller arrangements with global and domestic providers and brand owners;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">changes
    in interest rates;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">significant
    dilution caused by the anti-dilutive clauses in our financial agreements;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">competitive
    developments, including announcements by our competitors of new products or services or significant contracts, acquisitions, strategic
    partnerships, joint ventures or capital commitments;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">variations
    in our quarterly operating results;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">change
    in financial estimates by securities analysts;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">a
    limited amount of news and analyst coverage for our Company;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
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    depth and liquidity of the market for our shares of Common Stock;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">sales
    of large blocks of our Common Stock, including sales by our major stockholders, any executive officers or directors appointed
    in the future, or by other significant shareholders;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">investor
    perceptions of our Company; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">general
    economic and other national and international conditions, including, but not limited to, the economic impacts of the COVID-19 pandemic.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Market
price fluctuations may negatively affect the ability of investors to sell our shares at consistent prices. Additionally, recently, securities
of certain companies have experienced significant and extreme volatility in stock price due to short sellers of shares of Common
Stock, known as a &#8220;short squeeze.&#8221; These short squeezes have caused extreme volatility in those companies and in the
market and have led to the price per share of those companies to trade at a significantly inflated rate that is disconnected from the
underlying value of the company. Many investors who have purchased shares in those companies at an inflated rate face the risk of losing
a significant portion of their original investment as the price per share has declined steadily as interest in those stocks have abated.
While we have no reason to believe our shares would be the target of a short squeeze, there can be no assurance that we won&#8217;t be
in the future, and you may lose a significant portion or all of your investment if you purchase our shares at a rate that is significantly
disconnected from our underlying value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Financial
reporting obligations of being a public company in the United States are expensive and time-consuming, and our management will be required
to devote substantial time to compliance matters.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
a public company we incur significant legal, accounting and other expenses. The obligations of being a public company in the United States
require significant expenditures and places significant demands on our management and other personnel, including costs resulting from
public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance practices, including
those under the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules require the establishment
and maintenance of effective disclosure and financial controls and procedures, internal control over financial reporting and changes
in corporate governance practices, among many other complex rules that are often difficult to implement, monitor and maintain compliance
with. Our management and other personnel will need to devote a substantial amount of time to ensure that we comply with all of these
requirements and to keep pace with new regulations, otherwise we may fall out of compliance and risk becoming subject to litigation,
among other potential problems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>The ownership by our Chief Executive Officer
and Chairman will likely limit your ability to influence corporate matters.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Mr. Anshu Bhatnagar, our chief executive
officer, is the beneficial owner of one thousand (1,000) shares of the outstanding shares of the Company&#8217;s Series A Preferred
Stock. The   1,000 shares of Series A Preferred Stock shall have that number of votes (identical in every other respect
to the voting rights of the holders of Common Stock entitled to vote at any regular or special meeting of stockholders) equal to
such number of shares of Common Stock which is not less than fifty-one percent (51%) of the vote required to approve any action,
which New Jersey law provides may or must be approved by vote or consent of the&#160;holders of Common Stock or the holders of other
securities entitled to vote, if any.&#160; As a result, our chief executive officer would have significant influence over most
matters that require approval by our stockholders, including the election of directors and approval of significant corporate
transactions, even if other stockholders oppose them. In addition, Mr. Bhatnagar beneficially owns approximately 47.8% of our issued
and outstanding Common Stock. In total, Mr. Bhatnagar presently controls voting power in the amount of approximately 51%. This
concentration of ownership might also have the effect of delaying or preventing a change of control of our company that other
stockholders may view as beneficial.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Risks
Relating to India</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate trademarks,
patents, copyrights, know-how, or other intellectual property rights held by third parties. We may be from time to time in the future
subject to legal proceedings and claims relating to the intellectual property rights of others. In addition, there may be third-party
trademarks, patents, copyrights, know-how or other intellectual property rights that are infringed by our products, services or other
aspects of our business without our awareness. Holders of such intellectual property rights may seek to enforce such intellectual property
rights against us in India, the United States or other jurisdictions. If any third-party infringement claims are brought against us,
we may be forced to divert management&#8217;s time and other resources from our business and operations to defend against these claims,
regardless of their merits. Additionally, the application and interpretation of India&#8217;s intellectual property right laws and the
procedures and standards for granting trademarks, patents, copyrights, know-how or other intellectual property rights in India are still
evolving and are uncertain, and we cannot assure you that Indian courts or regulatory authorities would agree with our analysis. If we
were found to have violated the intellectual property rights of others, we may be subject to liability for our infringement activities
or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our
own. As a result, our business and results of operations may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Our results of operations could be adversely affected by health
outbreaks such as the COVID-19 pandemic.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">A significant outbreak, epidemic or pandemic of
contagious diseases in any geographic area in which we operate or plan to operate could result in a health crisis adversely affecting
the economies, financial markets and overall demand for our services in such areas. In addition, any preventative or protective actions
that governments implement or that we take in response to a health crisis, such as travel restrictions, quarantines, or site closures,
may interfere with the ability of our employees, suppliers and customers to perform their responsibilities. Such results could have a
material adverse effect on our business development.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The continued global COVID-19 pandemic has created
significant volatility, uncertainty and economic disruption. The extent to which the COVID-19 pandemic continues to impact our business,
operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict, including: the
duration and scope of the pandemic; governmental, business and individuals&#8217; actions, including vaccination requirements, that have
been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response;
the effect on future suppliers demand for our processing technologies and our future customers&#8217; demand for our products; any closures
of our and our suppliers&#8217; or customers&#8217; offices and facilities; and the need for enhanced health and hygiene requirements
or social distancing or other measures in attempts to counteract future outbreaks in our offices and facilities. Potential business partners
may also slow down decision-making, delay planned work or seek to terminate existing agreements. Any of these events could adversely
affect our business development and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent the COVID-19 pandemic or a similar
public health threat has an impact on our business, it is likely to also have the effect of heightening many of the other risks described
in this &#8220;<i>Risk Factors</i>&#8221; section.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>A
portion of our developmental business operations are located in India and we are subject to regulatory, economic, social and political
uncertainties in India.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
substantial portion of our business and employees are located in India. Consequently, our financial performance and the market price
of our shares of Common Stock will be affected by changes in exchange rates and controls, interest rates, changes in government
policies, including taxation policies, social and civil unrest and other political, social and economic developments in or affecting
India.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Government of India has exercised and continues to exercise significant influence over many aspects of the Indian economy. Since 1991,
successive Indian governments have generally pursued policies of economic liberalization and financial sector reforms, including by significantly
relaxing restrictions on the private sector. Nevertheless, the role of the Indian central and state governments in the Indian economy
as producers, consumers and regulators has remained significant and we cannot assure you that such liberalization policies will continue.
The present government, formed in May 2009, has announced policies and taken initiatives that support the continued economic liberalization
policies that have been pursued by previous governments. However, the present government is a multiparty coalition and therefore there
is no assurance that it will be able to generate sufficient cross-party support to implement such policies or initiatives. The rate of
economic liberalization could change, and specific laws and policies affecting travel service companies, foreign investments, currency
exchange rates and other matters affecting investments in India could change as well. A significant change in India&#8217;s policy of
economic liberalization and deregulation or any social or political uncertainties could adversely affect business and economic conditions
in India generally and our business and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Risks
Related to the Offering</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Investors
in this offering will experience immediate and substantial dilution in net tangible book value.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
public offering price will be substantially higher than the net tangible book value per share of our outstanding shares of Common
Stock. As a result, investors in this offering will incur immediate dilution of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
per share. See &#8220;Dilution&#8221; for a more complete description of how the value of your investment will be diluted upon the completion
of this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may need additional capital, and the sale of additional shares or equity or debt securities could result in additional dilution to our
stockholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
believe that our current cash and cash used in operations, together with the net proceeds from this offering, will be sufficient to meet
our anticipated cash needs for the next 12 months. We may, however, require additional cash resources due to changed business conditions
or other future developments. If these resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity
or debt securities or obtain one or more credit facilities. The sale of additional equity securities could result in additional dilution
to our stockholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating
and financing covenants that would restrict our operations. It is uncertain whether financing will be available in amounts or on terms
acceptable to us, if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
have broad discretion in the use of the net proceeds from this offering and may not use them effectively.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
management will have broad discretion in the application of the net proceeds, including for any of the purposes described in the section
of this prospectus entitled &#8220;Use of Proceeds.&#8221; You will be relying on the judgment of our management with regard to the use
of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the net proceeds
are being used appropriately. The failure by our management to apply these funds effectively could result in financial losses that could
have a material adverse effect on our business, cause the price of our securities to decline and delay the development of our product
candidates. Pending the application of these funds, we may invest the net proceeds from this offering in a manner that does not produce
income or that loses value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Warrants
are speculative in nature.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Warrants offered in this offering do not confer any rights of Common Stock ownership on their holders, such as voting rights
or the right to receive dividends, but rather merely represent the right to acquire shares of Common Stock at a fixed price for
a limited period of time. Specifically, commencing on the date of issuance, holders of the Warrants may exercise their right to
acquire the shares of Common Stock and pay an exercise price of $ per share (with an exercise price no less than 100% of
the public offering price of a Unit), prior to five years from the date of issuance, after which date any unexercised Warrants
will expire and have no further value. In addition, there is no established trading market for the Warrants and there is no
assurance such a market will develop.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Holders
of the Warrants will have no rights as a common stockholder until they acquire our shares of Common Stock</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Until
holders of the Warrants acquire shares of Common Stock upon exercise of the Warrants, the holders will have no rights
with respect to the shares of Common Stock issuable upon exercise of the Warrants. Upon exercise of the Warrants,
the holder will be entitled to exercise the rights of a common stockholder as to the security exercised only as to matters for
which the record date occurs after the exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no established market for the Warrants to purchase our Common Stock being offered in this offering</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no established trading market for the Warrants and there is no assurance a market will develop. Although we have applied to list the Warrants
on the Nasdaq Capital Market there can be no assurance that there will be an active trading market for the Warrants. Without an active
trading market, the liquidity of the Warrants will be limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
of the Warrants offered by this prospectus could discourage an acquisition of us by a third party</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the discussion of the provisions of our governing organizational documents, certain provisions of the Warrants offered by
this prospectus could make it more difficult or expensive for a third party to acquire us. The Warrants prohibit us from engaging in
certain transactions constituting &#8220;fundamental transactions&#8221; unless, among other things, the surviving entity assumes our
obligations under the Warrants. These and other provisions of the Warrants offered by this prospectus could prevent or deter a third
party from acquiring us even where the acquisition could be beneficial to you.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no current public market for the Units.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no established public trading market for the Units of Common Stock or Warrants offered hereby, and we do not expect a market to develop
for the Units. The Units have no stand-alone rights and will not be certified or issued as stand-alone securities. The shares of Common
Stock and Warrants comprising the Units are immediately separable and will be issued separately in this offering. We do not intend to
apply for listing of the Units on any securities exchange or other nationally recognized trading system.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Risks
Related to Our Reverse Stock Split</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
intend to effect a reverse stock split of our outstanding Common Stock prior to the closing of this offering; however, the
reverse stock split may not increase our stock price sufficiently and we may not be able to list our Common Stock and Warrants on Nasdaq,
in which case this offering will not be completed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
expect that the reverse stock split of our outstanding Common Stock will increase the market price of our Common Stock
so that we will be able to meet the minimum bid price requirement of the Listing Rules of The Nasdaq Stock Market LLC; however, the effect
of a reverse stock split upon the market price of our Common Stock cannot be predicted with certainty, and the results of reverse
stock splits by companies in similar circumstances have been varied. It is possible that the market price of our Common Stock
following the reverse stock split will not increase sufficiently for us to be in compliance with the minimum bid price requirement. If
we are unable meet the minimum bid price requirement, we may be unable to list our Common Stock and/or Warrants on The Nasdaq Capital Market, in
which case this offering will not be completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Even
if the reverse stock split achieves the requisite increase in the market price of our Common Stock, we cannot assure you that
we will be able to continue to comply with the minimum bid price requirement of Nasdaq.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Even
if the reverse stock split achieves the requisite increase in the market price of our Common Stock to be in compliance with the
minimum bid price of The Nasdaq Capital Market, there can be no assurance that the market price of our Common Stock following
the reverse stock split will remain at the level required for continuing compliance with that requirement. It is not uncommon for the
market price of a company&#8217;s Common Stock to decline in the period following a reverse stock split. If the market price of
our Common Stock declines following the effectuation of a reverse stock split, the percentage decline may be greater than would
occur in the absence of a reverse stock split. In any event, other factors unrelated to the number of shares of our Common Stock
outstanding, such as negative financial or operational results, could adversely affect the market price of our Common Stock and
jeopardize our ability to meet or maintain The Nasdaq Capital Market&#8217;s minimum bid price requirement. In addition to specific listing
and maintenance standards, the
</span><span style="color: Black; font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq Capital Market has broad discretionary
authority over the initial and continued listing of securities, which it could exercise with respect to the listing of our Common
Stock and Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Even
if the reverse stock split increases the market price of our Common Stock, there can be no assurance that we will be able to comply
with other continued listing standards of The Nasdaq Capital Market.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Even
if the market price of our Common Stock increases sufficiently so that we comply with the minimum bid price requirement, we cannot
assure you that we will be able to comply with the other standards that we are required to meet in order to maintain a listing of our
Common Stock and Warrants on The Nasdaq Capital Market. Our failure to meet these requirements may result in our Common Stock
and/or Warrants being delisted from The Nasdaq Capital Market, irrespective of our compliance with the minimum bid price requirement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>The
reverse stock split may decrease the liquidity of the shares of our Common Stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
liquidity of the shares of our Common Stock may be affected adversely by the reverse stock split given the reduced number of shares
that will be outstanding following the reverse stock split, especially if the market price of our Common Stock does not increase
as a result of the reverse stock split. In addition, the reverse stock split may increase the number of stockholders who own odd lots
(less than 100 shares) of our Common Stock, creating the potential for such stockholders to experience an increase in the cost
of selling their shares and greater difficulty effecting such sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Following
the reverse stock split, the resulting market price of our Common Stock may not attract new investors, including institutional
investors, and may not satisfy the investing requirements of those investors. Consequently, the trading liquidity of our Common Stock
may not improve.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Although
we believe that a higher market price of our Common Stock may help generate greater or broader investor interest, there can be
no assurance that the reverse stock split will result in a share price that will attract new investors, including institutional investors.
In addition, there can be no assurance that the market price of our Common Stock will satisfy the investing requirements of those
investors. As a result, the trading liquidity of our Common Stock  may not necessarily improve.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>If
our listing applications for our Common Stock and Warrants are not approved by Nasdaq, we will not be able to consummate the offering
and will terminate this offering.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">An
approval of our listing application by Nasdaq will be subject to, among other things, our fulfillment of the following conditions: (i)
the offering is completed and closed; and (ii) we have raised a sufficient amount of equity necessary to qualify for the minimum equity
requirements necessary to list on Nasdaq. Currently there are two standards for admission onto Nasdaq that we are endeavoring to satisfy:
either $5 million in stockholders&#8217; equity and $15 million market value of publicly held shares of Common Stock; or $4 million
in stockholders&#8217; equity, $15 million market value of publicly held shares and $50 million market value of publicly listed securities.
If we fail to meet the minimum requirements for listing on Nasdaq, we will not be able to consummate the offering and will terminate
this offering. Failure to have our Common Stock listed on Nasdaq would make it more difficult for our stockholders to dispose
of our Common Stock and more difficult to obtain accurate price quotations on our Common Stock. Our ability to issue additional
securities for financing or other purposes, or otherwise to arrange for any financing we may need in the future, may also be materially
and adversely affected if our Common Stock is not traded on a national securities exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>As
a result of the timing of the reverse stock split, uplist to Nasdaq and pricing of this offering, potential investors will not have an
opportunity to check the actual post-split market price before confirming their purchases in this offering.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
plan to file an amendment to our certificate of incorporation, as amended, to effect the reverse stock split following the SEC declaring
the registration statement of which this prospectus forms a part, effective and prior to closing of this offering. Because such reverse
stock split will occur following the SEC declaring such registration statement effective and concurrently with the pricing of this offering,
potential investors will not be able to check the actual post-split market price of our Common Stock on Nasdaq before confirming
purchases in the offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_003"></span>USE
OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the net proceeds from the sale of the Units in the offering, at an assumed public offering price per Unit
of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;, will be approximately $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
after deducting the underwriting discounts and commissions and estimated offering expenses, or $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
if the underwriters exercise their option in full, assuming no exercise of the Representative Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
currently expect to use the net proceeds of this offering primarily for the following purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  for development of new products and improvements to existing products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  to expand sales and marketing capabilities; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#9679;</td>
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    remaining proceeds of approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  for general corporate purposes, including working capital <span>and
    possibly acquisitions of other companies.</span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">This
is an estimated use of proceeds and amounts may be re-allocated by the Board of Directors in its sole discretion. We believe that the
expected net proceeds from this offering and our existing cash and cash equivalents, together with interest thereon, will be sufficient
to fund our operations for at least the next 12 months, although we cannot assure you that this will occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
amount and timing of our actual expenditures will depend on numerous factors, including the status of our development efforts, sales
and marketing activities and the amount of cash generated or used by our operations. We may find it necessary or advisable to use portions
of the proceeds for other purposes, and we will have broad discretion and flexibility in the application of the net proceeds. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">A $1.00 increase (decrease) in the assumed public
offering price of $ per Unit would increase (decrease) the expected net proceeds of the offering to us by approximately $ million,
assuming that the number of Units sold by us remains the same. We may also increase or decrease the number of Units we
are offering. An increase (decrease) in the number of Units offered by us by Units would increase (decrease) the expected
net proceeds of the offering to us by approximately $ million assuming that the assumed public offering price remains as set forth on
the cover page of this prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;<b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_004"></span>MARKET
FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="margin: 0; text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">Our Common
Stock is quoted on the <span style="background-color: white">OTC Pink </span>under the trading symbol &#8220;XDSL&#8221;. We have
applied to have our Common Stock and Warrants listed on Nasdaq under the symbols &#8220;XDSL&#8221; and &#8220;XDSLW&#8221;,
respectively. If our Common Stock and Warrants are not approved for listing on The Nasdaq Capital Market, we will not consummate this offering.
No assurance can be given that our application will be approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
of February 28, 2022, there were approximately 12,300 registered holders of record of our Common Stock and the last reported
sale price of our Common Stock on the OTC Pink was $0.19 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Any
OTC Pink quotations of our Common Stock reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not
necessarily represent actual transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">To
date, we have not paid any dividends on our Common Stock and do not anticipate paying any dividends in the foreseeable future.
The declaration and payment of dividends on the Common Stock is at the discretion of our Board and will depend on, among other
things, our operating results, financial condition, capital requirements, contractual restrictions or such other factors as our Board
may deem relevant. We currently expect to use all available funds to finance the future development and expansion of our business and
do not anticipate paying dividends on our Common Stock in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_005"></span>CAPITALIZATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table sets forth our consolidated cash and capitalization as of December 31, 2021. Such information is set forth on the
following basis:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">on
    an actual basis (without any adjustment for a proposed __-for __ reverse stock split of our issued and outstanding Common Stock
    or the corresponding reduction in the number of authorized shares of Common Stock);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">on
    a pro forma basis, giving effect to conversion of $5,444,411 principal amount of convertible notes (including interest calculated
    through December 31, 2021) divided by the public offering price of $_&#160;&#160;&#160;&#160;&#160; per Unit, and (ii)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">on
    a pro forma, as adjusted basis, giving effect to the sale by us of shares of Units in this offering at a public offering price
    of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; per Unit, after deducting underwriting discounts
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
pro forma as adjusted information below is illustrative only and our capitalization following the completion of this offering will be
adjusted based on the actual public offering price and other terms of this offering determined at pricing. You should read this table
together with &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and our audited
and unaudited consolidated financial statements and the related notes appearing elsewhere in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="color: Black">&#160;</td><td style="color: Black; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; color: Black; font-weight: bold; text-align: center">Actual<br /> (unaudited)</td><td style="color: Black; font-weight: bold">&#160;</td><td style="color: Black; font-weight: bold">&#160;</td>
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">850,010</td><td style="color: Black; text-align: left">&#160;</td></tr>
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    <td style="color: Black">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
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    <td style="color: Black; text-align: justify">Preferred stock, $0.01 par value; 1,000 Series A Preferred shares authorized; 1,000
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    <td style="color: Black; text-align: left">&#160;</td><td style="color: Black; text-align: right">(225,766,115</td><td style="color: Black; text-align: left">)</td></tr>
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    <td style="color: Black; text-align: left">Total stockholders&#8217; equity</td><td style="color: Black">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p>

<!-- Field: Rule-Page --><div style="width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)
Excludes shares of our Common Stock issuable upon exercise of outstanding warrants, as of December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_006"></span>DILUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you invest in our securities in this offering, your interest will be diluted to the extent of the difference between the public
offering price per share of Common Stock that is part of the Unit and the as adjusted net tangible book value per
share of Common Stock immediately after this offering.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
historical net tangible book value of our Common Stock as of December 31, 2021 was approximately $11,268,842, or
$0.14 per share based upon 81,627,663 shares of Common Stock outstanding on such date. Historical net tangible book
value per share represents the amount of our total tangible assets reduced by the amount of our total liabilities, divided by the total
number of shares of Common Stock outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
pro forma net tangible book value as of December 31, 2021 was $0.13 per share of Common Stock. Pro forma net tangible book value
per share represents our total tangible assets less our total liabilities, divided by the number of outstanding shares of Common Stock,
after giving effect to the pro forma adjustments referenced under &#8220;Capitalization.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
pro forma as adjusted net tangible book value (deficit) of our Common Stock will be $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;or
$ &#160;&#160;&#160;&#160;&#160;&#160;&#160; per share. Pro forma as adjusted net tangible book value (deficit) per share represents
pro forma as adjusted net tangible book value divided by the total number of shares outstanding after giving effect to the sale of the
shares of Common Stock included in the Units sold in this offering at the public offering price of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;
per Unit, after deducting underwriting discounts and commissions and other estimated offering expenses payable by us, reflecting the
pro forma events discussed above, and assuming no exercise of the option by the Underwriters, Warrants, or Representative Warrants.
This represents an immediate increase in net tangible book value of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160; per share to existing
stockholders and an immediate dilution of $ &#160;&#160;&#160;&#160;&#160;&#160;&#160; per share to investors purchasing Units
in this offering at the public offering price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table illustrates this dilution on a per share basis to new investors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    offering price per Unit (attributing no value to the warrants)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    tangible book value per share as of June 30, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma net tangible book value per share as of June 30, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in net tangible book value per share attributable to new investors</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma as adjusted net tangible book value per share, after this offering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution
    in net tangible book value per share to new investors</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: white 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
foregoing discussion and table do not take into account further dilution to new investors that could occur upon the exercise of outstanding
warrants having a per share exercise or conversion price less than the per share offering price to the public in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
the underwriters exercise in full their option to purchase additional shares of Common Stock in this offering, the pro forma as
adjusted net tangible book value after the offering would be $ &#160;&#160;&#160;&#160;&#160;&#160;&#160; per share, the increase in
net tangible book value to existing shareholders would be $ &#160;&#160;&#160;&#160;&#160;&#160;&#160; per share, and the dilution to
new investors would be $ &#160;&#160;&#160;&#160;&#160;&#160;&#160; per share, after deducting underwriting discounts and commissions
and other estimated offering expenses payable by us, reflecting the pro forma events discussed above, and assuming no exercise of the
option by the underwriters or Representative&#8217;s Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
number of shares of Common Stock that will be outstanding after this offering is based on 81,627,663 shares of Common Stock
outstanding as of December 31, 2021, and excludes the following as of that date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%">&#9679;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">27,216,375
    shares of our Common Stock issuable upon conversion of outstanding convertible notes at a weighted average conversion price
    of $0.20 per share as of December 31, 2021.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">15,000,000
    shares of Common Stock reserved for future issuance under the new mPhase Technologies, Inc. 2022 Equity Incentive Plan (the
    &#8220;mPhase 2022 Plan&#8221;) we intend to adopt via proxy on March 08, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Any
                                            shares of Common Stock or warrants issuable upon the exercise of the underwriters&#8217;
                                            option, including Representative&#8217;s Warrants.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_007"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">This
prospectus contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events.
You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements
involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability,
our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. They are generally
identifiable by use of the words &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221;
&#8220;plans,&#8221; &#8220;potential,&#8221; &#8220;projects,&#8221; &#8220;continuing,&#8221; &#8220;ongoing,&#8221; &#8220;expects,&#8221;
&#8220;management believes,&#8221; &#8220;we believe,&#8221; &#8220;we intend&#8221; or the negative of these words or other variations
on these words or comparable terminology. These statements may be found under the sections entitled &#8220;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations&#8221; and &#8220;Business,&#8221; as well as in this prospectus generally.
In particular, these include statements relating to future actions, prospective products, market acceptance, future performance or results
of current and anticipated products, sales efforts, expenses, and the outcome of contingencies such as legal proceedings and financial
results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Examples
of forward-looking statements in this prospectus include, but are not limited to, our expectations regarding our business strategy, business
prospects, operating results, operating expenses, working capital, liquidity and capital expenditure requirements. Important assumptions
relating to the forward-looking statements include, among others, assumptions regarding demand for our products, the cost, terms and
availability of components, pricing levels, the timing and cost of capital expenditures, competitive conditions and general economic
conditions. These statements are based on our management&#8217;s expectations, beliefs and assumptions concerning future events affecting
us, which in turn are based on currently available information. These assumptions could prove inaccurate. Although we believe that the
estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Important
factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking
statements include, but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">changes
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span>&#9679;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#9679;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">changes
    in political, economic or regulatory conditions generally and in the markets in which we operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    relationships with our key customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to retain and attract senior management and other key employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to quickly and effectively respond to new technological developments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others
    and prevent others from infringing on the proprietary rights of the Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">other
    risks, including those described in the &#8220;Risk Factors&#8221; discussion of this prospectus.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict
all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual
results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this prospectus
are based on assumptions management believes are reasonable. However, due to the uncertainties associated with forward-looking statements,
you should not place undue reliance on any forward-looking statements. Further, forward-looking statements speak only as of the date
they are made, and unless required by law, we expressly disclaim any obligation or undertaking to publicly update any of them in light
of new information, future events, or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_008"></span>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF<br />
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>This
Registration Statement on Form S-1 and other information and reports filed by the Company from time to time with the SEC (collectively,
the &#8220;Filings&#8221;) contain or may contain forward-looking statements and information that are based upon beliefs of, and information
currently available to, the Company&#8217;s management as well as estimates and assumptions made by Company&#8217;s management. Readers
are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date
hereof. When used in the Filings, the words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221;
&#8220;future,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; or the negative of these terms and similar expressions as they relate
to the Company or the Company&#8217;s management identify forward-looking statements. Such statements reflect the current view of the
Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks relating
to the Company&#8217;s business, industry, and the Company&#8217;s operations and results of operations. Actual results may differ significantly
from those anticipated, believed, estimated, expected, intended, or planned.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Although
the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future
results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the
United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Our
financial statements are prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;).
These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments
and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments
and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of
the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial
statements would be affected to the extent there are material differences between these estimates and actual results. In many cases,
the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management&#8217;s judgment
in its application. There are also areas in which management&#8217;s judgment in selecting any available alternative would not produce
a materially different result. The following discussion should be read in conjunction with our financial statements and notes thereto
appearing elsewhere in this Registration Statement on Form S-1.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Business</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service (&#8220;SaaS&#8221;) and
technology as a service (&#8220;TaaS&#8221;). The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual&#8217;s tastes and needs, with particular emphasis on empowering
today&#8217;s green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application (&#8220;mPower App&#8221;): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Critical
Accounting Policies and Estimates</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
discussion and analysis of the Company&#8217;s financial condition and results of operations are based upon its unaudited consolidated
financial statements, which have been prepared in accordance with (&#8220;GAAP&#8221;). The preparation of these unaudited consolidated
financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues
and expenses, and related disclosure of contingent liabilities. On an on-going basis, management evaluates past judgments and estimates,
including those related to bad debts, potential impairment of intangible assets, accrued liabilities and contingencies. Management bases
its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates under different assumptions or conditions. The accounting policies
and related risks described in Note 3 of the Company&#8217;s Annual Report on Form 10-K as filed with the SEC on October 13, 2021, are
those that depend most heavily on these judgments and estimates. As of December 31, 2021, there had been no material changes to any of
the critical accounting policies contained therein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">International
Presence</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our business operations
primarily take place in the United States. However, we have a wholly owned subsidiary with an office in India which is solely being used
for development purposes. We make no financial or monetary efforts in India. Due to the office based in India we are subject to India&#8217;s
regulations and laws relating to developmental business conducts. Please refer to the section titled <i>Risk Factors</i> below for more
information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">We are seeking to move
our key development operations to the United States.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0; text-align: justify">We have entered into a contract with a channel partner that has a global presence, which
assists in further developing our products, from whom we receive payment in return for products and services. All of our customer relation
operations with this channel partner are based in the United States, as are our transactions. All payments which we earn in return of
its sale of products and/or services worldwide are made with the United States.<span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Company also has an office in the United Kingdom, which is primarily used for development, pursuant to a local consulting arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Results
of Operation</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following discussion should be read in conjunction with the unaudited financial statements included in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Three
months ended December 31, 2021 compared to three months ended December 31, 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Continuing
Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
revenue increased to $8,339,877 for the three months ended December 31, 2021, compared to $7,636,436 for the three months ended December
31, 2020, an increase of $703,441, or 9.2%. The increase is the result of continued deployment and growth of our SaaS technology platforms
and services through our channel partner, which generated $6,405,000 of subscription revenue, $1,005,157 of service and support revenue
and $900,670 of application development and implementation revenue. The increase was also driven by the launch of our consumer engagement
services which generated $29,050 of subscription revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Cost
of Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i></i></b>Cost of revenue remained unchanged at $5,625,000 for the three months ended December 31, 2021, compared to the three
months ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Operating
Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
operating expenses increased to $1,527,258 for the three months ended December 31, 2021, compared to $692,528 for the three months ended
December 31, 2020, an increase of $834,730, or 121%. The increase is primarily due to $547,621 of operating expenses related to supporting
the addition of EV charging to the Company&#8217;s Consumer Engagement Platform as part of a major strategic initiative
to monetize additional points of contact during consumer travel and travel planning, coupled with $314,664 of software development costs.
The increase was partially offset by a reduction of $27,555 of salaries and benefits expenses related to the reduction of non-U.S.
based team members, partially offset by an increase of U.S. based team members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Other
(Expense) Income</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
other expense, net, increased by $973,491, or 310%, for the three months ended December 31, 2021. The increase is primarily the result
of increases in amortization of debt discounts, deferred financing costs, and original issue discounts of $864,803, loss on debt extinguishments
and settlements of $166,625, and interest expense of $50,251, partially offset by prior year loss on change in fair value of derivative
liability of $108,188.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Net
(loss) Income  from Continuing Operations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
incurred a net loss of $99,558 for the three months ended December 31, 2021, compared to net income of $1,005,212 for the three months
ended December 31, 2020, a decrease of $1,104,770, or 110%. The net loss is primarily driven by the increase in operating expenses and
other expense, net, partially offset by the increase in gross profit, as disclosed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Discontinued
Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For
the three months ended December 31, 2021 and 2020, there are no revenue, cost of revenue, operating expenses, other income (expense),
or net income from discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Results
of Operations for the Six Months Ended December 31, 2021 and 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Continuing
Operations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
revenue increased to $16,565,587 for the six months ended December 31, 2021, compared to $15,223,300 for the six months ended December
31, 2020, an increase of $1,342,287, or 8.8%. The increase is the result of continued deployment and growth of our SaaS technology platforms
and services through our channel partner, which generated $12,810,000 of subscription revenue, $1,961,087 of service and support revenue
and $1,765,450 of application development and implementation revenue. The increase was also driven by the launch of our consumer engagement
services which generated $29,050 of subscription revenue.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Cost
of Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Cost
of revenue totaled $11,250,033 for the six months ended December 31, 2021, compared to $11,250,399 for the six months ended December
31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Operating
Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
operating expenses increased to $2,750,797 for the six months ended December 31, 2021, compared to $1,458,374 for the six months ended
December 31, 2020, an increase of $1,292,423, or 89%. The increase is primarily due to $1,307,500 of operating expenses related to supporting
the addition of EV charging to the Company&#8217;s Consumer Engagement Platform as part of a major strategic initiative
to monetize additional points of contact during consumer travel and travel planning, coupled with $314,664 of software development costs.
The increase was partially offset by a reduction of $329,741 of salaries and benefits expenses related to the reduction of non-U.S. based
team members and a reduction of employee stock-based compensation expense, partially offset by an increase of U.S. based team members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Other
(Expense) Income</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
other expense, net, increased by $1,581,733, or 200%, for the six months ended December 31, 2021. The increase is primarily the result
of increases in amortization of debt discounts, deferred financing costs, and original issue discounts of $1,582,865, loss on debt extinguishments
and settlements of $146,467, and interest expense of $60,569, coupled with prior year gain on change in fair value of derivative liability
of $157,900, and partially offset by prior year loss on initial derivative liability expense of $366,068.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Net
Income from Continuing Operations</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
generated net income of $194,203 for the six months ended December 31, 2021, compared to net income of $1,725,706 for the six months
ended December 31, 2020, a decrease of $1,531,503, or 89%. The net loss is primarily driven by the increased operating expenses
and other expense, net, partially offset by the increase in gross profit, as disclosed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Discontinued
Operations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For
the six months ended December 31, 2021 and 2020, there are no revenue, cost of revenue, operating expenses, other income (expense), or
net income from discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Liquidity
and Capital Resources</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">At
December 31, 2021, we had $545,871 of cash on-hand, a decrease of $1,927,515 from $2,473,386 at June 30, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
cash used in operating activities was $1,791,748 for the six months ended December 31, 2021, an increase of $1,463,700 from $328,048
used during the six months ended December 31, 2020. This increase was primarily due to a decline in net income during the current period
as compared to the comparable prior year period, coupled with a decrease in accounts payable and accrued expenses due to increased cash
payments in the current year as compared to higher non-cash tri-party offset agreements in the prior year with our largest vendor and
customer, and an increase in other assets due to foreign local taxes, partially offset by a net increase in non-cash charges and decreases
in accounts receivable due to increased cash receipts in the current year as compared to higher non-cash tri-party offset agreements
in the prior year with our largest vendor and customer and prepaid expenses due to net utilization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
cash used in investing activities was $2,357 for the six months ended December 31, 2021 as compared to $1,727 used in investing activities
for the six months ended December 31, 2020. The increase was due to an increase in capital expenditures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
cash used in financing activities decreased by $480,642 to $148,042 for the six months ended December 31, 2021, compared to net cash
provided by financing activities of $332,600 for the six months ended December 31, 2020. This decrease was primarily due to decreased
proceeds from issuances of convertible promissory notes, coupled with increased repayments of debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Going
Concern</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
generated net income of $194,203 and $1,725,706 for the six months ended December 31, 2021 and 2020, respectively. We used cash in operating
activities of $1,791,748 and $328,048 for the six months ended December 31, 2021 and 2020, respectively. At December 31, 2021, we had
a working capital surplus of $11,402,820, and an accumulated deficit of $225,867,206. While these factors alone may raise doubt as to
the Company&#8217;s ability to continue as a going concern, management believes the Company&#8217;s present and expected cash flows will
enable it to meet its obligations for a period of twelve months from the date of this filing. The unaudited consolidated financial statements
do not include any adjustments relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
the event managements&#8217; plans do not materialize, in order to meet the Company&#8217;s working capital needs through the next twelve
months and to fund the growth of its nanotechnology, artificial intelligence, and machine learning technologies, as well as our EV charging
initiatives, we may consider plans to raise additional funds through the issuance of equity or debt. Although we intend to obtain additional
financing to meet our cash needs, we may be unable to secure any additional financing on terms that are favorable or acceptable to us,
if at all. Our ability to raise additional capital may also be impacted by the recent COVID-19 pandemic, which such ability is highly
uncertain, cannot be predicted, and could have an adverse effect on our business and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Impact
of COVID-19 Pandemic</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
novel strain of coronavirus, COVID-19, surfaced during December 2019 and has spread around the world, including to the United States.
During March 2020, COVID-19 was declared a pandemic by the World Health Organization. During certain periods of the pandemic thus far,
a number of U.S. states and various countries throughout the world had been under governmental orders requiring that all workers remain
at home unless their work was critical, essential, or life-sustaining. As a result of these governmental orders, we temporarily closed
our domestic and international offices and required all of our employees to work remotely. As economic activity has begun and continues
recovering, the impact of the COVID-19 pandemic on our business has been more reflective of greater economic and marketplace dynamics.
Furthermore, in light of variant strains of the virus that have emerged, the COVID-19 pandemic could once again impact our operations
and the operations of our customers and vendors as a result of quarantines, illnesses, and travel restrictions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
full impact of the COVID-19 pandemic on our financial condition and results of operations will depend on future developments, such as
the ultimate duration and scope of the pandemic, its impact on our employees, customers, and vendors, in addition to how quickly normal
economic conditions and operations resume and whether the pandemic impacts other risks disclosed in Item 1A &#8220;Risk Factors&#8221;
within our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, filed with the SEC on October 13, 2021. Even after the
pandemic has subsided, we may continue to experience adverse impacts to our business as a result of any economic recession or depression
that has occurred as a result of the pandemic. Therefore, we cannot reasonably estimate the impact at this time. We continue to actively
monitor the pandemic and may determine to take further actions that alter our business operations as may be required by federal, state,
or local authorities or that we determine are in the best interests of our employees, customers, vendors, and shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Critical
Accounting Policies</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have identified the policies below as critical to our understanding of the results of our business operations. We discuss the impact
and any associated risks related to these policies on our business operations throughout Management&#8217;s Discussion and Analysis of
Financial Condition and Results of Operations where such policies affect our reported and expected financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
the ordinary course of business, we have made a number of estimates and assumptions in preparing our financial statements in conformity
with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). Actual results could differ significantly
from those estimates and assumptions. The following critical accounting policies are those that are most important to the portrayal of
our consolidated financial statements. For a summary of our significant accounting policies, including the critical accounting policies
discussed below, refer to Note 3 &#8211; &#8220;Summary of Significant Accounting Policies&#8221; included in the notes to consolidated
financial statements for the year ended June 30, 2021 included elsewhere in our Annual Report on Form 10-K.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
consider the following accounting policies to be those most important to the portrayal of our results of operations and financial condition:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Revenue
Recognition</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
recognize revenue in accordance with the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;), Accounting Standards Codification
(&#8220;ASC&#8221;) ASC 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;). Revenues are recognized when control is transferred
to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange for those goods. Revenue
recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification
of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price
to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Revenue
is derived from the sale of artificial intelligence and machine learning focused technology products and related services. The Company
recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied. Product sales occur once
control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive
in exchange for transferring products. The amount of consideration the Company receives and revenue the Company recognizes varies with
changes in customer incentives the Company offers to its customers and their customers. In the event any discounts, sales incentives,
or similar arrangements are agreed to with a customer, such amounts are estimated at time of sale and deducted from revenue. Sales taxes
and other similar taxes are excluded from revenue (see Note 5).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Contract
liabilities include amounts billed to customers in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets (see Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Income
Taxes</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
account for income taxes using an asset and liability approach to financial accounting and reporting for income taxes. Accordingly,
deferred tax assets and liabilities arise from the difference between the tax basis of an asset or liability and its reported amount
in the consolidated financial statements. Deferred tax amounts are determined using the tax rates expected to be in effect when the taxes
will actually be paid or refunds received, as provided under currently enacted tax law. Valuation allowances are established when necessary
to reduce deferred tax assets to the amount expected to be realized. Income tax expense or benefit is the tax payable or refundable,
respectively, for the period plus or minus the change in deferred tax assets and liabilities during the period. We have recorded a full
valuation allowance for our net deferred tax assets as of December 31, 2021 and June 30, 2021 because realization of those assets is
not reasonably assured.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
will recognize a financial statement benefit of a tax position only after determining that the relevant tax authority would more likely
than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized
in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement
with the relevant tax authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
believe our income tax filing positions and deductions will be sustained upon examination and, accordingly, no reserves, or related accruals
for interest and penalties has been recorded at June 30, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Share-Based
Compensation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
compute share-based payments in accordance with the provisions of ASC Topic 718, <i>Compensation &#8211; Stock Compensation </i>and
related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such
compensation amounts, if any, are amortized over the respective vesting periods of the grants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restricted stock awards are granted at the discretion
of the compensation committee of our Board of Directors. These awards are restricted as to the transfer of ownership and
generally vest over the requisite service periods (vesting on a straight&#8211;line basis). The fair value of a stock award is equal
to the fair market value of a share of our Common Stock on the grant date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
estimate the fair value of stock options and warrants by using the Black-Scholes option valuation model. The Black&#8211;Scholes option
valuation model requires the development of assumptions that are inputs into the model. These assumptions are the expected stock volatility,
the risk&#8211;free interest rate, the expected life of the option, the dividend yield on the underlying stock and the expected forfeiture
rate. Expected volatility is calculated based on the historical volatility of our Common Stock over the expected term of the option.
Risk&#8211;free interest rates are calculated based on continuously compounded risk&#8211;free rates for the appropriate term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Determining
the appropriate fair value model and calculating the fair value of equity&#8211;based payment awards requires the input of the subjective
assumptions described above. The assumptions used in calculating the fair value of equity&#8211;based payment awards represent management&#8217;s
best estimates, which involve inherent uncertainties and the application of management&#8217;s judgment. We are required to estimate
the expected forfeiture rate and recognize expense only for those shares expected to vest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
account for share&#8211;based payments granted to non&#8211;employees in accordance with ASC 505&#8211;50, &#8220;Equity Based Payments
to Non&#8211;Employees.&#8221; We determine the fair value of the stock&#8211;based payment as either the fair value of the consideration
received or the fair value of the equity instruments issued, whichever is more readily determinable. If the fair value of the equity
instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either (1) the
date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the
counterparty&#8217;s performance is complete.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Derivative
Instruments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
enter into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain embedded
derivative features. We recognize derivative instruments as either assets or liabilities in the balance sheet and measure such derivative
instruments at fair values with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related
to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a gain or loss in
earnings. The fair values of derivative financial instruments are estimated using various techniques (and combinations thereof) that
are considered consistent with the objective measuring of fair values. In selecting the appropriate technique, the nature of the instrument,
the market risks that it embodies and the expected means of settlement are considered. Estimating fair values of derivative financial
instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of
the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes
model) are highly volatile and sensitive to changes in the trading market price of our Common Stock. Since derivative financial
instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility in
these estimates and assumption changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Accounts
Receivable</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
regularly review outstanding receivables and provide for estimated losses through an allowance for doubtful accounts. In evaluating the
level of established loss reserves, we make judgments regarding our customers&#8217; ability to make required payments, economic events,
and other factors. As the financial condition of these parties&#8217; change, circumstances develop or additional information becomes
available, adjustments to the allowance for doubtful accounts may be required. We maintain reserves for potential credit losses, and
such losses traditionally have been within our expectations. Additionally, to date, the Company has entered into three separate tri-party
settlement and offset agreements with its largest customer and largest vendor, whereby the Company&#8217;s largest customer has agreed
to direct funds due the Company for certain outstanding invoices, to the Company&#8217;s largest vendor to satisfy payment on behalf
of the Company for certain outstanding invoices. To date, the aggregate amount of the six tri-party settlement and offset agreements
has totaled $48,750,000. At December 31, 2021 and June 30, 2021, we determined there was no requirement for an allowance for doubtful
accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>New
Accounting Standards</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Refer
to Note 3 to our unaudited consolidated financial statements for a discussion of recently adopted and to be adopted accounting standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Off-Balance
Sheet Arrangements</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have no off-balance sheet arrangements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="m_009"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>BUSINESS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service (&#8220;SaaS&#8221;) and
technology as a service (&#8220;TaaS&#8221;). The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual&#8217;s tastes and needs, with particular emphasis on empowering
today&#8217;s green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application (&#8220;mPower App&#8221;): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 10, 2020, the Company&#8217;s Board of Directors approved the filing of an amendment (the &#8220;Amendment&#8221;) to the Company&#8217;s
Certificate of Incorporation to increase the authorized shares of Common Stock from 100 million shares to 250 million shares pursuant
to Section 14A:7-2(4) of the Business Corporation Law of the State of New Jersey. The Amendment was filed with the State of New Jersey
on July 14, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 15, 2020, the Company entered into an exchange agreement (the &#8220;Exchange Agreement&#8221;) with its Chief Executive Officer
(&#8220;Holder&#8221;), whereby earned and issued warrants to purchase 37,390,452 shares of the Company&#8217;s Common Stock (the &#8220;Cancelled
Warrants&#8221;) pursuant to the terms of that certain Transition Agreement (the &#8220;Transition Agreement&#8221;) and Warrant Agreement
(the &#8220;Warrant Agreement&#8221;) each between the Company and Holder and dated as of January 11, 2019 were forfeited and exchanged
for (i) 37,390,452 shares of the Company&#8217;s Common Stock (the &#8220;Shares&#8221;) and (ii) the cancellation and termination of
the Transition Agreement and Warrant Agreement. The Cancelled Warrants had an exercise price of $0.50 per share and were not subject
to expiration. Such Exchange Agreement is intended to make the Company&#8217;s capitalization more attractive to potential investors
and to remove the uncertainty associated with any future grants of warrants under the Transition Agreement and Warrant Agreement, although
there can be no assurance of any future investments on terms that are attractive to the Company, or at all. Immediately prior to the
Company&#8217;s entry into the Exchange Agreement, it was determined that 5,650,708 additional warrants (the &#8220;Additional Warrants&#8221;)
to purchase the Company&#8217;s Common Stock were due to and issued to the Holder in accordance with the terms and conditions of the
Transition Agreement as the Transition Agreement required certain liabilities to be eliminated by the prior management team within six
months of the Transition Agreement&#8217;s effective date of January 11, 2019. However, the Additional Warrants were immediately cancelled
and terminated with the intention of mitigating potential liabilities arising from certain issuances of the Company&#8217;s Common Stock
below the minimum price of $0.50 per share as stated within the Transition Agreement.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 3, 2020, the Company&#8217;s Board of Directors approved the filing of an amendment (the &#8220;Amendment&#8221;) to the Company&#8217;s
Certificate of Incorporation to increase the authorized shares of Common Stock from 250 million shares to 500 million shares pursuant
to Section 14A:7-2(4) of the Business Corporation Law of the State of New Jersey. The Amendment was filed with the State of New Jersey
on August 4, 2020.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 27, 2021, the Board of Directors (the &#8220;Board&#8221;) of the Company appointed Suhas Subramanyam, Chester P. White, and Thomas
B. Fore as members of the Board (such appointments, collectively, the &#8220;Appointments&#8221;). The terms of the Appointments commenced
on August 27, 2021 and are in effect for a period of approximately one year, until the time of the Company&#8217;s next Annual Meeting
of Stockholders. In connection with the Appointments, on August 27, 2021, the Company entered into director agreements with Mr. Subramanyam,
Mr. White and Mr. Fore (such director agreements, collectively, the &#8220;Director Agreements&#8221;). Pursuant to the Director Agreements,
the Company will compensate each such director a fee of $20,000 annually, which is to be paid in quarterly installments of $5,000. Such
quarterly fee will be increased by $1,250 for each such director who serves as a member of either the Audit, Compensation, or Nominating
Committee. In lieu of cash consideration, the annual fee will be paid by issuance of the number of restricted shares of the Company&#8217;s
Common Stock equivalent to the applicable cash amount due as determined based upon the closing price on the last trading day of such
quarter. This paragraph contains only a brief description of the material terms of and does not purport to be a complete description
of the rights and obligations of the parties to the Director Agreements, and such descriptions is qualified in its entirety by reference
to the full text of the Director Agreements, a copy of which is incorporated by reference to Exhibit 10.1 of the Company&#8217;s Form
8-K filed with the SEC on September 2, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 18, 2021, the Board appointed Angelia Lansinger Hrytsyshyn as Chief Financial Officer, with such appointment to be effective
on November 22, 2021, and approved an employment agreement with Ms. Hrytsyshyn (the &#8220;Employment Agreement&#8221;). Pursuant to
the Employment Agreement, the Company will compensate Ms. Hrytsyshyn in the amount of $225,000 annually. Ms. Hrytsyshyn will be eligible
for an annual performance-based cash bonus. Ms. Hrytsyshyn shall also receive a restricted stock award of 500,000 shares of the Company&#8217;s
Common Stock which will vest on each of the first, second, third and fourth anniversaries of the Employment Agreement, so long as Ms.
Hrytsyshyn remains employed by the Company. This paragraph contains only a brief description of the material terms of and does not purport
to be a complete description of the rights and obligations of the parties to the Employment Agreement, and such description is qualified
in its entirety by reference to the full text of the Employment Agreement, a copy of which is incorporated by reference to Exhibit 10.2
of the Company&#8217;s Form 10-Q filed with the SEC on November 22, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 5, 2022, the Company filed for a name change
with the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) to mPower Technologies, Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 19, 2022, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Anshu Bhatnagar, Chief Executive Officer of the Company, modifying the terms of the Employment Agreement entered into between the Company
and Mr. Bhatnagar dated January 11, 2019 (collectively, the &#8220;Bhatnagar Amended Employment Agreement&#8221;). The Bhatnagar Amended
Employment Agreement, which becomes effective retroactively as of January 1, 2022 (the &#8220;Effective Date&#8221;) provides for an
increase to Mr. Bhatnagar&#8217;s annual cash base salary to $600,000. Further, Mr. Bhatnagar is eligible to receive additional increases
to base salary, to be determined in the sole discretion of the Company&#8217;s Board, which allow for an increase in base salary as follows:
base salary shall increase to $700,000 on the first anniversary of the effective date of the Amended Employment Agreement; and base salary
shall increase to $800,000 on the second anniversary of the effective date of the Amended Employment Agreement. Additionally, the Amended
Employment Agreement provides that Mr. Bhatnagar shall also be entitled to receive stock-based compensation in the form of shares of
Common Stock of the Company, and an annual cash bonus of up to 100% of base salary, which shall be determined by the Board. The Term
of the Bhatnagar Amended Employment Agreement shall expire on December 31, 2032. This paragraph contains only a brief description of
the material terms of and does not purport to be a complete description of the rights and obligations of the parties to the Bhatnagar
Amended Employment Agreement, and such description is qualified in its entirety by reference to the full text of the Bhatnagar Amended
Employment Agreement, a copy of which is incorporated by reference to Exhibit 10.3 of the Company&#8217;s Form 8-K filed with the SEC
on January 25, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 19, 2022, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Angelia Lansinger Hrytsyshyn, Chief Financial Officer of the Company, modifying the terms of the Employment Agreement entered into between
the Company and Ms. Hrytsyshyn dated November 16, 2021 (collectively, the &#8220;Hrytsyshyn Amended Employment Agreement&#8221;). The
Hrytsyshyn Amended Employment Agreement, which becomes effective January 21, 2022, provides for an increase to Ms. Hrytsyshyn&#8217;s
annual cash base salary to $250,000. Further, Ms. Hrytsyshyn is eligible to receive an annual performance-based cash bonus equal to 50%
of base salary. The Term of the Hrytsyshyn Amended Employment Agreement shall be &#8220;at will&#8221; and can be terminated by the Company
or Ms. Hrytsyshyn at any time for any reason provided that Ms. Hrytsyshyn may not voluntarily terminate the agreement without thirty
(30) days prior written notice delivered to the Company. This paragraph contains only a brief description of the material terms of and
does not purport to be a complete description of the rights and obligations of the parties to the Hrytsyshyn Amended Employment Agreement,
and such description is qualified in its entirety by reference to the full text of the Hrytsyshyn Amended Employment Agreement, a copy
of which is incorporated by reference to Exhibit 10.4 of the Company&#8217;s Form 8-K filed with the SEC on January 25, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 19, 2022, the Board appointed James F. Engler, Jr. as a member of the Board (the &#8220;Appointment&#8221;). Mr. Engler will
serve as a non-executive director of the Company. In connection with the Appointment, the Company and Mr. Engler entered into a director
agreement (the &#8220;Director Agreement&#8221;) whereby, as compensation for his services as a member of the Board, Mr. Engler shall
receive 200,000 shares of the Company&#8217;s Common Stock options, par value $0.01 per share (the &#8220;Director Options&#8221;) and
will vest monthly over three years that Mr. Engler serves as Director. Additionally, Mr. Engler shall be paid an annual fee of $50,000,
to be paid $12,500 per quarter, as compensation for his services as a Director of the Company. It was further agreed that until the Company
has raised $10 million, or within the first six months, whichever comes first, the Company will pay the annual compensation through the
issuance of restricted shares of Company&#8217;s Common Stock in lieu of cash consideration. So long as Mr. Engler serves as a member
of any committee of the Board, the amount of quarterly fee shall be increased by $1,250. Additionally, pursuant to the approval of the
Board, each independent director&#8217;s existing director agreement will be amended such that each independent director will receive
compensation on the same terms as set forth in the Director Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 20, 2022, the Company&#8217;s Board ratified and approved the establishment of the Audit Committee, Compensation Committee, and
Nominating and Governance Committee as committees of the Board, the adoption of the charters for such committees and the appointment
of the Company&#8217;s directors to such committees. The Board appointed Chester P. White, Thomas B. Fore, and James F. Engler, Jr. to
serve on the Audit Committee of the Board of Directors of the Company, with Mr. Engler serving as the Chair of the Audit Committee. The
Board appointed Mr. Fore, Mr. Engler and Mr. Subramanyam to serve on the Compensation Committee of the Board of Directors of the Company,
with Mr. Fore serving as the Chair of the Compensation Committee. The Board appointed Mr. Subramanyam, Mr. Engler and Mr. Fore to serve
on the Nominating and Corporate Governance Committee of the Board of Directors of the Company, with Mr. Subramanyam serving as the Chair
of the Nominating and Corporate Governance Committee.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today,
mPhase is a clean technology EV Charging company with over four decades of experience, technology and a team working to enhance the
existing business lines through the integration of cloud-based systems and to deliver software as a service (&#8220;SaaS&#8221;) and
technology as a service (&#8220;TaaS. The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual&#8217;s tastes and needs, with particular emphasis on empowering
today&#8217;s green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application (&#8220;mPower App&#8221;): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Legal
Proceedings</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
are no material proceedings to which any director or officer, or any associate of any such director or officer, is a party that is adverse
to our Company or any of our subsidiaries or has a material interest adverse to our Company or any of our subsidiaries. No director or
executive officer has been a director or executive officer of any business which has filed a bankruptcy petition or had a bankruptcy
petition filed against it during the past ten years. No current director or executive officer has been convicted of a criminal offense
or is the subject of a pending criminal proceeding during the past ten years. No current director or executive officer has been the subject
of any order, judgment or decree of any court permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement
in any type of business, securities or banking activities during the past ten years. No current director or officer has been found by
a court to have violated a federal or state securities or commodities law during the past ten years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">However,
from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Effective
December 10, 2018, the Company entered into a &#8220;Judgment Settlement Agreement&#8221; to satisfy in full the Forbearance Agreement
with Fife that was previously in effect. As a result, under the Judgment Settlement Agreement, no shares of the Company&#8217;s Common
Stock are issuable or eligible to be converted into. Under the terms of the Judgment Settlement Agreement, the Company was required
to pay $15,000 per month from January 15, 2019 through and including February 15, 2020, with a final payment of $195,000 which was due
and payable in March of 2020. The Company made all required payments with the exception of the final payment of $195,000 which was due
and payable in March of 2020. On August 17, 2020, the Company entered into a second amendment (the &#8220;Second Amendment&#8221;) to
the Judgement Settlement Agreement, whereby the Company issued a convertible promissory note in the principal amount of $300,000 (the
&#8220;Note&#8221;) to repay the amounts still outstanding under the Judgment Settlement Agreement. The Note matures on August 17, 2021,
bears interest at a rate of 10% per annum, requires certain monthly minimum cash payments as specified in the Note, and is convertible
into shares of the Company&#8217;s common stock, par value $0.01 per share, at a conversion price as specified in the Note. The Note
may be prepaid by the Company at any time prior to maturity without penalty. The Company satisfied the initial cash payment as specified
in the Note. On April 13, 2021, the Company entered into a third amendment (the &#8220;Third Amendment&#8221;) to the Judgement Settlement
Agreement, whereby the Company issued a convertible promissory note in the principal amount of $300,000 (the &#8220;New Note&#8221;)
to replace the Note and repay the amounts still outstanding under the Judgment Settlement Agreement. The Note matures on April 13, 2022,
bears interest at a rate of 10% per annum, requires certain monthly minimum payments in cash or the Company&#8217;s Common Stock
as specified in the New Note, and is convertible &#160;into shares of the Company&#8217;s Common Stock, par value $0.01 per share,
at a conversion price as specified in the New Note. The New Note may be prepaid by the Company at any time prior to maturity without
penalty. On April 16, 2021, the Company paid $235,000 to satisfy, pay in full, and extinguish the New Note and the Judgement Settlement
Agreement, which resulted in a gain on debt settlement of $549,026 during the year ended June 30, 2021.</span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Employees</b>&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">As of February 28, 2022, the Company employs 35
full-time employees with a range of expertise in technology platform development services, sales and marketing services, human resources,
and accounting services. The Company&#8217;s subsidiary in India employs a total of 16 software engineers and data analysis experts.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Developments</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
November 18, 2021, the Board appointed Angelia Lansinger Hrytsyshyn as Chief Financial Officer, with such appointment to be effective
on November 22, 2021, and approved an employment agreement with Ms. Hrytsyshyn (the &#8220;Employment Agreement&#8221;). Pursuant to
the Employment Agreement, the Company will compensate Ms. Hrytsyshyn in the amount of $225,000 annually. Ms. Hrytsyshyn will be eligible
for an annual performance-based cash bonus. Ms. Hrytsyshyn shall also receive a restricted stock award of 500,000 shares of the Company&#8217;s
Common Stock which will vest on each of the first, second, third and fourth anniversaries of the Employment Agreement, so long
as the Ms. Hrytsyshyn remains employed by the Company. This paragraph contains only a brief description of the material terms of and
does not purport to be a complete description of the rights and obligations of the parties to the Employment Agreement, and such description
is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is filed herewith as Exhibit
10.2. <i>see below for Ms. Hrytsyshyn&#8217;s biography.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="m_010"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>DIRECTORS
AND EXECUTIVE OFFICERS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Directors,
Executive Officers, and Other Key Employees</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table sets forth the names and ages of the members of our Board of Directors and our executive officers and the positions held
by each as of February 28, 2022.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Positions(s)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Anshu
    Bhatnagar</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">48</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Chief
    Executive Officer and Chairman</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">Venkat J. Kodumudi</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">52</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Chief Operating Officer</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Angelia
    Lansinger <span>Hrytsyshyn</span></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">40</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Chief
    Financial Officer</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">Isida Tushe</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">35</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">General Counsel and Corporate Secretary</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Suhas
    Subramanyam</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Chester
    P. White</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">57</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Thomas
    B. Fore</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">James
    F. Engler, Jr.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">39</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Biographies
for the members of our Board of Directors and our management team are set forth below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Anshu
Bhatnagar &#8211; Chief Executive Officer and Chairman</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Anshu
Bhatnagar has served as our Chief Executive Officer and Chairman of our Board of Directors since January 11, 2019. Mr. Bhatnagar
has extensive international business experience, most recently (from January 2008 through February 2021) managing private and public
international trade and distribution companies specializing in food products. Mr. Bhatnagar was also a Managing Member of Blue Capital
Group, a real estate oriented multi-family office focused on acquiring, developing, and managing commercial real estate as well as investing
in operating businesses from January 2008 to December 2016. Moreover, Mr. Bhatnagar was Chief Executive Officer and Chairman of Verus
International Inc., a company providing international consumer goods. He has also owned and operated other successful businesses in technology,
construction and waste management. A computer scientist and entrepreneur, Anshu began his technology career working on major federal
government projects for Oracle and Computer Science Corp. He eventually formed his own firm (2Pi Solutions) in this space, which was
ranked as one of the top 100 fastest growing companies in the U.S. before its sale in 2010. We believe Mr. Bhatnagar is qualified to
serve as a member of our board because of his extensive international business experience and expertise in large-scale critical technology
deployments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Venkat
J. Kodumudi &#8211; Chief Operating Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Mr.
Kodumudi combines over 29 years of experience in information technology industry senior management that includes a 14-year career as
software developer and architect. Previously, he had been involved in over 5 companies and a Federal Government Agency, in the information
technology industry holding positions including chief technology officer, health product practice lead, director, and deputy director
for IT operations. From 2017 through May 2021, Venkat was a Director for CGI, Inc., (NYSE: GIB) IT services company, with diverse duties
including practice lead for blockchain and intelligent automation technology. From 2016 to 2017, he was CTO for FocalCXM, Inc., a company
involved in building and supporting consumer engagement solutions for the Life Sciences industry. From 2004 to 2015, he held various
director level positions for the Transportation Security Agency (TSA), including operating and managing TSA&#8217;s Enterprise Learning
Management System (LMS). Mr. Kodumudi has a master&#8217;s degree in Computer Science from Arizona State University and an MBA
from George Mason University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black; background-color: white"><b><i>Angelia
Lansinger Hrytsyshyn &#8211; Chief Financial Officer</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Ms.
Hrytsyshyn, Chief Financial Officer, age 40, combines over 18 years of experience in private and public corporate finance in various
industries. From 2018 through August 2021, Ms. Hrytsyshyn was the Treasurer for American Trading and Production Corporation, a company
with assets in private equity, alternative investments, and real estate. From 2013 to 2018, she was Assistant Treasurer for American
Trading and Production Corporation. From 2009 to 2013, she held various finance roles in audit, FP&amp;A, and strategy at Constellation
Energy, an Exelon Company (NYSE: EXC). Ms. Hrytsyshyn started her career at PricewaterhouseCoopers as an external SEC auditor for Fortune
500 companies in the Baltimore and Washington, DC area. She has an undergraduate and master&#8217;s degree from the University of Maryland
at College Park, an MBA from the University of Chicago&#8217;s Booth School of Business and is a Certified Public Accountant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Isida
Tushe &#8211; General Counsel and Corporate Secretary</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Tushe brings extensive domestic and international experience gained supporting the legal and business activities of a diverse mix of
energy-related companies having held senior positions both on the finance and legal side. Most recently, she was part of the
leadership team and served as the General Counsel of a hydroelectric energy generation and storage developer in the United States.
She previously led numerous project financings, acquisition/disposition and project development transactions as VP and Senior
Counsel at Pine Gate Renewables, a leading renewable energy company focused on project development and strategic financing of
utility-scale solar and energy storage projects in the U.S. Earlier in her career, at FuelCell Energy (NASDAQ: FCEL), a
global leader in the design, manufacture, and operation of fuel cell technology, she simultaneously held the roles of VP of Project
Finance and Counsel, where  she led capital raising on behalf of the company in debt, equity, and tax equity, and was
 the lead deals attorney. Ms. Tushe holds a J.D., a M.A., and a B.A. She is a licensed attorney in the District of
Columbia, New Jersey, and New York.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Suhas
Subramanyam &#8211; Director</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Mr.
Subramanyam is a public servant, lawyer, and technology policy expert who currently represents the 87<sup>th</sup> District in the Virginia
General Assembly, where he was first elected in 2019. He was the first Indian American elected in Virginia&#8217;s history at
either the state or federal level. He also serves on the Virginia Small Business Commission and Virginia Minority Business Commission
(August 2020 to present) as well as the Communications, Technology, and Innovation Committee in the House of Delegates (May 2020 to present).
Previously, he served as a technology policy advisor in the White House under President Barack Obama between August 2015 through January
2017, where he ran a task force on technology policy and advised on Artificial Intelligence, cybersecurity, infrastructure policy, and
economic opportunity. Before joining the White House, as an attorney with Jones Day, where he handled a range of technology and trade
issues. He has also served as an advisor to Members of the U.S. House of Representatives and U.S. Senate Judiciary Committee. Mr. Subramanyam
also serves as In-House Counsel at Level, Inc. (March 2021 to present). He is a resident of Loudoun County, Virginia, and holds a J.D.
from Northwestern University. The Board believes that Mr. Subramanyam&#8217;s technology, regulatory, and government leadership experience
will make him a valuable addition to the Board and is expected to help bring the Company towards continued growth and success.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Chester
P. White &#8211; Director</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Mr.
White currently serves as CEO of QuantAI, Inc. (&#8220;QuantAI&#8221;) (2017 to present), a leading artificial intelligence FinTech company.
He also serves as portfolio manager of the Helios Alpha 3x Fund, LP. Previously, Mr. White held executive positions with Paine Webber
(acquired by UBS Financial Services), Dean Witter (acquired by Morgan Stanley), <span style="background-color: white">Wells Fargo N.A.
(1998 to 2002), Merriman, and Curran Ford &amp; Co. Additionally, Mr. White serves in various positions of increasing responsibility
including a Manager of Griffin Advisors and a Partner in OneTraction Ventures. The Board believes that Mr. White&#8217;s experience in
technology-based leadership roles qualifies him well to help bring the Company towards continued growth and success</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Thomas
B. Fore &#8211; Director</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Mr.
Fore has an extensive background in real estate development, digital media and entertainment. He founded and is currently the CEO of
Sora Development and Sora Ventures, a mixed-use master development firm with a focus on Public Private Partnerships (&#8220;P3 Projects&#8221;),
both were founded in January 2006. He is also a principal at Tiderock Media LLC, a film production company since January 2010. He has
more than 20 years of experience in the construction and real estate development fields. <span style="background-color: white">The Board
believes that Mr. Fore&#8217;s experience in leadership roles in the technology, retail and commercial sections, qualifies him well to
help lead the Company towards continued growth and success.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>James
F. Engler, Jr. &#8211; Director</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black; background-color: white">Mr.
Engler is currently Vice President &#8211; Chief Financial Officer of Rosemore Inc., a privately held investment management firm.
Mr. Engler has 3 years of experience in Energy and Investment Management senior management following a 15-year career in public
accounting. Previously, he was a senior manager at PricewaterhouseCoopers LLP serving large SEC filers and private companies in the
power and utility industry. He has an undergraduate degree from Towson University and is a Certified Public Accountant. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Board believes that Mr. Engler&#8217;s experience in financial leadership roles makes him ideally qualified to help lead the Company
towards continued growth and success.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
are no family relationships among our executive officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Corporate
Governance</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Terms
of Directors and Executive Officers</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of our directors holds office until a successor has been duly elected and qualified unless the director was appointed by the Board
of Directors, in which case such director holds office until the next following annual meeting of shareholders at which time such
director is eligible for re-election. All of our executive officers are appointed by and serve at the discretion of our Board of Directors.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Qualification</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders
by ordinary resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Insider
Participation Concerning Executive Compensation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Board of Directors has been involved in all determinations regarding executive officer compensation since the inception of the Company.
He will continue to make such decisions until the Compensation Committee is established immediately prior to the consummation of this
offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Committees
of the Board of Directors</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 20, 2022, the Company&#8217;s Board ratified and approved the establishment of the Audit Committee, Compensation Committee, and
Nominating and Governance Committee as committees of the Board, the adoption of the charters for such committees and the appointment
of the Company&#8217;s directors to such committees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board appointed Chester P. White, Thomas B. Fore, and James F. Engler, Jr. to serve on the Audit Committee
of the Board of Directors of the Company, with Mr. Engler serving as the Chair of the Audit Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board appointed Thomas B. Fore, James F. Engler, Jr. and Suhas Subramanyam to serve on the Compensation Committee
of the Board of Directors of the Company, with Mr. Fore serving as the Chair of the Compensation Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board appointed Suhas Subramanyam, James F. Engler, Jr. and Thomas B. Fore to serve on the Nominating and Corporate Governance
Committee of the Board of Directors of the Company, with Mr. Subramanyam serving as the Chair of the Nominating and Corporate Governance
Committee.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">All
of the directors serving on the respective committees satisfy the &#8220;independence&#8221; requirements of Section 5605(a)(2) of the
Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Each committee&#8217;s members and functions are described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Audit
Committee</i>. &#160;Our audit committee consists of three non-executive directors, each of whom are <span style="background-color: white">independent
under the Nasdaq Listing Rules&#8217; independence standards, with one of those members </span>qualifying as an audit committee
financial expert <span style="background-color: white">as defined by SEC rules and regulations</span>. The audit committee oversees
our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee will
be responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">appointing
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">reviewing
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">discussing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposures;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Compensation
Committee</i>. Our compensation committee consists of three non-executive directors, each of whom are <span style="background-color: white">independent
under the Nasdaq Listing Rules&#8217; independence standards</span>. The compensation committee assists the board in reviewing and approving
the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive
officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be
responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">approving
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">reviewing
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Nominating
and Corporate Governance Committee</i>. Our nominating and corporate governance committee consists of three non-executive directors,
each of whom are <span style="background-color: white">independent under the Nasdaq Listing Rules&#8217; independence standards</span>.
The nominating and corporate governance committee assist the Board of Directors in selecting individuals qualified to become our
directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will
be responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">reviewing
    annually with our Board of Directors its current composition in light of the characteristics of independence, age, skills,
    experience and availability of service to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">identifying
    and recommending to our board the directors to serve as members of committees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">advising
    the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance
    with applicable laws and regulations, and making recommendations to our Board of Directors on all matters of corporate governance
    and on any corrective action to be taken; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Code
of Business Conduct and Ethics</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has adopted a Code of Business Confident and Ethics (&#8220;Code&#8221;) that applies to all of our directors, officers,
and employees. Any waivers of any provision of this Code for our directors or officers may be granted only by the Board of Directors
or a committee appointed by the Board of Directors. Any waivers of any provision of this Code for an employee or a representative may
be granted only by our Chief Executive Officer. We have field a copy of our Code with the SEC and have made it available on our website
at <span style="text-decoration: underline">https://ir.mphasetech.com/governance-documents</span>. In addition, we will provide any person, without charge, a copy of this Code.
Requests for a copy of the Code may be made by writing to the Company at 1101 Wootton Parkway, Ste. 1040, Rockville, MD 20852; attention
Corporate Secretary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_011"></span>EXECUTIVE
COMPENSATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the total compensation
received for services rendered in all capacities to our Company for the last two fiscal years, which&#160;was awarded to, earned by,
or paid to our Chief Executive Officer, Former Chief Financial Officer, Chief Financial Officer, and Chief Operating Officer
(the &#8220;Named Executive Officers&#8221;) and Directors</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Name
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    ($)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    Awards ($)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
    <td>&#160;</td>
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    Awards</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Incentive</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    ($) (6)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></td>
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    ($)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Anshu
    Bhatnagar</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">275,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">153,301</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">(1)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">37,453</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">465,754</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Chief
    Executive Officer and Director</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">275,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">16,202,529</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,562</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">16,479,091</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Christopher
    Cutchens</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">37,500</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5,559</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(3)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">43,059</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Former
    Chief Financial Officer</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">75,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">103,078</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(4)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">178,078</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Angelia
    Lansinger Hrytsyshyn</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,300</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Chief
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2020</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Venkat J. Kodumudi</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2021</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">25,000</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0">-</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9,733</td>
    <td style="font: 10pt Times New Roman, Times, Serif">(5)</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34,733</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><i>Chief Operating Officer</i></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2020</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Suhas
    Subramanyam</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Director</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Chester
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Director</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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    <td>&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td>&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Thomas B. Fore</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2021</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">$</td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)
</span><span style="color: Black; font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount represents the grant date
fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense for the 2021 stock awards relates to
the fair value of the 37,390,452 shares of the Company&#8217;s Common Stock issued upon exchange of 37,390,452 warrants in accordance
with the Exchange Agreement. For additional information regarding this exchange, please refer to Note 12 to our consolidated financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2)
</span><span style="color: Black; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="background-color: white">The
amount represents the grant date fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense for
the 2020 stock awards relates to warrants to purchase shares of the Company&#8217;s Common Stock that are granted under the provisions
of the Chief Executive Officer&#8217;s employment agreement and are immediately vested upon being earned. For additional information
regarding assumptions underlying the valuations of these stock awards and the calculation method, please refer to Note 12 to our consolidated
financial statements.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(3)
The amount represents the grant date fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense
for the 2021 stock awards relates to the unvested Common Stock granted on June 1, 2019 under the provisions of the former Chief
Financial Officer&#8217;s employment agreement that were immediately vested upon resignation during January 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(4)
The amount represents the grant date fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense
for the 2020 stock awards relates to Common Stock granted on June 1, 2019 under the provisions of the Chief Financial Officer&#8217;s
employment agreement and are immediately vested upon being earned.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">(5) The amount represents
the grant date fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense for the 2021 stock awards
relates to restricted Common Stock granted on May 17, 2021 under the provisions of the Chief Operating Officer&#8217;s employment agreement
and are immediately vested upon being earned.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0">(<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span>) <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Amounts
represent interest on a loan to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Outstanding
Equity Awards at December 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Narrative Disclosure to Summary Compensation Table</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i> Employment Agreement with Anshu Bhatnagar</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Mr.
Bhatnagar, President and Chief Executive Officer, pursuant to the terms of an Employment Agreement, Transition Agreement and a Warrant
Agreement, each dated as of January 11, 2019, for a period of 5 years and at a base cash salary of $275,000 per annum. Under the terms
of the Employment Agreement and Transition Agreement, Mr. Bhatnagar received 2,620,899 restricted shares of the Company&#8217;s Common
Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
addition, Mr. Bhatnagar was granted 1,000 shares of a newly-created class of Series A Preferred Stock of the Company that effectively
gives him voting control of the Company. As the holder of one thousand (1,000) shares of Series A Preferred Stock, Mr. Bhatnagar shall
have the number of votes (identical in every other respect to the voting rights of the holders of Common Stock entitled at any regular
or special meeting of shareholders of the Company) equal to such number of shares of Common Stock that is not less than fifty-one (51%)
percent of the vote required to approve any action that New Jersey law provides may or must be approved by vote or consent of the holders
of Common Stock or any other securities of the Company entitled to vote. Except as otherwise required by law, the holder of the Series
A Preferred Stock shall vote together with the holders of Common Stock on all matters and shall not vote as a separate class. Notwithstanding
the foregoing, should the Company enter into a merger agreement with another company and such merger is deemed significant as per SEC
Regulation SX Section 3.05 and Section 3.06 requirements, the Company will seek shareholder approval by a Proxy solicitation in
compliance with Federal and State law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Mr.
Bhatnagar has been elected to the Board of Directors of the Company. Under the terms of the Transition Agreement and a cashless Warrant
Agreement, Mr. Bhatnagar is able to earn an additional 4% of the outstanding Common Stock of the Company for each $1 million of gross
revenues of the Company up to $15 million in such revenues and for a total (including his original grant of the Company&#8217;s Common
Stock) not to exceed 80% of the total outstanding Common Stock of the Company. The purpose of this transaction is to bring
in new management to the Company replacing its existing management to develop and expand its offerings into the artificial intelligence
and machine learning industries while continuing development of the Company&#8217;s patented and patent pending Smart NanoBattery and
Drug Delivery Systems. In addition, Mr. Bhatnagar intends to broaden the Company&#8217;s existing lines of business to include diverse
lines of business that the Company can manage profitably.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 15, 2020, the Company entered into an exchange agreement (the &#8220;Exchange Agreement&#8221;) with its Chief Executive Officer,
Anshu Bhatnagar (&#8220;Holder&#8221;), whereby earned and issued warrants to purchase 37,390,452 shares of the Company&#8217;s Common
Stock (the &#8220;Cancelled Warrants&#8221;) pursuant to the terms of that certain Transition Agreement (the &#8220;Transition Agreement&#8221;)
and Warrant Agreement (the &#8220;Warrant Agreement&#8221;) each between the Company and Holder and dated as of January 11, 2019 were
forfeited and exchanged for (i) 37,390,452 shares of the Company&#8217;s Common Stock (the &#8220;Shares&#8221;) and (ii) the cancellation
and termination of the Transition Agreement and Warrant Agreement. The Cancelled Warrants had an exercise price of $0.50 per share and
were not subject to expiration. Such Exchange Agreement is intended to make the Company&#8217;s capitalization more attractive to potential
investors and to remove the uncertainty associated with any future grants of warrants under the Transition Agreement and Warrant Agreement,
although there can be no assurance of any future investments on terms that are attractive to the Company, or at all. Immediately prior
to the Company&#8217;s entry into the Exchange Agreement, it was determined that 5,650,708 additional warrants (the &#8220;Additional
Warrants&#8221;) to purchase the Company&#8217;s Common Stock were due to and issued to the Holder in accordance with the terms and conditions
of the Transition Agreement as the Transition Agreement required certain liabilities to be eliminated by the prior management team within
six months of the Transition Agreement&#8217;s effective date of January 11, 2019. However, the Additional Warrants were immediately
cancelled and terminated with the intention of mitigating potential liabilities arising from certain issuances of the Company&#8217;s
Common Stock below the minimum price of $0.50 per share as stated within the Transition Agreement. The Shares to be issued and sold to
the Holder pursuant to the Exchange Agreement were issued in reliance upon the exemption from registration under Section 4(a)(2) of the
Securities Act and Rule 506 of Regulation D promulgated thereunder.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 19, 2022, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Anshu Bhatnagar, Chief Executive Officer of the Company, modifying the terms of the Employment Agreement entered into between the Company
and Mr. Bhatnagar dated January 11, 2019 (collectively, the &#8220;Bhatnagar Amended Employment Agreement&#8221;). The Bhatnagar Amended
Employment Agreement, which becomes effective retroactively as of January 1, 2022 (the &#8220;Effective Date&#8221;) provides for an
increase to Mr. Bhatnagar&#8217;s annual cash base salary to $600,000. Further, Mr. Bhatnagar is eligible to receive additional increases
to base salary, to be determined in the sole discretion of the Company&#8217;s Board, which allow for increase in base salary as follows:
base salary shall increase to $700,000 on the first anniversary of the effective date of the Amended Employment Agreement; and base salary
shall increase to $800,000 on the second anniversary of the effective date of the Amended Employment Agreement. Additionally, the Amended
Employment Agreement provides that Mr. Bhatnagar shall also be entitled to receive stock-based compensation in the form of shares of
Common Stock of the Company, and an annual cash bonus of up to 100% of base salary, which shall be determined by the Board. The
Term of the Bhatnagar Amended Employment Agreement shall expire on December 31, 2032. This paragraph contains only a brief description
of the material terms of and does not purport to be a complete description of the rights and obligations of the parties to the Bhatnagar
Amended Employment Agreement, and such description is qualified in its entirety by reference to the full text of the Bhatnagar Amended
Employment Agreement, a copy of which is incorporated by reference to Exhibit 10.3 of the Company&#8217;s Form 8-K filed with the SEC
on January 25, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i> Employment Agreement with Angelia Lansinger Hrytsyshyn</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
November 18, 2021, the Board appointed Angelia Lansinger Hrytsyshvn as Chief Financial Officer, with such appointment to be effective
on November 22, 2021 and approved an employment agreement with Ms. Hrytsyshvn (the &#8220;Employment Agreement&#8221;). Pursuant
to the Employment Agreement, the Company will compensate Ms. Hrytsyshvn in the amount of $225,000 annually, Ms. Hrytsyshvn will be eligible
for an annual performance-based cash bonus. Ms. Hrytsyshvn shall also receive a restricted stock award of 500,000 shares of the Company&#8217;s
Common Stock which will vest on the each of the first, second, third and fourth anniversaries of the Employment Agreement, so
long as the Ms. Hrytsyshvn remains employed by the Company. This paragraph contains only a brief description of the material terms of
and does not purport to be a complete description of the rights and obligations of the parties to the Employment Agreement, and such
descriptions is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is incorporated
by reference to Exhibit 10.2 of the Company&#8217;s Form 10-Q filed with the SEC on November 22, 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 19, 2022, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Ms. Hrytsyshyn, Chief Financial Officer of the Company, modifying the terms of the Employment Agreement entered into between the Company
and Ms. Hrytsyshyn dated November 16, 2021 (collectively, the &#8220;Hrytsyshyn Amended Employment Agreement&#8221;). The Hrytsyshyn
Amended Employment Agreement, which becomes effective January 21, 2022 provides for an increase to Ms. Hrytsyshyn&#8217;s annual cash
base salary to $250,000. Further, Ms. Hrytsyshyn is eligible to receive an annual performance-based cash bonus equal to 50% of base salary.
The Term of the Hrytsyshyn Amended Employment Agreement shall be &#8220;at will&#8221; and can be terminated by the Company or Ms. Hrytsyshyn
at any time for any reason provided that Ms. Hrytsyshyn may not voluntarily terminate the agreement without thirty (30) days prior written
notice delivered to the Company. This paragraph contains only a brief description of the material terms of and does not purport to be
a complete description of the rights and obligations of the parties to the Hrytsyshyn Amended Employment Agreement, and such description
is qualified in its entirety by reference to the full text of the Hrytsyshyn Amended Employment Agreement, a copy of which is incorporated
by reference to Exhibit 10.4 of the Company&#8217;s Form 8-K filed with the SEC on January 25, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employment
Agreement with Venkat J. Kodumudi.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 17, 2021, the Company entered into an employment agreement (&#8220;Employment Agreement&#8221;) with Venkat Kodumudi for the position
of Chief Operating Officer. The Employment Agreement is for an indefinite term and may be terminated with or without cause. Mr. Kodumudi
will receive an annual base salary of $200,000 (the &#8220;Base Salary&#8221;) and shall be eligible to earn a performance bonus in
the target amount of up to 50% of the Base Salary, if any, upon the attainment of performance goals established by the Chief Executive
Officer of the Company. The Base Salary shall increase to $225,000, the first payroll subsequent to the Company completing an uplist
to a listed exchange. Mr. Kodumudi was granted 500,000 restricted stock units of the Company&#8217;s Common Stock (the &#8220;RSUs&#8221;).
The RSUs shall vest in accordance with the following: (i) 125,000 of the RSUs shall vest on the one year anniversary of the Effective
Date; (ii) 125,000 RSUs shall vest on the second year anniversary of the Effective Date; (iii) 125,000 RSUs shall vest on the third year
anniversary of the Effective Date; and (iv) 125,000 RSUs shall vest on the fourth year anniversary of the Effective Date. As a full-time
employee of the Company, Mr. Kodumudi will be eligible to participate in all of the Company&#8217;s benefit programs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
termination of Mr. Kodumudi without cause and provided that Mr. Kodumudi has been employed by the Company for a minimum of twelve (12)
months but less than twenty-four (24) months, the Company shall pay or provide to Mr. Kodumudi severance pay equal to his then current
monthly base salary for six months from the date of termination, during which time Mr. Kodumudi shall continue to receive all employee
benefits and employee benefit plans as described in the Employment Agreement. Upon termination of Mr. Kodumudi without cause and provided
that Mr. Kodumudi has been employed by the Company for a minimum of twenty-four (24) months, the Company shall pay or provide to Mr.
Kodumudi severance pay equal to his then current monthly base salary for twelve months from the date of termination. This paragraph contains
only a brief description of the material terms of and does not purport to be a complete description of the rights and obligations of
the parties to the Employment Agreement for Venkat Kodumudi, and such description is qualified in its entirety by reference to the full
text of the Employment Agreement, a copy of which is incorporated by reference to Exhibit 10.1 of the Company&#8217;s Form 8-K filed
with the SEC on May 21, 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Director
Compensation</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 27, 2021, the Board of Directors the Company appointed Suhas Subramanyam, Chester P. White, and Thomas B. Fore as
members of the Board (such appointments, collectively, the &#8220;Appointments&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
terms of the Appointments commenced on August 27, 2021 and are in effect for a period of approximately one year, until the time of the
Company&#8217;s next Annual Meeting of Stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
connection with the Appointments, on August 27, 2021, the Company entered into director agreements with Mr. Subramanyam, Mr. White and
Mr. Fore (such director agreements, collectively, the &#8220;Director Agreements&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Pursuant
to the Director Agreements, the Company will compensate each such director a fee of $20,000 annually, which is to be paid in quarterly
installments of $5,000. Such quarterly fee will be increased by $1,250 for each such director who serves as a member of either the Audit,
Compensation, or Nominating Committee. In lieu of cash consideration, the annual fee will be paid by issuance of the number of restricted
shares of the Company&#8217;s Common Stock equivalent to the applicable cash amount due as determined based upon the closing price
on the last trading day of such quarter.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 19, 2022, the Board appointed James F. Engler, Jr. as a member of the Board (the &#8220;Appointment&#8221;). Mr. Engler will
serve as a non-executive director of the Company. In connection with the Appointment, the Company and Mr. Engler entered into a director
agreement (the &#8220;Director Agreement&#8221;) whereby, as compensation for his services as a member of the Board, Mr. Engler shall
receive 200,000 shares of the Company&#8217;s Common Stock options, par value $0.01 per share (the &#8220;Director Options&#8221;)
and will vest monthly over three years that Mr. Engler serves as Director. Additionally, Mr. Engler shall be paid an annual fee of $50,000,
to be paid $12,500 per quarter, as compensation for his services as a Director of the Company. It was further agreed that until the Company
has raised $10 million, or within the first six months, whichever comes first, the Company will pay the annual compensation through the
issuance of restricted shares of Company&#8217;s Common Stock in lieu of cash consideration. So long as Mr. Engler serves as a
member of any committee of the Board, the amount of quarterly fee shall be increased by $1,250. Additionally, pursuant to the approval
of the Board, each independent director&#8217;s existing director agreement will be amended such that each independent director will
receive compensation on the same terms as set forth in the Director Agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="t_001"></span>SECURITY
OWNERSHIP OF CERTAIN<br />
BENEFICIAL OWNERS AND MANAGEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table sets forth certain information as of December 31, 2021 concerning the beneficial ownership of Common Stock for:
(i) each director and director nominee, (ii) each Named Executive Officer in the Summary Compensation Table under &#8220;Executive Compensation&#8221;
above, (iii) all executive officers and directors as a group, and (iv) each person (including any &#8220;group&#8221; as that term is
used in Section 13(d)(3) of the Exchange Act) known by us to be the beneficial owner of 5% or more of our Common Stock. The address
for each of the persons below who are beneficial owners of 5% or more of our Common Stock is our corporate address at 1101
Wootton Parkway, Suite 1040, Rockville, MD 20852</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Beneficial
ownership has been determined in accordance with the rules of the SEC and is calculated based on 81,656,033 and 81,627,663 shares
of our Common Stock issued and outstanding, respectively as of December 31, 2021. &#160;Shares of Common Stock subject
to options, warrants, preferred Stock or other securities convertible into Common Stock that are currently exercisable
or convertible, or exercisable or convertible within 60 days of December 31, 2021, are deemed outstanding for computing the percentage
of the person holding the option, warrant, preferred stock, or convertible security but are not deemed outstanding for computing the
percentage of any other person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Except
as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the
table below have sole voting and investment power with respect to all shares of Common Stock that they beneficially own.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
amounts and percentages of our Common Stock beneficially owned are reported on the basis of SEC rules governing the determination
of beneficial ownership of securities. Under the SEC rules, a person is deemed to be a &#8220;beneficial owner&#8221; of a security if
that person has or shares &#8220;voting power,&#8221; which includes the power to vote or to direct the voting of such security, or &#8220;investment
power,&#8221; which includes the power to dispose of or to direct the disposition of such security. A person is also deemed to be a beneficial
owner of any securities of which that person has the right to acquire beneficial ownership within 60 days through the exercise of any
stock option, warrant or other right. Under these rules, more than one person may be deemed a beneficial owner of the same securities
and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. Unless otherwise
indicated, each of the shareholders named in the table below, or his or her family members, has sole voting and investment power with
respect to such shares of our Common Stock. Except as otherwise indicated, the address of each of the shareholders listed below
is: c/o mPhase Technologies, Inc., 1101 Wootton Parkway, Suite 1040, Rockville, MD 20852.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">*
Less than one percent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)
Unless otherwise indicated, the address of the stockholder is c/o mPhase Technologies, Inc., 1101 Wootton Parkway, Suite 1040, Rockville,
MD 20852.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2)
Holders of our Common Stock are entitled to one vote per share, holders of our Series A Convertible Preferred Stock are entitled to the
number of votes (identical in every other respect to the voting rights of the holders of Common Stock entitled at any regular or special
meeting of shareholders of the Company) equal to such number of shares of Common Stock that is not less than fifty-one (51%) of the vote
required to approve any action that New Jersey law provides may or must be approved by vote or consent of the holders of Common Stock
or any other securities of the Company entitled to vote.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(3)
Member of the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="color: Black">Excludes 500,000 shares
of Common Stock which vest in four equal installments on November 18, 2022, November 18, 2023, November 18, 2024, and November
18, 2025.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) Excludes 500,000 shares of Common Stock which
vest in four equal installments on May 17, 2022, May 17, 2023, May 17, 2024, and May 17, 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_012"></span><br />
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Transactions
with Microphase Corporation</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">At
December 31, 2021, the Company owed $32,545 to Microphase for previously leased office space at its Norwalk location and for certain
research and development services and shared administrative personnel from time to time, all through December 31, 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Transactions
With Officers</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Note
Payable Issuances</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">At
various points during past fiscal years certain officers and former officers of the Company provided bridge loans to the Company evidenced
by individual promissory notes and deferred compensation to provide working capital to the Company. During the six months ended
December 31, 2021 and 2020 there were no advances from any officers or former officers of the Company. During the six months
ended December 31, 2021 and 2020, $22,883 and $2,412 has been charged for interest on loans from officers and former officers. <span style="background-color: white">On
</span><span>October 22, 2020, the Company received a notice of event of default and demand letter
(&#8220;Demand Letter&#8221;) from a former officer and promissory note holder (the &#8220;Note Holder&#8221;). The promissory note was
issued on November 1, 2019, in the original principal amount of $40,739, accrued interest at a rate of 6% per annum, and matured on April
18, 2020. The Demand Letter stated an aggregate of $51,940 of principal and interest was immediately due. The promissory note does not
have a convertible feature and is not convertible into shares of the Company&#8217;s Common Stock. Additionally, the promissory
note does not contain any cross-default provisions with any other promissory notes issued by the Company. The Company expects to work
with the Note Holder to negotiate a repayment structure whereby the Company can repay the Note Holder the balance due as quickly as possible
based upon its available capital.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">At
December 31, 2021 and June 30, 2021, these outstanding notes including accrued interest totaled $769,970 and $747,086, respectively.
At December 31, 2021, these promissory notes are not convertible into shares of the Company Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 10pt">I<span style="font-family: Times New Roman, Times, Serif">n
February 2022, the Company&#8217;s Board approved the issuance of 3,352,066 shares of the Company&#8217;s Common Stock to Anshu Bhatnagar,
Chief Executive Officer of the Company, to satisfy a note payable due to Mr. Bhatnagar in the aggregate amount of $528,607.</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Common
Stock Issuances</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the six months ended December 31, 2021, the Company recorded $45,869 of stock-based compensation expense related to a November 22, 2021
grant of 500,000 restricted shares of Common Stock to the Company&#8217;s Chief Financial Officer and a May 17, 2021 grant of
500,000 restricted shares of Common Stock to the Company&#8217;s Chief Operating Officer, both of which vests 25% on the 1 year,
2 year, 3 year, and 4 year anniversaries of the grant dates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Settled Class Action Suit</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
April 2021, a class action complaint for violation of federal securities laws was filed which names our Chief Executive Officer, Anshu
Bhatnagar, our former Chief Financial Officer, Christopher Cutchens and Verus, as defendants. This class action complaint was filed on
behalf of all persons and entities who purchased or otherwise acquired securities of Verus between June 17, 2019 and October 8, 2020.
This action has recently been settled by all parties.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="t_002"></span>DESCRIPTION
OF SECURITIES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
the discussion that follows, we have summarized selected provisions of our certificate of incorporation, as amended, certificate of
designations bylaws and the New Jersey Revised Statues relating to Corporation Law relating to our capital stock. This summary is not
complete. This discussion is subject to the relevant provisions of New Jersey law and is qualified by reference to our certificate of
incorporation, as amended, certificate of designation for our Series A Preferred Stock and our bylaws. You should read the provisions
of our certificate of incorporation, certificate of designations and our bylaws as currently in effect for provisions that may be important
to you.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>General</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Company is authorized to issue an aggregate number of 500,001,000 shares of capital stock, of which 1,000 shares are preferred stock,
$0.01 par value per share and 500,000,000 shares are Common Stock, $0.01 par value per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Series
A Preferred Stock</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
Board of Directors has designated the 1,000 authorized shares of preferred stock as Series A Preferred Stock. The holders of the
Series A Preferred Stock shall be entitled to vote on all matters submitted to stockholders of the Corporation. The holders of the one
thousand (1,000) shares of Series A Preferred Stock shall have that number of votes (identical in every other respect to the voting rights
of the holders of Common Stock entitled to vote at any regular or special meeting of stockholders) equal to such number of shares
of Common Stock which is not less than fifty-one percent (51%) of the vote required to approve any action, which New Jersey law
provides may or must be approved by vote or consent of the holders of Common Stock or the holders of other securities entitled
to vote, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
of February 28, 2022, we have 1,000 shares of Series A Preferred Stock issued and outstanding.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Common
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Company is authorized to issue 500,000,000 shares of Common Stock, $0.01 par value per share. As of February 28, 2022,
we have 85,008,099 shares of Common Stock are outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Each
share of Common Stock has one (1) vote per share for all purpose. Our Common Stock does not provide a preemptive, subscription
or conversion rights and there is no redemption or sinking fund provisions or rights. Our common stockholders are not entitled to cumulative
voting for purposes of electing members to our Board of Directors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Dividends</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have not paid any cash dividends to our shareholders of Common Stock and Series A Preferred Stock. The declaration of any future cash
dividends is at the discretion of our Board of Directors and depends upon our earnings, if any, our capital requirements and financial
position, our general economic conditions, and other pertinent conditions. It is our present intention not to pay any cash dividends
in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of certain terms and provisions of the Warrants that are being offered hereby is not complete and is subject to, and
qualified in its entirety by, the provisions of the Warrant, the form of which is filed as an exhibit to the registration statement of
which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the form of Warrant for
a complete description of the terms and conditions of the Warrants. The Warrants will be issued in book-entry form and will initially
be represented only by one or more global warrants deposited with the warrant agent, as custodian on behalf of The Depository Trust Company,
or DTC, and registered in the name of Cede &amp; Co., a nominee of DTC, or as otherwise directed by DTC pursuant to a warrant agency
agreement between us and Worldwide Stock Transfer, as warrant agent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Duration
and Exercise Price</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are exercisable from and after the date of their issuance and expire on the five year anniversary of such date, at an exercise
price per share of Common Stock equal to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;. The Warrants will be governed by the terms of a global warrant held in book-entry form.
The holder of a Warrant will not be deemed a holder of our underlying Common Stock until the Warrant is exercised. No fractional shares
of Common Stock will be issued in connection with the exercise of a Warrant. Instead, for any such fractional share that would have otherwise
been issued upon exercise of Warrants, we will round such fraction up to the next whole share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Exercisability</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Warrants will be exercisable, at the option
of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number
of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together
with its affiliates) may not exercise any portion of the Warrant to the extent that the holder would own more than 4.99% (or, at the
election of the holder, 9.99%) of the outstanding Common Stock immediately after exercise, except that upon notice from the holder to
us, the holder may increase or decrease the beneficial ownership limitation in the holder&#8217;s Warrants up to 9.99% of the number
of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined
in accordance with the terms of the Warrants, provided that any increase in the beneficial ownership limitation shall not be effective
until 61 days following notice to us.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Cashless
Exercise</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">If, at the time a holder exercises its Warrants,
a registration statement registering the issuance of the shares of Common Stock underlying the Warrants under the Securities Act is not
then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made
to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either
in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the Warrants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Transferability</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subject to applicable laws, a Warrant may be transferred
at the option of the holder upon surrender of the Warrant to us together with the appropriate instruments of transfer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Fractional
Shares</span></i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No fractional shares of Common Stock will be issued
upon the exercise of the Warrants. Rather, the number of shares of Common Stock to be issued will be rounded to the nearest whole number.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Trading
Market</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is currently no established public
trading market for the Warrants, and there is no assurance that a market will develop. We are in the process of applying to have the
Warrants listed on Nasdaq under the symbol &#8220;XDSLW&#8221;. If our Common Stock and Warrants are not approved for listing on
The Nasdaq Capital Market, we will not consummate this offering. No assurance can be given that our application will be
approved.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Right
as a Stockholder</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Except as otherwise provided in the Warrants
or by virtue of such holder&#8217;s ownership of shares of our Common Stock, the holders of the Warrants do not have the rights or privileges
of holders of our Common Stock with respect to the shares of Common Stock underlying the Warrants, including any voting rights, until
they exercise their Warrants. The Warrants will provide that holders have the right to participate in distributions or dividends paid
on our Common Stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Fundamental
Transaction</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of a fundamental transaction, as
described in the Warrants and generally including any reorganization, recapitalization or reclassification of our Common Stock, the sale,
transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another
person, the acquisition of more than 50% of our outstanding Common Stock, or any person or group becoming the beneficial owner of 50%
of the voting power represented by our outstanding Common Stock, the holders of the Warrants will be entitled to receive upon exercise
of the Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the
Warrants immediately prior to such fundamental transaction. Additionally, as more fully described in the Warrants, in the event of a
fundamental transaction (as defined in the Warrants), the holders of the Warrants will be entitled to receive consideration in an amount
in cash equal to the Black Scholes value of the Warrants determined according to a formula set forth in the Warrants, provided, however,
that, if the fundamental transaction is not within our control, including not approved by our Board, then the holder shall only be entitled
to receive the same type or form of consideration (and in the same proportion), at the Black Scholes value of the unexercised portion
of the Warrant, that is being offered and paid to the holders of our Common Stock in connection with the fundamental transaction.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Warrant
Agent</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants will be issued pursuant to the terms of a warrant agency agreement between us and Worldwide Stock Transfer, as warrant agent.
The warrant agent may resign upon 30 days&#8217; written notice to us and our transfer agent, if applicable. We have the right to remove
the warrant agent upon 30 days&#8217; prior written notice to the warrant agent, our transfer agent, and the holders of any warrant certificates.
If the warrant agent resigns or is removed, we will appoint a successor warrant agent. If we do not do so within 30 days, then any holder
of a warrant certificate may petition a court of competent jurisdiction to appoint a successor warrant agent and we will be deemed to
be the warrant agent pending such appointment. In the warrant agency agreement, we have agreed to indemnify the warrant agent against
certain liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 28, 2022, there are no options outstanding to purchase shares of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Representative&#8217;s
Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will issue to the Representative or its designees at the closing of this offering Representative Warrants to purchase the number of shares
of Common Stock equal to 5.0% of the aggregate number of shares of Common Stock sold in this offering, including shares sold upon exercise
of the underwriter&#8217;s option to purchase additional securities. The Representative Warrants will be exercisable immediately upon
issuance and will have substantially the same terms as the Warrants described above, except that (i) the exercise price of the Representative
Warrants will equal 125% of the public offering price and (ii) the Representative Warrants will expire five years from the commencement
of the sales pursuant to this offering. Reference is hereby made to the &#8220;Warrants&#8221; description above and to the terms and
provisions of the Representative Warrant, a form of which will be filed as an exhibit to a Current Report on Form 8-K in connection with
this offering and incorporated by reference into the registration statement of which this prospectus forms a part. Prospective investors
should carefully review the terms and provisions of the form of Representative Warrant for a complete description of the terms and conditions
of the Representative Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Representative Warrants and the shares of Common Stock underlying the Representative Warrants are registered on the registration statement
of which this prospectus forms a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Notes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
of February 28, 2022, there are convertible notes outstanding to purchase 25,038,731 shares of our Common Stock, at
fixed rates, with a weighted average conversion price of $0.20 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Transfer
Agent</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
transfer agent and registrar for our Common Stock is Worldwide Stock Transfer located at One University Plaza, Suite 505, Hackensack,
NJ 07601.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Indemnification
of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Each
of our Certificate of Incorporation and our Bylaws provide for indemnification of our directors and officers. Our Bylaws provide that
we will indemnify any person who was or is a party or threatened to be made a party to any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative (other than an action by or in the right of the corporation) by reason of the
fact that such person is or was a director or officer of the corporation, against expenses (including attorney&#8217;s fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding
if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of our
Company, and with respect to any criminal action or proceeding, had no reasonable cause to believe such person&#8217;s conduct was unlawful.
The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of <i>nolo contendere</i>
or its equivalent will not, without more, create a presumption that the person did not act in good faith and in a manner which such person
reasonably believed to be in or not opposed to the best interest of the corporation, and, with respect to any criminal action or proceeding,
had reasonable cause to believe that his conduct was unlawful. We may by action of our Board of Directors, grant rights to indemnification
and advancement of expenses to our employees and our agents with the same scope and effects as the indemnification provisions for officers
and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Disclosure
of Commission Position on Indemnification for Securities Act Liabilities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Insofar
as indemnification for liabilities under the Securities Act may be permitted to officers, directors or persons controlling us pursuant
to the foregoing provisions, we have been informed that is it is the opinion of the Securities and Exchange Commission that such indemnification
is against public policy as expressed in such Securities Act and is, therefore, unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_013"></span>UNDERWRITING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are offering the Units described in this prospectus
through the underwriters named below per the underwriting agreement dated &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022 with H.C. Wainwright &amp; Co., LLC (&#8220;Wainwright&#8221;
or the &#8220;Representative&#8221;), who is acting as book-running manager of the offering. Subject to the terms and conditions of the
underwriting agreement, the underwriters have agreed to purchase the number of our securities set forth opposite its name below, if any
are purchased. A copy of the underwriting agreement will be filed as an exhibit to the registration statement of which this prospectus
is part.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid">Underwriter</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Units</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 84%; text-align: left">H.C. Wainwright &amp; Co., LLC</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Total</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have been advised by the underwriters that they propose to offer the units directly to the public at the public offering
price set forth on the cover page of this prospectus. Any units sold by the underwriters to securities dealers will be sold
at the public offering price less a selling concession not in excess of $&#160;&#160;&#160;&#160;&#160;&#160;&#160; per share and
accompanying warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
underwriting agreement provides that the underwriters&#8217; obligation to purchase the securities we are offering is subject to conditions
contained in the underwriting agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">No
action has been taken by us or the underwriters that would permit a public offering of the shares in any jurisdiction outside the United
States where action for that purpose is required. None of our securities included in this offering may be offered or sold, directly or
indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sales of any of
the securities offering hereby be distributed or published in any jurisdiction except under circumstances that will result in compliance
with the applicable rules and regulations of that jurisdiction. Persons who receive this prospectus are advised to inform themselves
about and to observe any restrictions relating to this offering of securities and the distribution of this prospectus. This prospectus
is neither an offer to sell nor a solicitation of any offer to buy the securities in any jurisdiction where that would not be permitted
or legal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Underwriting
Discount and Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The underwriter may offer the securities from
time to time to purchasers directly or through agents, or through brokers in brokerage transactions on The Nasdaq Capital Market, or
to dealers in negotiated transactions or in a combination of such methods of sale, or otherwise, at a fixed price or prices, which may
be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices,
subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part. The difference between the
price at which the underwriter purchases securities from us and the price at which the underwriter resells such securities may be deemed
underwriting compensation. If the underwriter effects such transactions by selling securities to or through dealers, such dealers may
receive compensation in the form of discounts, concessions, or commissions from the underwriter and/or purchasers of securities for whom
they may act as agents or to whom they may sell as principal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table summarizes the underwriting discount and commission to be paid to the underwriters by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Per</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Unit</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total
                                            with Full</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Exercise
    of Option</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Public
    offering price</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Underwriting
    discount to be paid to the underwriters by us (7.0%)(1)(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Proceeds
    to us (before expenses)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 97%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
    have also agreed to pay the Representative $75,000 for non-accountable expenses and $15,950 for clearing costs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
    have granted a 30 day option to the Representative to purchase up to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;additional
    shares of Common Stock and/or Warrants to purchase up to shares of Common Stock (up to 15% of the shares
    of Common Stock and/or Warrants sold in this offering) at the assumed public offering price set forth above less the underwriting
    discounts and commissions solely to cover over-allotments, if any.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
estimate the total expenses payable by us for this offering to be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
, which amount includes (i) the underwriting discount of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; and (ii)
reimbursement of the non-accountable expenses of the underwriters, and (iii) other estimated company expenses of approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
which includes legal accounting printing costs and various fees associated with the registration and listing of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
Units we are offering are being offered by the underwriters subject to certain conditions specified in the underwriting agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriter&#8217;s
</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have granted to the underwriters an option exercisable not later than 30 days after the date of this prospectus to purchase up to a number
of &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; additional shares of Common Stock and/or &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Warrants
(equal to 15% of the number of shares of Common Stock and/or Warrants sold in the primary offering) at the public offering
price set forth on the cover page hereto less the underwriting discounts and commissions. The underwriters may exercise the option solely
to cover overallotments, if any, made in connection with this offering. If any additional securities are purchased, the underwriters
will offer these securities on the same terms as those on which the other securities are being offered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lock-up
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our officers, directors each of their
respective affiliates and associated partners and certain stockholders have agreed with the underwriters to be subject to a lock-up
period of &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; days following the date of this prospectus. This means that, during the applicable lock-up period, such
persons may not offer for sale, contract to sell, sell, distribute, grant any option, right or warrant to purchase, pledge,
hypothecate or otherwise dispose of, directly or indirectly, any shares of our Common Stock or any securities convertible into, or
exercisable or exchangeable for, shares of our Common Stock. Certain limited transfers are permitted during the lock-up period if
the transferee agrees to these lock-up restrictions. We have also agreed, in the underwriting agreement, to similar lock-up
restrictions on the issuance and sale of our securities for &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; days following the closing of this offering, although we
will be permitted to issue stock options or stock awards to directors, officers and employees under our existing plans. The
Representative may, in its sole discretion and without notice, waive the terms of any of these lock-up agreements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Representative&#8217;s Warrants</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will issue to Wainwright or its designees
warrants to purchase an aggregate number of shares of our Common Stock equal to 5.0% of the number of shares of Common Stock issued
in this offering (including shares of Common Stock sold pursuant to the underwriter&#8217;s option), at an exercise price per share
equal to 125% of the public offering price (the &#8220;Representative&#8217;s Warrants&#8221;). The Representative&#8217;s Warrants
will be exercisable, in whole or in part, immediately upon issuance and will expire on the fifth anniversary of the commencement of
sales in this offering in accordance with FINRA Rule 5110(g)(8)(A). Pursuant to FINRA Rule 5110(e), the Representative Warrants and
any shares of Common Stock issued upon exercise of the Representative Warrants shall not be sold, transferred, assigned, pledged, or
hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective
economic disposition of the securities by any person for a period of 180 days immediately following the date of commencement of
sales of this offering, except the transfer of any security: (i) by operation of law or by reason of reorganization of the issuer;
(ii) to any FINRA member firm participating in the offering and the officers, partners, registered persons or affiliates thereof, if
all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the time period; (iii)
if the aggregate amount of our securities held by the Representative or related persons does not exceed 1% of the securities being
offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no
participating member manages or otherwise directs investments by the fund and the participating members in the aggregate do not own
more than 10% of the equity in the fund; (v) the exercise or conversion of any security, if all securities remain subject to the
lock-up restriction set forth above for the remainder of the time period; (vi) if we meet the registration requirements of Forms
S-3, F-3 or F-10; or (vii) back to us in a transaction exempt from registration with the SEC. The Representative Warrants and the
shares of Common Stock underlying the Representative Warrants are registered on the registration statement of which this prospectus
forms a part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Right of First Refusal</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have granted the Representative a six-month
right of first refusal to act as sole book-running manager, sole underwriter, or sole placement agent if we or any of our subsidiaries
decides to raise funds by means of a public offering (including at-the-market facility) or a private placement or any other capital-raising
financing of equity, equity-linked or debt securities using an underwriter or placement agent. If the Representative or an affiliate
of the Representative accept any such engagement, the agreement governing such engagement will contain, among other things, provisions
for customary fees and terms for transactions of similar size and nature, including indemnification, which are appropriate to such a
transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tail Fee</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that any investors that were contacted
about this offering or were introduced to us in connection with this offering by the Representative provide any capital to us in a public
or private offering or other financing or capital-raising transaction of any kind within twelve months following the date of the expiration
or termination of our engagement of the Representative, we shall pay the Representative certain cash and warrant compensation on the
gross proceeds from such investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other Relationships</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Representative and its respective affiliates
may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us or our affiliates.
The Representative may in the future receive customary fees and commissions for these transactions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Nasdaq Listing</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our shares of Common
Stock are quoted on the OTC Pink under the symbol &#8220;XDSL.&#8221; We have applied to list our Common Stock and Warrants
on The Nasdaq Capital Market under the symbols &#8220;XDSL&#8221; and &#8220;XDSLW&#8221;, respectively. There
is no assurance that our listing application will be approved. We will not consummate this offering unless our Common Stock and Warrants
are approved for listing on The Nasdaq Capital Market.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this offering, there has not been an active market for our Common Stock and there has been no public market for our Warrants. The
public offering price for our Units will be determined through negotiations between us and the underwriters. Among the factors to be
considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies
that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development
and other factors deemed relevant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer no assurances that the public offering price of our Units will correspond to the price at which our Common Stock or Warrants will
trade in the public market subsequent to this offering, assuming that our listing applications are approved by The Nasdaq Capital Market,
or that an active trading market for our Common Stock and Warrants will develop and continue after this offering.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Determination
of Offering Price</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
public offering price of the securities and exercise price of the Warrants offered by this prospectus will be determined by negotiation
between us and the underwriters among the factors considered in determining the public offering price of the shares were;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    history and our prospects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    industry in which we operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    past and present operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    previous experience of our executive officers; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    general condition of the securities markets at the time of this offering, including discussions between the underwriters and prospective
    investors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
offering price stated on the cover page of this prospectus should not be considered an indication of the actual value of the securities
sold in this offering. That price is subject to change as a result of market conditions and other factors and we cannot assure you that
the securities sold in this offering can be resold at or above the public offering price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Transfer
Agent and Registrar</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
transfer agent and registrar for our Common Stock is Worldwide Stock Transfer located at One University Plaza, Suite 505, Hackensack,
NJ 07601.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Price
Stabilization, Short Positions and Penalty Bids</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
connection with the offering the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering
transactions and penalty bids in accordance with Regulation M under the Exchange Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Stabilizing
    transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Over-allotment
    involves sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase, which
    creates a short position. The short position may be either a covered short position or a naked short position. In a covered short
    position, the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase
    in the over-allotment option. In a naked short position, the number of shares involved is greater than the number of shares in the
    over-allotment option. The underwriters may close out any covered short position by either exercising their over-allotment option
    and/or purchasing shares in the open market.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Syndicate
    covering transactions involve purchases of shares of the Common Stock in the open market after the distribution has been completed
    in order to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriters
    will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which
    they may purchase shares through the over-allotment option. If the underwriters sell more shares than could be covered by the over-allotment
    option, a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is
    more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the
    open market after pricing that could adversely affect investors who purchase in the offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Penalty
    bids permit a syndicate representative to reclaim a selling concession from a syndicate member when the Common Stock originally
    sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">These
stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids, to the extent applicable, may
have the effect of raising or maintaining the market price of our Common Stock or preventing or retarding a decline in the market
price of the Common Stock. As a result, the price of our securities may be higher than the price that might otherwise exist in
the open market. Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect
that the transactions described above may have on the price of our Common Stock. In addition, neither we nor the underwriters
make any representations that the underwriters will engage in these stabilizing transactions or that any transaction, once commenced,
will not be discontinued without notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Indemnification</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have agreed to indemnify the underwriters against certain liabilities, including certain liabilities arising under the Securities Act
or to contribute to payments that the underwriters may be required to make for these liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_014"></span>LEGAL
MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
validity of the securities offered hereby has been passed upon for us by Lucosky Brookman LLP. Ellenoff, Grossman &amp; Schole LLP, New
York, New York is acting as counsel to the underwriters in connection with certain legal matters relating to this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_015"></span>EXPERTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
consolidated balance sheets as of June 30, 2021 and 2020 and the related consolidated statements of operations, stockholders&#8217; deficit,
and cash flows for such year, included in the Registration Statement of which this prospectus forms a part, have been audited by Boyle
CPA, LLC, an independent registered public accounting firm, as set forth in its report appearing herein and are included in reliance
upon such report given on the authority of such firm as experts in accounting and auditing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="m_016"></span>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are a reporting company and file annual, quarterly and special reports, and other information with the Securities and Exchange Commission.
Such reports and other information may be accessed at the SEC&#8217;s web site at <i>http://</i>www.sec.gov, which contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">This
prospectus is part of a registration statement on Form S-1 that we filed with the SEC. Certain information in the registration statement
has been omitted from this prospectus in accordance with the rules and regulations of the SEC. We have also filed exhibits and schedules
with the registration statement that are excluded from this prospectus. The registration statement may be accessed at the SEC&#8217;s
website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>MPHASE TECHNOLOGIES, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="fin_001"></span>INDEX TO FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets as of June 30, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Operations for the Years Ended June 30, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Changes in Stockholders&#8217; Equity for the Years Ended June 30, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-5</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows for the Years Ended June 30, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements for the Years Ended June 30, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-8 - F-41 </td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets as of December 31, 2021 (unaudited) and June 30, 2021 (audited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-42</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Operations and Other Comprehensive Income (Loss) for the Three and Six Months Ended December 31,
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-43</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Changes in Stockholders&#8217; Equity for the Six Months Ended December 31, 2021 and 2020 (unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-44</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Cash Flows for the Six Months Ended December 31, 2021 and 2020 (unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">F-45</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#f_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    to Condensed Consolidated Financial Statements for the Six Months Ended December 31, 2021 and 2020 (unaudited)</span></a></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="logo_001.jpg" alt="" />&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="f_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and Board of Directors of mPhase Technologies, Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Opinion
on the Financial Statements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of mPhase Technologies, Inc. (the &#8220;Company&#8221;) as of June 30, 2021
and 2020, the related consolidated statements of operations and other comprehensive income (loss), changes in stockholders&#8217; equity,
and cash flows for each of the two-years in the period ended June 30, 2021, and the related notes (collectively referred to as the &#8220;financial
statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as of June 30, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended
June 30, 2021, in conformity with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Basis
of Opinion</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to fraud or error. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Critical
Audit Matters</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts
or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and
we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going
Concern Considerations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in Note 2 to the financial statements, the financial statements were prepared on a going concern basis, which contemplated
the realization of assets and the satisfaction of liabilities in the normal course of business. At June 30, 2020, conditions existed
which raised substantial doubt about an entity&#8217;s ability to continue as a going concern. At June 30, 2021, this uncertainty
was alleviated by Management&#8217;s plans, including the Company&#8217;s existing working capital, current net income and expected future
cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auditing
management&#8217;s evaluation of a going concern can be a significant judgment given the fact that the Company uses management estimates
on future revenues and expenses which are not able to be substantiated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
evaluate the appropriateness of the mitigation of the going concern uncertainty, we examined and evaluated the financial information
that was the initial cause along with managements&#8217; plans to mitigate the going concern and managements&#8217; disclosure of going
concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
Boyle CPA, LLC</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Red
Bank, NJ<br />
October 13, 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: left">331
Newman Springs Road</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: right">P (732) 784-1582</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Building
1, 4<sup>th</sup> Floor, Suite 143</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">F (732) 510-0665</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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Bank, NJ 07701</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_002"></span>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30A_111_zRWR1J35L1ue" summary="xdx: Statement - Consolidated Balance Sheets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_406_eus-gaap--Cash_i02I_maCzIVH_zTyhP6emHyOl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,473,386</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">142,413</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--AccountsReceivableNetCurrent_i02I_maCzIVH_zhCAEaEtAo58" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts
    receivable, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,784,081</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,048,095</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--PrepaidExpenseCurrent_i02I_maCzIVH_zGkN7kCq6lTg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid
    expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">238,927</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,477</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--OtherAssetsCurrent_i02I_maCzIVH_zTLswHtOhC52" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">422,254</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,879</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--AssetsCurrent_i02TI_mtCzIVH_maCzdMy_zZEIOLnGPxv2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Current Assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,918,648</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,225,864</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_i01I_maCzdMy_z7TRjeJAxh99" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,518</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,669</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--Goodwill_i01I_maCzdMy_zafhYqJIsQ2h" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,669</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,636</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i01I_maCzdMy_zRLnSvZXOFc4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible
    asset - purchased software, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,079,047</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,835,117</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OtherAssetsNoncurrent_i01I_maCzdMy_zwcR350ssd06" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,645</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,670</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--Assets_i01TI_mtCzdMy_zCZMdJqaLs0a" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,021,527</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,108,956</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zDohfEnlvel4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    and Stockholders&#8217; Equity</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--LiabilitiesCurrentAbstract_i01B_zNA5NcuDYGD2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current
    Liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--AccountsPayableCurrent_i02I_maCzP8L_zj6ZLpZV98P7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts
    payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,158,006</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,897,887</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--AccruedLiabilitiesCurrent_i02I_maCzP8L_zRi5Gvh360Lb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued
    expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,368,367</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,123,842</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_maCzP8L_z9rhVfaqqHNi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">350,689</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">219,652</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--DueToRelatedPartiesCurrent_i02I_maCzP8L_zn4idG144NB5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due
    to related parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,688</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">84,485</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--NotesPayableToOfficersCurrent_i02I_maCzP8L_z6NSSH0OPWV5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Note
    payable to officer</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:NotesPayableToOfficersCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">691,942</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:NotesPayableToOfficersCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,818</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--NotesPayableCurrent_i02I_maCzP8L_zZAMJnrBfF9h" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Notes
    payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">323,218</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,469</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--ConvertibleNotesPayableNetCurrent_i02I_maCzP8L_zUdTlViPwvmb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible
    notes payable, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleNotesPayableNetCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,991,036</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleNotesPayableNetCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">189,641</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--ConvertibleDebtCurrent_i02I_maCzP8L_zy53liu7KFYh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current
    portion, liabilities in arrears with convertible features</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConvertibleDebtCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">109,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConvertibleDebtCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">109,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--JudgementSettlementAgreementCurrent_i02I_maCzP8L_znGoDTuLcTqf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current
    portion, liabilities in arrears - judgment settlement agreement (Note 9)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0092">&#160;</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:JudgementSettlementAgreementCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">771,702</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--DerivativeLiabilitiesCurrent_i02I_maCzP8L_zcklNJUIl7qf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Derivative
    liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0095">&#160;</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DerivativeLiabilitiesCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">897,631</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_i02I_maCzP8L_zb1P9CZtYFpl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liabilities
    of discontinued operations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">82,795</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">82,795</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--LiabilitiesCurrent_i02TI_mtCzP8L_maCzTn8_z9dNh9YISOd9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Current Liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,162,741</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,423,922</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--LongTermNotesPayable_i01I_maCzTn8_znVGlPL3XG73" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Notes
    payable, net of current portion</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,890</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,459</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--Liabilities_i01TI_mtCzTn8_maCz673_zZzw2mPXWXW8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,591,381</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--CommitmentsAndContingencies_i01I_maCz673_zbLspziAyPP8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Commitments
    and Contingencies (Note 15)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--StockholdersEquityAbstract_i01B_zdqr3sIobSv" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stockholders&#8217;
    Equity</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PreferredStockValue_i02I_maCzK3p_zhBmIv9L2YR6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Preferred
    stock, $<span id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_c20210630_pdd" title="Preferred stock, par value"><span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_c20200630_pdd" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></ix:nonFraction></span></span> par value; <span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_c20210630_pdd" title="Preferred stock, shares authorized"><span id="xdx_904_eus-gaap--PreferredStockSharesAuthorized_c20200630_pdd" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized and <span id="xdx_90A_eus-gaap--PreferredStockSharesIssued_c20210630_pdd" title="Preferred stock, shares issued"><span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_c20210630_pdd" title="Preferred stock, shares outstanding"><span id="xdx_90B_eus-gaap--PreferredStockSharesIssued_c20200630_pdd" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_c20200630_pdd" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> shares issued and outstanding at June 30, 2021 and 2020</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PreferredStockValue" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PreferredStockValue" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--CommonStockValue_i02I_maCzK3p_zqpuX7LDkYyk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Common
    stock, $<span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_c20210630_pdd" title="Common stock, par value"><span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_c20200630_pdd" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></ix:nonFraction></span></span> par value; <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_c20210630_pdd" title="Common stock, shares authorized"><span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_c20200630_pdd" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized and <span id="xdx_907_eus-gaap--CommonStockSharesIssued_c20210630_pdd" title="Common stock, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">78,612,608</ix:nonFraction></span> shares issued and <span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_c20210630_pdd" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">78,584,238</ix:nonFraction></span> outstanding at June 30, 2021, and
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">785,844</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">191,745</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AdditionalPaidInCapital_i02I_maCzK3p_znZN4jZxZCq5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additional
    paid-in-capital</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">236,935,277</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">231,984,704</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--CommonStockSharesSubscriptions_i02I_maCzK3p_zoAey0Uisns5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Common
    stock to be issued</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">63,700</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">955,466</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_maCzK3p_zCb3fJG8R9L9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    other comprehensive (loss) income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,526</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">113,070</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maCzK3p_zW0erWmoqih5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">226,061,409</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">227,727,420</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_409_eus-gaap--StockholdersEquity_i02TI_mtCzK3p_maCz673_zuZnKlLbLzh3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Stockholders&#8217; Equity</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,711,896</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,517,575</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_mtCz673_z3o3X4opWjYk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Liabilities and Stockholders&#8217; Equity</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,021,527</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,108,956</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_003"></span>CONSOLIDATED
STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_305_113_zZdmPAe0Zbke" summary="xdx: Statement - Consolidated Statements of Operations and Other Comprehensive Income (Loss)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_497_20200701_20210630" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20190701_20200630" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Years Ended</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_maCzY1O_zHQ1JtIbisGc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,672,314</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,276,422</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--CostOfRevenue_msCzY1O_z85sBBrJh4o3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cost
    of revenue</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,501,496</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,579,544</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--GrossProfit_iT_mtCzY1O_maCzUdq_zSn08ndSKWE4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross
    Profit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,170,818</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,696,878</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingExpensesAbstract_iB_zRpgA0xTzeai" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    Expenses:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost_i01_maCzbin_zUNG6FEmN8J2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Software
    development costs</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,433,071</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">991,928</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--SalariesAndWages_i01_maCzbin_zO4NC4WWdHi6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Salaries
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,585,981</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--GeneralAndAdministrativeExpense_i01_maCzbin_zpenjKyESIqi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,393,104</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,695,200</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingExpenses_i01T_mtCzbin_msCzUdq_zjpS7fPZTzx7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Operating Expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,964,910</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,273,109</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_iT_mtCzUdq_maCzOLF_zzEcdcz5LkWa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    income (loss)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,205,908</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,576,231</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zPAsuBzgKGGh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    Income (Expense):</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--InterestExpense_i01N_di_msCz918_z6hZY7fIZyl6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">683,544</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">219,589</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--DerivativeGainLossOnDerivativeNet_i01_maCz918_zVzdxJLQ4L39" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain
    on change in fair value of derivative liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,267,323</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,584,102</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_ecustom--InitialDerivativeLiabilityExpense_i01N_di_msCz918_zTVbxTo91O74" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial
    derivative expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:InitialDerivativeLiabilityExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,240,908</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:InitialDerivativeLiabilityExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,610,913</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40E_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_i01N_di_msCz918_zq3YZJT4u9f6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Amortization
    of debt discounts, deferred financing costs, and <br />original issue discounts</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,032,516</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">899,491</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i01_maCz918_zVjIUNrcMVT9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain
    (loss) on extinguishment and settlement of debt</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">149,748</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">363,319</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--GainLossOnDispositionOfAssets1_i01_maCz918_ztdHqakJBmb8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss
    on asset disposal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0217">&#160;</span></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainLossOnDispositionOfAssets1" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,126</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--NonoperatingIncomeExpense_i01T_mtCz918_maCzOLF_zBOPONUoWOp3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Other Income (Expense)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,539,897</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,517,336</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtCzOLF_maCz1KE_zJ3E2CtuwiVb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income
    (loss) before income taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,666,011</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">14,093,567</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncomeTaxExpenseBenefit_msCz1KE_zq4WOQvjzUX4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income
    taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0226">&#160;</span></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0227">&#160;</span></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--NetIncomeLoss_iT_mtCz1KE_maCzUMy_z3kVZRHnKOtb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    income (loss)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">14,093,567</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_i01_maCzUMy_zcxu4KT7Q8R1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">124,596</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
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    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,980,497</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--EarningsPerShareAbstract_iB_zicg1CDp1N1l" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Income (loss) per
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--EarningsPerShareBasicAndDiluted_i01_znXJxCuKRO22" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.02</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">1.08</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfShareOutstandingBasicAndDiluted_i01_zeAlsiBZY3b7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Weighted average
    shares outstanding &#8211; basic and diluted</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">73,133,533</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">13,052,590</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_004"></span>CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS&#8217;  EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_114_zD1lxSWn3kt8" summary="xdx: Statement - Consolidated Statements of Stockholders&apos; Equity" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 8pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Shares</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    Par<br /> Value</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_438_c20190701__20200630_eus-gaap--StockholdersEquity_iS_zguWEYTjSuba" style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30_us-gaap_AccumulatedOtherComprehensiveIncomeMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,526</ix:nonFraction></span></td><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">226,061,409</ix:nonFraction></span></td><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,711,896</ix:nonFraction></span></td><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_005"></span>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_112_z79kA5Ur0Vj2" summary="xdx: Statement - Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_493_20200701__20210630_zCLg26mzldC5" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Years Ended</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_z7hrRq8zcZfb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from operating activities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NetIncomeLoss_i01_maCzn50_zSzOh15zQtcj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    income (loss)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,666,011</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">14,093,567</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_409_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_zsPtfSKCxVC4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-style: italic; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Adjustments
    to reconcile net income (loss) to net cash from operating activities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--InitialDerivativeExpense_i02_maCzn50_zkomizcNlRA8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Initial
    derivative expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialDerivativeExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,240,908</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialDerivativeExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,610,913</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_i02_maCzn50_zrxVoydzWXvg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Amortization
    of debt discount, deferred financing costs, and original issue discount</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,032,516</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">899,491</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--DepreciationAndAmortization_i02_maCzn50_zFETvVzH5Fnh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">925,037</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">929,924</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ShareBasedCompensation_i02_maCzn50_zjkHLKP0F1Hf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Stock-based
    compensation</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">383,131</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,335,671</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i02N_di_msCzn50_zfQYaUOoZicc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(Gain)
    loss on extinguishment and settlement of debt</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">149,748</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">363,319</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--DerivativeGainLossOnDerivativeNet_i02N_di_msCzn50_z13UPmUxSzi3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(Gain)
    loss on change in fair value of derivative liability</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,267,323</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,584,102</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40D_ecustom--AllowanceForForeignTaxes_i02N_di_msCzn50_zRrrNOIAw4i2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Allowance
    for foreign taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0603">&#160;</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AllowanceForForeignTaxes" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">145,129</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--GainLossOnDispositionOfAssets1_i02N_di_msCzn50_zhte0WAHyYk1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Loss
    on asset disposal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0606">&#160;</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GainLossOnDispositionOfAssets1" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,126</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_z7mq4qVbGNIl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-style: italic; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Changes
    in operating assets and liabilities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msCzn50_zn9BoWk1N7fe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Increase
    in accounts receivable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,985,986</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,521,940</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msCzn50_zi94pDjrgvIg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(Increase)
    decrease in prepaid expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">180,450</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,343</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOtherCurrentAssets_i03N_di_msCzn50_z6LjmApqnC0l" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Increase
    in other assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">383,350</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">39,491</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInDeferredRevenue_i03_maCzn50_zpI4dlsIGby6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Increase
    in contract liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,037</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">219,652</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_i03_maCzn50_zjIjx0ZQRHd3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Increase
    in accounts payable and accrued expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,067,514</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,378,498</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtCzn50_maCzHwz_zaZ2dbOglUNd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in operating activities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,520,703</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,344,033</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zEefjxUgfAyb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from investing activities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--PaymentsToAcquireProductiveAssets_i01N_di_msCzZWq_z1b6eE46cQD" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Capital
    expenditures</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireProductiveAssets" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,064</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireProductiveAssets" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">553</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_i01N_di_msCzZWq_zxKaGq7uosm1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    acquired in CloseComms asset acquisition</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0636">&#160;</span></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">70,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtCzZWq_maCzHwz_zJERslX7vu8d" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    cash (used in) provided by investing activities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,064</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">69,447</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zgE1N1pIuZhb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from financing activities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--ProceedsFromConvertibleDebt_i01_maCzoP1_zRuBOKjH1qSj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of convertible notes payable, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,219,431</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,116,800</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--ProceedsFromNotesPayable_i01_maCzoP1_zSnLflMnHT19" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from notes payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">288,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">187,333</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_maCzoP1_zLQnJ4ko4uw6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from sale of common stock, net of finder&#8217;s fees</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0651">&#160;</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">347,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ProceedsFromRelatedPartyDebt_i01_maCzoP1_z74hiwwB3Jzg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from notes payable to related parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0654">&#160;</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,800</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--RepaymentsOfRelatedPartyDebt_i01N_di_msCzoP1_zhkyVcvjmvyb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Repayments
    of notes payable to related parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">224,595</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_ecustom--RepaymentsUnderSettlementAgreement_i01N_di_msCzoP1_zqWrN4R5NHm9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Repayments
    under settlement agreement</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:RepaymentsUnderSettlementAgreement" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:RepaymentsUnderSettlementAgreement" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">120,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--RepaymentsOfConvertibleDebt_i01N_di_msCzoP1_zDI0S9ZEE5wg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Repayments
    of convertible notes payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfConvertibleDebt" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,053,500</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfConvertibleDebt" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">262,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtCzoP1_maCzHwz_zEf1ZS6kXrsk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by financing activities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,979,336</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,269,933</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations_maCzHwz_zIRaiplgSaSi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Effect
    of foreign exchange rate changes on cash</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">124,596</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">113,070</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCzHwz_z1Gbs0Gy8FYk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net
    increase in cash</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,330,973</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">108,417</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zDbN8VfaeOsj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    at beginning of year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">142,413</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2019-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,996</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zaBsL2Hwfav2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    at end of year</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,473,386</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">142,413</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zi42bEVnCvp5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Supplemental
    disclosure of cash flow information:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--InterestPaidNet_i01_zgrlUtR1H3Y2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    paid for interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">514,176</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,596</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IncomeTaxesPaidNet_i01_zAEvPprZho71" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
    paid for taxes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0687">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0688">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Years Ended</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--NonCashOperatingAndInvestingActivitiesAbstract_iB_zEdgUpLPGa1k" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Supplemental
    disclosure of non-cash operating activities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--InitialFairValueOfDerivativeLiabilityRecordedAsDebtDiscount_i01_zkf8XiorBxx5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial
    fair value of derivative liability recorded as debt discount</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityRecordedAsDebtDiscount" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">853,800</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityRecordedAsDebtDiscount" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,115,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_z7RldNdmiei" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Supplemental
    disclosure of non-cash investing and financing activities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--RelativeFairValueOfWarrantsIssuedWithConvertiblePromissoryNotes_i01_zLtIq0xrzgi9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Relative
    fair value of warrants issued with convertible promissory notes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:RelativeFairValueOfWarrantsIssuedWithConvertiblePromissoryNotes" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,047,493</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0700">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesAbstract_i01B_zLV2pHakALk8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
    of Common Stock for conversions of convertible promissory notes and accrued interest</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesValue_i02_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesValue" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,596,888</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesValue" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,054,204</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesShares_i02_zp2LbOtF7Mmb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesShares" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,716,750</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesShares" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,872,362</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--CancellationOfCommonStockAbstract_i01B_zP8wxymJce2a" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cancellation
    of Common Stock of Chief Executive Officer</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--NumberOfStockCancelled_i02_pp0p0_zC45ECfNTpwk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:NumberOfStockCancelled" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">496,106</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0715">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--NumberOfStockCancelledshares_i02_z2FtPHHXt5mi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:NumberOfStockCancelledshares" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,352,066</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0718">&#160;</span></span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--IssuanceOfCommonStockForNotePayableIssuanceOneAbstract_i01B_zChZf2YRRNb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
    of Common Stock for note payable issuance</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--StockIssuedForDebt_i02_pp0p0_zYHhZsEPnyLb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:StockIssuedForDebt" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">121,500</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0724">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--StockIssuedForDebtShares_i02_z1lTMzN8xvjk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:StockIssuedForDebtShares" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">450,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0727">&#160;</span></span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--IssuanceOfCommonStockForVendorServicesAbstract_i01B_zsMW1n7vx82b" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
    of Common Stock for vendor services</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--StockIssued1_i02_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">197,367</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">46,500</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--StockIssuedUnderNonCashActivity_i02_pdd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:StockIssuedUnderNonCashActivity" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,422,127</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:StockIssuedUnderNonCashActivity" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">62,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--PaymentOfVendorPayablesByFormerOfficerRelatedParty_i01_zSFyQmNISaq" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Payment
    of vendor payables by former officer related party</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0738">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:PaymentOfVendorPayablesByFormerOfficerRelatedParty" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,252</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--ReversalOfCommonStockToBeIssuedForConversionOfStrategicVendorPayables_i01_zrourp2WeUT" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Reversal
    of Common Stock to be issued for the conversion of strategic vendor payables</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0741">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ReversalOfCommonStockToBeIssuedForConversionOfStrategicVendorPayables" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,725</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--CommonStockToBeIssuedForClosecommsAssetAcquisitionAbstract_i01B_zm4b4VN9Rcy" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Common
    Stock to be issued for CloseComms asset acquisition</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--NumberOfStockIssuedForAcquisitionValue_i02_pp0p0_zThgTfF440Bd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0747">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:NumberOfStockIssuedForAcquisitionValue" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">955,466</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--NumberOfStockIssuedForAcquisitionShares_i02_zR0lwvW93E7l" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0750">&#160;</span></span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:NumberOfStockIssuedForAcquisitionShares" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,666,666</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--IssuanceOfCommonStockForConversionOfRelatedPartyDebtsAndStrategicVendorPayablesAbstract_i01B_z7Lau9ldp6L6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p id="xdx_04B_c20200701__20210630_zrtbP3XN1hNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_006"></span>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock"><p id="xdx_80F_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zSrGHswclCO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1: <span id="xdx_825_zDUaJ3uYfZ14">ORGANIZATION AND NATURE OF BUSINESS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_82C_z1uL1GaKoHgc" style="display: none">NATURE
OF BUSINESS AND BASIS OF PRESENTATION</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Organization
and Nature of Business</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service (&#8220;SaaS&#8221;) and
technology as a service (&#8220;TaaS&#8221;). The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual&#8217;s tastes and needs, with particular emphasis on empowering
today&#8217;s green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application (&#8220;mPower App&#8221;): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 83 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Impact
of COVID-19 Pandemic</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
novel strain of coronavirus, COVID-19, surfaced during December 2019 and has spread around the world, including to the United States.
During March 2020, COVID-19 was declared a pandemic by the World Health Organization. During certain periods of the pandemic thus far,
a number of U.S. states and various countries throughout the world had been under governmental orders requiring that all workers remain
at home unless their work was critical, essential, or life-sustaining. As a result of these governmental orders, the Company temporarily
closed its domestic and international offices and required all of its employees to work remotely. As economic activity has begun and
continues recovering, the impact of the COVID-19 pandemic on our business has been more reflective of greater economic and marketplace
dynamics. Furthermore, in light of variant strains of the virus that have emerged, the COVID-19 pandemic could once again impact our
operations and the operations of our customers and vendors as a result of quarantines, illnesses, and travel restrictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
full impact of the COVID-19 pandemic on the Company&#8217;s financial condition and results of operations will depend on future developments,
such as the ultimate duration and scope of the pandemic, its impact on the Company&#8217;s employees, customers, and vendors, in addition
to how quickly normal economic conditions and operations resume and whether the pandemic impacts other risks disclosed in Item 1A &#8220;Risk
Factors&#8221; within this Annual Report on Form 10-K. Even after the pandemic has subsided, the Company may continue to experience adverse
impacts to its business as a result of any economic recession or depression that has occurred as a result of the pandemic. Therefore,
the Company cannot reasonably estimate the impact at this time. The Company continues to actively monitor the pandemic and may determine
to take further actions that alter its business operations as may be required by federal, state, or local authorities or that it determines
are in the best interests of its employees, customers, vendors, and shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock"><p id="xdx_80A_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zgEpKJyou169" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2: <span id="xdx_82C_zjsbMImh5oek">GOING CONCERN</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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and incurred a net loss of $<span id="xdx_90F_ecustom--NetLoss_pp0p0_c20190701__20200630_zmY4TUrBjoSl" title="Net income loss"><ix:nonFraction name="XDSL:NetLoss" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">14,093,567</ix:nonFraction></span> and has used cash in operating activities of $<span id="xdx_90F_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20200701__20210630_zi0UNghrh5t4" title="Net cash used in operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">1,520,703</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20190701__20200630_zRfdTRfRXSK8" title="Net cash used in operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">1,344,033</ix:nonFraction></span> for the years ended
June 30, 2021 and 2020, respectively. At June 30, 2021, the Company had a working capital surplus of $<span id="xdx_905_ecustom--WorkingCapital_c20210630_pp0p0" title="Working capital"><ix:nonFraction name="XDSL:WorkingCapital" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,755,907</ix:nonFraction></span>, and an accumulated deficit
of $<span id="xdx_90B_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20210630_z3sHbTUVQmt6" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">226,061,409</ix:nonFraction></span>. While these factors alone may raise doubt as to the Company&#8217;s ability to continue as a going concern, management
believes the Company&#8217;s present and expected cash flows will enable it to meet its obligations for a period of twelve months from
the date of this filing. The consolidated financial statements do not include any adjustments relating to the recoverability and
classification of recorded asset amounts nor to the amounts and classification of liabilities that might be necessary should the Company
be unable to continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event managements&#8217; plans do not materialize,
in order to meet the Company&#8217;s working capital needs through the next twelve months and to fund the growth of its
nanotechnology, artificial intelligence, and machine learning technologies, as well as our 5G and EV charging initiatives, the Company
may consider plans to raise additional funds through the issuance of equity or debt. Although the Company intends to obtain additional
financing to meet its cash needs, the Company may be unable to secure any additional financing on terms that are favorable or acceptable
to it, if at all. The Company&#8217;s ability to raise additional capital may also be impacted by the recent COVID-19 pandemic, which
such ability is highly uncertain, cannot be predicted, and could have an adverse effect on the Company&#8217;s business and financial
condition.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Years Ended June 30, 2021 and 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_zYHN64gfZZaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: <span id="xdx_822_zVeM6r5juGih">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_846_eus-gaap--ConsolidationPolicyTextBlock_zax87ELsX3I4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_868_zhw2n4N7QE6d">Basis
of Consolidation and Presentation</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements for the years ended June 30, 2021 and 2020, include the operations of mPhase and its wholly-owned subsidiaries,
mPower Charging, Inc., Medds, Inc., mPhase Technologies India Private Limited effective March 19, 2019, and Alpha Predictions
LLP effective June 30, 2019. All significant intercompany accounts and transactions have been eliminated in the consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mPower
Charging, Inc. is a New Jersey corporation and a wholly-owned consumer products subsidiary of mPhase Technologies, Inc. As this
subsidiary had its last significant sale of Jump products during the first quarter of fiscal 2017, this product line is reflected as
discontinued operations within these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p id="xdx_846_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zpv6XOzjkBp9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zBrK3tS3HRZe">Reclassifications</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
reclassifications of prior year amounts have been made to enhance comparability with the current year&#8217;s consolidated financial
statements, including, but not limited to, presentation of certain items within the consolidated statements of operations and comprehensive
loss, consolidated statements of cash flows, and certain notes to the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_842_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zta1OeUSr892" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_z9scdBIpSKu8">Foreign
Currency Translation and Transactions</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currencies of our operations in India and the United Kingdom are the Indian Rupee (&#8220;INR&#8221;) and the British Pound
(&#8220;GBP&#8221;), respectively. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance
sheet date, and income and expense items are translated at the average exchange rates in effect during the applicable period. The aggregate
effect of foreign currency translation is recorded in accumulated other comprehensive income/loss in our consolidated balance sheets.
Our net investments in our Indian and United Kingdom operations are recorded at the historical rates and the resulting foreign currency
translation adjustments, net of income taxes, are reported as other comprehensive income and accumulated other comprehensive income within
stockholders&#8217; equity in accordance with ASC 220 &#8211; Comprehensive Income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_zaO5j2rvmoQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exchange rates used to translate amounts in INR (beginning March 19, 2019) and GBP (beginning May 11, 2020) into USD for the purposes
of preparing the consolidated financial statements were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B5_zoOmFpVdaxNb" style="display: none">SCHEDULE OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
sheet:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 56%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Period-end
    INR: USD exchange rate</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--ForeignCurrencyExchangeRateTranslation1_c20210630__us-gaap--DerivativeInstrumentRiskAxis__custom--PeriodEndINRMember_pdd" title="Foreign currency translation exchange rate" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-06-30_custom_PeriodEndINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01349</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--ForeignCurrencyExchangeRateTranslation1_c20200630__us-gaap--DerivativeInstrumentRiskAxis__custom--PeriodEndINRMember_pdd" title="Foreign currency translation exchange rate" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2020-06-30_custom_PeriodEndINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01329</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Period-end
    GBP: USD exchange rate</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--ForeignCurrencyExchangeRateTranslation1_c20210630__us-gaap--DerivativeInstrumentRiskAxis__custom--PeriodEndGBPMember_pdd" title="Foreign currency translation exchange rate" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-06-30_custom_PeriodEndGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.38510</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--ForeignCurrencyExchangeRateTranslation1_c20200630__us-gaap--DerivativeInstrumentRiskAxis__custom--PeriodEndGBPMember_pdd" title="Foreign currency translation exchange rate" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2020-06-30_custom_PeriodEndGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.23244</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
statement:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 56%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Average
    Annual INR: USD exchange rate</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20200701__20210630__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodINRMember_pdd" title="Average foreign currency translation exchange rate" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2020-07-012021-06-30_custom_AveragePeriodINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01353</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20190701__20200630__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodINRMember_pdd" title="Average foreign currency translation exchange rate" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2019-07-012020-06-30_custom_AveragePeriodINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01386</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Average
    Annual GBP: USD exchange rate</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20200701__20210630__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodGBPMember_pdd" title="Average foreign currency translation exchange rate" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2020-07-012021-06-30_custom_AveragePeriodGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.32459</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20190701__20200630__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodGBPMember_pdd" title="Average foreign currency translation exchange rate" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2019-07-012020-06-30_custom_AveragePeriodGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.23680</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zzUHaffEJze2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation
gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency
are translated, as the case may be, at the rate on the date of the transaction and included in the results of operations as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 85 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84A_eus-gaap--UseOfEstimates_z2PniHyIToOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_zSFXZHWS9n9e">Use
of Estimates</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of
America (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. If actual results significantly differ from
the Company&#8217;s estimates, the Company&#8217;s financial condition and results of operations could be materially impacted. Significant
estimates include the collectability of accounts receivable, estimated useful lives of finite-lived intangible assets, accrued expenses,
valuation of derivative liabilities, stock-based compensation, and the deferred tax asset valuation allowance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_845_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zf6lj70Uqbkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zxgBfNlmYcsa">Segment
Reporting</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation
as permitted by ASC Topic 280, <i>Segment Reporting</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_ziLgp7Tmh0Od" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_863_zK04557oETxg">Concentrations
of Credit Risk</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and
accounts receivable. The Company maintains cash and cash equivalents with four financial institutions. Deposits held with the financial
institutions may exceed the amount of insurance provided by the Federal Deposit Insurance Corporation on such deposits, but may be redeemed
upon demand. The Company performs periodic evaluations of the relative credit standing of the financial institutions. With respect to
accounts receivable, the Company monitors the credit quality of its customers as well as maintain an allowance for doubtful accounts
for estimated losses resulting from the inability of customers to make required payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
which potentially subject the Company to concentrations of revenue risk consist principally of one customer agreement. For the years
ended June 30, 2021 and 2020, this one customer accounted for approximately <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20200701__20210630__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z4zrOnxIDxgg" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012021-06-30_custom_OneCustomerMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20190701__20200630__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zOuNsMQP2sCb" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2019-07-012020-06-30_custom_OneCustomerMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of our total revenue, respectively. At June
30, 2021 and 2020, this one customer accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20200701__20210630__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zz2GrqeF2oK7" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012021-06-30_custom_OneCustomerMember_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20190701__20200630__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zTDu5q6VaGR1" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2019-07-012020-06-30_custom_OneCustomerMember_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of our total accounts receivable, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Supplier
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
which potentially subject the Company to concentrations of supplier risk consist principally of one supplier agreement. For the years
ended June 30, 2021 and 2020, this one supplier accounted for approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20200701__20210630__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--OneSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zYDqsWIKXk1l" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012021-06-30_custom_OneSupplierMember_custom_CostOfRevenueMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20190701__20200630__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--OneSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_znhL32HtEh0h" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2019-07-012020-06-30_custom_OneSupplierMember_custom_CostOfRevenueMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of our total cost of revenue, respectively.
At June 30, 2021 and 2020, this one supplier accounted for approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20200701__20210630__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--OneSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zsxgu4TWiTn" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012021-06-30_custom_OneSupplierMember_us-gaap_AccountsPayableMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">90</ix:nonFraction></span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20190701__20200630__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--OneSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zPlsCe3CW0Ue" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2019-07-012020-06-30_custom_OneSupplierMember_us-gaap_AccountsPayableMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">95</ix:nonFraction></span>% of our total accounts payable, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 86 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zJ2eslTSy76c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zwKnU0MCYPse">Cash
and Cash Equivalents</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market
funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. There were no
cash equivalents at June 30, 2021 or 2020. The Company places its cash and cash equivalents with high-quality financial institutions.
At times, balances in the Company&#8217;s cash accounts may exceed the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) limit.
At June 30, 2021, the Company&#8217;s cash balance at one financial institution exceeded the FDIC limit. At June 30, 2020, the Company&#8217;s
cash balances did not exceed the FDIC limit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_848_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zr21548I2Cw9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zXfMys8LUYQj">Accounts
Receivable</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating
the level of established loss reserves, the Company makes judgments regarding its customers&#8217; ability to make required payments,
economic events, and other factors. As the financial condition of these parties change, circumstances develop or additional information
becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for potential credit
losses, and such losses traditionally have been within its expectations. Additionally, to date, the Company has entered into five separate
tri-party settlement and offset agreements with its largest customer and largest vendor, whereby the Company&#8217;s largest customer
has agreed to direct funds due the Company for certain outstanding invoices, to the Company&#8217;s largest vendor to satisfy payment
on behalf of the Company for certain outstanding invoices. To date, the aggregate amount of the five tri-party settlement and offset
agreements has totaled $<span id="xdx_90A_ecustom--AggregateSettlementAmount_c20210630_pp0p0" title="Aggregate settlement amount"><ix:nonFraction name="XDSL:AggregateSettlementAmount" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">41,250,000</ix:nonFraction></span>. At June 30, 2021 and 2020, the Company determined there was <span id="xdx_909_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pdp0_do_c20210630_zrxWVWLxUSXg" title="Allowance for doubtful account receivable"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2021-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></span> requirement for an allowance for doubtful
accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zKViqgmXQ2ca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_z9WIGMl1p2Rd">Property
and Equipment</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
expenditures on the acquisition for property and equipment are recorded at cost and capitalized as incurred, provided the asset benefits
the Company for a period of more than one year. Expenditures on routine repairs and maintenance of property and equipment are charged
directly to operating expense. The property and equipment is depreciated based upon its estimated useful life after being placed in service.
The estimated useful lives range from <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_dtY_c20200701__20210630__srt--RangeAxis__srt--MinimumMember_z9zriPE1FTel" title="Property and equipment, estimated useful life"><ix:nonNumeric contextRef="From2020-07-012021-06-30_srt_MinimumMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">3</ix:nonNumeric></span> to <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_dtY_c20200701__20210630__srt--RangeAxis__srt--MaximumMember_zdSSvmRulsYj" title="Property and equipment, estimated useful life"><ix:nonNumeric contextRef="From2020-07-012021-06-30_srt_MaximumMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">7</ix:nonNumeric></span> years based upon asset class. When an asset is retired, sold or impaired, the resulting
gain or loss is reflected in earnings. The Company incurred depreciation expense of $<span id="xdx_90F_eus-gaap--DepreciationAmortizationAndAccretionNet_c20200701__20210630_pp0p0" title="Depreciation"><ix:nonFraction name="us-gaap:DepreciationAmortizationAndAccretionNet" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">22,760</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--DepreciationAmortizationAndAccretionNet_c20190701__20200630_pp0p0" title="Depreciation"><ix:nonFraction name="us-gaap:DepreciationAmortizationAndAccretionNet" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,020</ix:nonFraction></span> for the year ended June 30, 2021
and 2020, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zxKbWtNxXv5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zEnKq3wK6JBh">Impairment
of Long-Lived Assets</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 360-10, &#8220;Property, Plant, and Equipment&#8221;, the Company
periodically reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount
of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted future cash
flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset&#8217;s
estimated fair value and its book value. For the years ended June 30, 2021 and 2020, the Company did <span id="xdx_900_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pdp0_do_c20190701__20200630_zAT8EkvqFfb7" title="Impairment of long lived assets"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2019-07-012020-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></span>t impair any long-lived assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock"><p id="xdx_847_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zivYpZJudOzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zlrsf7RYHRBg">Goodwill
and Intangible Assets</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is recorded when the purchase price paid for an acquisition exceeds the fair value of the net identified tangible and intangible assets
acquired. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that
indicate that the carrying value may not be recoverable. The Company tests goodwill for impairment by first comparing the fair value
of the reporting unit to its carrying value. If the fair value is determined to be less than the carrying value, a second step is performed
to measure the amount of impairment loss, if any. On June 30, 2021, we performed our annual evaluation of goodwill impairment and determined
that the estimated fair value of our reporting unit exceeded its carrying value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents
and licenses are capitalized when the Company determines there will be a future benefit derived from such assets and are stated at cost.
Amortization is computed using the straight-line method over the estimated useful life of the asset, generally <span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dc_c20200701__20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsAndLicensesMember_z1rH71j8wci8" title="Finite-lived intangible asset, useful life"><ix:nonNumeric contextRef="From2020-07-012021-06-30_custom_PatentsAndLicensesMember" format="ixt-sec:durwordsen" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">five years</ix:nonNumeric></span>. As of June
30, 2021, and 2020, the book value of patents and licenses of $<span id="xdx_909_eus-gaap--OtherIntangibleAssetsNet_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsAndLicensesMember_pp0p0" title="Intangible asset - purchased software, net"><span id="xdx_908_eus-gaap--OtherIntangibleAssetsNet_c20200630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsAndLicensesMember_pp0p0" title="Intangible asset - purchased software, net"><ix:nonFraction name="us-gaap:OtherIntangibleAssetsNet" contextRef="AsOf2021-06-30_custom_PatentsAndLicensesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:OtherIntangibleAssetsNet" contextRef="AsOf2020-06-30_custom_PatentsAndLicensesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">214,383</ix:nonFraction></ix:nonFraction></span></span>, has been fully amortized and no amortization expense was recorded
for the years ended June 30, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ResearchDevelopmentAndComputerSoftwarePolicyTextBlock"><p id="xdx_841_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zwpr0bE5gD4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_zd4nCNYtfFm5">Capitalized
Software Development Costs</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the provisions of ASC 350-40, &#8220;Internal Use Software.&#8221; ASC 350-40 provides guidance for determining whether
computer software is internal-use software, and on accounting for the proceeds of computer software originally developed or obtained
for internal use and then subsequently sold to the public. It also provides guidance on capitalization of the costs incurred for computer
software developed or obtained for internal use. The Company expenses all costs incurred during the preliminary project stage of its
development, and capitalizes the costs incurred during the application development stage. Costs incurred relating to upgrades and enhancements
to the software are capitalized if it is determined that these upgrades or enhancements add additional functionality to the software.
Costs incurred to improve and support products after they become available are charged to expense as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs are amortized on a straight-line basis over the estimated useful lives, currently three years. Management
evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur
that could impact the recoverability of these assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, the book value of purchased and developed technology software of $<span id="xdx_908_eus-gaap--CapitalizedComputerSoftwareNet_c20210630_pp0p0" title="Capitalized software development costs"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,759,021</ix:nonFraction></span>, included three technology platforms, a machine
learning platform and two artificial intelligence platforms. For the years ended June 30, 2021 and 2020, the Company incurred amortization
expense of $<span id="xdx_906_eus-gaap--CapitalizedComputerSoftwareAmortization1_pp0p0_c20200701__20210630_zDttPRWlibfb" title="Amortization expense of capitalized software development costs"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareAmortization1" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">902,277</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--CapitalizedComputerSoftwareAmortization1_pp0p0_c20190701__20200630_zT6k8UFedCD8" title="Amortization expense of capitalized software development costs"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareAmortization1" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">923,904</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zxrzjLXV8N19" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zdKOH76SROU7">Fair
Value of Financial Instruments</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for the fair value of financial instruments in accordance with ASC topic 820, &#8220;Fair Value Measurements and Disclosures&#8221;
(ASC 820), formerly SFAS No. 157 &#8220;Fair Value Measurements&#8221;. ASC 820 defines &#8220;fair value&#8221; as the price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Years Ended June 30, 2021 and 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 also describes three levels of inputs that may be used to measure fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management&#8217;s
best estimate of fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments consist principally of cash, accounts receivable, prepaid expenses, accounts payable, accrued liabilities, due to related
parties, and current and long-term debt. The carrying amounts of such financial instruments in the accompanying balance sheets approximate
their fair values due to their relatively short-term nature. The fair value of short and long-term debt is based on current rates at
which the Company could borrow funds with similar remaining maturities. The carrying amounts approximate fair value with the exception
of the fair value of due to related parties as the fair value cannot be determined due to a lack of similar instruments available to
the Company. It is management&#8217;s opinion that the Company is not exposed to any significant currency or credit risks arising from
these financial instruments. At June 30, 2020, the Company had a Level 3 financial instrument related to its derivative liability. At
June 30, 2021, the Company did not have a derivative liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_847_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z9y5yLCDK3yg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zkSMabq9mn24">Revenue
Recognition</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue in accordance with the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;), Accounting Standards
Codification (&#8220;ASC&#8221;) ASC 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;). Revenues are recognized when
control is transferred to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange
for those goods. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts,
with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv)
allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance
obligation is satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is derived from the sale of artificial intelligence and machine learning focused technology products and related services. The Company
recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied. Product sales occur once
control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive
in exchange for transferring products. The amount of consideration the Company receives and revenue the Company recognizes varies with
changes in customer incentives the Company offers to its customers and their customers. In the event any discounts, sales incentives,
or similar arrangements are agreed to with a customer, such amounts are estimated at time of sale and deducted from revenue. Sales taxes
and other similar taxes are excluded from revenue (see Note 7).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities include amounts billed to customers in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets (see Note 7).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contract asset is recognized for incremental costs to obtain a customer contract that are recoverable, otherwise such incremental costs
are expensed as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="XDSL:CostOfRevenuePolicyTextBlock"><p id="xdx_848_ecustom--CostOfRevenuePolicyTextBlock_zRZPdjgCBwqe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zrx9pugnGlic">Cost
of Revenue</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenue represents the cost of the artificial intelligence and machine learning focused technology products and related services sold
during the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_842_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zroGBx7j3hXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zWVNMlSyiJtc">Share-Based
Compensation</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes share based payments in accordance with the provisions of ASC Topic 718, <i>Compensation &#8211; Stock Compensation
</i>and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments.
Such compensation amounts, if any, are amortized over the respective vesting periods of the grants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
stock awards are granted at the discretion of the compensation committee of the board of directors of the Company (the &#8220;Board of
Directors&#8221;). These awards are restricted as to the transfer of ownership and generally vest over the requisite service periods
(vesting on a straight&#8211;line basis). The fair value of a stock award is equal to the fair market value of a share of the Company&#8217;s
Common Stock on the grant date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates the fair value of stock options and warrants by using the Black-Scholes option valuation model. The Black&#8211;Scholes
option valuation model requires the development of assumptions that are inputs into the model. These assumptions are the expected stock
volatility, the risk&#8211;free interest rate, the expected life of the option, the dividend yield on the underlying stock and the expected
forfeiture rate. Expected volatility is calculated based on the historical volatility of the Company&#8217;s Common Stock over
the expected term of the option. Risk&#8211;free interest rates are calculated based on continuously compounded risk&#8211;free rates
for the appropriate term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determining
the appropriate fair value model and calculating the fair value of equity&#8211;based payment awards requires the input of the subjective
assumptions described above. The assumptions used in calculating the fair value of equity&#8211;based payment awards represent management&#8217;s
best estimates, which involve inherent uncertainties and the application of management&#8217;s judgment. The Company is required to estimate
the expected forfeiture rate and recognize expense only for those shares expected to vest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for share&#8211;based payments granted to non&#8211;employees in accordance with ASC 505&#8211;50, &#8220;Equity Based
Payments to Non&#8211;Employees.&#8221; The Company determines the fair value of the stock&#8211;based payment as either the fair value
of the consideration received or the fair value of the equity instruments issued, whichever is more readily determinable. If the fair
value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier
of either (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the
date at which the counterparty&#8217;s performance is complete.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:DerivativesReportingOfDerivativeActivity"><p id="xdx_845_eus-gaap--DerivativesReportingOfDerivativeActivity_zqKAoA1HmHl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zrIBUMdTlbA2">Derivative
Instruments</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company enters into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain
embedded derivative features. The Company accounts for these arrangements in accordance with ASC Topic 815, <i>Accounting for Derivative
Instruments and Hedging Activities</i> as well as related interpretations of this standard. In accordance with this standard, derivative
instruments are recognized as either assets or liabilities in the balance sheet and are measured at fair values with gains or losses
recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized
at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative
instruments and hybrid instruments based on available market data using appropriate valuation models, considering all of the rights and
obligations of each instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates fair values of derivative financial instruments using various techniques (and combinations thereof) that are considered
consistent with the objective measuring fair values. In selecting the appropriate technique, the Company considers, among other factors,
the nature of the instrument, the market risks that it embodies and the expected means of settlement. Estimating fair values of derivative
financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration
of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes
model) are highly volatile and sensitive to changes in the trading market price of the Company&#8217;s Common Stock. Since derivative
financial instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility
in these estimates and assumption changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:DebtPolicyTextBlock"><p id="xdx_84E_eus-gaap--DebtPolicyTextBlock_zaar0dZH3b5c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zFmtqpA5zlI4">Convertible
Debt Instruments</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records debt net of debt discount for beneficial conversion features and warrants, on a relative fair value basis. Beneficial
conversion features are recorded pursuant to the Beneficial Conversion and Debt Topics of the Financial Accounting Standards Board (&#8220;FASB&#8221;)
ASC. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discount and as additional paid-in-capital.
Debt discount is amortized to interest expense over the life of the debt using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zBwuC2U1mnol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zLLc0KP1lHT1">Income
Taxes</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes in accordance with Accounting for Income Taxes, as clarified by ASC 740-10, <i>Accounting for Uncertainty
in Income Taxes</i> (&#8220;ASC 740&#8221;). Under this method, deferred income taxes are determined based on the estimated future tax
effects of differences between the financial statement and tax basis of assets and liabilities and net operating loss and tax credit
carryforwards given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets
or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which
the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results
or the ability to implement tax planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may
be required. Valuation allowances are recorded related to deferred tax assets based on the &#8220;more likely than not&#8221; criteria
of ASC 740. At June 30, 2021 and 2020, the Company had a full valuation allowance against its deferred tax assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
740 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax
authority would more likely than not sustain the position following an audit. For tax positions meeting the &#8220;more-likely-than-not&#8221;
threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a <span id="xdx_903_eus-gaap--IncomeTaxExaminationLikelihoodOfUnfavorableSettlement_c20200701__20210630_z9fVKiRK49Vb" title="Income tax examination, likelihood of unfavourable settlement"><ix:nonNumeric contextRef="From2020-07-012021-06-30" name="us-gaap:IncomeTaxExaminationLikelihoodOfUnfavorableSettlement">greater than 50 percent</ix:nonNumeric></span> likelihood
of being realized upon ultimate settlement with the relevant tax authority. The Company&#8217;s tax returns for its June 30, 2021, 2020,
2019, and 2018 tax years may be selected for examination by the taxing authorities as the statute of limitations remains open.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes expenses for tax penalties and interest assessed by the Internal Revenue Service and other taxing authorities upon
receiving valid notice of assessments. The Company has received no such notices for the years ended June 30, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_848_eus-gaap--EarningsPerSharePolicyTextBlock_zBM2bPsyvhd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zCTtfZYkBwha">Earnings
Per Share</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the provisions of FASB ASC Topic 260, Earnings per Share, basic earnings per share (&#8220;EPS&#8221;) is computed by
dividing earnings available to common shareholders by the weighted average number of shares of Common Stock outstanding during
the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating EPS on a diluted
basis.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
computing diluted EPS, only potential common shares that are dilutive, those that reduce EPS or increase loss per share, are included.
The effect of contingently issuable shares are not included if the result would be anti-dilutive, such as when a net loss is reported.
For the year ended June 30, 2021, as we incurred net income for the period, no dilutive shares related to the assumed conversion of the
Company&#8217;s convertible promissory notes or assumed exercise of the Company&#8217;s outstanding warrants were included in the diluted
EPS calculation, as the conversion prices of the convertible promissory notes and the exercise prices of the outstanding warrants were
less than the average market price of the Company&#8217;s Common Stock for the year ended June 30, 2021. At June 30, 2021, there
were outstanding warrants to purchase up to <span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThirdPartyAndFormerOfficerMember_zQybccpUuMvk"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-07-012021-06-30_us-gaap_CommonStockMember_custom_ThirdPartyAndFormerOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,718,971</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock,
notes payable with convertible features that if converted, would total <span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20210630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--NotePayableMember__srt--TitleOfIndividualAxis__custom--ThirdPartyAndFormerOfficerMember_z5HGahoTSAdh"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-07-012021-06-30_custom_NotePayableMember_custom_ThirdPartyAndFormerOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,972,553</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock,
and <span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20210630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--VendorServicesMember_zOlEJF9OWJm5"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-07-012021-06-30_custom_VendorServicesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">281,734</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
to be issued pursuant to vendor services provided to the Company. At June 30, 2020, there were outstanding warrants to purchase up
to <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThirdPartyAndFormerOfficerMember_z1zijybJJxX6"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember_custom_ThirdPartyAndFormerOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock,
notes payable with convertible features that if converted, would total <span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20190701__20200630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--NotePayableMember__srt--TitleOfIndividualAxis__custom--ThirdPartyAndFormerOfficerMember_zYhnFNa1hlTe"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2019-07-012020-06-30_custom_NotePayableMember_custom_ThirdPartyAndFormerOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,529,007</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock,
<span id="xdx_90E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20210630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CloseCommsAcquisitionMember_zVvvtVIwXOfi"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-07-012021-06-30_custom_CloseCommsAcquisitionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,666,666</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
to be issued in conjunction with the CloseComms acquisition, and <span id="xdx_901_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20210630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--RestrictedSharesMember__us-gaap--AwardTypeAxis__custom--EmploymentAgreementMember_ziCDYbN8QOF4"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-07-012021-06-30_custom_RestrictedSharesMember_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,817</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of the Company&#8217;s Common
Stock to be issued upon vesting pursuant to the terms of an employment agreement with its Chief Financial Officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="XDSL:ModificationextinguishmentOfDebtPolicyTextBlock"><p id="xdx_84F_ecustom--ModificationextinguishmentOfDebtPolicyTextBlock_zYgvjCP0zpKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zxjd6QQmHLsl">Modification/Extinguishment
of Debt</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 470, a modification or an exchange of debt instruments that adds or eliminates a conversion option that was substantive
at the date of the modification or exchange is considered a substantive change and is measured and accounted for as extinguishment of
the original instrument along with the recognition of a gain or loss. Additionally, under ASC 470, a substantive modification of a debt
instrument is deemed to have been accomplished with debt instruments that are substantially different if the present value of the cash
flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows
under the terms of the original instrument. A substantive modification is accounted for as an extinguishment of the original instrument
along with the recognition of a gain or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z9i24hxdh4we" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86C_zP6jc4cdpkqj">Recently
Adopted Accounting Standards</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2020, the Company adopted Accounting Standards Update (&#8220;ASU&#8221;) 2018-13, <i>Fair Value Measurement</i> (Topic 820):
Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement. The standard modifies the disclosure
requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concept Statement, including
the consideration of costs and benefits. The Company determined the adoption of ASU 2018-13 did not have a material impact on its consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="XDSL:RecentlyIssuedAccountingStandardsNotYetAdoptedPolicyTextBlock"><p id="xdx_84B_ecustom--RecentlyIssuedAccountingStandardsNotYetAdoptedPolicyTextBlock_zG86scwzJCUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zCIVYvUf9N5l">Recently
Issued Accounting Standards Not Yet Adopted</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
August 2020, the FASB issued ASU 2020-06, to modify and simplify the application of U.S. GAAP for certain financial instruments with
characteristics of liabilities and equity. The standard is effective for the Company as of July 1, 2024, with early adoption permitted.
The Company is reviewing the impact of this guidance on its consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact
on the accompanying consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_85F_z6hpMGssO5a5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 92 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80D_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zT9GcmCQXJrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4: <span id="xdx_82E_zajUyFBQgzWc">PROPERTY AND EQUIPMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_89D_eus-gaap--PropertyPlantAndEquipmentTextBlock_zuOakjvMGRu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, the Company&#8217;s property and equipment consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BC_zjEC7RiBXpSd" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Computer
    equipment</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_pp0p0" title="Property and equipment, at cost" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-06-30_us-gaap_ComputerEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">142,343</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_c20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_pp0p0" title="Property and equipment, at cost" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-06-30_us-gaap_ComputerEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">135,360</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Research
    and development equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentGross_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ResearchAndDevelopmentEquipmentMember_pp0p0" title="Property and equipment, at cost" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-06-30_custom_ResearchAndDevelopmentEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">48,383</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ResearchAndDevelopmentEquipmentMember_pp0p0" title="Property and equipment, at cost" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-06-30_custom_ResearchAndDevelopmentEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">48,383</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Furniture
    and fixtures</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentGross_c20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_pp0p0" title="Property and equipment, at cost" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-06-30_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">52,743</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentGross_c20200630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_pp0p0" title="Property and equipment, at cost" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-06-30_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">52,025</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment, at cost</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_maPEN_c20210630_zk5FalZgT1n7" title="Property and equipment, at cost" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">243,469</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_maPEN_c20200630_zEYEGPWUleAk" title="Property and equipment, at cost" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">235,768</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less:
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_msPEN_c20210630_zfODHRMHXR3j" title="Less: accumulated depreciation" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">226,951</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_msPEN_c20200630_zUhYZGkZCSvh" title="Less: accumulated depreciation" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">203,099</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pp0p0_mtPEN_c20210630_zktXpx4rTLa6" title="Property and equipment, net" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,518</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pp0p0_mtPEN_c20200630_zpHhbkGoIkGl" title="Property and equipment, net" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">32,669</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_z9MHSWsZ3AD" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded $<span id="xdx_908_eus-gaap--Depreciation_pp0p0_c20200701__20210630_z3MsU5wabtg6" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">23,852</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--Depreciation_c20190701__20200630_pp0p0" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,020</ix:nonFraction></span> of depreciation expense for the years ended June 30, 2021 and 2020, respectively. There was <span id="xdx_90A_eus-gaap--AssetImpairmentCharges_pdp0_do_c20200701__20210630_zz3EYkCTb169" title="Property and equipment impairments"><span id="xdx_903_eus-gaap--AssetImpairmentCharges_pdp0_do_c20190701__20200630_z9kLaw7AmMdk" title="Property and equipment impairments"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2020-07-012021-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2019-07-012020-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> property
and equipment impairments recorded for the years ended June 30, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="XDSL:OtherAcquisitionTextBlock"><p id="xdx_80E_ecustom--OtherAcquisitionTextBlock_z9EMOyWiurGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5: <span id="xdx_827_zQehkzx76PD2">OTHER ACQUISITIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 11, 2020, the Company entered into an Asset Purchase Agreement to acquire all assets owned, used or held in connection with the business,
other than excluded assets and assumed certain liabilities of CloseComms Limited (&#8220;CloseComms&#8221;), in exchange for <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20210310__20210311__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2021-03-102021-03-11_custom_AssetPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,666,666</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s restricted Common
Stock valued at $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_c20210310__20210311__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_pp0p0"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardGross" contextRef="From2021-03-102021-03-11_custom_AssetPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">955,466</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The most substantial acquired asset was a patented, software application platform that can be integrated into a retail customer&#8217;s
existing Wi-Fi infrastructure, giving the retailer important customer data and enabling AI-enhanced, targeted promotions to drive store
traffic and sales. Other acquired assets included cash and computer and office equipment, while assumed liabilities included certain
compensation related liabilities attributed to engaging the operational team on a consulting basis for a minimum of one (1) year. At
June 30, 2021, the CloseComms technology platform has not been placed in service, but is expected to be during fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to ASU 2017-01 and ASC 805, the Company analyzed the operations of CloseComms and the related agreements to determine if the Company
acquired a business or acquired assets. The gross assets include the intellectual property (the patented, software application platform
&#8211; determined to be a single intangible asset), cash, and computer and office equipment. The Company concluded that substantially all
of the fair values of the gross assets acquired is not concentrated in a single identifiable asset or group of similar identifiable assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considered the criteria in 805-10-55 to determine whether the set includes both inputs and a substantive process that together
significantly contribute to the ability to create outputs. The Company determined the assets acquired and liabilities assumed is not
a business because: 1) the Company did not acquire a workforce that is critical to generating outputs as the CloseComms workforce was
not acquired, and 2) there were no acquired critical processes, including any critical processes to generate revenue. Accordingly, the
transaction was not considered a business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
relative fair value of the assets acquired and liabilities assumed, were based on management&#8217;s estimates of the fair values on
May 11, 2020. The following table summarizes the consideration paid and based upon the purchase price allocation, the estimated relative
fair value of the assets acquired and liabilities assumed at the acquisition date:</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="XDSL:ScheduleOfRecognizedIdentifiedAssetAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfRecognizedIdentifiedAssetAcquiredAndLiabilitiesAssumedTableTextBlock_zDQlaSk5gPij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8BC_zOKoNErlwk2j" style="display: none">SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED RECOGNIZED</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Consideration</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20210510__20210511_pdd" title="Number of shares issued on restricted shares, shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFTU0VUUyBBQ1FVSVJFRCBBTkQgTElBQklMSVRJRVMgQVNTVU1FRCBSRUNPR05JWkVEIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2021-05-102021-05-11" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,666,666</ix:nonFraction></span>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--PaymentsToAcquireBusinessesGross_c20210510__20210511__us-gaap--BusinessAcquisitionAxis__custom--CloseCommsLimitedMember_pp0p0" title="2,666,666 shares of mPhase Technologies, Inc. common stock to be issued valued at $0.3583 per share" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2021-05-102021-05-11_custom_CloseCommsLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">955,466</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fair
    value of total consideration transferred</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--BusinessCombinationConsiderationTransferred1_c20210510__20210511__us-gaap--BusinessAcquisitionAxis__custom--CloseCommsLimitedMember_pp0p0" title="Fair value of total consideration transferred" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-05-102021-05-11_custom_CloseCommsLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">955,466</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Recognized
    amounts of identifiable assets acquired and liabilities assumed</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_c20210511__us-gaap--BusinessAcquisitionAxis__custom--CloseCommsLimitedMember_pp0p0" title="Cash" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2021-05-11_custom_CloseCommsLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">70,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_c20210511__us-gaap--BusinessAcquisitionAxis__custom--CloseCommsLimitedMember_pp0p0" title="Property and equipment" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" contextRef="AsOf2021-05-11_custom_CloseCommsLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">35,956</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible
    asset &#8211; purchased software</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndefiniteLivedIntangibleAssets_c20210511__us-gaap--BusinessAcquisitionAxis__custom--CloseCommsLimitedMember_pp0p0" title="Intangible asset - purchased software" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndefiniteLivedIntangibleAssets" contextRef="AsOf2021-05-11_custom_CloseCommsLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">954,918</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_pp0p0_di_c20210511__us-gaap--BusinessAcquisitionAxis__custom--CloseCommsLimitedMember_zG7sXEyuXajk" title="Accounts payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" contextRef="AsOf2021-05-11_custom_CloseCommsLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,667</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    current liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iNI_pp0p0_di_c20210511__us-gaap--BusinessAcquisitionAxis__custom--CloseCommsLimitedMember_zS5ewszUwdfl" title="Other current liabilities" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther" contextRef="AsOf2021-05-11_custom_CloseCommsLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">102,741</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    acquired net assets</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_c20210511__us-gaap--BusinessAcquisitionAxis__custom--CloseCommsLimitedMember_pp0p0" title="Total acquired net assets" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet" contextRef="AsOf2021-05-11_custom_CloseCommsLimitedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">955,466</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A5_zhnlaIAxrzRh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
assets have been recorded at fair value for both book and tax purposes, and therefore no deferred taxes have been recorded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 93 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_809_eus-gaap--IntangibleAssetsDisclosureTextBlock_zY6qT4aZAP1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6: <span id="xdx_823_ztcFb3nzdNK5">INTANGIBLE ASSET &#8211; PURCHASED SOFTWARE, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_z5qjJPTDsLl5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
asset &#8211; Purchased Software, net, is comprised of the following at:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B5_zZq531xHvCo2" style="display: none">SCHEDULE OF INTANGIBLE ASSET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto">
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_493_20210630_zeWGksAMAFtk" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20200630_zdmetiMfgbtc" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pp0p0_maFLIANz7YV_zaYW3Ds7Qdt4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchased
    software</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,905,228</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,759,021</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pp0p0_di_msFLIANz7YV_zZ76NG7CNSm2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less:
    accumulated amortization</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,826,181</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">923,904</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pp0p0_mtFLIANz7YV_zwuuEFSvil75" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchased
    software, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,079,047</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,835,117</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zHOsEnuivZ6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="XDSL:ScheduleOfIntangibleAssetByDevelopedSoftwareTableTextBlock"><p id="xdx_89A_ecustom--ScheduleOfIntangibleAssetByDevelopedSoftwareTableTextBlock_zriT3UVZgOyi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
asset &#8211; Purchased Software consists of the following three developed software technologies:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B5_zOlorxAkzjKl" style="display: none">SCHEDULE OF INTANGIBLE ASSET BY DEVELOPED SOFTWARE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Alpha
    Predictions purchased software</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pp0p0_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AlphaPredictionsPurchasedSoftwareMember_zEK0zfa0wUF6" title="Total purchased software" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-06-30_custom_AlphaPredictionsPurchasedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">899,362</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Travel
    Buddhi purchased software</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--FiniteLivedIntangibleAssetsNet_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TravelBuddhiPurchasedSoftwareMember_pp0p0" title="Total purchased software" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-06-30_custom_TravelBuddhiPurchasedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">114,785</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CloseComms
    purchased software</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsNet_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--CloseCommsPurchasedSoftwareMember_pp0p0" title="Total purchased software" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-06-30_custom_CloseCommsPurchasedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,064,900</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    purchased software</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--FiniteLivedIntangibleAssetsNet_c20210630_pp0p0" title="Total purchased software" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,079,047</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zvbcAtFNjE7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Alpha Predictions and Travel Buddhi developed software were acquired during the fiscal year ended June 30, 2019. The CloseComms developed
software was acquired as further described in Note 5. At June 30, 2021, the Travel Buddhi and CloseComms technology platforms have not
been placed in service, but are expected to be during fiscal year 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed
software costs are amortized on a straight-line basis over <span id="xdx_90D_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dc_c20200701__20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedSoftwareMember_zvfC6UByTYde" title="Amortized of straight line term"><ix:nonNumeric contextRef="From2020-07-012021-06-30_custom_DevelopedSoftwareMember" format="ixt-sec:durwordsen" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">three years</ix:nonNumeric></span>. Amortization of developed software costs is included in depreciation
and amortization within the consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded $<span id="xdx_90C_eus-gaap--AmortizationOfIntangibleAssets_c20200701__20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedSoftwareMember_pp0p0" title="Amortization expense related to purchased software"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2020-07-012021-06-30_custom_DevelopedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">902,277</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--AmortizationOfIntangibleAssets_c20190701__20200630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedSoftwareMember_pp0p0" title="Amortization expense related to purchased software"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2019-07-012020-06-30_custom_DevelopedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">923,904</ix:nonFraction></span> of amortization expense for the years ended June 30, 2021 and 2020, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock"><p id="xdx_89F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_zh1kexnPzX1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
amortization expense related to the existing net carrying amount of developed software at June 30, 2021 is expected to be as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B6_z2mkDKnsS6F2" style="display: none">SCHEDULE OF FUTURE AMORTIZATION EXPENSE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_496_20210630_zxi7Jl6oT0ba" style="font-family: Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    year 2023</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">605,370</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    asset - purchased software, net</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8AC_zVQKJmqrKJa3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 94 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_80F_eus-gaap--RevenueFromContractWithCustomerTextBlock_z3ZuRDvlXcli" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7: <span id="xdx_82F_zRfXr1zltGRf">REVENUE FROM CONTRACTS WITH CUSTOMERS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_89B_eus-gaap--DisaggregationOfRevenueTableTextBlock_zULJ46Rmwcqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our revenue disaggregated by category and primary geographic regions within our single reporting segment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B6_zdjNCUHNISN6" style="display: none">SCHEDULE OF REVENUE DISAGGREGATED BY CATEGORY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Categories:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%">Subscription</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Application development and implementation</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Primary Geographic Regions:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>India</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zS4XjvqCsrY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="XDSL:ScheduleOfLonglivedAssetsTableTextBlock"><p id="xdx_898_ecustom--ScheduleOfLonglivedAssetsTableTextBlock_zu7g46Yb6dC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our long-lived assets by primary geographic regions within our single reporting segment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B2_zeVEdPOGWI29" style="display: none">SCHEDULE OF LONG-LIVED ASSETS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    the Year Ended</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif">India</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_ecustom--TotalLonglivedAssets_c20210630__srt--StatementGeographicalAxis__country--IN_pp0p0" title="Total long-lived assets" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2021-06-30_country_IN" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,022,030</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--TotalLonglivedAssets_c20200630__srt--StatementGeographicalAxis__country--IN_pp0p0" title="Total long-lived assets" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2020-06-30_country_IN" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,901,040</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">United
    Kingdom</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_ecustom--TotalLonglivedAssets_c20210630__srt--StatementGeographicalAxis__country--GB_pp0p0" title="Total long-lived assets" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2021-06-30_country_GB" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,080,849</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_ecustom--TotalLonglivedAssets_c20200630__srt--StatementGeographicalAxis__country--GB_pp0p0" title="Total long-lived assets" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2020-06-30_country_GB" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">982,052</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    long-lived assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_ecustom--TotalLonglivedAssets_c20210630_pp0p0" title="Total long-lived assets" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,102,879</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_ecustom--TotalLonglivedAssets_c20200630_pp0p0" title="Total long-lived assets" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,883,092</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zYAqTRfETLS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended June 30, 2021 and 2020, the Company was subject to revenue concentration risk as one customer accounted for approximately
<span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200701__20210630__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zeDIIgacdjMe" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012021-06-30_custom_OneCustomerMember_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200701__20210630__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zPpss0NNf0s8" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012021-06-30_custom_OneCustomerMember_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of its total revenue, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subscription
and Application Development and Implementation Revenue</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue when, or as, it satisfies a performance obligation to a customer. The Company primarily has one performance
obligation, which includes the combined promise to develop, implement, and license customized software. Payment terms for the software
include one-time application development and implementation fees, which are generally billed on a time-and-materials basis over the development
and implementation period, plus fixed license subscription fees, which may either be billed in full upfront or in monthly installments
over the license period, which is generally three years. All of these fees are allocated to the single performance obligation of providing
software to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 95 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7: REVENUE FROM CONTRACTS WITH CUSTOMERS (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
performance obligation is fully satisfied at the point in time when the customer has taken control of the completed software, which is
when physical possession of the software has transferred to the customer, the customer is able to use and benefit from the software,
and the contractual license period has begun. Since the Company has no further obligation to the customer once control of the software
has transferred, the Company recognizes revenue in full for all of the development and implementation fees at that point in time. Subscription
fees are also recognized when control of the software has transferred to the customer but only to the extent such fees are contractually
guaranteed to the Company. Any future monthly subscription fees that the Company would not have a contractually guaranteed right to collect
in the event of early termination of the contract are instead recognized as revenue on a straight-line basis over the license period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Service
and Support Revenue</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
contracts also contain a second performance obligation for service and support. This performance obligation includes the promise to provide
future updates, upgrades, and enhancements to the software over the license period, if and when they occur. Service and support fees
are fixed as a percentage of total contract value and billed in monthly installments over the license period. The Company recognizes
service and support fee revenue over time, on a straight-line basis over the license period, as the customer receives such services on
a generally uniform basis throughout the license period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Allocation
of the Transaction Price</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prices
allocated to each performance obligation generally correspond with the contractually stated prices, since they equal standalone selling
price. In some cases, services may be discounted, which requires the company to allocate the transaction price based on relative standalone
selling price. The Company estimates standalone selling price based on comparable industry practices and the costs and margins involved
in providing services to its customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contract
Liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities include amounts billed to the customer in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets. At June 30, 2021 and 2020 contract liabilities totaled $<span id="xdx_908_eus-gaap--ContractWithCustomerLiabilityCurrent_c20210630_pp0p0" title="Contract liabilities"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">350,689</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pp0p0_c20200630_zElsTmt6fnH3" title="Contract liabilities"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">219,652</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock"><p id="xdx_891_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zurD6kLQZ4H" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of the contract liabilities from June 30, 2020 to June 30, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8BB_zfWsHnxpxBG1" style="display: none">SCHEDULE OF RECONCILIATION OF CONTRACT LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 78%"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2020</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pp0p0_c20200701__20210630_zVhqe5UkTuza" title="Beginning balance, contract liabilities" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">219,652</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract
    liability deferral</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_ecustom--ContractLiabilityDeferral_c20200701__20210630_pp0p0" title="Contract liability deferral" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ContractLiabilityDeferral" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">306,955</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization
    of contract liability to revenue</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_ecustom--AmortizationOfContractLiabilityToRevenue_iN_pp0p0_di_c20200701__20210630_z0tYDTfeaJ9e" title="Amortization of contract liability to revenue" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:AmortizationOfContractLiabilityToRevenue" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">175,918</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2021</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--ContractWithCustomerLiabilityCurrent_iE_pp0p0_c20200701__20210630_zhzlWC5kSHk" title="Ending balance, contract liabilities" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">350,689</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zLyEilvdwl78" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Practical
Expedient</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected a practical expedient to omit certain disclosures about the transaction price allocated to remaining performance
obligations for contracts with terms of one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_80A_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_znxZ21X9Royk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8: <span id="xdx_82C_zuGLH2C8Lj66">ACCRUED EXPENSES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zG7XBQ2LUxFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
expenses is comprised of the following at:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BE_zlVgH9a6aBzk" style="display: none">SCHEDULE OF ACCRUED EXPENSES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20210630_z301vZtm48Ik" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20200630_zEPrORletate" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued
    interest</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">205,741</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">118,161</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued
    wages</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedSalariesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">214,683</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedSalariesCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">485,647</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">947,943</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">520,034</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--AccruedLiabilitiesCurrent_iTIC_pp0p0" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    accrued expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,368,367</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,123,842</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zQLJSBmFBRH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 96 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_800_eus-gaap--DebtDisclosureTextBlock_zGtS1FDlxCt" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9: <span id="xdx_824_z0rQteEpNbif">NOTES PAYABLE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfDebtTableTextBlock_zYeGFEWAJ1Ch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
payable is comprised of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B7_zfHdRIOC6gD8" style="display: none">SCHEDULE OF NOTES PAYABLE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    payable, SBA &#8211; Paycheck Protection Program <b>[1]</b></span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--NotesPayable_iI_pp0p0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_fWzFd_z3arc9Xodmo9" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span id="xdx_F21_zFsWSa32EzL3" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_NotesPayableOneMember" id="Fact001087" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,680</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--NotesPayable_iI_pp0p0_c20200630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_fWzFd_zPksZB243Sme" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span id="xdx_F26_zJ6MRVXCQpFh" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-30_custom_NotesPayableOneMember" id="Fact001089" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,388</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    payable, SBA &#8211; Economic Injury Disaster Loan <b>[2]</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--NotesPayable_iI_pp0p0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_fWzJd_z3CQzUIIEhb8" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_F2D_z6sh7iudU2jb" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_NotesPayableTwoMember" id="Fact001091" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">160,393</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--NotesPayable_iI_pp0p0_c20200630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_fWzJd_zr0WmOx3yoB7" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_F22_zWEMKBhyyat" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-30_custom_NotesPayableTwoMember" id="Fact001093" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">154,540</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    payable, Accredited Investor <b>[3]</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--NotesPayable_iI_pp0p0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableThreeMember_fWzNd_z6sJkc9Kpgce" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_F25_zUo3PXFNjkt3" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_NotesPayableThreeMember" id="Fact001095" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">276,035</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--NotesPayable_iI_pdp0_c20200630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableThreeMember_fWzNd_z9bJauNWL4Xe" title="Total notes payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1097">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    payable, John Fife (dba St. George Investors)/Judgment Settlement Agreement <b>[4]</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--NotesPayable_iI_pdp0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableFourMember_fWzRd_zEJiKVZkvuM" title="Total notes payable" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1099">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--NotesPayable_iI_pp0p0_c20200630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableFourMember_fWzRd_zkwGINBNM6e3" title="Total notes payable" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span id="xdx_F2C_zx4x4pSLRE5e" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-30_custom_NotesPayableFourMember" id="Fact001101" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">771,702</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    notes payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--NotesPayable_c20210630_pp0p0" title="Total notes payable" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">470,108</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--NotesPayable_c20200630_pp0p0" title="Total notes payable" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">959,630</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less:
    current portion of notes payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_ecustom--NotesPayableCurrentIncludingJudgmentSettlementAgreement_iNI_pp0p0_di_c20210630_z7efyHAkpOIi" title="Less: current portion of notes payable" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:NotesPayableCurrentIncludingJudgmentSettlementAgreement" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">323,218</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_ecustom--NotesPayableCurrentIncludingJudgmentSettlementAgreement_iNI_pp0p0_di_c20200630_z42BLyCsKTR1" title="Less: current portion of notes payable" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:NotesPayableCurrentIncludingJudgmentSettlementAgreement" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">792,171</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Long-term
    portion of notes payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_ecustom--LongTermDebtNoncurrentExcludingJudgmentSettlementAgreement_iI_pp0p0_c20210630_zjUR4MIs4a54" title="Long-term portion of notes payable" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:LongTermDebtNoncurrentExcludingJudgmentSettlementAgreement" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,890</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_ecustom--LongTermDebtNoncurrentExcludingJudgmentSettlementAgreement_iI_pp0p0_c20200630_z8pLMAeXFAV4" title="Long-term portion of notes payable" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:LongTermDebtNoncurrentExcludingJudgmentSettlementAgreement" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">167,459</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b id="xdx_F06_zr6p3LL9r4ie">[1]</b></span></td><td style="text-align: justify"><span id="xdx_F17_zvZLQgdW8dth" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001114" xml:lang="en-US">effective April
28, 2020, the Company entered into a promissory note with an approved lender in the principal amount of $<span id="xdx_905_eus-gaap--NotesPayable_c20200428__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_pp0p0" title="Total notes payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-04-28_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,333</ix:nonFraction></span>. <span title="Debt payment terms description" class="xdx_phnt_RGlzY2xvc3VyZSAtIE5vdGVzIFBheWFibGUgLSBTY2hlZHVsZSBvZiBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA">The note was approved
under the provisions of the Coronavirus, Aid, Relief and Economic Security Act (the &#8220;CARES Act&#8221;) and the terms of the Paycheck
Protection Program of the U.S. Small Business Administration&#8217;s 7(a) Loan Program. The note accrues interest for the first six months
following the issuance date at a rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20200428__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_zWY7L588riR3" title="Debt instrument interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-04-28_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% per annum, (increasing to 6% per annum upon the occurrence of an Event of Default (as defined
in the note)), and beginning November 28, 2020, requires 18 monthly payments of $<span id="xdx_901_eus-gaap--DebtInstrumentPeriodicPayment_c20200427__20200428__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_pp0p0" title="Debt instrument, periodic payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-04-272020-04-28_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,876</ix:nonFraction></span> each, consisting of principal and interest until
paid in full on <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20200427__20200428__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_zhR9jmo7GG48" title="Debt instrument maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2020-04-272020-04-28_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April 28, 2022</ix:nonNumeric></span>.</span> Subsequent to issuance, the first payment due date was extended. The note may be prepaid by the Company
at any time prior to the maturity date with no prepayment penalties. Additionally, any portion of the note up to the entire principal
and accrued interest balance may be forgiven in the event the Company satisfies certain requirements as determined by the CARES Act.
The Company has applied for forgiveness and expects to satisfy the requirements for forgiveness of the entire principal and accrued interest
balance. The Company is awaiting receipt of approval of its requested forgiveness from the SBA through its treasury partner. At June
30, 2021, $<span id="xdx_90B_eus-gaap--NotesPayable_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_pp0p0" title="Total notes payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_NotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,680</ix:nonFraction></span> was recorded as a current liability within notes payable with the consolidated balance sheets.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b id="xdx_F07_zw1EgyCjVxW6">[2]</b></span></td><td style="text-align: justify"><span id="xdx_F10_zS8b3VK0wCDk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001125" xml:lang="en-US">effective May 28,
2020, the Company entered into a promissory note and security agreement with the U.S. Small Business Administration (&#8220;SBA&#8221;)
in the principal amount of $<span id="xdx_906_eus-gaap--NotesPayable_iI_pp0p0_c20200528__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zykG5QLNJjSc" title="Total notes payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-05-28_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,000</ix:nonFraction></span>. <span title="Debt payment terms description" class="xdx_phnt_RGlzY2xvc3VyZSAtIE5vdGVzIFBheWFibGUgLSBTY2hlZHVsZSBvZiBOb3RlcyBQYXlhYmxlIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA">The note was approved under the provisions of the Coronavirus, Aid, Relief and Economic Security
Act (the &#8220;CARES Act&#8221;) and the terms of the COVID-19 Economic Injury Disaster Loan (&#8220;EIDL&#8221;) program of the U.S.
Small Business Administration&#8217;s EIDL Program. The note accrues interest at a rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200528__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zD9Qz7IN8HP5" title="Debt instrument interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-05-28_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.75</ix:nonFraction></span>% per annum, and beginning May 28, 2021,
requires monthly payments of $<span id="xdx_906_eus-gaap--DebtInstrumentPeriodicPayment_c20200527__20200528__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_pp0p0" title="Debt instrument, periodic payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-05-272020-05-28_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">731</ix:nonFraction></span> each, consisting of principal and interest until paid in full on <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20200527__20200528__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zahx016shDY3" title="Debt instrument maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2020-05-272020-05-28_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">May 28, 2050</ix:nonNumeric></span>.</span> Subsequent to issuance,
the SBA extended the first payment due date to 24 months from the date of the note. The note may be prepaid by the Company at any time
prior to the maturity date with no prepayment penalties. Additionally, this promissory note is collateralized by certain of the Company&#8217;s
property as specified within the security agreement. Furthermore, on June 4, 2020, the Company received $<span id="xdx_90B_eus-gaap--ProceedsFromNotesPayable_c20200601__20200604__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_pp0p0" title="Proceeds from notes payable" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2020-06-012020-06-04_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,000</ix:nonFraction></span> from the SBA, which it
is currently working to obtain details from the SBA regarding this amount. As such, at June 30, 2020, the Company recorded this amount
as a current liability. At June 30, 2021, $<span id="xdx_905_eus-gaap--NotesPayableCurrent_c20210630__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_pp0p0" title="Notes payable current" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-06-30_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,503</ix:nonFraction></span> was recorded as a current liability within notes payable and $<span id="xdx_90C_eus-gaap--LongTermNotesPayable_c20210630__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_pp0p0" title="Notes payable net of current" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2021-06-30_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,890</ix:nonFraction></span> was recorded
as a long-term liability within notes payable, net of current portion with the consolidated balance sheets.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 97 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9: NOTES PAYABLE (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b id="xdx_F04_zmP5xfUvqXKk">[3]</b></span></td><td style="text-align: justify"><span id="xdx_F1F_zoZSoT1iK2Ij" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001140" xml:lang="en-US">effective February
8, 2021, the Company entered into a securities purchase agreement with an accredited investor and issued an <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zuyPCXGiTM3f" title="Debt instrument interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% promissory note in the
principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_c20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_pp0p0" title="Debt principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">362,250</ix:nonFraction></span> (including a $<span id="xdx_901_eus-gaap--DebtConversionOriginalDebtAmount1_c20210207__20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_pp0p0" title="Debt original issue discount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2021-02-072021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">47,250</ix:nonFraction></span> original issue discount) to the accredited investor with a maturity date of <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20210207__20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zbqI2e7rjK8i" title="Debt instrument maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2021-02-072021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">February
8, 2022</ix:nonNumeric></span>. Twelve months of interest is immediately earned by the accredited investor upon the Company receiving proceeds and is included
in the required monthly repayments. On February 10, 2021, the Company received net proceeds in the amount of $<span id="xdx_909_eus-gaap--ProceedsFromConvertibleDebt_c20210209__20210210__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_pp0p0" title="Proceeds from debt" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-02-092021-02-10_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">288,000</ix:nonFraction></span> as a result of
$<span id="xdx_907_ecustom--PaymentToReimburseAmount_pp0p0_c20210209__20210210__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zw2jFFWlCmqk" title="Payment to reimburse amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2021-02-092021-02-10_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">27,000</ix:nonFraction></span> being paid for legal and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory
note. In accordance with the securities purchase agreement, the Company issued 1) <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210207__20210208__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--StatementClassOfStockAxis__custom--CommitmentSharesMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_pdd" title="Shares issued during period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-072021-02-08_custom_ConvertiblePromissoryNoteMember_custom_CommitmentSharesMember_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> restricted shares of its Common Stock (&#8220;Commitment
Shares&#8221;) to the accredited investor as additional consideration for the purchase of the promissory note and 2) <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210207__20210208__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--StatementClassOfStockAxis__custom--ReturnableSharesMember_pdd" title="Shares issued during period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-072021-02-08_custom_ConvertiblePromissoryNoteMember_custom_ReturnableSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> restricted
shares of its Common Stock (&#8220;Returnable Shares&#8221;) to the accredited investor which will be returned to the Company upon timely
completion of the required repayment schedule. Repayments of the promissory note shall be made in eight (8) installments each in the
amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20210209__20210210__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zLRofCamIlA3" title="Debt instrument, periodic payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-02-092021-02-10_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,715</ix:nonFraction></span>, which commenced July 8, 2021 and continues thereafter each thirty (30) days until February 8, 2022. This promissory
note is only convertible upon an event of default as defined in the promissory note. The original issue discount, deferred financing
costs and issuance date fair value of the Commitment Shares are being amortized over the term of the note. The aggregate balance of the
promissory note and accrued interest was $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_c20210630__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_pp0p0" title="Debt principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-06-30_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">362,250</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--InterestPayableCurrent_c20210630__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_pp0p0" title="Accrued interest" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-06-30_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">43,470</ix:nonFraction></span>, respectively, at June 30, 2021. The aggregate balance of the promissory
note, net of original issue discount, deferred financing costs and issuance date fair value of the Commitment Shares at June 30, 2021
was $<span id="xdx_903_eus-gaap--ConvertibleDebt_c20210630__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_pp0p0" title="Convertible notes" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2021-06-30_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">276,035</ix:nonFraction></span>.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b id="xdx_F0F_zphVtTPvk8m">[4]</b></span></td><td style="text-align: justify"><span id="xdx_F1C_z7geirvsUpq2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001165" xml:lang="en-US">effective
                                            December 10, 2018, the Company entered into a &#8220;Judgment Settlement Agreement&#8221;
                                            to satisfy in full the Forbearance Agreement with Fife that was previously in effect. As
                                            a result, under the Judgment Settlement Agreement, no shares of the Company&#8217;s Common
                                            Stock are issuable or eligible to be converted into. </ix:footnote></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
                                            the terms of the Judgment Settlement Agreement, the Company was required to pay $</span><span id="xdx_906_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20181209__20181210__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zyMjAqufh52a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2018-12-092018-12-10_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            month from January 15, 2019 through and including February 15, 2020, with a final payment
                                            of $</span><span id="xdx_905_eus-gaap--DebtInstrumentAnnualPrincipalPayment_iI_pp0p0_c20181210__us-gaap--TypeOfArrangementAxis__custom--JudgementSettlementAgreementMember_z0oLmId0Uv1c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentAnnualPrincipalPayment" contextRef="AsOf2018-12-10_custom_JudgementSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">195,000</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
                                            was due and payable in March of 2020.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company made all required payments with the exception of the final payment of $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_903_eus-gaap--DebtInstrumentAnnualPrincipalPayment_iI_c20181210__us-gaap--TypeOfArrangementAxis__custom--JudgementSettlementAgreementMember_z73ThFBNMOt5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentAnnualPrincipalPayment" contextRef="AsOf2018-12-10_custom_JudgementSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">195,000</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
                                            was due and payable in March of 2020. On August 17, 2020, the Company entered into a second
                                            amendment (the &#8220;Second Amendment&#8221;) to the Judgement Settlement Agreement, whereby
                                            the Company issued a convertible promissory note in the principal amount of $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the
                                            &#8220;Note&#8221;) to repay the amounts still outstanding under the Judgment Settlement
                                            Agreement. The Note matures on </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20200816__20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zbrmaRBmZWWh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2020-08-162020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August
                                            17, 2021</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            bears interest at a rate of </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zJcL7ggfrUli" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            per annum, requires certain monthly minimum cash payments as specified in the Note, and is
                                            convertible into shares of the Company&#8217;s Common Stock, par value $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_pdd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share, at a conversion price as specified in the Note. The Note may be prepaid by the Company
                                            at any time prior to maturity without penalty. The Company satisfied the initial cash payment
                                            as specified in the Note. On April 13, 2021, the Company entered into a third amendment (the
                                            &#8220;Third Amendment&#8221;) to the Judgement Settlement Agreement, whereby the Company
                                            issued a convertible promissory note in the principal amount of $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_eus-gaap--NotesPayable_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgementSettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-08-17_custom_JudgementSettlementAgreementMember_custom_ConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the
                                            &#8220;New Note&#8221;) to replace the Note and repay the amounts still outstanding under
                                            the Judgment Settlement Agreement. The Note matures on </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20210412__20210413__us-gaap--TypeOfArrangementAxis__custom--JudgementSettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_z9soFwEgrIy9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2021-04-122021-04-13_custom_JudgementSettlementAgreementMember_custom_ConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April
                                            13, 2022</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            bears interest at a rate of </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgementSettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_zHh7MR7UJ1I1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-17_custom_JudgementSettlementAgreementMember_custom_ConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
                                            per annum, requires certain monthly minimum payments in cash or the Company&#8217;s Common
                                            Stock as specified in the New Note, and is convertible into shares of the Company&#8217;s
                                            Common Stock, par value $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgementSettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_pdd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-08-17_custom_JudgementSettlementAgreementMember_custom_ConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
                                            share, at a conversion price as specified in the New Note. The New Note may be prepaid by
                                            the Company at any time prior to maturity without penalty. On April 16, 2021, the Company
                                            paid $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_906_eus-gaap--RepaymentsOfDebt_c20210415__20210416__us-gaap--TypeOfArrangementAxis__custom--JudgementSettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-04-152021-04-16_custom_JudgementSettlementAgreementMember_custom_ConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">235,000</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            satisfy, pay in full, and extinguish the New Note and the Judgement Settlement Agreement,
                                            which resulted in a gain on debt settlement of $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_906_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20210415__20210416__us-gaap--TypeOfArrangementAxis__custom--JudgementSettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2021-04-152021-04-16_custom_JudgementSettlementAgreementMember_custom_ConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">549,026</ix:nonFraction>
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">during
                                            the year ended June 30, 2021.</span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AF_zpUP6dXT8Hti" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 98 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="XDSL:ConvertibleDebtArrangementsTextBlock"><p id="xdx_806_ecustom--ConvertibleDebtArrangementsTextBlock_zkZC3f5q1nv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span style="text-transform: uppercase"><span id="xdx_82D_zayUrRaPumQ2">CONVERTIBLE DEBT ARRANGEMENTS</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">JMJ
Financial</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, the amount recorded in current liabilities for the one convertible note and accrued interest thereon due to JMJ
Financial was $<span id="xdx_90C_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_z7n1CVtmbO4c" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">226,704</ix:nonFraction></span> and $<span id="xdx_908_eus-gaap--ConvertibleNotesPayable_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_pp0p0" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">209,330</ix:nonFraction></span>, respectively. During the fiscal years ended June 30, 2021 and 2020 the Company recorded $<span id="xdx_90A_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_pp0p0" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">17,374</ix:nonFraction></span>
and $<span id="xdx_909_eus-gaap--InterestPayableCurrent_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_pp0p0" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2020-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,043</ix:nonFraction></span>, respectively of interest for the outstanding convertible note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, the aggregate remaining amount of convertible securities held by JMJ could be converted into <span id="xdx_900_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20200701__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_zyjcgFGY600d" title="Debt conversion of shares"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2020-07-012021-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,335</ix:nonFraction></span> and <span id="xdx_905_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20190701__20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_pdd" title="Debt conversion of shares"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2019-07-012020-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,466</ix:nonFraction></span>
shares, respectively, with a conversion price of $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_pdd" title="Debt instrument conversion price"><span id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_pdd" title="Debt instrument conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20</ix:nonFraction></ix:nonFraction></span></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Accredited
Investors</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 24, 2020, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 1&#8221;) and issued
an <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zy3SikTlDfEd" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_c20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">105,000</ix:nonFraction></span> (including a $<span id="xdx_906_eus-gaap--DebtConversionOriginalDebtAmount1_c20200723__20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt original issued discount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2020-07-232020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000</ix:nonFraction></span> original issue discount) to the Lender 1 with
a maturity date of <span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_c20200723__20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-07-232020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">July 24, 2021</ix:nonNumeric></span>. On July 27, 2020, the Company received net proceeds in the amount of $<span id="xdx_909_eus-gaap--ProceedsFromConvertibleDebt_c20200723__20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-07-232020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">95,000</ix:nonFraction></span> as a result of $<span id="xdx_90E_ecustom--PaymentToReimburseAmount_c20200723__20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2020-07-232020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000</ix:nonFraction></span>
being paid to reimburse the Lender 1 for legal and due diligence fees incurred with respect to this securities purchase agreement and
convertible promissory note. This convertible debenture converts at <span id="xdx_903_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20200723__20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zrzOFFUvgi54" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2020-07-232020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% of the lowest closing price during the <span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20200723__20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zM3WKALMe7Pi" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2020-07-232020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> days prior to conversion.
Due to the variable conversion provisions contained in the convertible promissory note, the Company accounted for this conversion feature
as a derivative liability. In connection herewith, the Company recorded a derivative liability of $<span id="xdx_903_eus-gaap--DerivativeLiabilities_c20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">175,000</ix:nonFraction></span>, original issue discount of
$<span>5,000</span>, deferred financing costs of $<span id="xdx_909_eus-gaap--DeferredFinanceCostsNet_c20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000</ix:nonFraction></span> and debt discount of $<span id="xdx_901_eus-gaap--DebtInstrumentUnamortizedDiscount_c20200724__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsOneMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-07-24_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsOneMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">95,000</ix:nonFraction></span>. The original issue discount, deferred financing costs and debt
discount were being amortized over the term of the note. During January 2021, the Company paid-off the aggregate balance of the convertible
promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 31, 2020, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 2&#8221;) and issued
an <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zB59wuO7AOAj" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_c20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">68,000</ix:nonFraction></span> to the Lender 2 with a maturity date of <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20200730__20200731__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-07-302020-07-31_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">July 31, 2021</ix:nonNumeric></span>. On August
6, 2020, the Company received net proceeds in the amount of $<span id="xdx_90E_eus-gaap--DerivativeLiabilities_iI_pp0p0_c20200806__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertiblePromissoryNotesMember_zWOof9uZ3wDc" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-08-06_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember_custom_ConvertiblePromissoryNotesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">65,000</ix:nonFraction></span> as a result of $<span id="xdx_90B_ecustom--PaymentToReimburseAmount_c20200805__20200806__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2020-08-052020-08-06_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000</ix:nonFraction></span> being paid to reimburse the Lender 2 for legal
and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at <span id="xdx_904_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20200805__20200806__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zSqKDmRUhvZk" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2020-08-052020-08-06_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% of the lowest trading price during the <span id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20200805__20200806__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zSqnCCESydT4" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2020-08-052020-08-06_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> days prior to conversion. Due to the variable conversion provisions
contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability. In connection
herewith, the Company recorded a derivative liability of $<span id="xdx_908_eus-gaap--DerivativeLiabilities_iI_pp0p0_c20200806__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zIyTS4JMaSce" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-08-06_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">102,228</ix:nonFraction></span>, deferred financing costs of $<span id="xdx_907_eus-gaap--DeferredFinanceCostsNet_c20200806__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-08-06_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000</ix:nonFraction></span> and debt discount of $<span id="xdx_902_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pp0p0_c20200806__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwoMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_z8VZkmC9vqK" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-08-06_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTwoMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">65,000</ix:nonFraction></span>. The
deferred financing costs and debt discount were being amortized over the term of the note. During January 2021, the Company paid-off
the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 19, 2020, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 3&#8221;) and issued
an <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200819__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zyvyMwTAcHY2"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-19_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
convertible promissory note in the principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_c20200819__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-19_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">99,225</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(including a $<span id="xdx_901_eus-gaap--DebtConversionOriginalDebtAmount1_c20200818__20200819__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2020-08-182020-08-19_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,725</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">original issue discount) to the Lender 3 with
a maturity date of <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_c20200818__20200819__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember"><ix:nonNumeric contextRef="From2020-08-182020-08-19_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August
19, 2021</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. On August 20, 2020, the Company received
net proceeds in the amount of $<span id="xdx_90D_eus-gaap--ProceedsFromConvertibleDebt_c20200816__20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-08-162020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">90,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as a result of $<span id="xdx_90A_ecustom--PaymentToReimburseAmount_c20200816__20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2020-08-162020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">being paid to reimburse the Lender 3 for legal
and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at <span id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20200816__20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zQZgLZuCZtgi"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2020-08-162020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the lowest closing price during the <span id="xdx_903_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20200816__20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zdG7EJNsSgej"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2020-08-162020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">days prior to conversion. Due to the variable
conversion provisions contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative
liability. In connection herewith, the Company recorded a derivative liability of $<span id="xdx_902_eus-gaap--DerivativeLiabilities_c20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">161,856</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
original issue discount of $4,725, deferred financing costs of $<span id="xdx_901_eus-gaap--DeferredFinanceCostsNet_c20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and debt discount of $<span id="xdx_901_eus-gaap--DebtInstrumentUnamortizedDiscount_c20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsThreeMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsThreeMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">86,400</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The original issue discount, deferred financing costs and debt discount were being amortized over the term of the note. On February 17,
2021, the Company entered into a settlement agreement (the &#8220;Settlement Agreement&#8221;) with Lender 3 whereby the variable conversion
provision within the convertible promissory note was amended and replaced with a fixed conversion price of $<span id="xdx_903_eus-gaap--DebtInstrumentConvertibleConversionPrice1_c20210217__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pdd"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-02-17_custom_SettlementAgreementMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. On February 19, 2021, the aggregate
outstanding principal and accrued interest of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_c20210219__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-02-19_custom_SettlementAgreementMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">103,292</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was converted into an aggregate of <span id="xdx_905_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210216__20210219__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pdd"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-02-162021-02-19_custom_SettlementAgreementMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,032,918</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock,
fully satisfying this obligation. The Company recorded an aggregate loss on extinguishment of debt of $<span id="xdx_90B_eus-gaap--GainsLossesOnExtinguishmentOfDebt_c20210216__20210219__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2021-02-162021-02-19_custom_SettlementAgreementMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">121,659</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as a result of the Company issuing shares of
its Common Stock to satisfy this obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 99 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span style="text-transform: uppercase">Convertible Debt Arrangements (</span>continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2020, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 4&#8221;) and issued
an <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zsxuuxlNdyl2" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_c20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">63,000</ix:nonFraction></span> to the Lender 4 with a maturity date of <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20200816__20200820__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-08-162020-08-20_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August 20, 2021</ix:nonNumeric></span>. On August
21, 2020, the Company received net proceeds in the amount of $<span id="xdx_907_eus-gaap--ProceedsFromConvertibleDebt_c20200815__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-08-152020-08-21_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span> as a result of $<span id="xdx_90D_ecustom--PaymentToReimburseAmount_c20200815__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2020-08-152020-08-21_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000</ix:nonFraction></span> being paid to reimburse the Lender 4 for legal
and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at <span id="xdx_907_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20200815__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zeE3LxrhDT61" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2020-08-152020-08-21_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% of the lowest trading price during the <span id="xdx_904_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20200815__20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_z6A5MwGXzCjl" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2020-08-152020-08-21_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> days prior to conversion. Due to the variable conversion provisions
contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability. In connection
herewith, the Company recorded a derivative liability of $<span id="xdx_903_eus-gaap--DerivativeLiabilities_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">101,996</ix:nonFraction></span>, deferred financing costs of $<span id="xdx_906_eus-gaap--DeferredFinanceCostsNet_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000</ix:nonFraction></span> and debt discount of $<span id="xdx_900_eus-gaap--DebtInstrumentUnamortizedDiscount_c20200821__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFourMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-08-21_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFourMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">60,000</ix:nonFraction></span>. The
deferred financing costs and debt discount were being amortized over the term of the note. During February 2021, the Company paid-off
the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 27, 2020, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 5&#8221;) and issued
an <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200827__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zeJ8Gams07db" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20200827__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">105,000</ix:nonFraction></span> (including a $<span id="xdx_909_eus-gaap--DebtConversionOriginalDebtAmount1_c20200826__20200827__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt original issued discount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2020-08-262020-08-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000</ix:nonFraction></span> original issue discount) to the Lender 5 with
a maturity date of <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20200826__20200827__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-08-262020-08-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August 27, 2021</ix:nonNumeric></span>. On August 28, 2020, the Company received net proceeds in the amount of $<span id="xdx_90E_eus-gaap--ProceedsFromConvertibleDebt_c20200825__20200828__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-08-252020-08-28_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">96,000</ix:nonFraction></span> as a result of $<span id="xdx_906_ecustom--PaymentToReimburseAmount_c20200825__20200828__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2020-08-252020-08-28_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,000</ix:nonFraction></span>
being paid to reimburse the Lender 5 for legal and due diligence fees incurred with respect to this securities purchase agreement and
convertible promissory note. This convertible debenture converts at the lower of i) $<span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_c20200828__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pdd" title="Debt instrument conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-08-28_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.03</ix:nonFraction></span> per share or ii) <span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20200825__20200828__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember__srt--RangeAxis__srt--MaximumMember_z0FytZE3aAil" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2020-08-252020-08-28_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% of the lowest closing
price during the <span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20200825__20200828__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zct2NtfpXpaa" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2020-08-252020-08-28_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> days prior to conversion. Due to the variable conversion provisions contained in the convertible promissory note,
the Company accounted for this conversion feature as a derivative liability. In connection herewith, the Company recorded a derivative
liability of $<span id="xdx_905_eus-gaap--DerivativeLiabilities_c20200828__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-08-28_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">176,129</ix:nonFraction></span>, original issue discount of $5,000, deferred financing costs of $<span id="xdx_90D_eus-gaap--DeferredFinanceCostsNet_c20200828__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-08-28_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,000</ix:nonFraction></span> and debt discount of $<span id="xdx_903_eus-gaap--DebtInstrumentUnamortizedDiscount_c20200828__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsFiveMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-08-28_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsFiveMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">92,200</ix:nonFraction></span>. The original
issue discount, deferred financing costs and debt discount were being amortized over the term of the note. During February 2021, the
Company paid-off the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 31, 2020, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 6&#8221;) and issued
an <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200831__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zYoS3Vwej1l6" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-31_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20200831__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-31_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">68,000</ix:nonFraction></span> to the Lender 6 with a maturity date of <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_c20200830__20200831__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2020-08-302020-08-31_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August 31, 2021</ix:nonNumeric></span>. On September
1, 2020, the Company received net proceeds in the amount of $<span id="xdx_901_eus-gaap--ProceedsFromConvertibleDebt_c20200829__20200901__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-08-292020-09-01_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">65,000</ix:nonFraction></span> as a result of $<span id="xdx_906_ecustom--PaymentToReimburseAmount_c20200829__20200901__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2020-08-292020-09-01_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000</ix:nonFraction></span> being paid to reimburse the Lender 6 for legal
and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at <span id="xdx_904_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20200829__20200901__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zq9EbIog8esl" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2020-08-292020-09-01_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% of the lowest trading price during the <span id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20200829__20200901__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_z41xq5iZ6Gpl" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2020-08-292020-09-01_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> days prior to conversion. Due to the variable conversion provisions
contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability. In connection
herewith, the Company recorded a derivative liability of $<span id="xdx_90D_eus-gaap--DerivativeLiabilities_c20200901__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-09-01_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">112,459</ix:nonFraction></span>, deferred financing costs of $<span id="xdx_909_eus-gaap--DeferredFinanceCostsNet_c20200901__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2020-09-01_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000</ix:nonFraction></span> and debt discount of $<span id="xdx_903_eus-gaap--DebtInstrumentUnamortizedDiscount_c20200901__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSixMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-09-01_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSixMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">65,000</ix:nonFraction></span>. The
deferred financing costs and debt discount were being amortized over the term of the note. During February 2021, the Company paid-off
the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 25, 2021, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 7&#8221;) and issued
an <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210125__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zHSzdmphOqxc" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-01-25_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_c20210125__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-01-25_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">140,000</ix:nonFraction></span> (including a $<span id="xdx_90B_eus-gaap--DebtConversionOriginalDebtAmount1_c20210124__20210125__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt original issued discount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2021-01-242021-01-25_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">14,000</ix:nonFraction></span> original issue discount) to the Lender 7 with
a maturity date of <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20210124__20210125__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-01-242021-01-25_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">January 25, 2022</ix:nonNumeric></span>. On January 26, 2021, the Company received net proceeds in the amount of $<span id="xdx_90F_eus-gaap--ProceedsFromConvertibleDebt_c20210124__20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-01-242021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,000</ix:nonFraction></span> as a result of
$<span id="xdx_905_ecustom--PaymentToReimburseAmount_c20210124__20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2021-01-242021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,000</ix:nonFraction></span> being paid to reimburse the Lender 7 for legal and due diligence fees incurred with respect to this securities purchase agreement
and convertible promissory note. This convertible debenture converts at <span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20210124__20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zgxNrlKWX3F2" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2021-01-242021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% of the lowest closing price during the <span id="xdx_901_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20210124__20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zHWUXUMT462a" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-01-242021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">15</ix:nonFraction></span> days prior to conversion.
Due to the variable conversion provisions contained in the convertible promissory note, the Company accounted for this conversion feature
as a derivative liability. In connection herewith, the Company recorded a derivative liability of $<span id="xdx_90A_eus-gaap--DerivativeLiabilities_c20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">656,325</ix:nonFraction></span>, original issue discount of
$14,000, deferred financing costs of $<span id="xdx_908_eus-gaap--DeferredFinanceCostsNet_c20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,800</ix:nonFraction></span> and debt discount of $<span id="xdx_90A_eus-gaap--DebtInstrumentUnamortizedDiscount_c20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsSevenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsSevenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">115,200</ix:nonFraction></span>. The original issue discount, deferred financing costs and
debt discount were being amortized over the term of the note. During May 2021, the Company paid-off the aggregate balance of the convertible
promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span style="text-transform: uppercase">Convertible Debt Arrangements (</span>continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 26, 2021, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 8&#8221;) and issued
an <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zoEJXvQvrT" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_c20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">118,500</ix:nonFraction></span> to the Lender 8 with a maturity date of <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20210124__20210126__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-01-242021-01-26_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">January 26, 2022</ix:nonNumeric></span>. On January
27, 2021, the Company received net proceeds in the amount of $<span id="xdx_90D_eus-gaap--ProceedsFromConvertibleDebt_c20210124__20210127__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-01-242021-01-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">115,000</ix:nonFraction></span> as a result of $<span id="xdx_907_ecustom--PaymentToReimburseAmount_c20210124__20210127__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2021-01-242021-01-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,500</ix:nonFraction></span> being paid to reimburse the Lender 8 for
legal and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at <span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20210124__20210127__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zQ3JpwlgxaEc" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2021-01-242021-01-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% of the lowest trading price during the <span id="xdx_904_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20210124__20210127__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zKOf3Y83ut3b" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-01-242021-01-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> days prior to conversion. Due to the variable conversion provisions
contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability. In connection
herewith, the Company recorded a derivative liability of $<span id="xdx_908_eus-gaap--DerivativeLiabilities_c20210127__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-01-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">568,609</ix:nonFraction></span>, deferred financing costs of $<span id="xdx_907_eus-gaap--DeferredFinanceCostsNet_c20210127__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-01-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,500</ix:nonFraction></span> and debt discount of $<span id="xdx_908_eus-gaap--DebtInstrumentUnamortizedDiscount_c20210127__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsEightMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-01-27_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsEightMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">115,000</ix:nonFraction></span>.
The deferred financing costs and debt discount were being amortized over the term of the note. During April 2021, the Company paid-off
the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 10, 2021, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 9&#8221;) and
issued an <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210210__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_ztpXPEWhSJ9d" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-02-10_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20210210__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-02-10_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">88,500</ix:nonFraction></span> to the Lender 9 with a maturity date of <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20210209__20210210__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-02-092021-02-10_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">February 10, 2022</ix:nonNumeric></span>.
On February 11, 2021, the Company received net proceeds in the amount of $<span id="xdx_90F_eus-gaap--ProceedsFromConvertibleDebt_c20210209__20210211__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-02-092021-02-11_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">85,000</ix:nonFraction></span> as a result of $<span id="xdx_905_ecustom--PaymentToReimburseAmount_c20210209__20210211__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2021-02-092021-02-11_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,500</ix:nonFraction></span> being paid to reimburse the Lender
9 for legal and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This
convertible debenture converts at <span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20210209__20210211__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zGzm7KROhx4j" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2021-02-092021-02-11_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% of the lowest trading price during the <span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20210209__20210211__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_z31pbcjVQVt5" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-02-092021-02-11_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> days prior to conversion. Due to the variable conversion
provisions contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability.
In connection herewith, the Company recorded a derivative liability of $<span id="xdx_909_eus-gaap--DerivativeLiabilities_c20210211__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-02-11_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">573,537</ix:nonFraction></span>, deferred financing costs of $<span id="xdx_90F_eus-gaap--DeferredFinanceCostsNet_c20210211__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-02-11_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,500</ix:nonFraction></span> and debt discount
of $<span id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscount_c20210211__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsNineMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-02-11_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsNineMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">85,000</ix:nonFraction></span>. The deferred financing costs and debt discount were being amortized over the term of the note. During April 2021, the Company
paid-off the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 18, 2021, the Company entered into a securities purchase agreement with an accredited investor (&#8220;Lender 10&#8221;) and
issued an <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210218__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zqd1ordNaIm8" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-02-18_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible promissory note in the principal amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20210218__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-02-18_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">78,500</ix:nonFraction></span> to the Lender 10 with a maturity date of <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_c20210216__20210218__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-02-162021-02-18_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">February 18, 2022</ix:nonNumeric></span>.
On February 22, 2021, the Company received net proceeds in the amount of $<span id="xdx_900_eus-gaap--ProceedsFromConvertibleDebt_c20210221__20210222__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-02-212021-02-22_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,000</ix:nonFraction></span> as a result of $<span id="xdx_905_ecustom--PaymentToReimburseAmount_c20210221__20210222__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2021-02-212021-02-22_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,500</ix:nonFraction></span> being paid to reimburse the Lender
10 for legal and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This
convertible debenture converts at <span id="xdx_902_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20210221__20210222__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_zIzSFgtvaYTc" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2021-02-212021-02-22_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62</ix:nonFraction></span>% of the lowest trading price during the <span id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20210221__20210222__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_z1VSNkOyg2z2" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-02-212021-02-22_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></span> days prior to conversion. Due to the variable conversion
provisions contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability.
In connection herewith, the Company recorded a derivative liability of $<span id="xdx_902_eus-gaap--DerivativeLiabilities_c20210222__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-02-22_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">466,569</ix:nonFraction></span>, deferred financing costs of $<span id="xdx_908_eus-gaap--DeferredFinanceCostsNet_c20210222__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-02-22_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,500</ix:nonFraction></span> and debt discount
of $<span id="xdx_902_eus-gaap--DebtInstrumentUnamortizedDiscount_c20210222__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTenMember__us-gaap--DebtInstrumentAxis__custom--EightPercentageConvertiblePromissoryNoteMember_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-02-22_custom_SecuritiesPurchaseAgreementMember_custom_AccreditedInvestorsTenMember_custom_EightPercentageConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,000</ix:nonFraction></span>. The deferred financing costs and debt discount were being amortized over the term of the note. During April 2021, the Company
paid-off the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 101 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span style="text-transform: uppercase">Convertible Debt Arrangements (</span>continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Evergreen
Agreement</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
April 6, 2021, the Company entered into a Securities Purchase Agreement (&#8220;Agreement&#8221;) with Evergreen Capital Management LLC
(the &#8220;Investor&#8221;), pursuant to which the Company sold to the Investor an aggregate of up to $<span id="xdx_90B_eus-gaap--CommonStockSharesSubscriptions_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_pp0p0"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,040,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in aggregate subscription
amount of notes and warrants to purchase an aggregate of <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,730,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">shares of Common
Stock in two (2) tranches (each a &#8220;Tranche&#8221;), with the first Tranche of $<span id="xdx_905_eus-gaap--CommonStockSharesSubscriptions_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_pp0p0"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,540,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in subscription amount
of notes (to purchase an aggregate of $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_pp0p0"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,771,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in principal amount
of notes) and warrants to purchase an aggregate of <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,855,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">shares of Common Stock
being closed on upon execution of this Agreement. The closing for the second Tranche of $<span id="xdx_905_eus-gaap--CommonStockSharesSubscriptions_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_pp0p0"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in subscription amount
of notes (to purchase an aggregate of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_pp0p0"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">575,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in principal amount
of notes) and warrants to purchase an aggregate of <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,875,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">shares of Common
Stock will occur within three (3) business days after the later of (i) the filing by the Company of a Registration Statement on Form
S-1 for the sale of common stock that will be listed on a national securities exchange, or (ii) the thirtieth (30<sup>th</sup>)
day following the closing of the first Tranche. The first and second Tranches closed and funded on April 6, 2021 and May 3, 2021, respectively.
</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes mature on <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April 6, 2022</ix:nonNumeric></span> and <span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">May 3, 2022</ix:nonNumeric></span>, bears interest at the rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zgvUl3NC3pOh" title="Debt interest rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zsfwvbDck2sg" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></ix:nonFraction></span></span>% per annum and is convertible at any time upon the option
of the Investor into shares of Common Stock at a conversion price equal to $0.20 per share or, upon the occurrence and during the continuance
of an Event of Default (as defined in the Note), if lower, at a conversion price equal to <span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zz0neum7WOo1" title="Debt conversion percentage"><span id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_dp_uPure_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zaA1paBVXRyd" title="Debt conversion percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">75</ix:nonFraction></ix:nonFraction></span></span>% of the lowest daily VWAP of the Common
Stock during the <span id="xdx_908_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zkK2S0nECHTg" title="Conversion trading days"><span id="xdx_904_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_uInteger_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zdxB8uGHNHDi" title="Conversion trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">20</ix:nonFraction></ix:nonFraction></span></span> consecutive trading days immediately preceding the applicable conversion date. <span id="xdx_906_eus-gaap--DebtInstrumentDescription_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zpijqKosFOCb" title="Debt instrument, description"><span title="Debt instrument, description"><span id="xdx_90C_eus-gaap--DebtInstrumentDescription_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_z83xtdvcuUAb" title="Debt instrument, description"><ix:nonNumeric contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" name="us-gaap:DebtInstrumentDescription"><ix:nonNumeric contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" name="us-gaap:DebtInstrumentDescription">The Company has the right to prepay
all or any portion of the outstanding balance of the Note in an amount equal to 115% or 120%, depending on whether such repayment is
made before November 5, 2021 or after November 5, 2021, respectively, multiplied by the portion of the outstanding balance to be prepaid</ix:nonNumeric></ix:nonNumeric></span></span>.</span>
The Company is required to prepay all or any portion of the outstanding balance of the Note upon the occurrence of a Qualified Financing
(as defined in the Note). If at any time while the Note is outstanding, the Company completes any single Future Transaction (as defined
in the Note), the Investor may, in its sole discretion, elect to apply all, or any portion, of the then outstanding principal amount
of this Note and any accrued but unpaid interest, as purchase consideration for such Future Transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are exercisable at a purchase price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_pdd" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction></span> per share at any time on or prior to April 6, 2025 and May 3, 2025, and may be
exercised on a cashless basis, beginning on the six-month anniversary of the Effective Date, if the shares of Common Stock underlying
the Warrants are not then registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). <span id="xdx_903_ecustom--WarrantsExercisableTermsDescription_c20210405__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zIMGIgGzqJd2" title="Warrants exercisable terms, description"><ix:nonNumeric contextRef="From2021-04-052021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" name="XDSL:WarrantsExercisableTermsDescription">The Investor will
not have the right to exercise the Warrants if the Investor, together with its affiliates, would beneficially own in excess of 4.99%
of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion and under no circumstances
may exercise the Warrants if the Investor, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to its exercise.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SPA contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations
of the Company, other obligations of the parties thereto, and termination provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection herewith, the Company recorded an original issue discount of $<span id="xdx_90A_eus-gaap--DebtConversionOriginalDebtAmount1_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_pp0p0" title="Debt original issued discount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">306,000</ix:nonFraction></span> and deferred financing costs of $<span id="xdx_909_eus-gaap--DeferredFinanceCostsNet_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">42,500</ix:nonFraction></span>. The original
issue discount and deferred financing costs are being amortized over the term of the note. At June 30, 2021, the aggregate balance of
the convertible promissory note and accrued interest was $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_pp0p0" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,346,000</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--InterestPayableCurrent_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_pp0p0" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">25,596</ix:nonFraction></span>, respectively. At June 30, 2021, the aggregate balance
of the convertible promissory note, net of original issue discount and deferred financing costs was $<span id="xdx_900_eus-gaap--DeferredFinanceCostsNet_c20210630__us-gaap--DebtInstrumentAxis__us-gaap--ConvertibleDebtMember__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-06-30_us-gaap_ConvertibleDebtMember_custom_EvergreenAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,073,992</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 102 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span style="text-transform: uppercase">Convertible Debt Arrangements (</span>continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Investors&#8217;
Agreement</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 4, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;SPA&#8221;) with two accredited investors (the &#8220;Investors&#8221;),
pursuant to which the Company sold to the Investors an aggregate of up to $<span id="xdx_906_eus-gaap--CommonStockSharesSubscriptions_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_pp0p0"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,550,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in Aggregate Subscription Amount of Notes and
Warrants to acquire an aggregate of <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock in two tranches
(each a &#8220;Tranche&#8221;), with the first Tranche of $<span id="xdx_906_eus-gaap--CommonStockSharesSubscriptions_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember_pp0p0"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,924,999</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in subscription Amount of Notes (to sell an aggregate
of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember_pp0p0"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,264,706</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in principal amount of Notes) and Warrants to
acquire an aggregate of <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,323,529</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
shares of Common Stock being closed on upon execution of the SPA. The closing for the second tranche for $<span id="xdx_900_eus-gaap--CommonStockSharesSubscriptions_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--SecondTrancheMember_pp0p0"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">625,001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in Subscription Amount Notes (to sell an aggregate
of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--SecondTrancheMember_pp0p0"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">735,294</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in principal amount of Notes) and Warrants to
acquire an aggregate of <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zAcM7bYuYbWf"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,676,471</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock will occur within
three (3) business days after the later of (i) the filing of a Registration Statement on Form S-1 for the sale of Common Stock
that will be listed on a national securities exchange or (ii) the thirtieth (30<sup>th</sup>) day following the closing of the
first Tranche. <span style="background-color: white">The first and second Tranches closed and funded on May 3, 2021 and June 30, 2021,
respectively. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes mature on <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_c20210503__20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-05-032021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">May 4, 2022</ix:nonNumeric></span> and <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_c20210503__20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--SecondTrancheMember" title="Debt maturity date"><ix:nonNumeric contextRef="From2021-05-032021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_SecondTrancheMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">June 30, 2022</ix:nonNumeric></span>, bear interest at the rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember_z1AGn7MYmDX4" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% per annum and are convertible at any time upon the option
of the Investors into shares of Common Stock at a conversion price equal to $0.20 per share. <span id="xdx_904_eus-gaap--DebtInstrumentDescription_c20210503__20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember" title="Debt instrument, description"><ix:nonNumeric contextRef="From2021-05-032021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" name="us-gaap:DebtInstrumentDescription"><span id="xdx_90C_eus-gaap--DebtInstrumentDescription_c20210503__20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--SecondTrancheMember" title="Debt instrument, description"><ix:nonNumeric contextRef="From2021-05-032021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_SecondTrancheMember" name="us-gaap:DebtInstrumentDescription">The Company has the right to prepay all
or any portion of the outstanding balance of the Notes in an amount equal to 115% or 120%, depending on whether such repayment is made
before November 5, 2021 or after November 5, 2021, respectively, multiplied by the portion of the outstanding balance to be prepaid</ix:nonNumeric></span>.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are exercisable at a purchase price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_pdd" title="Warrants exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction></span> per share at any time on or prior to May 4, 2025 and June 30, 2025, and may be
exercised on a cashless basis, beginning on the six-month anniversary of the Effective Date, if the shares of Common Stock underlying
the Warrants are not then registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SPA contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations
of the Company, other obligations of the parties thereto, and termination provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection herewith, the Company recorded an original issue discount of $<span id="xdx_901_eus-gaap--DebtConversionOriginalDebtAmount1_pp0p0_c20210503__20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_z9h2f8Ksppoi" title="Debt original issued discount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2021-05-032021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">419,664</ix:nonFraction></span> and deferred financing costs of $<span id="xdx_90A_eus-gaap--DeferredFinanceCostsNet_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_pp0p0" title="Deferred financing cost"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,000</ix:nonFraction></span>. The original
issue discount and deferred financing costs are being amortized over the term of the note. At June 30, 2021, the aggregate balance of
the convertible promissory note and accrued interest was $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210630__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_zZXNN5eaAame" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-06-30_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,797,795</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--InterestPayableCurrent_iI_pp0p0_c20210630__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_zV02k4vaOlvh" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-06-30_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,377</ix:nonFraction></span>, respectively. At June 30, 2021, the aggregate balance
of the convertible promissory note, net of original issue discount and deferred financing costs was $<span id="xdx_900_eus-gaap--ConvertibleNotesPayable_c20210630__us-gaap--DebtInstrumentAxis__us-gaap--ConvertibleDebtMember__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember_pp0p0" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-06-30_us-gaap_ConvertibleDebtMember_custom_InvestorsAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,424,877</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2021, the Company paid-off a total of 12 outstanding convertible promissory notes with an aggregate balance,
including accrued interest and prepayment amount of $<span id="xdx_90D_eus-gaap--InterestPayableCurrent_c20210630_pp0p0" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,542,270</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and June 30, 2020, there was $<span id="xdx_90C_eus-gaap--ConvertibleNotesPayable_c20210630_pp0p0" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,143,795</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--ConvertibleNotesPayable_c20200630_pp0p0" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">565,000</ix:nonFraction></span> of convertible notes payable outstanding, net of discounts of $<span id="xdx_904_eus-gaap--DebtInstrumentUnamortizedDiscount_c20210630_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,157,759</ix:nonFraction></span>
and $<span id="xdx_90B_eus-gaap--DebtInstrumentUnamortizedDiscount_c20200630_pp0p0" title="Debt discount"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">375,359</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2021 and 2020, amortization of original issue discount, deferred financing costs, and debt discounts amounted
to $<span id="xdx_901_eus-gaap--AmortizationOfDebtDiscountPremium_c20200701__20210630_pp0p0" title="Amortization of original issue discount, deferred financing costs, and debt discount"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,032,516</ix:nonFraction></span> and $<span id="xdx_90F_eus-gaap--AmortizationOfDebtDiscountPremium_c20190701__20200630_pp0p0" title="Amortization of original issue discount, deferred financing costs, and debt discount"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">899,491</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended June 30, 2021 and 2020, $<span id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20200701__20210630__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesMember_zW1qjDtwMZe9"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2020-07-012021-06-30_custom_ConvertibleNotesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,596,888</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20190701__20200630_pp0p0"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">477,763</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, of convertible notes, including fees and interest, were converted into <span id="xdx_90F_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20200701__20210630_pdd"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,716,750</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20190701__20200630_pdd"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,872,362</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, shares of the Company&#8217;s Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, the Company was in compliance with the terms of the Accredited Investors convertible promissory notes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 103 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span style="text-transform: uppercase">Convertible Debt Arrangements (</span>continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ConvertibleDebtTableTextBlock"><p id="xdx_898_eus-gaap--ConvertibleDebtTableTextBlock_zuDeYFsc2ydf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
payable under convertible debt and debenture agreements, net is comprised of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zqDmrfs663Xc" style="display: none">SCHEDULE OF NOTES PAYABLE UNDER CONVERTIBLE DEBT AND DEBENTURE AGREEMENTS, NET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">JMJ
    Financial</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_ecustom--ConvertibleDebtArrangementsNet_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_pp0p0" title="Total convertible debt arrangements, net" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">109,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--ConvertibleDebtArrangementsNet_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_pp0p0" title="Total convertible debt arrangements, net" style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2020-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">109,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accredited
    Investors</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_ecustom--ConvertibleDebtArrangementsNet_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AccreditedInvestorsMember_pp0p0" title="Total convertible debt arrangements, net" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-06-30_custom_AccreditedInvestorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,148,795</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_ecustom--ConvertibleDebtArrangementsNet_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AccreditedInvestorsMember_pp0p0" title="Total convertible debt arrangements, net" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2020-06-30_custom_AccreditedInvestorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">565,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unamortized
    OID, deferred financings costs, and debt discounts</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_ecustom--ConvertibleDebtArrangementsNet_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--UnamortizedOIDDeferredFinancingsCostsAndDebtDiscountsMember_pp0p0" title="Total convertible debt arrangements, net" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-06-30_custom_UnamortizedOIDDeferredFinancingsCostsAndDebtDiscountsMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">3,157,759</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_ecustom--ConvertibleDebtArrangementsNet_c20200630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--UnamortizedOIDDeferredFinancingsCostsAndDebtDiscountsMember_pp0p0" title="Total convertible debt arrangements, net" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2020-06-30_custom_UnamortizedOIDDeferredFinancingsCostsAndDebtDiscountsMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">375,359</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    convertible debt arrangements, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--ConvertibleDebtArrangementsNet_c20210630_pp0p0" title="Total convertible debt arrangements, net" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,100,036</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_ecustom--ConvertibleDebtArrangementsNet_c20200630_pp0p0" title="Total convertible debt arrangements, net" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">298,641</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zQoKJMzmHj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, the outstanding balances are reflected as current liabilities within our consolidated balance sheets. At June
30, 2021 and 2020, accrued interest on these convertible notes of $<span id="xdx_90D_eus-gaap--ConvertibleNotesPayable_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pp0p0" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-06-30_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">162,271</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--ConvertibleNotesPayable_c20200630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pp0p0" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-06-30_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">116,619</ix:nonFraction></span>, respectively, is included within accrued expenses
of the consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"><p id="xdx_808_eus-gaap--DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_z9wNq6IYIF06" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11: <span id="xdx_82A_zbyyp0gHDhd1">DERIVATIVE LIABILITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components
of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, &#8220;Derivatives and Hedging.&#8221;
The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded
as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of
operation as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at
the conversion date then that fair value is reclassified to equity. Equity instruments that are initially classified as equity that become
subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification
date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock"><p id="xdx_891_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_zWNihya6U6Vb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable
inputs (Level 3) from June 30, 2019 to June 30, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zdK1a9Uvv6mh" style="display: none">SCHEDULE OF RECONCILIATION OF DERIVATIVE LIABILITY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Conversion<br />
    feature derivative<br /> liability</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 78%"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2019</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_pp0p0_c20190701__20200630_zGul6r91OZ6c" title="Derivative liability, beginning balance" style="font-family: Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" contextRef="AsOf2019-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">133,669</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial
    fair value of derivative liability recorded as debt discount</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_ecustom--InitialFairValueOfDerivativeLiabilityRecordedDebtDiscount_c20190701__20200630_pp0p0" title="Initial fair value of derivative liability recorded as debt discount" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityRecordedDebtDiscount" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,115,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial
    fair value of derivative liability charged to other expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_ecustom--InitialFairValueOfDerivativeLiabilityChargedToOtherExpense_c20190701__20200630_pp0p0" title="Initial fair value of derivative liability charged to other expense" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityChargedToOtherExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,610,913</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain
    on change in fair value included in earnings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings_c20190701__20200630_pp0p0" title="Gain on change in fair value included in earnings" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">1,961,951</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2020</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_pp0p0_c20200701__20210630_z1diib8VJtMl" title="Derivative liability, ending balance" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">897,631</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial
    fair value of derivative liability recorded as debt discount</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_ecustom--InitialFairValueOfDerivativeLiabilityRecordedDebtDiscount_c20200701__20210630_pp0p0" title="Initial fair value of derivative liability recorded as debt discount" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityRecordedDebtDiscount" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">853,800</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial
    fair value of derivative liability charged to other expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_ecustom--InitialFairValueOfDerivativeLiabilityChargedToOtherExpense_c20200701__20210630_pp0p0" title="Initial fair value of derivative liability charged to other expense" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityChargedToOtherExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,240,908</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain
    on change in fair value included in earnings</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings_c20200701__20210630_pp0p0" title="Gain on change in fair value included in earnings" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">3,267,323</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Derivative
    liability relieved by conversions of convertible promissory notes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_ecustom--DerivativeLiabilityRelievedByConversionsOfConvertiblePromissoryNotes_iN_pp0p0_di_c20200701__20210630_z9j5b6NjNYP7" title="Derivative liability relieved by conversions of convertible promissory notes" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:DerivativeLiabilityRelievedByConversionsOfConvertiblePromissoryNotes" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">725,016</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2021</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iE_pp0p0_c20200701__20210630_znzccCe9oCje" title="Derivative liability, ending balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1534">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_z6XiYv4wF04i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
derivative liability at June 30, 2021 and 2020 amounted to $<span id="xdx_905_eus-gaap--DerivativeLiabilities_c20210630_pp0p0"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_eus-gaap--DerivativeLiabilities_c20200630_pp0p0"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">897,631</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. The change in fair value included in earnings of $<span id="xdx_901_eus-gaap--DerivativeGainLossOnDerivativeNet_c20200701__20210630_pp0p0"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,267,323</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is due in part to the quoted market price of
the Company&#8217;s Common Stock increasing from $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_c20200630_pdd"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.08</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at June 30, 2020 to $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleConversionPrice1_c20210630_pdd"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.43</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at June 30, 2021, coupled with substantially
reduced conversion prices due to the effect of &#8220;ratchet&#8221; provisions incorporated within the convertible notes payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 104 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11: DERIVATIVE LIABILITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, there were no outstanding convertible notes payable with conversion prices inclusive of &#8220;ratchet&#8221; provisions
requiring the use of a binomial pricing model with binomial simulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes its derivative liabilities as Level 3 and values its derivatives using the methods discussed below. While the Company
believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different
methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair
value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed are
that of volatility and market price of the underlying Common Stock of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, the Company did not have any derivative instruments that were designated as hedges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock"><p id="xdx_897_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zt5Q8N3mIXZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following
items as of June 30, 2021 and 2020:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zM1CezyRKwvd" style="display: none">SCHEDULE OF FAIR VALUE ON RECURRING BASIS DERIVATIVE LIABILITY</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted
    Prices in Active Markets for Identical Assets<br />
 (Level 1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
                                            Other Observable Inputs</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Level
    2)</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
                                            Unobservable Inputs</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Level
    3)</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
    liability, June 30, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_98B_eus-gaap--DerivativeLiabilities_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_pp0p0" title="Derivative liability" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1543">&#160;</span>-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_983_eus-gaap--DerivativeLiabilities_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_pp0p0" title="Derivative liability" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1545">&#160;</span>-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_982_eus-gaap--DerivativeLiabilities_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_pp0p0" title="Derivative liability" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1547">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted
                                            Prices in Active Markets for Identical Assets</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Level
    1)</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
                                            Other Observable Inputs</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Level
    2)</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
                                            Unobservable</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inputs</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Level
    3)</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
    liability, June 30, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_98A_eus-gaap--DerivativeLiabilities_c20200630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_pp0p0" title="Derivative liability" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1549">&#160;</span>-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_98B_eus-gaap--DerivativeLiabilities_c20200630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_pp0p0" title="Derivative liability" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1551">&#160;</span>-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_983_eus-gaap--DerivativeLiabilities_c20200630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_pp0p0" title="Derivative liability" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-06-30_us-gaap_FairValueInputsLevel3Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">897,631</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A0_zM3DevwAzifl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80F_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zLTDuwpyVhZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: <span id="xdx_823_zmVY4MvicNc3">STOCKHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, the total number of shares of all classes of stock that the Company shall have the authority to issue is 500,001,000 shares
consisting of <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_c20210630_zrqEGAQUQM21"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of Common Stock, $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210630_z4DSSbGVRbnd"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">par value per share, of which <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_c20210630_zRI9RB2NIvQd"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">78,612,608</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares are issued, <span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_c20210630_zqDL4oZO4Uf6"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">78,584,238</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares are outstanding and <span id="xdx_907_ecustom--CommonStockSharesAreToBeIssued_c20210630_pdd"><ix:nonFraction name="XDSL:CommonStockSharesAreToBeIssued" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">281,734</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares are to be issued, and <span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_c20210630_znEtdCpmDd5k"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of preferred stock, par value $<span id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20210630_zK3ODIFTzA8d"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share of which <span id="xdx_909_eus-gaap--PreferredStockSharesIssued_iI_c20210630_zZTmArvFdDp6"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares have been designated as Series A Super
Voting Preferred, of which <span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_c20210630_zCpEEByJeC23"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 27, 2019, the Company&#8217;s Board of Directors approved an amendment to the Company&#8217;s Amended and Restated Certificate
of Incorporation, as amended (the &#8220;Certificate of Incorporation&#8221;) to increase the number of authorized shares of Common
Stock of the Company to 100,000,000 shares from 25,000,000 shares. On September 4, 2019, the Company filed a Certificate of Amendment
to its Certificate of Incorporation to increase its authorized Common Stock from <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_c20190903_pdd"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-09-03" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to <span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_c20190904_pdd"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-09-04" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 105 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 10, 2020, the Company&#8217;s Board of Directors approved an amendment to the Company&#8217;s Amended and Restated Certificate of
Incorporation, as amended (the &#8220;Certificate of Incorporation&#8221;) to increase the number of authorized shares of Common Stock
of the Company to 250,000,000 shares from 100,000,000 shares. On July 14, 2020, the Company filed a Certificate of Amendment to its
Certificate of Incorporation to increase its authorized Common Stock from <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_c20200713_pdd"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-07-13" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_c20200714_pdd"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-07-14" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2020, the Company&#8217;s Board of Directors approved an amendment to the Company&#8217;s Amended and Restated Certificate
of Incorporation, as amended (the &#8220;Certificate of Incorporation&#8221;) to increase the number of authorized shares of Common
Stock of the Company to 500,000,000 shares from 250,000,000 shares. On August 4, 2020, the Company filed a Certificate of Amendment
to its Certificate of Incorporation to increase its authorized Common Stock from <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_c20200803_pdd"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-08-03" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_c20200804_pdd"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-08-04" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Common
Stock</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Private
Placements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2021, the Company <span style="background-color: white">did not issue any shares of Common Stock under
any private placements with accredited investors. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2020, the Company received $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20190701__20200630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp0p0"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2019-07-012020-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">347,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of net proceeds from the issuance of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190701__20200630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-07-012020-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,129,577</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock in private placements
with accredited investors. During the year ended June 30, 2020, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,003</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock valued at $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp0p0"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,250</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for finder&#8217;s services related to certain
of these private placements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock Based Compensation &#8211; Common Stock
Grants</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">During the year ended June 30, 2021, the Company
entered into an exchange agreement (the &#8220;Exchange Agreement&#8221;) with its Chief Executive Officer, Anshu Bhatnagar (&#8220;Holder&#8221;),
whereby earned and issued warrants to purchase <span id="xdx_901_eus-gaap--PaymentsForRepurchaseOfWarrants_c20200701__20210630__us-gaap--ClassOfWarrantOrRightAxis__custom--CancelledWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_pp0p0"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfWarrants" contextRef="From2020-07-012021-06-30_custom_CancelledWarrantsMember_custom_ExchangeAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">37,390,452</ix:nonFraction>
</span>shares of the Company&#8217;s Common Stock (the &#8220;Cancelled Warrants&#8221;) pursuant to the terms of that certain Transition
Agreement (the &#8220;Transition Agreement&#8221;) and Warrant Agreement (the &#8220;Warrant Agreement&#8221;) each between the Company
and Holder and dated as of January 11, 2019 were forfeited and exchanged for (i) 37,390,452 shares of the Company&#8217;s Common Stock
(the &#8220;Shares&#8221;) and (ii) the cancellation and termination of the Transition Agreement and Warrant Agreement. <span id="xdx_906_ecustom--DescriptionOfWarrantExchangeAgreement_c20200701__20210630__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember" title="Description of warrant exchange agreement"><ix:nonNumeric contextRef="From2020-07-012021-06-30_custom_AdditionalWarrantsMember" name="XDSL:DescriptionOfWarrantExchangeAgreement">The Cancelled
Warrants had an exercise price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210630__us-gaap--ClassOfWarrantOrRightAxis__custom--CancelledWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_pdd" title="Warrant exercise price per shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-30_custom_CancelledWarrantsMember_custom_ExchangeAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span> per share and were not subject to expiration. Such Exchange Agreement is intended to make the
Company&#8217;s capitalization more attractive to potential investors and to remove the uncertainty associated with any future grants
of warrants under the Transition Agreement and Warrant Agreement, although there can be no assurance of any future investments on terms
that are attractive to the Company, or at all. Immediately prior to the Company&#8217;s entry into the Exchange Agreement, it was determined
that 5,650,708 additional warrants (the &#8220;Additional Warrants&#8221;) to purchase the Company&#8217;s Common Stock were due to and
issued to the Holder in accordance with the terms and conditions of the Transition Agreement as the Transition Agreement required certain
liabilities to be eliminated by the prior management team within six months of the Transition Agreement&#8217;s effective date of January
11, 2019. However, the Additional Warrants were immediately cancelled and terminated with the intention of mitigating potential liabilities
arising from certain issuances of the Company&#8217;s Common Stock below the minimum price of $0.50 per share as stated within the Transition
Agreement.</ix:nonNumeric></span> The Shares to be issued and sold to the Holder pursuant to the Exchange Agreement were issued in reliance upon the exemption
from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. For the year ended
June 30, 2021, the Company recorded $<span id="xdx_90A_eus-gaap--ShareBasedCompensation_c20200701__20210630__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_pp0p0" title="Stock-based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012021-06-30_custom_ExchangeAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">153,301</ix:nonFraction></span> of stock-based compensation expense related to the Exchange Agreement. See Common Stock
Warrants section below for further details of the warrants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 106 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
during the year ended June 30, 2021, the Company recorded $<span id="xdx_90F_eus-gaap--ShareBasedCompensation_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrCutchensMember_pp0p0"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012021-06-30_custom_MrCutchensMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,474</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of stock-based compensation expense related to
a June 1, 2019 grant of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrCutchensMember_pdd"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-07-012021-06-30_custom_MrCutchensMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">231,635</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock to <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrCutchensMember"><ix:nonNumeric contextRef="From2020-07-012021-06-30_custom_MrCutchensMember" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">the
Company&#8217;s former Chief Financial Officer, which vested 25% on the six month and 1 year anniversaries of the grant date.</ix:nonNumeric></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon Mr. Cutchens&#8217; employment ceasing during January
2021, <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20210129__20210131__srt--TitleOfIndividualAxis__custom--MrCutchensMember_pdd"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" contextRef="From2021-01-292021-01-31_custom_MrCutchensMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,818</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unvested shares of Common Stock were forfeited
resulting in the reversal of $<span id="xdx_90E_eus-gaap--ShareBasedCompensation_c20210129__20210131__srt--TitleOfIndividualAxis__custom--MrCutchensMember_pp0p0"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-292021-01-31_custom_MrCutchensMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">68,003</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of previously recognized stock-based compensation
expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
during the year ended June 30, 2021, the Company granted <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_pdd"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-07-012021-06-30_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of Common Stock to its
Chief Operating Officer. <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember"><ix:nonNumeric contextRef="From2020-07-012021-06-30_srt_ChiefOperatingOfficerMember" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The
restricted shares of Common Stock vest 25% on the 1 year, 2 year, 3 year, and 4 year anniversaries of the grant date.</ix:nonNumeric> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, no shares of Common Stock have vested and <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_pdd"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" contextRef="From2020-07-012021-06-30_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares remain unvested. During the year ended
June 30, 2021, the Company recorded $<span id="xdx_903_eus-gaap--ShareBasedCompensation_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_pp0p0"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012021-06-30_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,733</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of stock-based compensation expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2020, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20190701__20200630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2019-07-012020-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">231,635</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of its Common Stock
to the Company&#8217;s Chief Financial Officer, which were granted on June 1, 2019 (the &#8220;Grant Date&#8221;), pursuant to the terms
of an employment agreement with the Company. The restricted shares of Common Stock vest 25% on the six-month, 1 year, 2 year,
and 3 year anniversaries of the Grant Date. At June 30, 2020, <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20190701__20200630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pdd"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2019-07-012020-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,818</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock vested and <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20190701__20200630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pdd"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" contextRef="From2019-07-012020-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,817</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares remain unvested. During the years ended
June 30, 2020 and 2019, the Company recorded $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20190701__20200630_zslReVJ746n"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">133,142</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20180701__20190630_z6vlhNBIKJP2"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2018-07-012019-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,464</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, of stock-based compensation expense related to the vested portion of this award.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vendor
Services</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2021, the Company entered into various consulting, public relations, and marketing agreements whereby the Company
issued an aggregate of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20200701__20210630__us-gaap--TypeOfArrangementAxis__custom--ConsultingPublicRelationsAndMarketingAgreementMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2020-07-012021-06-30_custom_ConsultingPublicRelationsAndMarketingAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,422,127</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of its Common Stock
and has an aggregate of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200701__20210630__us-gaap--TypeOfArrangementAxis__custom--ConsultingPublicRelationsAndMarketingAgreementMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-07-012021-06-30_custom_ConsultingPublicRelationsAndMarketingAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">281,734</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of Common Stock to be
issued, for services to be performed during specified periods of time. During the year ended June 30, 2021, the Company recorded $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20200701__20210630__us-gaap--TypeOfArrangementAxis__custom--ConsultingPublicRelationsAndMarketingAgreementMember_pp0p0"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2020-07-012021-06-30_custom_ConsultingPublicRelationsAndMarketingAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">261,067</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2020, there were no shares of Common Stock issued to any vendors for consulting, public relations, or
marketing services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 107 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion
of Service Fees</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2020, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember_custom_FormerOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">62,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock, valued at $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_pp0p0"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember_custom_FormerOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">46,500</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
to a former officer who provided services to the Company. During the year ended June 30, 2021, there were no shares of Common Stock
issued to any former officer for services provided to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2020, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--RelatedPartiesAndStrategicConsultantsMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember_custom_RelatedPartiesAndStrategicConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">294,654</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock to a number of
related parties and strategic consultants in connection with prior services provided to the Company. The shares issued were valued at
$<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--RelatedPartiesAndStrategicConsultantsMember_pp0p0"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2019-07-012020-06-30_us-gaap_CommonStockMember_custom_RelatedPartiesAndStrategicConsultantsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">219,517</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
During the year ended June 30, 2021, there were no share of Common Stock issued to any related parties and strategic consultants
for prior services provided to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion
of Debt Securities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2021, $<span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20200701__20210630_zMEVaOpdJ9Ze"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">472,593</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of convertible notes, including fees and interest,
were converted into <span id="xdx_901_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20200701__20210630_zjveQHHRilMh"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,716,750</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
by accredited investors, valued at $<span id="xdx_909_ecustom--StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne_c20200701__20210630_pp0p0"><ix:nonFraction name="XDSL:StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,596,888</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
During the year ended June 30, 2020, $<span id="xdx_901_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20190701__20200630_zntpoxvOxt0b"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">477,763</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of convertible notes, including fees and interest,
were converted into <span id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20190701__20200630_zZZO8sRrqDP6"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,872,362</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
by accredited investors, valued at $<span id="xdx_90A_ecustom--StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne_pp0p0_c20190701__20200630_zyzz3Ct959K7"><ix:nonFraction name="XDSL:StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,054,204</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cancellation
of Common Stock</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2021, the Company&#8217;s Chief Executive Officer cancelled <span id="xdx_908_ecustom--CancellationOfCommonStock_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_pdd"><ix:nonFraction name="XDSL:CancellationOfCommonStock" contextRef="From2020-07-012021-06-30_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,352,066</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of his shares of the Company&#8217;s Common
Stock to partially offset the number of shares of the Company&#8217;s Common Stock issued by the conversion of $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_pp0p0"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2020-07-012021-06-30_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">472,593</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of convertible notes, including fees and interest,
into <span id="xdx_905_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_pdd"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2020-07-012021-06-30_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,716,750</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
by accredited investors. The fair value of the cancelled shares of Common Stock was $<span id="xdx_907_ecustom--FairValueOfCancelledShareOfCommonStock_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_pp0p0"><ix:nonFraction name="XDSL:FairValueOfCancelledShareOfCommonStock" contextRef="From2020-07-012021-06-30_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">496,106</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reserved
Shares &#8211; Common Stock</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, the convertible promissory notes entered into with accredited investors require the Company to reserve approximately <span id="xdx_908_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_c20210630_pdd" title="Common stock, capital shares reserved for future issuance"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">85,000,000</ix:nonFraction></span>
shares of its Common Stock for potential future conversions under such instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, 7,202 shares of the Company&#8217;s Common Stock remain subject to be returned to the Company&#8217;s treasury for cancellation.
Such shares were not sold as part of <span id="xdx_90D_eus-gaap--TreasuryStockCommonShares_c20210630__us-gaap--DebtInstrumentAxis__custom--TwoThousandFourteenUnderAnEquityLineOfCreditMember_pdd" title="Treasury stock, common, shares"><ix:nonFraction name="us-gaap:TreasuryStockCommonShares" contextRef="AsOf2021-06-30_custom_TwoThousandFourteenUnderAnEquityLineOfCreditMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,000</ix:nonFraction></span> shares of the Company&#8217;s Common Stock that was advanced during fiscal year 2014 under
an Equity Line of Credit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Common
Stock Warrants</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange
Agreement &#8211; Warrants Exchanged for Common Stock</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2021, the Company entered into an Exchange Agreement with its Chief Executive Officer, Anshu Bhatnagar (&#8220;Holder&#8221;),
whereby earned and issued warrants to purchase <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20200630__us-gaap--TypeOfArrangementAxis__custom--WarranrAgreementMember_pdd" title="Warrants to acquire shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2020-06-30_custom_WarranrAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction></span> shares of the Company&#8217;s Common Stock (the &#8220;Cancelled Warrants&#8221;)
pursuant to the terms of that certain Transition Agreement (the &#8220;Transition Agreement&#8221;) and Warrant Agreement (the &#8220;Warrant
Agreement&#8221;) each between the Company and Holder and dated as of January 11, 2019 were forfeited and exchanged for (i) <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210630__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementMember__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0JHcNHesSO8" title="Warrants to acquire shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-06-30_custom_WarrantAgreementMember_custom_MrBhatnagarMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction></span>
shares of the Company&#8217;s Common Stock (the &#8220;Shares&#8221;) and (ii) the cancellation and termination of the Transition Agreement
and Warrant Agreement. <span id="xdx_90F_ecustom--DescriptionOfWarrantExchangAgreement_c20200701__20210630__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zTYnofPrgM34" title="Description of warrant exchange agreement"><ix:nonNumeric contextRef="From2020-07-012021-06-30_custom_AdditionalWarrantsMember" name="XDSL:DescriptionOfWarrantExchangAgreement">The Cancelled Warrants had an exercise price of $0.50 per share and were not subject to expiration. Such Exchange
Agreement is intended to make the Company&#8217;s capitalization more attractive to potential investors and to remove the uncertainty
associated with any future grants of warrants under the Transition Agreement and Warrant Agreement, although there can be no assurance
of any future investments on terms that are attractive to the Company, or at all. Immediately prior to the Company&#8217;s entry into
the Exchange Agreement, it was determined that 5,650,708 additional warrants (the &#8220;Additional Warrants&#8221;) to purchase the
Company&#8217;s Common Stock were due to and issued to the Holder in accordance with the terms and conditions of the Transition Agreement
as the Transition Agreement required certain liabilities to be eliminated by the prior management team within six months of the Transition
Agreement&#8217;s effective date of January 11, 2019. However, the Additional Warrants were immediately cancelled and terminated with
the intention of mitigating potential liabilities arising from certain issuances of the Company&#8217;s Common Stock below the minimum
price of $0.50 per share as stated within the Transition Agreement.</ix:nonNumeric></span> The Shares to be issued and sold to the Holder pursuant to the Exchange
Agreement were issued in reliance upon the exemption from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation
D promulgated thereunder. For the year ended June 30, 2021, the Company recorded $<span id="xdx_903_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20210630__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_zGZLX0hOy6Vi" title="Stock-based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012021-06-30_custom_ExchangeAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">153,301</ix:nonFraction></span> of stock-based compensation expense related
to the Exchange Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant
Agreements &#8211; Convertible Promissory Note Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a Securities Purchase Agreement between the Company and two accredited investors dated as of April 30, 2021, the Company sold to the
Investors and the Investors acquired an aggregate of <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210430__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesMember_zPg8oagwYIJ9"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-04-30_custom_InvestorsMember_custom_SecuritiesPurchaseAgreementMember_custom_ConvertibleNotesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">13,988,971</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants to acquire shares of the Company&#8217;s
Common Stock. The warrants expire <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20210430__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zte6T3arKRbb"><ix:nonNumeric contextRef="AsOf2021-04-30_custom_InvestorsMember_custom_SecuritiesPurchaseAgreementMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">four
years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after issuance and have an exercise price
of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210430__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-30_custom_InvestorsMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, subject to adjustment hereunder. The
warrants can also be exercised under a cashless basis as outlined within the Warrant Agreement. For the year ended June 30, 2021, the
Company attributed an aggregate fair value of $<span id="xdx_903_eus-gaap--FairValueAdjustmentOfWarrants_c20200701__20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pp0p0"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2020-07-012021-06-30_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,753,953</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the warrants, based upon an average value
of $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-30_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.37</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a Securities Purchase Agreement between the Company and Evergreen Capital Management, LLC (&#8220;Investor&#8221;), dated as of April
5, 2021, the Company sold to the Investor and the Investor acquired an aggregate of <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20210405__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-04-05_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,730,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants to acquire shares of the Company&#8217;s
Common Stock. The warrants expire <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20210405__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zO2xowDyEvZi"><ix:nonNumeric contextRef="AsOf2021-04-05_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">four
years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after issuance and have an exercise price
of $0.20 per share, subject to adjustment hereunder. The warrants can also be exercised under a cashless basis as outlined within the
Warrant Agreement. For the year ended June 30, 2021, the Company attributed an aggregate fair value of $<span id="xdx_908_eus-gaap--FairValueAdjustmentOfWarrants_c20200701__20210630__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pp0p0"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2020-07-012021-06-30_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,293,541</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the warrants, based upon an average value
of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210630__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-30_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.27</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant
Agreement &#8211; Earned Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Bhatnagar, the Company&#8217;s President and Chief Executive Officer, is entitled to receive warrants to acquire <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_dp_uPure_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementEarnedWarrantsMember_zSnBaeEXqzfg"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" contextRef="From2020-07-012021-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementEarnedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the outstanding fully diluted Common Stock of the Company (the &#8220;Earned Warrants&#8221;) each time the Company&#8217;s
revenue increases by $<span id="xdx_904_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementEarnedWarrantsMember_pp0p0"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-07-012021-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementEarnedWarrantsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The exercise price of the Earned Warrants is equal to $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementEarnedWarrantsMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementEarnedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share and he may not receive shares whereby
Signing Shares and Earned Warrants exceed <span id="xdx_907_ecustom--WarrantsExceedPercentageOfFullyDilutedCommonStock_dp_uPure_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementEarnedWarrantsMember_zFOKQFBZZyfl"><ix:nonFraction name="XDSL:WarrantsExceedPercentageOfFullyDilutedCommonStock" contextRef="From2020-07-012021-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementEarnedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the fully diluted Common Stock of the Company (&#8220;Warrant Cap&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant
Agreement &#8211; Accelerated Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Bhatnagar, the Company&#8217;s President and Chief Executive Officer, was entitled to receive warrants to acquire <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_dp_uPure_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementAcceleratedWarrantsMember_zxVCd2hW4Wdg"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" contextRef="From2020-07-012021-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementAcceleratedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the outstanding fully diluted Common Stock of the Company (&#8220;Earned Warrants&#8221;) each time the Company&#8217;s revenue
increased by $<span id="xdx_900_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementAcceleratedWarrantsMember_pp0p0"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-07-012021-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementAcceleratedWarrantsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The exercise price of the Earned Warrants was equal to $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20210630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementAcceleratedWarrantsMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementAcceleratedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, and he may not receive the Earned
Warrants to the extent that the number of Singing Shares (as defined in the Warrant Agreement) and Earned Warrants exceed <span id="xdx_906_ecustom--WarrantsExceedPercentageOfFullyDilutedCommonStock_dp_uPure_c20200701__20210630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementAcceleratedWarrantsMember_zGMZRFfdKRg3"><ix:nonFraction name="XDSL:WarrantsExceedPercentageOfFullyDilutedCommonStock" contextRef="From2020-07-012021-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementAcceleratedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the fully diluted Common Stock of the Company (&#8220;Warrant Cap&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended June 30, 2020, since the Company&#8217;s revenue exceeded $<span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20190701__20200630__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementEarnedWarrantsMember_pp0p0"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2019-07-012020-06-30_custom_MrBhatnagarMember_custom_WarrantAgreementEarnedWarrantsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">30,000,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
Mr. Bhatnagar earned warrants to acquire <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210630__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementMember__srt--TitleOfIndividualAxis__custom--MrBhatnagarMember_z16py8lSDxzf"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-06-30_custom_WarrantAgreementMember_custom_MrBhatnagarMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,405,058</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s common stock under
the provisions of the Warrant Agreement. At June 30, 2020, as Mr. Bhatnagar has earned the maximum number of warrants available under
the provisions of the Warrant Agreement to acquire <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20200630__us-gaap--TypeOfArrangementAxis__custom--WarranrAgreementMember_zcpGIVQbVhY9"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2020-06-30_custom_WarranrAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock,
there remains no additional shares of the Company&#8217;s Common Stock that Mr. Bhatnagar can earn.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended June 30, 2020, the Company recognized $<span id="xdx_908_eus-gaap--ShareBasedCompensation_c20190701__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_pp0p0" title="Stock-based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2019-07-012020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,202,529</ix:nonFraction></span> of stock-based compensation expense related to the earned warrants,
based upon a value of $<span id="xdx_90C_eus-gaap--SharePrice_c20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_pdd" title="Percentage of market price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span> per warrant. At June 30, 2020, there remains no additional stock-based compensation expense related to the
Warrant Agreement that the Company expects to recognize.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 109 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value of Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates the fair value of each option award on the date of grant using a Black-Scholes option valuation model that uses
the assumptions noted in the table below. Because Black-Scholes option valuation models incorporate ranges of assumptions for
inputs, those ranges are disclosed. Expected volatilities are based on the historical volatility of the Company&#8217;s stock. The Company
uses historical data to estimate option exercise and when applicable employee termination within the valuation model; separate groups
of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options
granted is derived from the output of the option valuation model and represents the period of time that options granted are expected
to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve
in effect at the time of grant. The following range of assumptions were utilized during the years ended June 30, 2021 and 2020:</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zdo4xRix4Exb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zTVyqpdVNgr7" style="display: none">SCHEDULE OF ASSUMPTIONS USED</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 71%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    volatility</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_uPure_c20200701__20210630__srt--RangeAxis__srt--MinimumMember_zZrMvozS0GX9" title="Expected volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2020-07-012021-06-30_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">618.01</ix:nonFraction></span>%
    - <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20200701__20210630__srt--RangeAxis__srt--MaximumMember_zkTcau7TnGj7"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2020-07-012021-06-30_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21,779.77</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average
    volatility</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_pid_dp_uPure_c20200701__20210630__srt--RangeAxis__srt--MinimumMember_zX6laZwShF8k" title="Weighted-average volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate" contextRef="From2020-07-012021-06-30_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">618.01</ix:nonFraction></span>%
    - <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_pid_dp_uPure_c20200701__20210630__srt--RangeAxis__srt--MaximumMember_zUgqdXVmSWX9"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate" contextRef="From2020-07-012021-06-30_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21,779.77</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    dividends</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20200701__20210630_zYnYgtdbLqIk" title="Expected dividends"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    term (in years)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20200701__20210630__srt--RangeAxis__srt--MinimumMember_zpGXspWxRdkj" title="Expected term (in years)"><ix:nonNumeric contextRef="From2020-07-012021-06-30_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">4</ix:nonNumeric></span>.0
    - <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20200701__20210630__srt--RangeAxis__srt--MaximumMember_zI9NqRPSYIEe" title="Expected term (in years)"><ix:nonNumeric contextRef="From2020-07-012021-06-30_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5</ix:nonNumeric></span>.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free
    rate</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20200701__20210630__srt--RangeAxis__srt--MinimumMember_zDAHX1Lm0Jy8" title="Risk-free rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2020-07-012021-06-30_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.56</ix:nonFraction></span>%
    - <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20200701__20210630__srt--RangeAxis__srt--MaximumMember_z7ocQ8856fUf" title="Risk-free rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2020-07-012021-06-30_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.52</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AA_zgqcAXjyA7Z2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" continuedAt="ConU001669-01" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_gL3SOSENWORTB-GTQJFG_zqPhE4EKO7gb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth Common Stock purchase warrants outstanding at June 30, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zcr1Kcaq6fpc" style="display: none">SCHEDULE OF COMMON STOCK PURCHASE WARRANTS OUTSTANDING</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Warrants</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br />
                                            Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
                                            Price</b></span></p></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Intrinsic<br />
    Value</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 52%"><span style="font-family: Times New Roman, Times, Serif">Outstanding,
    June 30, 2020</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20200701__20210630_zpeBfsXEaB1j" title="Warrants outstanding, beginning balance"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction></span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20200701__20210630_z7CO341MTwG1" title="Weighted average exercise price warrants outstanding, beginning balance" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValueBeginning_iS_pp0p0_c20200701__20210630_zy2XIct8fzVf" title="Warrants outstanding, intrinsic value beginning balance" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1675">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants
    issued</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20200701__20210630_pdd" title="Warrants issued" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,718,971</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_ecustom--WeightedAverageExercisePriceWarrantsIssued_c20200701__20210630_pdd" title="Weighted average exercise price warrants issued" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:WeightedAverageExercisePriceWarrantsIssued" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants
    exchanged</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_ecustom--WarrantsExchanged_c20200701__20210630_pdd" title="Warrants exchanged" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:WarrantsExchanged" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Shares">37,390,452</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_ecustom--WeightedAverageExercisePriceWarrantsExchanged_c20200701__20210630_pdd" title="Weighted average exercise price warrants exchanged" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:WeightedAverageExercisePriceWarrantsExchanged" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.50</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants
    earned</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWarrantsEarned_c20200701__20210630_z3xOmEwOTSec" title="Warrants earned" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1685">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceWarrantsEarned_c20200701__20210630_zikmDlXoRhb" title="Weighted average exercise price warrants earned" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1687">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants
    forfeited</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20200701__20210630_zGr6d1Q95ml3" title="Warrants forfeited" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1689">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitedInPeriodWeightedAverageExercisePrice_c20200701__20210630_ztM4xNP37Hk9" title="Weighted average exercise price warrants forfeited" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1691">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Outstanding,
    June 30, 2021</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20200701__20210630_zVR5j5Ko1Tod" title="Warrants outstanding, ending balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,718,971</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iE_c20200701__20210630_zrF6fNRplKbl" title="Weighted average exercise price warrants outstanding, ending balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValueEnding_iE_pp0p0_c20200701__20210630_z66db2P2RLF" title="Warrants outstanding, intrinsic value ending balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1697">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8AC_zu2vIHF3mDdj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" continuedAt="ConU001708-01" escape="true" name="XDSL:ScheduleOfWarrantsOutstandingAndExercisableByExercisePriceRangeTableTextBlock"><p id="xdx_894_ecustom--ScheduleOfWarrantsOutstandingAndExercisableByExercisePriceRangeTableTextBlock_gL3SOWOAEBEPR-WRNNZ_zBVwYxz171ea" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_8B8_zfl5lRMPJYO7" style="display: none">SCHEDULE OF WARRANTS OUTSTANDING AND EXERCISABLE BY EXERCISE PRICE RANGE</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    June 30, 2021</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    Price</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableNumber_c20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_pdd" title="Common stock issuable upon warrants exercisable number" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableNumber" contextRef="AsOf2021-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,718,971</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableWeightedAverageExercisePrice_c20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_pdd" title="Common stock issuable upon warrants exercisable, weighted average exercise price" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2021-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AB_zzxyKeOsQ4O6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 110 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<div><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
          following table sets forth Common Stock purchase warrants outstanding at June 30, 2020:</span></p>

<div id="xdx_C00_gL3SOSENWORTB-GTQJFG_ziO5b4h9Haba"><ix:continuation id="ConU001669-01"><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Warrants</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted<br />
                                            Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
                                            Price</b></span></p></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Intrinsic<br />
    Value</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 52%"><span style="font-family: Times New Roman, Times, Serif">Outstanding,
    June 30, 2019</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20190701__20200630_zjdMtIbo0kYh" title="Warrants outstanding, beginning balance" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2019-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,985,394</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20190701__20200630_znpv9dRXCnDa" title="Weighted average exercise price warrants outstanding, beginning balance" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2019-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValueBeginning_iS_pp0p0_c20190701__20200630_z65QTp3POBCb" title="Warrants outstanding, intrinsic value beginning balance" style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1736">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants
    earned</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWarrantsEarned_c20190701__20200630_zaXpe1dMI9Rj" title="Warrants earned" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsWarrantsEarned" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,405,058</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceWarrantsEarned_c20190701__20200630_pdd" title="Weighted average exercise price warrants earned" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceWarrantsEarned" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants
    forfeited</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20190701__20200630_pdd" title="Warrants forfeited" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1742">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitedInPeriodWeightedAverageExercisePrice_c20190701__20200630_pdd" title="Weighted average exercise price warrants forfeited" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1744">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Outstanding,
    June 30, 2020</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20190701__20200630_zKGrXVlMP2g" title="Warrants outstanding, ending balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iE_c20190701__20200630_zvLW55qsT8k6" title="Weighted average exercise price warrants outstanding, ending balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValueEnding_iE_pp0p0_c20190701__20200630_zMduN4Qbx7P1" title="Warrants outstanding, intrinsic value ending balance" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1750">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Common
    stock issuable upon exercise of warrants</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber_iE_c20190701__20200630_zOfS9cQ3IcYj" title="Common stock issuable upon exercise of warrants outstanding" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableWeightedAverageExercisePrice_iE_c20190701__20200630_zsY7mjUp7Ppd" title="Common stock issuable upon exercise of warrants, outstanding weighted average exercise price" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValue_iE_pp0p0_c20190701__20200630_z6gkD8Sw6s57" title="Common stock issuable upon exercise of warrants outstanding intrinsic value" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1756">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</div></ix:continuation></div></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_C00_gL3SOWOAEBEPR-WRNNZ_zkkNRfPV0v6f"><ix:continuation continuedAt="ConU001708-02" id="ConU001708-01"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></ix:continuation></span></p>

<div id="xdx_C07_gL3SOWOAEBEPR-WRNNZ_z3GyGu5jXVEb"><ix:continuation continuedAt="ConU001708-03" id="ConU001708-02"><div><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto">
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    June 30, 2020</b></span></td>
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    Average<br />
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    Price</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_c20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_pdd" title="Common stock issuable upon exercise of warrants outstanding number" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice_c20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_pdd" title="Common stock issuable upon exercise of warrants outstanding, weighted average exercise price" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-06-30_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableNumber_c20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceRangeMember_pdd" title="Common stock issuable upon warrants exercisable number" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableNumber" contextRef="AsOf2020-06-30_us-gaap_WarrantMember_custom_ExercisePriceRangeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,390,452</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td id="xdx_981_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableWeightedAverageExercisePrice_c20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceRangeMember_pdd" title="Common stock issuable upon warrants exercisable, weighted average exercise price" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2020-06-30_us-gaap_WarrantMember_custom_ExercisePriceRangeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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  </table>
</div></ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span id="xdx_C03_gL3SOWOAEBEPR-WRNNZ_zzy9jl3m74gb"><ix:continuation id="ConU001708-03"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#160;</span></span></ix:continuation></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_803_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zbNroMuXJxK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13: <span id="xdx_823_zczp7J3AWr93">RELATED PARTY TRANSACTIONS</span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Microphase
Corporation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021, the Company owed $<span id="xdx_90F_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MicrophaseCorporationMember_pp0p0" title="Company owed amount"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-06-30_custom_MicrophaseCorporationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">32,545</ix:nonFraction></span> to Microphase for previously leased office space at its Norwalk location and for certain research
and development services and shared administrative personnel from time to time, all through December 31, 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Transactions
With Officers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Note
Payable Issuances</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
various points during past fiscal years certain officers and former officers of the Company provided bridge loans to the Company evidenced
by individual promissory notes and deferred compensation so as to provide working capital to the Company. During the year ended June
30, 2021, the Company&#8217;s Chief Executive Officer converted his deferred compensation from fiscal years 2019 and 2020, totaling $<span id="xdx_908_eus-gaap--ConversionOfStockAmountConverted1_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--AwardTypeAxis__custom--TwoThousandTwentyFiscalYearMember_pp0p0"><ix:nonFraction name="us-gaap:ConversionOfStockAmountConverted1" contextRef="From2020-07-012021-06-30_srt_ChiefExecutiveOfficerMember_custom_TwoThousandTwentyFiscalYearMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">381,566</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
and the fair value of his cancelled shares of the Company&#8217;s Common Stock of $496,106, into separate promissory notes. All
of these notes accrue interest at the rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20210630__srt--TitleOfIndividualAxis__custom--OfficersMember_zh2nV5uvzlic"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-06-30_custom_OfficersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per annum and are payable on demand. During
the years ended June 30, 2021 and 2020, the officers and former officers advanced $<span id="xdx_908_eus-gaap--DueToOfficersOrStockholdersCurrentAndNoncurrent_c20210630__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_pp0p0"><ix:nonFraction name="us-gaap:DueToOfficersOrStockholdersCurrentAndNoncurrent" contextRef="AsOf2021-06-30_custom_FormerOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_eus-gaap--DueToOfficersOrStockholdersCurrentAndNoncurrent_c20200630__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_pp0p0"><ix:nonFraction name="us-gaap:DueToOfficersOrStockholdersCurrentAndNoncurrent" contextRef="AsOf2020-06-30_custom_FormerOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">48,052</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to provide working capital to the Company and
$<span id="xdx_90A_eus-gaap--InterestExpenseDebt_c20200701__20210630__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_pp0p0"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-07-012021-06-30_custom_FormerOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">40,656</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_903_eus-gaap--InterestExpenseDebt_c20190701__20200630__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_pp0p0"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2019-07-012020-06-30_custom_FormerOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,792</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">has been charged for interest on loans from officers
and former officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 111 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13: RELATED PARTY TRANSACTIONS (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
October 22, 2020, <span id="xdx_900_eus-gaap--DebtInstrumentDescription_c20201021__20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember"><ix:nonNumeric contextRef="From2020-10-212020-10-22_custom_EventOfDefaultAndDemandLetterMember" name="us-gaap:DebtInstrumentDescription">the
Company received a notice of event of default and demand letter (&#8220;Demand Letter&#8221;) from a former officer and promissory note
holder (the &#8220;Note Holder&#8221;). The promissory note was issued on November 1, 2019, in the original principal amount of $</ix:nonNumeric></span></span><span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-10-22_custom_EventOfDefaultAndDemandLetterMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">40,739</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">,
accrued interest at a rate of </span><span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_zEnRA4mf961d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-10-22_custom_EventOfDefaultAndDemandLetterMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">per
annum, and matured on </span><span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_dd_c20201021__20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_zkz430ugoKLi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><ix:nonNumeric contextRef="From2020-10-212020-10-22_custom_EventOfDefaultAndDemandLetterMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April
18, 2020</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">.
The Demand Letter stated an aggregate of $</span><span id="xdx_90B_eus-gaap--DebtInstrumentPeriodicPayment_c20201021__20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_pp0p0" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-10-212020-10-22_custom_EventOfDefaultAndDemandLetterMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">51,940</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">of
principal and interest was immediately due. The promissory note does not have a convertible feature and is not convertible into shares
of the Company&#8217;s Common Stock. Additionally, the promissory note does not contain any cross-default provisions with any
other promissory notes issued by the Company. The Company expects to work with the Note Holder to negotiate a repayment structure whereby
the Company can repay the Note Holder the balance due as quickly as possible based upon its available capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, these outstanding notes including accrued interest totaled $<span id="xdx_907_eus-gaap--NotesPayable_c20210630__srt--TitleOfIndividualAxis__custom--OfficersMember_pp0p0"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_OfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">747,086</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_eus-gaap--NotesPayable_c20200630__srt--TitleOfIndividualAxis__custom--OfficersMember_pp0p0"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-06-30_custom_OfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">78,758</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. At June 30, 2021, these promissory notes are not convertible into shares of the Company Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common
Stock Issuances</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2021, the Company recorded $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pp0p0"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012021-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,474</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of stock-based compensation expense related to
a June 1, 2019 grant of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pdd"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-07-012021-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">231,635</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock to the Company&#8217;s
former Chief Financial Officer, which vested <span id="xdx_90A_ecustom--SharesVestedPercent_iI_dp_uPure_c20210630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zALn8eDxCoik"><ix:nonFraction name="XDSL:SharesVestedPercent" contextRef="AsOf2021-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on the six month and 1 year anniversaries of
the grant date. Upon Mr. Cutchens&#8217; employment ceasing during January 2021, <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pdd"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" contextRef="From2020-07-012021-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,818</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unvested shares of Common Stock were forfeited
resulting in the reversal of $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_c20210101__20210131__srt--TitleOfIndividualAxis__custom--MrCutchensMember_pp0p0"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-01-31_custom_MrCutchensMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">68,003</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of previously recognized stock-based compensation
expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
during the year ended June 30, 2021, the Company granted <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_zG0sGR7Cnick"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" contextRef="From2020-07-012021-06-30_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of Common Stock to its
Chief Operating Officer. The restricted shares of Common Stock vest <span id="xdx_90D_ecustom--SharesVestedPercent_iI_dp_uPure_c20210630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember__srt--StatementScenarioAxis__custom--FourYearAnniversaryMember_zDkLstE2UfW4"><ix:nonFraction name="XDSL:SharesVestedPercent" contextRef="AsOf2021-06-30_srt_ChiefOperatingOfficerMember_custom_FourYearAnniversaryMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on the 1 year, 2 year, 3 year, and 4 year anniversaries
of the grant date. At June 30, 2021, no shares of Common Stock have vested and <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_ztFA5FgXIXdd"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" contextRef="From2020-07-012021-06-30_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares remain unvested. During the year ended
June 30, 2021, the Company recorded $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_c20200701__20210630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_pp0p0"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-07-012021-06-30_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,733</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of stock-based compensation expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2020, the Company issued <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20190701__20200630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pdd"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2019-07-012020-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">231,635</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of its Common Stock
to Mr. Cutchens, the Company&#8217;s Chief Financial Officer, which were granted on June 1, 2019 (the &#8220;Grant Date&#8221;), pursuant
to the terms of an employment agreement with the Company. The restricted shares of Common Stock vest <span id="xdx_904_ecustom--SharesVestedPercent_iI_dp_uPure_c20200630__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember__srt--StatementScenarioAxis__custom--ThreeYearAnniversaryMember_zp3sRMJhjjC3"><ix:nonFraction name="XDSL:SharesVestedPercent" contextRef="AsOf2020-06-30_srt_ChiefOperatingOfficerMember_custom_ThreeYearAnniversaryMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on the six-month, 1 year, 2 year, and 3 year
anniversaries of the Grant Date. At June 30, 2020, <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20190701__20200630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zAXMTBNfryZi"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2019-07-012020-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,818</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock have vested and
<span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20190701__20200630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_ziz4WNjWe89e"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" contextRef="From2019-07-012020-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,817</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares remain unvested. During the years ended
June 30, 2020 and 2019, the Company recorded $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_c20190701__20200630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pp0p0"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2019-07-012020-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">133,142</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_c20180701__20190630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_pp0p0"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2018-07-012019-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,464</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, of stock-based compensation expense related to the vested portion of this award.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended June 30, 2020, the Company incurred $<span id="xdx_90F_eus-gaap--LegalFees_c20190701__20200630__srt--TitleOfIndividualAxis__custom--MrSmileyMember_pp0p0"><ix:nonFraction name="us-gaap:LegalFees" contextRef="From2019-07-012020-06-30_custom_MrSmileyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of expense related to legal and consulting services
provided by Mr. Smiley, the Company&#8217;s former Chief Financial Officer and legal counsel. During October 2019, the entire balance
of $<span id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20191001__20191031__srt--TitleOfIndividualAxis__custom--MrSmileyMember_pp0p0"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2019-10-012019-10-31_custom_MrSmileyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was converted into <span id="xdx_909_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20191001__20191031__srt--TitleOfIndividualAxis__custom--MrSmileyMember_pdd"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2019-10-012019-10-31_custom_MrSmileyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">62,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock. During the year
ended June 30, 2021, the Company did not incur any expense or utilize any services by Mr. Smiley, the Company&#8217;s former CFO and
legal counsel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Office
Lease</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
February 8, 2021, the Company relocated its corporate office to 9841 Washingtonian Blvd., Suite 200, Gaithersburg, MD 20878, and incurred
rent expense of $<span id="xdx_90F_eus-gaap--OperatingLeaseExpense_c20210206__20210208_pp0p0" title="Rent expense"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2021-02-062021-02-08" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,350</ix:nonFraction></span> per month through March 31, 2021, which was payable to a related party. The current lease payment is $<span id="xdx_90E_eus-gaap--OperatingLeasePayments_c20210206__20210208_pp0p0" title="Lease payment"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-02-062021-02-08" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,600</ix:nonFraction></span> per
month and the lease term is a month-to-month arrangement. For the year ended June 30, 2021 and 2020, $<span id="xdx_909_eus-gaap--OperatingLeaseExpense_c20200701__20210630_pp0p0" title="Rent expense"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,150</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--OperatingLeaseExpense_c20190701__20200630_pp0p0" title="Rent expense"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,621</ix:nonFraction></span>, respectively,
was recognized as rent expense. At June 30, 2021 and 2020, $<span id="xdx_900_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_c20210630_pp0p0" title="Accrued payable to related party"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">35,971</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_c20200630_pp0p0" title="Accrued payable to related party"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">23,821</ix:nonFraction></span>, respectively, was accrued as payable to the related party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 112 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80A_eus-gaap--IncomeTaxDisclosureTextBlock_zCjJhWvHD7W8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14: <span id="xdx_82B_z36RNo6cZSg7">INCOME TAXES </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes taking into account deferred tax assets and liabilities which represent the future tax consequences
of the differences between financial statement carrying amounts of assets and liabilities versus the tax basis of assets and liabilities.
Under this method, deferred tax assets are recognized for deductible temporary differences, and operating loss and tax credit carryforwards.
Deferred liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when,
in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The
impact of tax rate changes on deferred tax assets and liabilities is recognized in the year the change is enacted. Due to recurring losses,
the Company&#8217;s tax provision for the years ended June 30, 2021 and 2020 was $<span id="xdx_90C_eus-gaap--IncomeTaxExpenseBenefit_pp0p0_dxL_c20200701__20210630_zIxH1QO7Zos7" title="Income tax provision::XDX::-"><span id="xdx_90D_eus-gaap--IncomeTaxExpenseBenefit_pp0p0_dxL_c20190701__20200630_zldeq2FVsjcc" title="Income tax provision::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1829"><span style="-sec-ix-hidden: xdx2ixbrl1831">0</span></span></span></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zfXvOqqTukpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, the difference between the effective income tax rate and the applicable statutory federal income tax rate is
summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zYXuRQpflT41" style="display: none">SUMMARY
OF EFFECTIVE INCOME TAX RATES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30,</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Statutory
    federal rate</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_c20200701__20210630_zxkgcQqHUk1h" title="Statutory federal rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21.0</ix:nonFraction></span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_c20190701__20200630_zhzJGuW7WV3f" title="Statutory federal rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21.0</ix:nonFraction></span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">State
    income tax rate, net of federal benefit</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_uPure_c20200701__20210630_zfE80pIpPf6c" title="State income tax rate, net of federal benefit"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.5</ix:nonFraction></span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_uPure_c20190701__20200630_ziwOxuQkzQw6" title="State income tax rate, net of federal benefit"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.5</ix:nonFraction></span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Permanent
    differences, including stock based compensation and beneficial conversion interest expense</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent_dp_c20200701__20210630_zNPtzL1mY9rd" title="Permanent differences, including stock based compensation and beneficial conversion interest expense"><span style="-sec-ix-hidden: xdx2ixbrl1843">-</span></span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent_dp_uPure_c20190701__20200630_zKpVYvRqL0wl" title="Permanent differences, including stock based compensation and beneficial conversion interest expense">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">0.1</ix:nonFraction></span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change
    in valuation allowance</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_uPure_c20200701__20210630_zSwYcva7aqS4" title="Change in valuation allowance">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">27.5</ix:nonFraction></span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_uPure_c20190701__20200630_ztMG7gO3qVF" title="Change in valuation allowance">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">27.4</ix:nonFraction></span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effective
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    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20200701__20210630_z8QR5ie32J58" title="Effective tax rate"><span style="-sec-ix-hidden: xdx2ixbrl1851">-</span></span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20190701__20200630_zC6uHdkRyJEe" title="Effective tax rate"><span style="-sec-ix-hidden: xdx2ixbrl1853">-</span></span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zDHcWNZjPKHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zwUKryjiZch6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, the Company&#8217;s deferred tax assets were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_z1PVdYkOJiBb" style="display: none">SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20210630_ziW5j963qS5d" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_493_20200630_zF3ZKAT9lfTa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred tax assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pp0p0" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Deferred stock warrants</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--DeferredTaxAssetsOther_iI_pp0p0" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--DeferredTaxAssetsGross_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--DeferredTaxLiabilitiesOther_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_zd9tzKrtMPr7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: valuation allowance</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">24,385,814</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net deferred tax asset
    liabilities</span></td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1881">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1882">-</span></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A7_z06LhMpHKuJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Valuation
Allowance</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In assessing the realizability of deferred tax assets,
management considers whether it is more likely than not that some portion or all the deferred tax assets will be realized. The ultimate
realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary
differences will become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable
income and tax planning strategies in making this assessment. The Company has recorded a full valuation allowance against its net deferred
tax assets because it is not currently able to conclude that it is more likely than not that these assets will be realized. The amount
of deferred tax assets considered to be realizable could be increased in the near term if estimates of future taxable income during the
carryforward period are increased. The valuation allowance decreased by $<span id="xdx_909_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pp0p0_c20200701__20210630_zW7e3OOQhEX2" title="Changes in valuation allowance"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,119,972</ix:nonFraction>
</span>during the fiscal year ended June 30, 2021, of which $<span id="xdx_902_ecustom--IncreasedInValuationAllowanceRelatedToCurrentTaxProvision_pp0p0_c20200701__20210630_zrQYenbZkO39" title="Increased in valuation allowance related to current tax provision"><ix:nonFraction name="XDSL:IncreasedInValuationAllowanceRelatedToCurrentTaxProvision" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,496,544</ix:nonFraction>
</span>of the decrease relates to the calculation of the current fiscal year tax provision and $<span id="xdx_900_ecustom--IncreasedInValuationAllowanceRelatedToPriorYearAdjustmentsAndNetOperatingExpirations_pp0p0_c20200701__20210630_zYVY1XbPkso6" title="Increased in valuation allowance related to prior year adjustments and net operating expirations"><ix:nonFraction name="XDSL:IncreasedInValuationAllowanceRelatedToPriorYearAdjustmentsAndNetOperatingExpirations" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,623,428</ix:nonFraction>
</span>of the decrease is a result of prior year adjustments and net operating loss expirations. The valuation allowance increased
by $<span id="xdx_90C_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pp0p0_c20190701__20200630_zXE9wc0JdQT5" title="Changes in valuation allowance"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2019-07-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,349,031</ix:nonFraction></span> during the
fiscal year ended June 30, 2020, as a result of the fiscal year tax provision calculation and other adjustments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 113 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14: INCOME TAXES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
Income Tax Related Items</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, the Company has federal net operating loss carryforwards of approximately $<span id="xdx_908_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_c20210630_pp0p0" title="Federal net operating loss carryforwards"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsDomestic" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">87,000,000</ix:nonFraction></span> and $<span id="xdx_909_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_c20200630_pp0p0" title="Federal net operating loss carryforwards"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsDomestic" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">87,000,000</ix:nonFraction></span>, respectively,
due to the generation of current fiscal year net operating loss carryforward of approximately $<span id="xdx_900_eus-gaap--OperatingLossCarryforwardsValuationAllowance_c20210630_pp0p0" title="Net operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwardsValuationAllowance" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">14,000,000</ix:nonFraction></span> and the expiration of the fiscal
year June 30, 2001 net operating loss carryforward of approximately $<span id="xdx_900_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration_c20210630_pp0p0" title="Operating loss carryforwards, expiration"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,000,000</ix:nonFraction></span>. Net operating loss carryforwards generated before
January 1, 2018 will expire through 2037. Under the Internal Revenue Code Section 382, certain stock transactions which significantly
change ownership, including the sale of stock to new investors, the exercise of options to purchase stock, or other transactions between
shareholders could limit the amount of net operating loss carryforwards that may be utilized on an annual basis to offset taxable income
in future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2021 and 2020, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required.
The Company does not expect that its unrecognized tax benefits will materially increase within the next twelve months. The Company did
not recognize any interest or penalties related to uncertain tax positions at June 30, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enacted
in late 2017, the Tax Cut and Jobs Act (&#8220;TCJA&#8221;) imposed a one-time tax on earnings held outside the United States (&#8220;U.S.&#8221;).
The Company did not have any earnings subject to this tax. Beginning in 2018, earnings generated outside the U.S. are not subject to
U.S. tax when repatriated. If the Company engages in certain business activities, non-U.S. earnings may be required to be include in
the income of the U.S. parent company. The TCJA added rules that require the U.S. parent company to include in income certain low taxed
income. These so called Global Intangible Low-Taxed Income (&#8220;GILTI&#8221;) rules are not applicable to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
May 2020, the Company received $<span id="xdx_90B_eus-gaap--ProceedsFromLoans_c20200501__20200531__us-gaap--TypeOfArrangementAxis__custom--PaycheckProtectionProgramMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-05-012020-05-31_custom_PaycheckProtectionProgramMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,332</ix:nonFraction></span> under the Small Business Administration&#8217;s Paycheck Protection Program (&#8220;PPP Loan&#8221;)
created as part of the recently enacted CARES Act administered by the Small Business Administration (&#8220;SBA&#8221;). Certain amounts
of the loan may be forgiven if they are used towards qualifying expenses as described in the CARES Act. In the event that forgiveness
is applied for and received, the loan will not be considered cancellation of debt income and will be considered tax exempt for income
tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 114 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_801_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zmcj2JABXNej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15: <span id="xdx_822_zaly8ESYOz53">COMMITMENTS AND CONTINGENCIES</span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Commitments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
February 8, 2021, the Company relocated its corporate office to 9841 Washingtonian Blvd., Suite 200, Gaithersburg, MD 20878, and incurred
rent expense of $<span id="xdx_906_eus-gaap--OperatingLeaseExpense_pp0p0_c20210206__20210208_zn9fUDxA1DDf" title="Rent expense"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2021-02-062021-02-08" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,350</ix:nonFraction></span> per month through March 31, 2021, which was payable to a related party. The current lease payment is $<span id="xdx_908_eus-gaap--OperatingLeasePayments_pp0p0_c20210206__20210208_zhiqJIYFafGh" title="Lease payment"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-02-062021-02-08" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,600</ix:nonFraction></span> per
month and the lease term is a month-to-month arrangement.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Judgement
Settlement Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
December 10, 2018, the Company entered into a &#8220;Judgment Settlement Agreement&#8221; to satisfy in full the Forbearance Agreement
with Fife that was previously in effect. As a result, under the Judgment Settlement Agreement, no shares of the Company&#8217;s Common
Stock are issuable or eligible to be converted into. Under the terms of the Judgment Settlement Agreement, the Company was required
to pay $<span id="xdx_904_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20181209__20181210__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_z7WKVyTpola4"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2018-12-092018-12-10_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per month from January 15, 2019 through and including
February 15, 2020, with a final payment of $<span id="xdx_90B_ecustom--DebtInstrumentFinalPayment_c20181210__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_pp0p0"><ix:nonFraction name="XDSL:DebtInstrumentFinalPayment" contextRef="AsOf2018-12-10_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">195,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which was due and payable in March of 2020. The
Company made all required payments with the exception of the final payment of $<span id="xdx_90F_eus-gaap--NotesPayable_iI_pp0p0_c20181210__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zVA409NajNKi"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2018-12-10_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">195,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which was due and payable in March of 2020. On
August 17, 2020, the Company entered into a second amendment (the &#8220;Second Amendment&#8221;) to the Judgement Settlement Agreement,
whereby the Company issued a convertible promissory note in the principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zf6r4kHlzNgf"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Note&#8221;) to repay the amounts
still outstanding under the Judgment Settlement Agreement. The Note matures on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20200816__20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zfRRfcKNsXG2"><ix:nonNumeric contextRef="From2020-08-162020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August
17, 2021</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, bears interest at a rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_z7NDuYeqi5cf"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per annum, requires certain monthly minimum cash
payments as specified in the Note, and is convertible into shares of the Company&#8217;s Common Stock, par value $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_z6OVU7aTozW3"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, at a conversion price as specified
in the Note. The Note may be prepaid by the Company at any time prior to maturity without penalty. The Company satisfied the initial
cash payment as specified in the Note. On April 13, 2021, the Company entered into a third amendment (the &#8220;Third Amendment&#8221;)
to the Judgement Settlement Agreement, whereby the Company issued a convertible promissory note in the principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_c20210413__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_pp0p0"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-13_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;New Note&#8221;) to replace the Note
and repay the amounts still outstanding under the Judgment Settlement Agreement. The Note matures on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20210412__20210413__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zOBh8a9ygs0l"><ix:nonNumeric contextRef="From2021-04-122021-04-13_custom_JudgmentSettlementAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April
13, 2022</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, bears interest at a rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210413__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zqncsQ79CQb1"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-04-13_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per annum, requires certain monthly minimum payments
in cash or the Company&#8217;s Common Stock as specified in the New Note, and is convertible into shares of the Company&#8217;s
Common Stock, par value $<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_c20210413__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_pdd"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-04-13_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, at a conversion price as specified
in the New Note. The New Note may be prepaid by the Company at any time prior to maturity without penalty. On April 16, 2021, the Company
paid $<span id="xdx_90F_eus-gaap--ExtinguishmentOfDebtAmount_c20210415__20210416__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_pp0p0"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2021-04-152021-04-16_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">235,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to satisfy, pay in full, and extinguish the New
Note and the Judgement Settlement Agreement, which resulted in a gain on debt settlement of $<span id="xdx_909_eus-gaap--GainLossRelatedToLitigationSettlement_c20210628__20210630__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_pp0p0"><ix:nonFraction name="us-gaap:GainLossRelatedToLitigationSettlement" contextRef="From2021-06-282021-06-30_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">549,026</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">during the year ended June 30, 2021 (see Note
9).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts
and Commitments Executed Pursuant to the Transition Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the transaction whereby Mr. Bhatnagar acquired control of the Company on January 11, 2019, the Company entered into material commitments
including an employment agreement and a warrant agreement (see Note 12).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Contingencies</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Judgment
Settlement Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
December 10, 2018, the Company entered into a &#8220;Judgment Settlement Agreement&#8221; to satisfy in full the Forbearance Agreement
with Fife that was previously in effect. As a result, under the Judgment Settlement Agreement, no shares of the Company&#8217;s Common
Stock are issuable or eligible to be converted into. Under the terms of the Judgment Settlement Agreement, the Company was required
to pay $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20181209__20181210__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zYgqehYaD3db"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2018-12-092018-12-10_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per month from January 15, 2019 through and including
February 15, 2020, with a final payment of $<span id="xdx_902_ecustom--DebtInstrumentFinalPayment_iI_pp0p0_c20181210__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zgMqSxQYGsF5"><ix:nonFraction name="XDSL:DebtInstrumentFinalPayment" contextRef="AsOf2018-12-10_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">195,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which was due and payable in March of 2020. The
Company made all required payments with the exception of the final payment of $<span id="xdx_90F_eus-gaap--NotesPayable_iI_pp0p0_c20181210__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zqjtr4rdcRk8"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2018-12-10_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">195,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which was due and payable in March of 2020. On
August 17, 2020, the Company entered into a second amendment (the &#8220;Second Amendment&#8221;) to the Judgement Settlement Agreement,
whereby the Company issued a convertible promissory note in the principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zTbnbqxFuTC7"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Note&#8221;) to repay the amounts
still outstanding under the Judgment Settlement Agreement. The Note matures on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_c20200816__20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember"><ix:nonNumeric contextRef="From2020-08-162020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">August
17, 2021</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, bears interest at a rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zdx4NZBY38Ui"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per annum, requires certain monthly minimum cash
payments as specified in the Note, and is convertible into shares of the Company&#8217;s Common Stock, par value $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20200817__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zDDffANnCooj"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-08-17_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, at a conversion price as specified
in the Note. The Note may be prepaid by the Company at any time prior to maturity without penalty. The Company satisfied the initial
cash payment as specified in the Note. On April 13, 2021, the Company entered into a third amendment (the &#8220;Third Amendment&#8221;)
to the Judgement Settlement Agreement, whereby the Company issued a convertible promissory note in the principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210413__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zktKUmJohmub"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-13_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;New Note&#8221;) to replace the Note
and repay the amounts still outstanding under the Judgment Settlement Agreement. The Note matures on <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20210412__20210413__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zNpK44i4KRFi"><ix:nonNumeric contextRef="From2021-04-122021-04-13_custom_JudgmentSettlementAgreementMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April
13, 2022</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, bears interest at a rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20210413__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zLQ63zz39ay6"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-04-13_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per annum, requires certain monthly minimum payments
in cash or the Company&#8217;s Common Stock as specified in the New Note, and is convertible into shares of the Company&#8217;s
Common Stock, par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210413__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zSfplVc3UQq2"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-04-13_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, at a conversion price as specified
in the New Note. The New Note may be prepaid by the Company at any time prior to maturity without penalty. On April 16, 2021, the Company
paid $<span id="xdx_902_eus-gaap--ExtinguishmentOfDebtAmount_pp0p0_c20210415__20210416__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zkzLuLydauuc"><ix:nonFraction name="us-gaap:ExtinguishmentOfDebtAmount" contextRef="From2021-04-152021-04-16_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">235,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to satisfy, pay in full, and extinguish the New
Note and the Judgement Settlement Agreement, which resulted in a gain on debt settlement of $<span id="xdx_907_eus-gaap--GainLossRelatedToLitigationSettlement_pp0p0_c20210628__20210630__us-gaap--TypeOfArrangementAxis__custom--JudgmentSettlementAgreementMember_zg2JvVan9D43"><ix:nonFraction name="us-gaap:GainLossRelatedToLitigationSettlement" contextRef="From2021-06-282021-06-30_custom_JudgmentSettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">549,026</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">during the year ended June 30, 2021 (see Note
9).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 115 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"><p id="xdx_806_eus-gaap--DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_zYrv7hYjoBW" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16: <span id="xdx_820_zwCF1DpRBO3l">DISCONTINUED OPERATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has classified the operating results and associated assets and liabilities from its Jump line of products, which ceased generating
material revenue during the first quarter of fiscal year 2017, as discontinued operations in the consolidated financial statements for
the fiscal years ended June 30, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assets and liabilities associated with discontinued operations included in our consolidated balance sheets at June 30, 2021 and 2020
were only accounts payable with a balance of $<span id="xdx_90C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsPayableCurrent_c20210630_pp0p0" title="Accounts payable"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationAccountsPayableCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">82,795</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsPayableCurrent_c20200630_pp0p0" title="Accounts payable"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationAccountsPayableCurrent" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">82,795</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended June 30, 2021 and 2020, there were <span id="xdx_90B_eus-gaap--DisposalGroupIncludingDiscontinuedOperationRevenue_pp0p0_do_c20200701__20210630_zZVdg2flnpQ6" title="Revenue"><span id="xdx_903_eus-gaap--DisposalGroupIncludingDiscontinuedOperationRevenue_pp0p0_do_c20190701__20200630_znbGYnIxcQZ5" title="Revenue"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationRevenue" contextRef="From2020-07-012021-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationRevenue" contextRef="From2019-07-012020-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> revenue or expenses associated with discontinued operations included in our consolidated
statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2020-07-012021-06-30" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_801_eus-gaap--SubsequentEventsTextBlock_zW62CriXyfC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
17: <span id="xdx_823_zXIPYQOB6ewc">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 27, 2021, the Board of Directors (the &#8220;Board&#8221;) of the Company appointed Suhas Subramanyam, Chester White, and Thomas
Fore as members of the Board (such appointments, collectively, the &#8220;Appointments&#8221;). The terms of the Appointments commenced
on August 27, 2021 and are in effect for a period of approximately one year, until the time of the Company&#8217;s next Annual Meeting
of Stockholders. In connection with the Appointments, on August 27, 2021, the Company entered into director agreements with Mr. Subramanyam,
Mr. White and Mr. Fore (such director agreements, collectively, the &#8220;Director Agreements&#8221;). Pursuant to the Director Agreements,
the Company will compensate each such director a fee of $<span id="xdx_909_eus-gaap--OfficersCompensation_pp0p0_c20210826__20210827__us-gaap--TypeOfArrangementAxis__custom--DirectorAgreementMember_zySDzsTuoHI3"><ix:nonFraction name="us-gaap:OfficersCompensation" contextRef="From2021-08-262021-08-27_custom_DirectorAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually, which is to be paid in quarterly installments
of $<span id="xdx_900_eus-gaap--PaymentsForFees_pp0p0_c20210826__20210827__us-gaap--TypeOfArrangementAxis__custom--DirectorAgreementMember_zk0jhiDU6j84"><ix:nonFraction name="us-gaap:PaymentsForFees" contextRef="From2021-08-262021-08-27_custom_DirectorAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Such quarterly fee will be increased by $<span id="xdx_909_ecustom--IncreaseInPaymentOfDirectorFees_pp0p0_c20210826__20210827__us-gaap--TypeOfArrangementAxis__custom--DirectorAgreementMember_z2NR7e7YF4x1" title="Increase in payment of dierctor fees"><ix:nonFraction name="XDSL:IncreaseInPaymentOfDirectorFees" contextRef="From2021-08-262021-08-27_custom_DirectorAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,250</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for each such director who serves as a member
of either the Audit, Compensation, or Nominating Committee. In lieu of cash consideration, the annual fee will be paid by issuance of
the number of restricted shares of the Company&#8217;s Common Stock equivalent to the applicable cash amount due as determined
based upon the closing price on the last trading day of such quarter.</span></p>

</ix:nonNumeric><p id="xdx_81B_zdgMxz5QML79" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_007"></span>mPhase
Technologies, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>Consolidated
Balance Sheets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" summary="xdx: Statement - Consolidated Balance Sheets" id="xdx_30B_111_zLGkTE8bQupj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--Cash_i02I_maCzpqC_zLmZS5NywYwi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,473,386</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr id="xdx_406_eus-gaap--OtherAssetsNoncurrent_i01I_maCzU2d_z4BnAPi52KH7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,634</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,645</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--Assets_i01TI_mtCzU2d_zo1Rbf6DOKC5" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,766,696</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,021,527</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Liabilities and Stockholders&#8217;
    Equity</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--LiabilitiesCurrentAbstract_i01B_zzu4H54S1tmc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AccountsPayableCurrent_i02I_maCzPLP_zx8jRPbZwVH8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,497,201</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,158,006</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AccruedLiabilitiesCurrent_i02I_maCzPLP_zXv8SGbSOSw8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,205,065</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,368,367</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_maCzPLP_zDc0TrX9O7E8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">430,027</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">350,689</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--DueToRelatedPartiesCurrent_i02I_maCzPLP_zNl0L2VOq6N" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due to related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">89,377</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,688</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--NotesPayableToOfficersCurrent_i02I_maCzPLP_zdH4gOT69Kyc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Notes payable to officer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:NotesPayableToOfficersCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">713,137</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:NotesPayableToOfficersCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">691,942</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--NotesPayableCurrent_i02I_maCzPLP_zsGnyfdh93rf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Notes payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">93,144</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">323,218</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--ConvertibleNotesPayableNetCurrent_i02I_maCzPLP_zyiGoIQDVoe8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible notes payable, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleNotesPayableNetCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,527,623</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleNotesPayableNetCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,991,036</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--ConvertibleDebtCurrent_i02I_maCzPLP_zZsoMcQxgrYb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liabilities in arrears with convertible features</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConvertibleDebtCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">109,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ConvertibleDebtCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">109,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_i02I_maCzPLP_zgW1xiecJYBk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liabilities of discontinued
    operations</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">82,795</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">82,795</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--LiabilitiesCurrent_i02TI_mtCzPLP_maCznTN_z5XREGVcZBlk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Current Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,747,369</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,162,741</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--LongTermNotesPayable_i01I_maCznTN_zj5eqLDIYFT2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Notes payable, net of
    current portion</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,890</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,890</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--Liabilities_i01TI_mtCznTN_maLASEz9v6_zUmDv2SvWEhc" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,894,259</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,309,631</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr id="xdx_40F_eus-gaap--CommonStockValue_i02I_maCzRBQ_zQ3cDCySMIsi" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">785,844</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AdditionalPaidInCapital_i02I_maCzRBQ_zZAx3y8UIzAb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additional paid-in-capital</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">237,890,249</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">236,935,277</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--CommonStockSharesSubscriptions_i02I_maCzRBQ_zRVtsgQZvN7l" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">63,700</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_maCzRBQ_z0BxB58ROENd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated other comprehensive income (loss)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,106</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,526</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maCzRBQ_z4cleLwELEzj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">225,867,206</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">226,061,409</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--StockholdersEquity_i02TI_pp0p0_mtCzRBQ_maLASEz9v6_z1wbTDKjvrXb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,872,437</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,711,896</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_pp0p0_mtLASEz9v6_zigIMbRDjWx5" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,021,527</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_008"></span>mPhase
Technologies, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_003"></span>Consolidated
Statements of Operations and Other Comprehensive Income (Loss)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_300_113_z5cUApzNz2b3" summary="xdx: Statement - Consolidated Statements of Operations and Other Comprehensive Income (Loss)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_491_20211001__20211231_zSZ7kCDJVnz4" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49A_20201001__20201231_zKsTxUl9SwMk" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49C_20210701__20211231_zQwcRjCU7Cf7" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49D_20200701__20201231_zq8KgAKxqZc9" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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  <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_maGPzzBB_zbeGQ4REmrG4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,625,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,625,010</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,250,033</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,250,399</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--GrossProfit_iT_mtGPzzBB_maOILzqCX_zMq7TnrDPyg8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,714,877</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,011,426</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,315,554</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,972,901</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OperatingExpensesAbstract_iB_zR2PqV2osKPd" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating Expenses:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost_i01_maOEzGvZ_z5MrUkdcHzm8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">314,664</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2101">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">314,664</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2103">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--SalariesAndWages_i01_maOEzGvZ_zKzJ2TSsz0Vf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Salaries and benefits</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">241,304</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">268,859</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">458,891</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">788,632</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_i01_maOEzGvZ_zvGjAB0zD2Sa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">General
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">423,669</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,977,242</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">669,742</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OperatingExpenses_i01T_mtOEzGvZ_msOILzqCX_zDp8j8SFERY7" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,458,374</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--OperatingIncomeLoss_iT_pp0p0_mtOILzqCX_maILFCOztV0_zfPdiTT3IHe9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,514,527</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zqnRXD6BGec8" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--InterestExpense_i01N_di_msNIEzUVV_za4l4L24NoJa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">82,027</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,776</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">178,308</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">117,739</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_408_eus-gaap--DerivativeGainLossOnDerivativeNet_i01_maNIEzUVV_zvWAgm3sFYsj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Loss) gain on change in
    fair value of derivative liability</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2135">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">108,188</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2137">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">157,900</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_i01N_di_msNIEzUVV_zETWD9VyBmji" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization of debt discounts,
    deferred financing costs, and original issue discounts</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,038,525</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">173,722</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,077,049</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">494,184</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_ecustom--InitialDerivativeLiabilityExpense_i01N_di_msNIEzUVV_zXPAmQc7Puyl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial derivative liability
    expense</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2145">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2146">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2147">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:InitialDerivativeLiabilityExpense" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">366,068</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i01_maNIEzUVV_zuXqfiDiRrB7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Loss)
    gain on debt extinguishments and settlements</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">166,625</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2151">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">115,197</ix:nonFraction></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,270</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--NonoperatingIncomeExpense_i01T_mtNIEzUVV_maILFCOztV0_zJmm5XLXDRC" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    Other (Expense) Income</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,287,177</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">313,686</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,370,554</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">788,821</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pp0p0_mtILFCOztV0_maNILzaRw_zEYklQrvm5Ul" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Loss) income before income
    taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">99,558</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,005,212</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_400_eus-gaap--IncomeTaxExpenseBenefit_msNILzaRw_zI9m7ZPRpoJ7" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--NetIncomeLoss_iT_pp0p0_mtNILzaRw_maCINOTzrJO_zpyDupCYnC7i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40E_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_iB_zJCsyUfH8j57" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_i01_maCINOTzrJO_zuxAHM15SGM9" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">21,932</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,632</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">143,095</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ComprehensiveIncomeNetOfTax_i01T_pp0p0_mtCINOTzrJO_zuuTl888gbAh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
    income (loss)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">983,280</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--EarningsPerShareAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">(Loss) Income per common share:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--EarningsPerShareBasic_i01_zgaYjdflP2i" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Loss) income per common share &#8211; basic</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2195">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2197">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.03</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--EarningsPerShareDiluted_i01_zQHzCRZ3dap" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_009"></span>mPhase
Technologies, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_004"></span><b>Consolidated
Statements of Stockholders&#8217; Equity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Six Months Ended December 31, 2021 and 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_40B_ecustom--StockIssuedDuringPeriodValueExchangeOfWarrants_zZw6GEqfj262" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_ecustom--StockIssuedDuringPeriodSharesExchangeOfWarrants_zNSUyHS5wfUe" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_z2Cn9yYVDZX3" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Issuance of common stock for
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_40C_ecustom--StockIssuedDuringPeriodValueIssuedForServicesOne_zGylWvokufae" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Issuance of common stock for
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">21,932</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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<tr id="xdx_40C_eus-gaap--NetIncomeLoss_zKgNnGOH5j9l" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_010"></span>mPhase
Technologies, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>Consolidated
Statements of Cash Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" summary="xdx: Statement - Consolidated Statements of Cash Flows" id="xdx_30C_112_zdJxlEO6Yvsd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_496_20210701__20211231_zow3faRNDnEa" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_49B_20200701__20201231_zDIdXdfSQcI6" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--NetIncomeLoss_i01_pp0p0_maCzNpr_zYV3AQqMYkZ5" style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">194,203</ix:nonFraction></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,725,706</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--NetIncomeLoss_i01_pp0p0_maCzNpr_znIWLhunM48b" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net (loss) income</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">194,203</ix:nonFraction></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,725,706</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_403_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Adjustments to reconcile
    net income to net cash used in operating activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_i02_maCzNpr_zvDLsqF2OiIh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization of debt discounts, deferred financing
    costs, and original issue discounts</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,077,049</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">494,184</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--DepreciationAndAmortization_i02_maCzNpr_zcAeK9xWPdO2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Depreciation and amortization</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">459,230</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">461,659</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--ShareBasedCompensation_i02_maCzNpr_z0o5a5IJVv4b" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stock-based compensation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">159,829</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">206,521</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i02N_di_msCzNpr_z23NT84dvMF" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss (gain) on debt extinguishments and settlements</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">115,197</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,270</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--DerivativeGainLossOnDerivativeNet_i02N_di_msCzNpr_zow3RkPUGK44" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on change in fair value of derivative
    liability</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2561">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">157,900</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--DerivativeGainLossOnDerivativeNet_i02N_di_msCzNpr_zNqirivODz16" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Gain) loss on change in fair value of derivative liability</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2564">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">157,900</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_40F_ecustom--InitialDerivativeExpense_i02_maCzNpr_zn0DU2k11fnd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="display: none; text-align: left">Initial derivative expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2567">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="XDSL:InitialDerivativeExpense" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">366,068</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zlzjFsJHWvw5" style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Changes in operating assets
    and liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msCzNpr_zUkBniKTqLA9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase in accounts receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,645,056</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,298,054</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msCzNpr_zqC28CtvYJSf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease (increase) in prepaid expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">43,573</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,692</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInOtherCurrentAssets_i03N_di_msCzNpr_zJ1fgO5xVvG" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase in other assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">57,573</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">546</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInDeferredRevenue_i03_maCzNpr_z56ct3Nvjr3c" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase in contract liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,338</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,677</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_i03_maCzNpr_zD0ruU78SuTj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase in accounts
    payable and accrued expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,782,462</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,833,599</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtCzNpr_maCz9tg_zpH979WROcQ5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash used in operating
    activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,791,748</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">328,048</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zP8DkzwNV0qh" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash flows from investing
    activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--PaymentsToAcquireProductiveAssets_i01N_di_msCzbf3_z5R1VV6pCz2d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capital expenditures</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireProductiveAssets" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,357</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireProductiveAssets" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,727</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtCzbf3_maCz9tg_zamBM2Ap8bv1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash used in investing
    activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,357</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,727</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z3SV0j6QvJ51" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash flows from financing
    activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--ProceedsFromConvertibleDebt_i01_maCzBS6_zb6AUv5rExtj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds from issuance of convertible notes
    payable, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">156,248</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">463,600</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--RepaymentsOfRelatedPartyDebt_i01N_di_msCzBS6_z3eaJXi38dB2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments of notes payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">304,290</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2607">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--RepaymentsUnderSettlementAgreement_i01N_di_msCzBS6_zLmaR58KibUi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments under settlement agreement</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2609">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:RepaymentsUnderSettlementAgreement" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_409_eus-gaap--RepaymentsOfConvertibleDebt_i01N_di_msCzBS6_z58PipH5yXY2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments of convertible
    notes payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2612">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfConvertibleDebt" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">116,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtCzBS6_maCz9tg_zN5LpHA1CvD7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash provided by
    financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">148,042</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">332,600</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations_maCz9tg_zxCdPgPNdq2l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect of foreign exchange
    rates changes on cash</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,632</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">143,095</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCz9tg_zI5Zm1VpbIkl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net decrease in cash</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,927,515</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">140,270</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_z7sX2rLHRGAf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Cash at beginning of period</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,473,386</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">142,413</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zAgtkRv3TQEe" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Cash at end of period</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">545,871</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,143</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--SupplementalCashFlowInformationAbstract_iB_z8Ugct9nHphc" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Supplemental disclosure:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--InterestPaidNet_i01_zpphMyVrbVOa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash paid for interest</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,603</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">52,681</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--IncomeTaxesPaidNet_i01_zd5cerNeeHOh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash paid for taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2636">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2637">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Six
    Months Ended</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40A_ecustom--NonCashOperatingAndInvestingActivitiesAbstract_iB_zXZx9GFWRJLa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Supplemental disclosure
    of non-cash operating activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--InitialFairValueOfDerivativeLiabilityRecordedAsDebtDiscount_i01_pp0p0_zh4Sdf5TYXee" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial fair value of derivative
    liability recorded as debt discount</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2642">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityRecordedAsDebtDiscount" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">463,300</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zwugR8dlzNe9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Supplemental disclosure
    of non-cash investing and financing activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--RelativeFairValueOfWarrantsIssuedWithConvertiblePromissoryNotes_i01_pp0p0_zEySXcWVm9ve" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Relative fair value
    of warrants issued with convertible promissory notes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:RelativeFairValueOfWarrantsIssuedWithConvertiblePromissoryNotes" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">125,252</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2649">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--IssuanceOfCommonStockForVendorServicesAbstract_i01B_zikKqE5KMGW9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of Common Stock for services</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--StockIssued1_i02_zQSvfxO8e2kb" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Value</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">147,660</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,820</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--StockIssuedUnderNonCashActivity_i02_zUSLDTba7yOh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:StockIssuedUnderNonCashActivity" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">543,425</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:StockIssuedUnderNonCashActivity" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesAbstract_i01B_ztGzgkfSnc86" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Issuance of Common Stock for conversions of
    convertible promissory notes and accrued interest</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesValue_i02_zo0hzszC4E9a" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Value</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesValue" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">708,272</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif">Shares</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:IssuanceOfCommonStockForConversionsOfConvertiblePromissoryNotesShares" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,331,766</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_011"></span>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p id="xdx_04A_c20210701__20211231_zeB6lPQWDgQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock"><p id="xdx_806_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zTFQMYhR8CUb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1: <span id="xdx_828_zpsbflxneEH3">NATURE OF BUSINESS AND BASIS OF PRESENTATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Organization
and Nature of Business</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service (&#8220;SaaS&#8221;) and
technology as a service (&#8220;TaaS&#8221;). The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual&#8217;s tastes and needs, with particular emphasis on empowering
today&#8217;s green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application (&#8220;mPower App&#8221;): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Basis
of Presentation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited consolidated financial information furnished herein reflects all adjustments, consisting only of normal recurring items, which
in the opinion of management, are necessary to fairly state the Company&#8217;s financial position, results of operations and cash flows
for the dates and periods presented and to make such information not misleading. Certain information and footnote disclosures normally
included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of
America (&#8220;U.S. GAAP&#8221;) have been omitted pursuant to rules and regulations of the Securities and Exchange Commission (the
&#8220;SEC&#8221;); nevertheless, management of the Company believes that the disclosures herein are adequate to make the information
presented not misleading.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited consolidated financial statements for the three and six months ended December 31, 2021 and 2020 include the operations of mPhase
and its wholly-owned subsidiaries, mPower Charging, Inc., Medds, Inc., mPhase Technologies India Private Limited effective March
19, 2019, and Alpha Predictions LLP effective June 30, 2019. All significant intercompany accounts and transactions have been eliminated
in the consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
unaudited consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements
for the year ended June 30, 2021, contained in the Company&#8217;s Annual Report on Form 10-K filed with the SEC on October 13, 2021.
The results of operations for the three and six months ended December 31, 2021, are not necessarily indicative of results to be expected
for any other interim period or the fiscal year ending June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Impact
of COVID-19 Pandemic</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
novel strain of coronavirus, COVID-19, surfaced during December 2019 and has spread around the world, including to the United States.
During March 2020, COVID-19 was declared a pandemic by the World Health Organization. During certain periods of the pandemic thus far,
a number of U.S. states and various countries throughout the world had been under governmental orders requiring that all workers remain
at home unless their work was critical, essential, or life-sustaining. As a result of these governmental orders, the Company temporarily
closed its domestic and international offices and required all of its employees to work remotely. As economic activity has begun and
continues recovering, the impact of the COVID-19 pandemic on our business has been more reflective of greater economic and marketplace
dynamics. Furthermore, in light of variant strains of the virus that have emerged, the COVID-19 pandemic could once again impact our
operations and the operations of our customers and vendors as a result of quarantines, illnesses, and travel restrictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
full impact of the COVID-19 pandemic on the Company&#8217;s financial condition and results of operations will depend on future
developments, such as the ultimate duration and scope of the pandemic, its impact on the Company&#8217;s employees, customers, and vendors,
in addition to how quickly normal economic conditions and operations resume and whether the pandemic impacts other risks disclosed in
Item 1A &#8220;Risk Factors&#8221; within the Company&#8217;s Annual Report on Form 10-K. Even after the pandemic has subsided, the Company
may continue to experience adverse impacts to its business as a result of any economic recession or depression that has occurred as a
result of the pandemic. Therefore, the Company cannot reasonably estimate the impact at this time. The Company continues to actively
monitor the pandemic and may determine to take further actions that alter its business operations as may be required by federal, state,
or local authorities or that it determines are in the best interests of its employees, customers, vendors, and shareholders. </span>The
Company applied for a loan under the Small Business Administration (&#8220;SBA&#8221;) Paycheck Protection Program (&#8220;PPP&#8221;)
of the Coronavirus Aid, Relief and Economic Security Act of 2020 (&#8220;CARES ACT&#8221;). During April 2020, the Company received loan
proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromLoanOriginations1_c20200401__20200430_z5y5GAJTPJbe" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoanOriginations1" contextRef="From2020-04-012020-04-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,333</ix:nonFraction></span> under the SBA PPP of the CARES Act (see Note 6: Notes Payable).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 123 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock"><p id="xdx_80A_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zDBcX39OO9cf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2: <span id="xdx_82F_zoDGgyyA7abl">GOING CONCERN</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has generated net income of $<span id="xdx_906_eus-gaap--NetIncomeLoss_pp0p0_c20210701__20211231_zjWFUYmEyHfh"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">194,203</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and has used cash in operating activities
of $<span id="xdx_909_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20210701__20211231_zTtMd3WuHEne"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">1,791,748</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the six months ended December 31, 2021. At December 31,
2021, the Company had a working capital surplus of $<span id="xdx_908_ecustom--WorkingCapital_iI_pp0p0_c20211231_zPTgEcQaNFT1"><ix:nonFraction name="XDSL:WorkingCapital" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,402,820</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and an accumulated deficit of $<span id="xdx_907_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20211231_zWP6i05s8NR5"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">225,867,206</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While these factors alone may raise doubt as to
the Company&#8217;s ability to continue as a going concern, management believes the Company&#8217;s present and expected cash flows will
enable it to meet its obligations for a period of twelve months from the date of this filing. The unaudited consolidated financial statements
do not include any adjustments relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event managements&#8217; plans do not materialize, in order to meet the Company&#8217;s working capital needs through the next twelve
months and to fund the growth of its nanotechnology, artificial intelligence, and machine learning technologies, as well as our EV charging initiatives, the Company may consider plans to raise additional funds through the issuance of equity or debt. Although the
Company intends to obtain additional financing to meet its cash needs, the Company may be unable to secure any additional financing on
terms that are favorable or acceptable to it, if at all. The Company&#8217;s ability to raise additional capital may also be impacted
by the recent COVID-19 pandemic, which such ability is highly uncertain, cannot be predicted, and could have an adverse effect on the
Company&#8217;s business and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_809_eus-gaap--SignificantAccountingPoliciesTextBlock_zrTYR1SwBe84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: <span id="xdx_826_zAaraOOCe4Bk">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p id="xdx_84D_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zY2ouvYvV5Qg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zX8KVQv6N128">Reclassifications</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
reclassifications of prior year amounts have been made to enhance comparability with the current year&#8217;s unaudited consolidated
financial statements, including, but not limited to, presentation of certain items within the unaudited consolidated statements of operations
and comprehensive income (loss), unaudited consolidated statements of cash flows, and certain notes to the unaudited consolidated financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84F_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zRGcbIp5cv81" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zFW9hGTMRk78">Foreign
Currency Translation and Transactions</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functional currencies of our operations in India and the United Kingdom are the Indian Rupee (&#8220;INR&#8221;) and the British Pound
(&#8220;GBP&#8221;), respectively. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance
sheet date, and income and expense items are translated at the average exchange rates in effect during the applicable period. The aggregate
effect of foreign currency translation is recorded in accumulated other comprehensive income (loss) in our consolidated balance sheets.
Our net investments in our Indian and United Kingdom operations are recorded at the historical rates and the resulting foreign currency
translation adjustments, net of income taxes, are reported as other comprehensive income and accumulated other comprehensive income within
stockholders&#8217; equity in accordance with ASC 220 &#8211; Comprehensive Income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 124 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock_ztC5PRhRkDA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exchange rates used to translate amounts in INR and GBP into USD for the purposes of preparing the consolidated financial statements
were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B1_zPzJlizj4Ld" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF FOREIGN CURRENCIES TRANSLATION EXCHANGE RATE</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
sheet:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June
                                            30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Period-end INR: USD exchange rate</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_c20211231__us-gaap--DerivativeInstrumentRiskAxis__custom--PeriodEndINRMember_zFL9nLqULpcj" title="Foreign currency translation exchange rate" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-12-31_custom_PeriodEndINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01349</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_c20210630__us-gaap--DerivativeInstrumentRiskAxis__custom--PeriodEndINRMember_zVq52gzfoh1b" title="Foreign currency translation exchange rate" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-06-30_custom_PeriodEndINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01349</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Period-end GBP: USD exchange rate</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_c20211231__us-gaap--DerivativeInstrumentRiskAxis__custom--PeriodEndGBPMember_zT2dM8ZMObGa" title="Foreign currency translation exchange rate" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-12-31_custom_PeriodEndGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.34915</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_c20210630__us-gaap--DerivativeInstrumentRiskAxis__custom--PeriodEndGBPMember_zihC65g71Bra" title="Foreign currency translation exchange rate" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-06-30_custom_PeriodEndGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.38510</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
statement:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Three
    Months Ended</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Six
    Months Ended</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Average Period INR: USD exchange
    rate</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20211001__20211231__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodINRMember_zIzpyCmVmXxj" title="Average foreign currency translation exchange rate" style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2021-10-012021-12-31_custom_AveragePeriodINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01349</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20201001__20201231__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodINRMember_z1jj7LaoZohh" title="Average foreign currency translation exchange rate" style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2020-10-012020-12-31_custom_AveragePeriodINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01362</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20210701__20211231__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodINRMember_z9vXYo84k7wk" title="Average foreign currency translation exchange rate" style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2021-07-012021-12-31_custom_AveragePeriodINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01349</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20200701__20201231__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodINRMember_zvgWyruJhOb2" title="Average foreign currency translation exchange rate" style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2020-07-012020-12-31_custom_AveragePeriodINRMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.01351</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Average Period GBP: USD exchange rate</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20211001__20211231__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodGBPMember_zKq6GZd55Bf9" title="Average foreign currency translation exchange rate" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2021-10-012021-12-31_custom_AveragePeriodGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.34876</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20201001__20201231__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodGBPMember_zR4GrlvA5ye9" title="Average foreign currency translation exchange rate" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2020-10-012020-12-31_custom_AveragePeriodGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.32094</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20210701__20211231__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodGBPMember_zPUzc9i8uSd2" title="Average foreign currency translation exchange rate" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2021-07-012021-12-31_custom_AveragePeriodGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.36066</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_ecustom--AverageForeignCurrencyTranslationExchangeRate_c20200701__20201231__us-gaap--DerivativeInstrumentRiskAxis__custom--AveragePeriodGBPMember_zxxtOAJ8hPOj" title="Average foreign currency translation exchange rate" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:AverageForeignCurrencyTranslationExchangeRate" contextRef="From2020-07-012020-12-31_custom_AveragePeriodGBPMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.29006</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_z38sihoJLO49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation
gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency
are translated at the rate on the date of the transaction and included in the results of operations as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_844_eus-gaap--UseOfEstimates_zwJeo1REeCSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_zSBAunuIOuhd">Use
of Estimates</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited
consolidated financial statements and reported amounts of revenues and expenses for the reporting period. Actual results could differ
from those estimates. If actual results significantly differ from the Company&#8217;s estimates, the Company&#8217;s financial condition
and results of operations could be materially impacted. Significant estimates include the collectability of accounts receivable, estimated
useful lives of finite-lived intangible assets, accrued expenses, valuation of derivative liabilities, stock-based compensation, and
the deferred tax asset valuation allowance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zNt1w3QCnG12" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_zPwtaWxPHXNl">Concentrations
of Credit Risk</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and
accounts receivable. The Company maintains cash and cash equivalents with four financial institutions. Deposits held with the financial
institutions may exceed the amount of insurance provided by the Federal Deposit Insurance Corporation on such deposits, but may be redeemed
upon demand. The Company performs periodic evaluations of the relative credit standing of the financial institutions. With respect to
accounts receivable, the Company monitors the credit quality of its customers as well as maintains an allowance for doubtful accounts
for estimated losses resulting from the inability of customers to make required payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
which potentially subject the Company to concentrations of revenue risk consist principally of one customer agreement. For the six months
ended December 31, 2021 and 2020, this one customer accounted for approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20211231__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zUuhG59OLhdi"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-07-012021-12-31_custom_OneCustomerMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200701__20201231__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zME56JqxSfU1"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012020-12-31_custom_OneCustomerMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of our total revenue, respectively. At December 31, 2021 and June 30, 2021, this one customer accounted for approximately <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20211231__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zQd0NmO6HoJ3"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-07-012021-12-31_custom_OneCustomerMember_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200701__20210630__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zhbdSmTU0JVd"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012021-06-30_custom_OneCustomerMember_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of our total accounts receivable, respectively. During December 2021, the Company began invoicing its consumer engagement locations.
Although immaterial at December 31, 2021, as these locations continue to grow, the aforementioned one customer will become less of the
Company&#8217;s total revenue and accounts receivable, thus decreasing the Company&#8217;s revenue risk concentrations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Supplier
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
which potentially subject the Company to concentrations of supplier risk consist principally of one supplier agreement. For the six months
ended December 31, 2021, this one supplier accounted for approximately <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20211231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--OneSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zMG23lZXJF9b" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-07-012021-12-31_custom_OneSupplierMember_custom_CostOfRevenueMember_us-gaap_ProductConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of our total cost of revenue and accounted for approximately
<span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20211231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--OneSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zzt2Vvsc2cIj" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-07-012021-12-31_custom_OneSupplierMember_us-gaap_AccountsPayableMember_us-gaap_ProductConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span>% of our total accounts payable. For the six months ended December 31, 2020, this one supplier accounted for approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200701__20201231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--OneSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--CostOfRevenueMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zJv8SlmIiy41" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012020-12-31_custom_OneSupplierMember_custom_CostOfRevenueMember_us-gaap_ProductConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of
our total cost of revenue and accounted for approximately <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200701__20201231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--OneSupplierMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zLlWbKjv1CG" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012020-12-31_custom_OneSupplierMember_us-gaap_AccountsPayableMember_us-gaap_ProductConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">97</ix:nonFraction></span>% of our total accounts payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_849_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zelU2bqcAqB2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_z9BwPWEEaQd6">Cash
and Cash Equivalents</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market
funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. There were <span id="xdx_905_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_do_c20211231_zbLsdpYC2Fv4" title="Cash and cash equivalents"><span id="xdx_908_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_do_c20210630_z9LM3dwWm9Qh" title="Cash and cash equivalents"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span>
cash equivalents at December 31, 2021 and June 30, 2021. The Company places its cash and cash equivalents with high-quality financial
institutions. At times, balances in the Company&#8217;s cash accounts may exceed the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;)
limit. At December 31, 2021 and June 30, 2021, the Company&#8217;s cash balance at one financial institution exceeded the FDIC limit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_848_eus-gaap--TradeAndOtherAccountsReceivablePolicy_ziQyMc9laHH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zu2u5d9G6gBl">Accounts
Receivable</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating
the level of established loss reserves, the Company makes judgments regarding its customers&#8217; ability to make required payments,
economic events and other factors. As the financial condition of these parties change, circumstances develop or additional information
becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for potential credit
losses, and such losses traditionally have been within its expectations. Additionally, to date, the Company has entered into six separate
tri-party settlement and offset agreements with its largest customer and largest vendor, whereby the Company&#8217;s largest customer
has agreed to direct funds due the Company for certain outstanding invoices, to the Company&#8217;s largest vendor to satisfy payment
on behalf of the Company for certain outstanding invoices. To date, the aggregate amount of the six tri-party settlement and offset agreements
has totaled $<span id="xdx_902_ecustom--AggregateSettlementAmount_iI_pp0p0_c20211231_zgsiXfIy9qxi" title="Aggregate settlement amount"><ix:nonFraction name="XDSL:AggregateSettlementAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">48,750,000</ix:nonFraction></span>. At December 31, 2021 and June 30, 2021, the Company determined there was <span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_do_c20211231_z6sMRWZQZfW7" title="Allowance for doubtful account receivable"><span id="xdx_90E_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pp0p0_do_c20210630_zosD4fj7gl4c" title="Allowance for doubtful account receivable"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2021-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> requirement for an allowance for
doubtful accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock"><p id="xdx_841_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zb5UEjekNuZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zleuiHyu3KHh">Goodwill
and Intangible Assets</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is recorded when the purchase price paid for an acquisition exceeds the fair value of the net identified tangible and intangible assets
acquired. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that
indicate that the carrying value may not be recoverable. The Company tests goodwill for impairment by first comparing the fair value
of the reporting unit to its carrying value. If the fair value is determined to be less than the carrying value, a second step is performed
to measure the amount of impairment loss, if any. On June 30, 2022, the Company will perform its annual evaluation of goodwill impairment
to determine if the estimated fair value of the reporting unit exceeds its carrying value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents
and licenses are capitalized when the Company determines there will be a future benefit derived from such assets and are stated at cost.
Amortization is computed using the straight-line method over the estimated useful life of the asset, generally five years. As of December
31, 2021 and June 30, 2021, the book value of patents and licenses of $<span id="xdx_906_eus-gaap--OtherIntangibleAssetsNet_iI_pp0p0_c20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsAndLicensesMember_zUbzOtMob5H9" title="Intangible asset - purchased software, net"><span id="xdx_903_eus-gaap--OtherIntangibleAssetsNet_iI_pp0p0_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsAndLicensesMember_z1UYthiEkt8k" title="Intangible asset - purchased software, net"><ix:nonFraction name="us-gaap:OtherIntangibleAssetsNet" contextRef="AsOf2021-12-31_custom_PatentsAndLicensesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:OtherIntangibleAssetsNet" contextRef="AsOf2021-06-30_custom_PatentsAndLicensesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">214,383</ix:nonFraction></ix:nonFraction></span></span>, has been fully amortized and <span id="xdx_90E_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_do_c20210701__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsAndLicensesMember_zGamOfJrG5Ec" title="Amortization expense of intangible assets"><span id="xdx_90D_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_do_c20200701__20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsAndLicensesMember_zmGqXq2tJRj6" title="Amortization expense of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-07-012021-12-31_custom_PatentsAndLicensesMember" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2020-07-012020-12-31_custom_PatentsAndLicensesMember" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> amortization expense
was recorded for the six months ended December 31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Software Development Costs</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the provisions of ASC 350-40, &#8220;Internal Use Software.&#8221; ASC 350-40 provides guidance for determining whether
computer software is internal-use software, and on accounting for the proceeds of computer software originally developed or obtained
for internal use and then subsequently sold to the public. It also provides guidance on capitalization of the costs incurred for computer
software developed or obtained for internal use. The Company expenses all costs incurred during the preliminary project stage of its
development, and capitalizes the costs incurred during the application development stage. Costs incurred relating to upgrades and enhancements
to the software are capitalized if it is determined that these upgrades or enhancements add additional functionality to the software.
Costs incurred to improve and support products after they become available are charged to expense as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs are amortized on a straight-line basis over the estimated useful lives, currently three years. Management
evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur
that could impact the recoverability of these assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the book value of purchased and developed technology of $<span id="xdx_90C_eus-gaap--CapitalizedComputerSoftwareNet_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TechnologyPlatformsMember_zlqmvn6MHwXi" title="Capitalized software development costs"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareNet" contextRef="AsOf2021-12-31_custom_TechnologyPlatformsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,875,256</ix:nonFraction></span>, included three technology platforms, a machine
learning platform and two artificial intelligence platforms. For the six months ended December 31, 2021 and 2020, the Company incurred
amortization expense of $<span id="xdx_901_eus-gaap--CapitalizedComputerSoftwareAmortization1_pp0p0_c20210701__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TechnologyPlatformsMember_zwlNi5e7kGGg" title="Amortization expense of capitalized software development costs"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareAmortization1" contextRef="From2021-07-012021-12-31_custom_TechnologyPlatformsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">449,142</ix:nonFraction></span> and $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pp0p0_c20200701__20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--TechnologyPlatformsMember_zAEQvz2f4hB7" title="Amortization expense of capitalized software development costs"><ix:nonFraction name="us-gaap:CapitalizedComputerSoftwareAmortization1" contextRef="From2020-07-012020-12-31_custom_TechnologyPlatformsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">450,302</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_847_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zJLGXl69BUf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_z7c0PSbzQsB1">Fair
Value of Financial Instruments</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for the fair value of financial instruments in accordance with ASC topic 820, &#8220;Fair Value Measurements and Disclosures&#8221;
(ASC 820), formerly SFAS No. 157 &#8220;Fair Value Measurements&#8221;. ASC 820 defines &#8220;fair value&#8221; as the price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 also describes three levels of inputs that may be used to measure fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management&#8217;s
best estimate of fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments consist principally of cash, accounts receivable, prepaid expenses, accounts payable, accrued liabilities, due to related
parties, and current and long-term debt. The carrying amounts of such financial instruments in the accompanying balance sheets approximate
their fair values due to their relatively short-term nature. The fair value of short and long-term debt is based on current rates at
which the Company could borrow funds with similar remaining maturities. The carrying amounts approximate fair value with the exception
of the fair value of due to related parties as the fair value cannot be determined due to a lack of similar instruments available to
the Company. It is management&#8217;s opinion that the Company is not exposed to any significant currency or credit risks arising from
these financial instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_843_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zoEwqlYxTzUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zsSphs0SSoZb">Revenue
Recognition</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue in accordance with the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;), Accounting Standards
Codification (&#8220;ASC&#8221;) ASC 606, Revenue from Contracts with Customers (&#8220;ASC 606&#8221;). Revenues are recognized when
control is transferred to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange
for those goods. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts,
with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv)
allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance
obligation is satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is derived from the sale of artificial intelligence and machine learning focused technology products and related services. The Company
recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied. Product sales occur once
control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive
in exchange for transferring products. The amount of consideration the Company receives and revenue the Company recognizes varies with
changes in customer incentives the Company offers to its customers and their customers. In the event any discounts, sales incentives,
or similar arrangements are agreed to with a customer, such amounts are estimated at time of sale and deducted from revenue. Sales taxes
and other similar taxes are excluded from revenue (see Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities include amounts billed to customers in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets (see Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contract asset is recognized for incremental costs to obtain a customer contract that are recoverable, otherwise such incremental costs
are expensed as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_842_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z2jaPJ8gmYW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_z8QBZ8uFvIx7">Share-Based
Compensation</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes share based payments in accordance with the provisions of ASC Topic 718, <i>Compensation &#8211; Stock Compensation
</i>and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments.
Such compensation amounts, if any, are amortized over the respective vesting periods of the grants. The Company estimates the fair value
of stock options and warrants by using the Black-Scholes option pricing model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:DerivativesReportingOfDerivativeActivity"><p id="xdx_843_eus-gaap--DerivativesReportingOfDerivativeActivity_zHpOv38prAW2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zjuAT5MGDV18">Derivative
Instruments</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company enters into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain
embedded derivative features. The Company accounts for these arrangements in accordance with ASC Topic 815, <i>Accounting for Derivative
Instruments and Hedging Activities</i> as well as related interpretations of this standard. In accordance with this standard, derivative
instruments are recognized as either assets or liabilities in the balance sheet and are measured at fair values with gains or losses
recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized
at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative
instruments and hybrid instruments based on available market data using appropriate valuation models, considering all of the rights and
obligations of each instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates fair values of derivative financial instruments using various techniques (and combinations thereof) that are considered
consistent with the objective measuring fair values. In selecting the appropriate technique, the Company considers, among other factors,
the nature of the instrument, the market risks that it embodies and the expected means of settlement. Estimating fair values of derivative
financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration
of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes
model) are highly volatile and sensitive to changes in the trading market price of the Company&#8217;s Common Stock. Since derivative
financial instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility
in these estimates and assumption changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:DebtPolicyTextBlock"><p id="xdx_846_eus-gaap--DebtPolicyTextBlock_zr5r3QiTqm19" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zVmhDagw2qsc">Convertible
Debt Instruments</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records debt net of debt discount for beneficial conversion features and warrants, on a relative fair value basis. Beneficial
conversion features are recorded pursuant to the Beneficial Conversion and Debt Topics of the Financial Accounting Standards Board (&#8220;FASB&#8221;)
ASC. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discount and as additional paid-in-capital.
Debt discount is amortized to interest expense over the life of the debt using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_84F_eus-gaap--IncomeTaxPolicyTextBlock_zVos80JsBcaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_zMCnlaPgDFG1">Income
Taxes</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes in accordance with Accounting for Income Taxes, as clarified by ASC 740-10, <i>Accounting for Uncertainty
in Income Taxes</i> (&#8220;ASC 740&#8221;) issued in December 2019. Under this method, deferred income taxes are determined based
on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities and net operating
loss and tax credit carryforwards given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on
changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the
jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations,
operating results or the ability to implement tax planning strategies vary, adjustments to the carrying value of deferred tax assets
and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the &#8220;more likely than
not&#8221; criteria of ASC 740.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
740 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax
authority would more likely than not sustain the position following an audit. For tax positions meeting the &#8220;more-likely-than-not&#8221;
threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a <span id="xdx_90A_eus-gaap--IncomeTaxExaminationLikelihoodOfUnfavorableSettlement_c20210701__20211231_zdGpMz2gA73j" title="Income tax examination, likelihood of unfavourable settlement"><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" name="us-gaap:IncomeTaxExaminationLikelihoodOfUnfavorableSettlement">greater than 50 percent</ix:nonNumeric></span> likelihood
of being realized upon ultimate settlement with the relevant tax authority. The Company&#8217;s tax returns for its June 30, 2021, 2020,
2019, and 2018 tax years may be selected for examination by the taxing authorities as the statute of limitations remains open.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes expenses for tax penalties and interest assessed by the Internal Revenue Service and other taxing authorities upon
receiving valid notice of assessments. The Company has received no such notices for the years ended June 30, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_842_eus-gaap--EarningsPerSharePolicyTextBlock_zojo8ZgqhIv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zqlM4sn634w5">Earnings
Per Share</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the provisions of FASB ASC Topic 260, <i>Earnings per Share</i>, basic earnings per share (&#8220;EPS&#8221;) is computed
by dividing earnings available to common shareholders by the weighted average number of shares of Common Stock outstanding during
the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating EPS on a diluted
basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
computing diluted EPS, only potential common shares that are dilutive, those that reduce EPS or increase loss per share, are included.
The effect of contingently issuable shares is not included if the result would be anti-dilutive, such as when a net loss is reported.
For the three months ended December 31, 2021, basic and diluted EPS are computed using the same number of weighted average shares as
we incurred a net loss for those periods. For the six months ended December 31, 2021, as we incurred net income for the period, dilutive
shares included approximately <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20210701__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zW3p5iSiVKH2"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2021-07-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
related to convertible promissory notes and outstanding warrants to purchase up to approximately <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z1JKksWu8sa8"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock,
assuming conversion of such convertible promissory notes and exercise of such warrants occurred at July 1, 2021, as the conversion
price of the convertible promissory notes and warrants were less than the average market price of the Company&#8217;s Common Stock
for the six months ended December 31, 2021. At December 31, 2021, there were approximately <span id="xdx_901_ecustom--CommonStockSharesToBeIssued_c20210701__20211231_zgG41bXIEiK"><ix:nonFraction name="XDSL:CommonStockSharesToBeIssued" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">134,316</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
to be issued and <span id="xdx_909_ecustom--CommonStockSharesToBeIssued_c20210701__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zVdObgUrhVsh"><ix:nonFraction name="XDSL:CommonStockSharesToBeIssued" contextRef="From2021-07-012021-12-31_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of the Company&#8217;s Common
Stock to be issued upon vesting pursuant to the terms of employment agreements with the Company&#8217;s Chief Operating Officer and
Chief Financial Officer, which were not included in computing dilutive EPS. For the three and six months ended December 31, 2020, as
we incurred net income for those periods, dilutive shares included <span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210701__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z8eV5CV0YE1l"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-07-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,750,297</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
related to convertible promissory notes, assuming conversion of such convertible promissory notes occurred at October 1, 2020 and
July 1, 2020, respectively, as the conversion price of the convertible promissory notes were less than the average market price of the
Company&#8217;s Common Stock for the three and six months ended December 31, 2020. Additionally, for dilutive EPS purposes for
the three and six months ended December 31, 2020, the assumed conversion of such convertible promissory notes at October 1, 2020 and
July 1, 2020, increased the net income amount used in the dilutive EPS computation by $<span id="xdx_90E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20201001__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zfEaHzdtJDQ"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-10-012020-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">742,537</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ziwQ7d2vjFt9"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-07-012020-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">751,482</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, as a result of the net impact of interest that would not have been incurred during the period as well as original issue
discounts, deferred financing costs, debt discounts, and derivative liability balances that would not have been required at December
31, 2020. At December 31, 2020, there were <span id="xdx_902_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200701__20201231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--RestrictedSharesMember__us-gaap--AwardTypeAxis__custom--EmploymentAgreementMember_zTN2IAVcyfJ3"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-07-012020-12-31_custom_RestrictedSharesMember_custom_EmploymentAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">115,817</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of the Company&#8217;s Common
Stock to be issued upon vesting pursuant to the terms of an employment agreement with its former Chief Financial Officer, which were
not included in computing dilutive EPS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="XDSL:ModificationextinguishmentOfDebtPolicyTextBlock"><p id="xdx_84F_ecustom--ModificationextinguishmentOfDebtPolicyTextBlock_zoZlFC8LZIra" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_z3Qaj7qPejB">Modification/Extinguishment
of Debt</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 470, a modification or an exchange of debt instruments that adds or eliminates a conversion option that was substantive
at the date of the modification or exchange is considered a substantive change and is measured and accounted for as extinguishment of
the original instrument along with the recognition of a gain or loss. Additionally, under ASC 470, a substantive modification of a debt
instrument is deemed to have been accomplished with debt instruments that are substantially different if the present value of the cash
flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows
under the terms of the original instrument. A substantive modification is accounted for as an extinguishment of the original instrument
along with the recognition of a gain or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 130 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zZzoMr62uxL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zsPVpMPiQNTk">Recently
Adopted Accounting Standards</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2021, the Company adopted Accounting Standards Update (&#8220;ASU&#8221;) 2019-12, <i>Income Taxes</i> (Topic 740). The standard
amends and simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, and also
improves consistent application of and simplifies U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance.
The Company determined the adoption of ASU 2019-12 did not have a material impact on its consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="XDSL:RecentlyIssuedAccountingStandardsNotYetAdoptedPolicyTextBlock"><p id="xdx_846_ecustom--RecentlyIssuedAccountingStandardsNotYetAdoptedPolicyTextBlock_zwIYqo4OWkUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_865_zsMq2955Hlhh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Recently
Issued Accounting Standards Not Yet Adopted</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
August 2020, the FASB issued ASU 2020-06, to modify and simplify the application of U.S. GAAP for certain financial instruments with
characteristics of liabilities and equity. The standard is effective for the Company as of July 1, 2024, with early adoption permitted.
The Company is reviewing the impact of this guidance on its consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During May 2021, the FASB issued ASU 2021-04,
to clarify and reduce diversity in accounting for modifications or exchanges of freestanding equity-classified written call options that
remain equity classified after modification or exchange. The standard is effective for the Company as of July 1, 2022, with early adoption
permitted. The Company is reviewing the impact of this guidance on its consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact
on the accompanying unaudited consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_855_z4P9WPibWEfk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--IntangibleAssetsDisclosureTextBlock_zVzTHxeNob0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4: <span id="xdx_82A_z8mVZK1gFDre">INTANGIBLE ASSET &#8211; PURCHASED SOFTWARE, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zqTBz4LBJXe7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
asset &#8211; Purchased Software, net, is comprised of the following at:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BD_zCEQlLoAMcwb" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF INTANGIBLE ASSET</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_497_20211231_zACALCP3u0Se" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_491_20210630_zBqRPxfws0y" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pp0p0_maFLIANz3p0_zysyVGpePRUi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchased software</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,875,256</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,905,228</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pp0p0_di_msFLIANz3p0_z3BOQ5rEdXLe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less: accumulated amortization</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,275,323</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,826,181</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pp0p0_mtFLIANz3p0_z8v3KMvmzQ6k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchased software,
    net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,599,933</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,079,047</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zvWNZdDOg0Pl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="XDSL:ScheduleOfIntangibleAssetByDevelopedSoftwareTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfIntangibleAssetByDevelopedSoftwareTableTextBlock_z4v2yKFPPagd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
asset &#8211; Purchased Software consists of the following three software technologies:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B9_zOPRDwsVofcf" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF INTANGIBLE ASSET BY DEVELOPED SOFTWARE</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Alpha Predictions developed software</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pp0p0_c20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AlphaPredictionsPurchasedSoftwareMember_za91ol7NcTL6" title="Alpha Predictions developed software"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-12-31_custom_AlphaPredictionsPurchasedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">448,255</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Travel Buddhi developed software</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pp0p0_c20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--TravelBuddhiPurchasedSoftwareMember_zE0FTV0IumC9" title="Travel Buddhi developed software"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-12-31_custom_TravelBuddhiPurchasedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">114,420</ix:nonFraction></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">CloseComms developed
    software</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pp0p0_c20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--CloseCommsPurchasedSoftwareMember_zPEdL7APx5gc" title="CloseComms developed software" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-12-31_custom_CloseCommsPurchasedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,037,258</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total developed software</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pp0p0_c20211231_zcGsZnhNgxOd" title="Total developed software" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,599,933</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zCcyksRbILPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Alpha Predictions and Travel Buddhi developed
software were acquired during the fiscal year ended June 30, 2019. The CloseComms developed software was acquired during the fiscal year
ended June 30, 2020. At December 31, 2021, the Travel Buddhi and CloseComms technology platforms have been placed in service.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed
software costs are amortized on a straight-line basis over <span id="xdx_909_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dc_c20210701__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedSoftwareMember_zPpVAmbdQ2sk" title="Amortized of straight line term"><ix:nonNumeric contextRef="From2021-07-012021-12-31_custom_DevelopedSoftwareMember" format="ixt-sec:durwordsen" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">three years</ix:nonNumeric></span>. Amortization of developed software costs is included in general
and administration expenses within the unaudited consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three and six months ended December 31, 2021, amortization expense was $<span id="xdx_903_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_c20211001__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedSoftwareMember_zgt9gdrNK8X2" title="Amortization expense related to purchased software"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-10-012021-12-31_custom_DevelopedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">224,348</ix:nonFraction></span> and $<span id="xdx_905_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_c20210701__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedSoftwareMember_zPgDjrmPD6gk" title="Amortization expense related to purchased software"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-07-012021-12-31_custom_DevelopedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">449,142</ix:nonFraction></span>, respectively. For the three and six
months ended December 31, 2020, amortization expense was $<span id="xdx_903_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_c20201001__20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedSoftwareMember_zHvxT5cUgY3b" title="Amortization expense related to purchased software"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2020-10-012020-12-31_custom_DevelopedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">226,469</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--AmortizationOfIntangibleAssets_pp0p0_c20200701__20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedSoftwareMember_zGqCHPicLVzf" title="Amortization expense related to purchased software"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2020-07-012020-12-31_custom_DevelopedSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">450,302</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock"><p id="xdx_89A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_zzdqDtxDvKuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
amortization expense related to the existing net carrying amount of developed software at December 31, 2021 is expected to be as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B5_zZmiLVgU7LXj" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF FUTURE AMORTIZATION EXPENSE</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_49E_20211231_z5i5eFsY3us2" style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_maFLIANz0sD_maFLIANzO5X_z52QAu5mhqUk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Remainder of fiscal year 2022</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">402,668</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pp0p0_maFLIANz0sD_maFLIANzO5X_zU5rB6oYt3re" style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Fiscal year 2023</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">564,743</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pp0p0_maFLIANz0sD_maFLIANzO5X_zq0ug0lXZvj1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Fiscal year 2024</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">415,325</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pp0p0_maFLIANz0sD_maFLIANzO5X_zmOUcjqIHCak" style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Fiscal year 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">217,197</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pp0p0_mtFLIANzO5X_zATQPmNXybkh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Purchased software,
    net</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,599,933</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 131 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_808_eus-gaap--RevenueFromContractWithCustomerTextBlock_zfJQ58rT3GGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5: <span id="xdx_823_zbD7nH5Hv68a">REVENUE FROM CONTRACTS WITH CUSTOMERS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_890_eus-gaap--DisaggregationOfRevenueTableTextBlock_zmBdf7bNOzR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our revenue disaggregated by category and primary geographic regions within our single reporting segment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zrdtTlqCded7" style="display: none">SCHEDULE OF REVENUE DISAGGREGATED BY CATEGORY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Three
    Months Ended</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Six
    Months Ended</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Categories:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif">Subscription</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20211001__20211231__srt--ProductOrServiceAxis__custom--SubscriptionMember_ziNnoLefoG0k" title="Total revenue" style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012021-12-31_custom_SubscriptionMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,434,050</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20201001__20201231__srt--ProductOrServiceAxis__custom--SubscriptionMember_zoKVYLLX2Nyl" title="Total revenue" style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-10-012020-12-31_custom_SubscriptionMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,180,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20210701__20211231__srt--ProductOrServiceAxis__custom--SubscriptionMember_zonPQuD0Ihq2" title="Total revenue" style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-07-012021-12-31_custom_SubscriptionMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,839,050</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20200701__20201231__srt--ProductOrServiceAxis__custom--SubscriptionMember_z1TaX3tyMab2" title="Total revenue" style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-07-012020-12-31_custom_SubscriptionMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,360,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Service and support</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20211001__20211231__srt--ProductOrServiceAxis__custom--ServiceAndSupportMember_zOKUzjwzQPI4" title="Total revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012021-12-31_custom_ServiceAndSupportMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,005,157</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20201001__20201231__srt--ProductOrServiceAxis__custom--ServiceAndSupportMember_zK8VeIASiYI8" title="Total revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-10-012020-12-31_custom_ServiceAndSupportMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">906,756</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20210701__20211231__srt--ProductOrServiceAxis__custom--ServiceAndSupportMember_zargKWYuPeYh" title="Total revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-07-012021-12-31_custom_ServiceAndSupportMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,961,087</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20200701__20201231__srt--ProductOrServiceAxis__custom--ServiceAndSupportMember_zLI0H88bvjx2" title="Total revenue" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-07-012020-12-31_custom_ServiceAndSupportMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,804,020</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Application development and implementation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20211001__20211231__srt--ProductOrServiceAxis__custom--ApplicationDevelopmentAndImplementationMember_zl6iEHQivRg8" title="Total revenue" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012021-12-31_custom_ApplicationDevelopmentAndImplementationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">900,670</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20201001__20201231__srt--ProductOrServiceAxis__custom--ApplicationDevelopmentAndImplementationMember_z8QRT8gvz9Rc" title="Total revenue" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-10-012020-12-31_custom_ApplicationDevelopmentAndImplementationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">549,680</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20210701__20211231__srt--ProductOrServiceAxis__custom--ApplicationDevelopmentAndImplementationMember_zaaXaIrId5k7" title="Total revenue" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-07-012021-12-31_custom_ApplicationDevelopmentAndImplementationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,765,450</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20200701__20201231__srt--ProductOrServiceAxis__custom--ApplicationDevelopmentAndImplementationMember_zTfaT4KQxE4a" title="Total revenue" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-07-012020-12-31_custom_ApplicationDevelopmentAndImplementationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,059,280</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Revenue</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20211001__20211231_zQR4jw5qf7v" title="Total revenue" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-10-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,339,877</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20201001__20201231_zYSLWJDvglQk" title="Total revenue" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,636,436</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20210701__20211231_zcPJzpH3n3Cg" title="Total revenue" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,565,587</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20200701__20201231_ztQAP8ZXeYAk" title="Total revenue" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,223,300</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Primary Geographic Regions:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">United States</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A5_zqk5x5IhgEni" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
July 1, 2021, the Company moved the invoicing office of its largest customer to its customer&#8217;s United States based office. This
change was to align the invoicing by the Company to the customer&#8217;s location managing the services provided under the customer agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="XDSL:ScheduleOfLonglivedAssetsTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfLonglivedAssetsTableTextBlock_zamPcVD5hHl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our long-lived assets by primary geographic regions within our single reporting segment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zVld6tas6krd" style="display: none">SCHEDULE
OF LONG-LIVED ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">United States</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_ecustom--TotalLonglivedAssets_iI_pp0p0_c20211231__srt--StatementGeographicalAxis__country--US_zWv9LSOBHnD3" title="Total long-lived assets" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2021-12-31_country_US" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,438</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_ecustom--TotalLonglivedAssets_iI_pp0p0_c20201231__srt--StatementGeographicalAxis__country--US_zmPYqc3DOI23" title="Total long-lived assets" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2020-12-31_country_US" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,438</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">India</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_ecustom--TotalLonglivedAssets_iI_pp0p0_c20211231__srt--StatementGeographicalAxis__country--IN_zskLugUXkpfl" title="Total long-lived assets" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2021-12-31_country_IN" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">568,973</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_ecustom--TotalLonglivedAssets_iI_pp0p0_c20201231__srt--StatementGeographicalAxis__country--IN_znqfgpTHQgSd" title="Total long-lived assets" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2020-12-31_country_IN" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,490,952</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">United Kingdom</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_ecustom--TotalLonglivedAssets_iI_pp0p0_c20211231__srt--StatementGeographicalAxis__country--GB_zcHmLRtgv3mf" title="Total long-lived assets" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2021-12-31_country_GB" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,046,096</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_ecustom--TotalLonglivedAssets_iI_pp0p0_c20201231__srt--StatementGeographicalAxis__country--GB_zNG1qZvZdct3" title="Total long-lived assets" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2020-12-31_country_GB" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,068,556</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total long-lived assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_ecustom--TotalLonglivedAssets_iI_pp0p0_c20211231_znab5XWfD0Ah" title="Total long-lived assets" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,616,507</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_ecustom--TotalLonglivedAssets_iI_pp0p0_c20201231_zqpVB33rdFPd" title="Total long-lived assets" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:TotalLonglivedAssets" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,560,946</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A4_zBx4yoejWoh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended December 31, 2021 and 2020, the Company was subject to revenue concentration risk as one customer accounted for
approximately <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20211231__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zhXRuJFDDdfj" title="Concentration risk percentage"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200701__20201231__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zuLR2qJURon8" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-07-012021-12-31_custom_OneCustomerMember_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012020-12-31_custom_OneCustomerMember_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></ix:nonFraction></span></span>% of our total revenue for both periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subscription
and Application Development and Implementation Revenue</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue when, or as, it satisfies a performance obligation to a customer. The Company primarily has one performance
obligation, which includes the combined promise to develop, implement, and license customized software. Payment terms for the software
include one-time application development and implementation fees, which are generally billed on a time-and-materials basis over the development
and implementation period, plus fixed license subscription fees, which may either be billed in full upfront or in monthly installments
over the license period, which is generally three to ten years. All of these fees are allocated to the single performance obligation
of providing software to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 132 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5: REVENUE FROM CONTRACTS WITH CUSTOMERS (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
performance obligation is fully satisfied at the point in time when the customer has taken control of the completed software, which is
when physical possession of the software has transferred to the customer, the customer is able to use and benefit from the software,
and the contractual license period has begun. Since the Company has no further obligation to the customer once control of the software
has transferred, the Company recognizes revenue in full for all of the development and implementation fees at that point in time. Subscription
fees are also recognized when control of the software has transferred to the customer but only to the extent such fees are contractually
guaranteed to the Company. Any future monthly subscription fees that the Company would not have a contractually guaranteed right to collect
in the event of early termination of the contract are instead recognized as revenue on a straight-line basis over the license period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Service
and Support Revenue</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
contracts also contain a second performance obligation for service and support. This performance obligation includes the promise to provide
future updates, upgrades, and enhancements to the software over the license period, if and when they occur. Service and support fees
are fixed as a percentage of total contract value and billed in monthly installments over the license period. The Company recognizes
service and support fee revenue over time, on a straight-line basis over the license period, as the customer receives such services on
a generally uniform basis throughout the license period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Allocation
of the Transaction Price</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prices
allocated to each performance obligation generally correspond with the contractually stated prices, since they equal standalone selling
price. In some cases, services may be discounted, which requires the company to allocate the transaction price based on relative standalone
selling price. The Company estimates standalone selling price based on comparable industry practices and the costs and margins involved
in providing services to its customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contract
Liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities include amounts billed to the customer in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets. At December 31, 2021 and June 30, 2021, contract liabilities totaled $<span id="xdx_90F_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pp0p0_c20211231_zESsbXMCpNV9" title="Contract liabilities"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">430,027</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pp0p0_c20210630_zqlsXjBZc6D4" title="Contract liabilities"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">350,689</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock"><p id="xdx_89E_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zd0tOXgSNxA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of the contract liabilities from June 30, 2021 to December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zl4VbqpltYsh" style="display: none">SCHEDULE
OF RECONCILIATION OF CONTRACT LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_pp0p0_c20210701__20211231_zINXFdKhSZ8i" title="Beginning balance, contract liabilities"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">350,689</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract liability deferral</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_ecustom--ContractLiabilityDeferral_pp0p0_c20210701__20211231_z1NNF1XkrRsa" title="Contract liability deferral" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ContractLiabilityDeferral" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,247</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization of contract
    liability to revenue</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_ecustom--AmortizationOfContractLiabilityToRevenue_iN_pp0p0_di_c20210701__20211231_z8VYfjxECUj4" title="Amortization of contract liability to revenue" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:AmortizationOfContractLiabilityToRevenue" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">220,909</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">December 31, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--ContractWithCustomerLiabilityCurrent_iE_pp0p0_c20210701__20211231_zvTbRXbiNAgl" title="Ending balance, contract liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">430,027</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zMTS5b3OrWL6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Practical
Expedient</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected a practical expedient to omit certain disclosures about the transaction price allocated to remaining performance
obligations for contracts with terms of one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 133 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_809_eus-gaap--DebtDisclosureTextBlock_zNvWVm0qa445" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6: <span id="xdx_822_zC63FChKXsnf">NOTES PAYABLE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfDebtTableTextBlock_zmvoAbEMCUZk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
payable is comprised of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zwuMrNaw3Ftj" style="display: none">SCHEDULE
OF NOTES PAYABLE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note payable,
    SBA &#8211; Paycheck Protection Program <b id="xdx_F42_z8gI8NqFMajf">[1]</b></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_fWzFd_zFYTP57J0tub" title="Total notes payable" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_NotesPayableOneMember" id="Fact002934" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,751</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--NotesPayable_iI_pp0p0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_fWzFd_znxGoLk5EN8f" title="Total notes payable" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_NotesPayableOneMember" id="Fact002936" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,680</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note payable, SBA &#8211;
    Economic Injury Disaster Loan <b id="xdx_F47_zsIvoV5nrUN">[2]</b></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_fWzJd_zlRaV25QvPrc" title="Total notes payable" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_NotesPayableTwoMember" id="Fact002938" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">163,081</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--NotesPayable_iI_pp0p0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_fWzJd_zim6lWb8SDZf" title="Total notes payable" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_NotesPayableTwoMember" id="Fact002940" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">160,393</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    payable, Accredited Investor <b id="xdx_F4D_zus3jm6JDMPb">[3]</b></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--NotesPayable_iI_pp0p0_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableThreeMember_fWzNd_zSif6nZZ5pa1" title="Total notes payable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_NotesPayableThreeMember" id="Fact002942" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">43,202</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--NotesPayable_iI_pp0p0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableThreeMember_fWzNd_zWYbYKTUwY5l" title="Total notes payable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_NotesPayableThreeMember" id="Fact002944" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">276,035</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total notes payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--NotesPayable_iI_pp0p0_c20211231_zMaAcmySP6ia" title="Total notes payable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">240,034</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--NotesPayable_iI_pp0p0_c20210630_zZSr8P1OW0f8" title="Total notes payable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">470,108</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less: current portion
    of notes payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--NotesPayableCurrent_iNI_pp0p0_di_c20211231_zRp3msrbu448" title="Less: current portion of notes payable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">93,144</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--NotesPayableCurrent_iNI_pp0p0_di_c20210630_zEit9gkaalja" title="Less: current portion of notes payable" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">323,218</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Long-term portion of
    notes payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--LongTermDebtNoncurrent_iI_pp0p0_c20211231_zaaMNSR9K7Ok" title="Long-term portion of notes payable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,890</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--LongTermDebtNoncurrent_iI_pp0p0_c20210630_zEa91LtB5hfd" title="Long-term portion of notes payable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,890</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F04_zQjTlKOja7U" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[1]</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zdZhXjNTR7v2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002957" xml:lang="en-US">effective
    April 28, 2020, the Company entered into a promissory note with an approved lender in the principal amount of $<span id="xdx_90E_eus-gaap--NotesPayable_iI_pp0p0_c20200428__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_zijmJ30s11y4" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Total notes payable"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-04-28_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,333</ix:nonFraction></span>. <span title="Decsription of debt instrument, payment terms" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_">The note was approved under the provisions of the Coronavirus, Aid, Relief and Economic Security Act (the &#8220;CARES Act&#8221;) and the terms
    of the Paycheck Protection Program of the U.S. Small Business Administration&#8217;s 7(a) Loan Program. The note accrues interest
    for the first six months following the issuance date at a rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20200428__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_zqXDS4RiC8Md" title="Debt Instrument, Interest Rate, Stated Percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-04-28_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% per annum, (increasing to 6% per annum upon the occurrence of
    an Event of Default (as defined in the note)), and beginning November 28, 2020, requires 18 monthly payments of $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20200427__20200428__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_zFch1JXYqHX3" title="Debt instrument, periodic payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-04-272020-04-28_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,876</ix:nonFraction></span> each, consisting
    of principal and interest until paid in full on <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20200427__20200428__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_zq8wzyMq7vcl" title="Debt instrument, maturity date" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="From2020-04-272020-04-28_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April 28, 2022</ix:nonNumeric></span>. Subsequent to issuance, the first payment due date was extended</span>.
    The note may be prepaid by the Company at any time prior to the maturity date with no prepayment penalties. Additionally, any portion
    of the note up to the entire principal and accrued interest balance may be forgiven in the event the Company satisfies certain requirements
    as determined by the CARES Act. The Company has applied for forgiveness and expects to satisfy the requirements for forgiveness of
    the entire principal and accrued interest balance. The Company is awaiting receipt of approval of its requested forgiveness from
    the SBA through its treasury partner. At December 31, 2021, $<span id="xdx_907_eus-gaap--NotesPayableCurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionProgramMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableOneMember_zedzUV59ZK22" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Notes payable current"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-12-31_custom_PaycheckProtectionProgramMember_custom_NotesPayableOneMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,751</ix:nonFraction></span> was recorded as a current liability within notes payable with
    the consolidated balance sheets.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td id="xdx_F0A_z1A8yWpnw7Oi" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[2]</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zUYnvwfs7Jh5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002968" xml:lang="en-US">effective
    May 28, 2020, the Company entered into a promissory note and security agreement with the U.S. Small Business Administration (&#8220;SBA&#8221;)
    in the principal amount of $</ix:footnote></span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90D_eus-gaap--NotesPayable_iI_pp0p0_c20200528__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zbOWr3cEiye" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-05-28_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,000</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
    </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The note was approved under the provisions of the CARES Act and the terms of the COVID-19 Economic Injury Disaster Loan (&#8220;EIDL&#8221;)
    program of the SBA&#8217;s EIDL Program. The note accrues interest at a rate of </span><span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20200528__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zcD3XjzNLQ9b" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-05-28_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.75</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    per annum, and beginning May 28, 2021, requires monthly payments of $</span><span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20200527__20200528__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zSscRqQSxNS3" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-05-272020-05-28_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">731</ix:nonFraction>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each,
    consisting of principal and interest until paid in full on </span><span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_dd_c20200527__20200528__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zDKsIVZJdw07" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2020-05-272020-05-28_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">May
    28, 2050</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
    Subsequent to issuance, the SBA extended the first payment due date to 24 months from the date of the note</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
    The note may be prepaid by the Company at any time prior to the maturity date with no prepayment penalties. Additionally, this promissory
    note is collateralized by certain of the Company&#8217;s property as specified within the security agreement. Furthermore, on June
    4, 2020, the Company received $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eus-gaap--ProceedsFromNotesPayable_c20200603__20200604__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zVBRNsRzYpC2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromNotesPayable" contextRef="From2020-06-032020-06-04_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,000</ix:nonFraction>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">from the SBA, which it
    is currently working to obtain details from the SBA regarding this amount. As such, at December 31, 2021, the Company recorded this
    amount as a current liability. At December 31, 2021, $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_905_eus-gaap--NotesPayableCurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_zg18ad9b3Ed7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NotesPayableCurrent" contextRef="AsOf2021-12-31_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,191</ix:nonFraction>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was recorded as a current
    liability within notes payable and $</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_906_eus-gaap--LongTermNotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--EconomicInjuryDisasterLoanMember__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayableTwoMember_z6Urbdxes4O5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2021-12-31_custom_EconomicInjuryDisasterLoanMember_custom_NotesPayableTwoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,890</ix:nonFraction>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was recorded as a long-term
    liability within notes payable, net of current portion with the consolidated balance sheets.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 134 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6: NOTES PAYABLE (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td id="xdx_F01_zs40rLjBYkfh" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[3]</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zdfsBwT4pnm2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002976" xml:lang="en-US">effective
    February 8, 2021, the Company entered into a securities purchase agreement with an accredited investor and issued an <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_z8aP090G1r28" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Debt instrument interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% promissory
    note in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_z1rniB8cc5V5" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Principal amount of promissory note"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">362,250</ix:nonFraction></span> (including a $<span id="xdx_90B_eus-gaap--DebtConversionOriginalDebtAmount1_pp0p0_c20210207__20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zErpYKICIli4" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Debt original issue discount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2021-02-072021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">47,250</ix:nonFraction></span> original issue discount) to the accredited investor with a maturity
    date of <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_dd_c20210207__20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zxNnZbmWUTv" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Debt instrument maturity date"><ix:nonNumeric contextRef="From2021-02-072021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">February 8, 2022</ix:nonNumeric></span>. Twelve months of interest is immediately earned by the accredited investor upon the Company receiving proceeds
    and is included in the required monthly repayments. On February 10, 2021, the Company received net proceeds in the amount of $<span id="xdx_907_eus-gaap--ProceedsFromConvertibleDebt_pp0p0_c20210209__20210210__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zVu8T29biyd7" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Proceeds from debt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-02-092021-02-10_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">288,000</ix:nonFraction></span>
    as a result of $<span id="xdx_90F_ecustom--PaymentToReimburseAmount_pp0p0_c20210209__20210210__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zwhhSfoJK025" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Payment to reimburse amount"><ix:nonFraction name="XDSL:PaymentToReimburseAmount" contextRef="From2021-02-092021-02-10_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">27,000</ix:nonFraction></span> being paid for legal and due diligence fees incurred with respect to this securities purchase agreement and
    convertible promissory note. In accordance with the securities purchase agreement, the Company issued 1) <span id="xdx_900_ecustom--StockIssuedDuringPeriodSharesRestrictedStock_c20210207__20210208__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--StatementClassOfStockAxis__custom--CommitmentSharesMember_zjeyNX27Y3Ug" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Shares of restricted stock issued"><ix:nonFraction name="XDSL:StockIssuedDuringPeriodSharesRestrictedStock" contextRef="From2021-02-072021-02-08_custom_ConvertiblePromissoryNoteMember_custom_CommitmentSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> restricted shares
    of its Common Stock (&#8220;Commitment Shares&#8221;) to the accredited investor as additional consideration for the purchase of
    the promissory note and 2) <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210207__20210208__us-gaap--DebtInstrumentAxis__custom--ConvertiblePromissoryNoteMember__us-gaap--StatementClassOfStockAxis__custom--ReturnableSharesMember_zFd4PNeplY63" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Shares issued during period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-02-072021-02-08_custom_ConvertiblePromissoryNoteMember_custom_ReturnableSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> restricted shares of its Common Stock (&#8220;Returnable Shares&#8221;) to the accredited investor
    which will be returned to the Company upon timely completion of the required repayment schedule. Repayments of the promissory note
    shall be made in eight (8) installments each in the amount of $<span id="xdx_908_ecustom--DebtInstallmentsPaymentAmount_pp0p0_c20210207__20210208__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_z3Cv6OhKmQvh" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Debt installments payment amount"><ix:nonFraction name="XDSL:DebtInstallmentsPaymentAmount" contextRef="From2021-02-072021-02-08_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementWithPowerUpLendingGroupMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,715</ix:nonFraction></span>, which commenced July 8, 2021 and continues thereafter each
    thirty (30) days until February 8, 2022. This promissory note is only convertible upon an event of default as defined in the promissory
    note. The original issue discount, deferred financing costs and issuance date fair value of the Commitment Shares are being amortized
    over the term of the note. At December 31, 2021, the aggregate outstanding balance of the promissory note and accrued interest was
    $<span id="xdx_90F_eus-gaap--InterestPayableCurrent_iI_pp0p0_c20211231__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zblxY4DTEPHe" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-12-31_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">101,430</ix:nonFraction></span>. At December 31, 2021, the aggregate balance of the promissory note, net of original issue discount, deferred financing
    costs and issuance date fair value of the Commitment Shares was $<span id="xdx_90E_eus-gaap--ConvertibleDebt_iI_pp0p0_c20211231__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--DebtInstrumentAxis__custom--TwelvePercentagePromissoryNoteMember_zEOQWNleALye" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Convertible debt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2021-12-31_custom_AccreditedInvestorsMember_custom_SecuritiesPurchaseAgreementMember_custom_TwelvePercentagePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">43,202</ix:nonFraction></span>.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zEv781N32iV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="XDSL:ConvertibleDebtArrangementsTextBlock"><p id="xdx_80E_ecustom--ConvertibleDebtArrangementsTextBlock_zkfFkaClY6Ll" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7: <span id="xdx_826_zS5eG5AfJvYd" style="text-transform: uppercase">CONVERTIBLE DEBT ARRANGEMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">JMJ
Financial</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021 and June 30, 2021, the amount recorded in current liabilities for this one convertible note and accrued interest thereon
due to JMJ Financial was $<span id="xdx_901_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_z1OlxQjCGDF7"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">235,925</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_902_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_zr3Yngwl6N12"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">226,704</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">respectively. During the six months ended December
31, 2021 and 2020 the Company recorded $<span id="xdx_90B_eus-gaap--InterestPayableCurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_zeNleuWselMb"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-12-31_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,221</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_eus-gaap--InterestPayableCurrent_iI_pp0p0_c20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_zgSI04fzfztc"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2020-12-31_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,514</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, of interest for the outstanding convertible note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021 and June 30, 2021, the aggregate remaining amount of convertible securities held by JMJ could be converted into <span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210701__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_zWAtTcvFb7G4"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-07-012021-12-31_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,796</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_90E_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20200701__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_z9DvN4ywM6u6"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2020-07-012021-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,335</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares, respectively, with a conversion price
of $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_zPLKWJQfFm7a"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-12-31_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Accredited
Investors</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Evergreen
Agreement</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
April 6, 2021, the Company entered into a Securities Purchase Agreement (&#8220;Agreement&#8221;) with Evergreen Capital Management LLC
(the &#8220;Investor&#8221;), pursuant to which the Company sold to the Investor an aggregate of up to $<span id="xdx_907_eus-gaap--CommonStockSharesSubscriptions_iI_pp0p0_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zTSufsJxADqg"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,040,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in aggregate subscription
amount of notes and warrants to purchase an aggregate of <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zlQiU2woXwra"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,730,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">shares of Common
Stock in two (2) tranches (each a &#8220;Tranche&#8221;), with the first Tranche of $<span id="xdx_90F_eus-gaap--CommonStockSharesSubscriptions_iI_pp0p0_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zTE1JIRCxLFa"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,540,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in subscription amount
of notes (to purchase an aggregate of $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zjfmhZOPlBFd"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,771,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in principal amount
of notes) and warrants to purchase an aggregate of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--FirstTrancheMember_z1FDbmXuC5uk"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,855,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">shares of Common Stock
being closed on upon execution of this Agreement. The closing for the second Tranche of $<span id="xdx_907_eus-gaap--CommonStockSharesSubscriptions_iI_pp0p0_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zYLX4XgHxwtj"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in subscription amount
of notes (to purchase an aggregate of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zYPD5U4Id0Fc"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">575,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">in principal amount
of notes) and warrants to purchase an aggregate of <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zNeNPNjscGf9"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,875,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">shares of Common
Stock will occur within three (3) business days after the later of (i) the filing by the Company of a Registration Statement on Form
S-1 for the sale of Common Stock that will be listed on a national securities exchange, or (ii) the thirtieth (30<sup>th</sup>)
day following the closing of the first Tranche. The first and second Tranches closed and funded on April 6, 2021 and May 3, 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 135 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7: <span style="text-transform: uppercase">Convertible Debt Arrangements </span>(continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes mature on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDateDescription_dd_c20210402__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zarmL2koIIV3"><ix:nonNumeric contextRef="From2021-04-022021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" name="us-gaap:DebtInstrumentMaturityDateDescription">April
6, 2022 and May 3, 2022</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, bears interest at the
rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zwCmxwnM6Uf"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum and are convertible at any time upon the option of the Investor into shares of Common Stock at a conversion price equal to
$<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember_zrxe2cX3Eepc"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share or, <span id="xdx_900_eus-gaap--DebtInstrumentDescription_c20210402__20210406_zLq3nzXBKvba"><ix:nonNumeric contextRef="From2021-04-022021-04-06" name="us-gaap:DebtInstrumentDescription">upon
the occurrence and during the continuance of an Event of Default (as defined in the Note), if lower, at a conversion price equal to 75%
of the lowest daily volume-weighted average price (&#8220;VWAP&#8221;) of the Common Stock during the 20 consecutive trading days immediately
preceding the applicable conversion date. The Company has the right to prepay all or any portion of the outstanding balance of the Note
in an amount equal to 115% or 120%, depending on whether such repayment is made before or after November 5, 2021, multiplied by the portion
of the outstanding balance to be prepaid</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The
Company is required to prepay all or any portion of the outstanding balance of the Note upon the occurrence of a Qualified Financing
(as defined in the Note). If at any time while the Note is outstanding, the Company completes any single Future Transaction (as defined
in the Note), the Investor may, in its sole discretion, elect to apply all, or any portion, of the then outstanding principal amount
of this Note and any accrued but unpaid interest, as purchase consideration for such Future Transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are exercisable at a purchase price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zLuMJQzo6tW6"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share at any time on or prior to April 6,
2025 and May 3, 2025, and may be exercised on a cashless basis, beginning on the six-month anniversary of the Effective Date, if the
shares of Common Stock underlying the Warrants are not then registered under the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;). On January 31, 2022, the Investor agreed to not convert, tender for conversion or otherwise take steps toward the conversion
of either of the Notes to Common Stock until the earlier of (a) May 1, 2022 or (b) the date on which the Common Stock commences trading
on the Nasdaq Stock Market or another national stock exchange. <span id="xdx_906_ecustom--WarrantsExercisableTermsDescription_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zSMVeji4eYyf"><ix:nonNumeric contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" name="XDSL:WarrantsExercisableTermsDescription">The
Investor will not have the right to exercise the Warrants if the Investor, together with its affiliates, would beneficially own in excess
of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion and under no circumstances
may exercise the Warrants if the Investor, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to its exercise</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities Purchase Agreement (the &#8220;SPA&#8221;) contains customary representations, warranties and agreements by the Company, customary
conditions to closing, indemnification obligations of the Company, other obligations of the parties thereto, and termination provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection herewith, the Company recorded an original issue discount of $<span id="xdx_906_eus-gaap--DebtConversionOriginalDebtAmount1_pp0p0_c20210404__20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zLgEZuFR8II6"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2021-04-042021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">306,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and deferred financing costs of $<span id="xdx_909_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20210406__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zuGnKqXWWJE2"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-04-06_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">42,500</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The original issue discount and deferred financing costs are being amortized over the term of the note. At December 31, 2021, the aggregate
balance of the convertible promissory note and accrued interest was $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_z0WZpOprCiUj"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,927,988</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
At December 31, 2021, the aggregate balance of the convertible promissory note, net of original issue discount and deferred financing
costs was $<span id="xdx_900_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsElevenMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zeRqp0MCKDe9"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-12-31_custom_EvergreenAgreementMember_custom_AccreditedInvestorsElevenMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,387,297</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
During October 2021 and December 2021, an aggregate of $<span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20211001__20211231__us-gaap--DebtInstrumentAxis__us-gaap--ConvertibleDebtMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zNe9zo2tXDu2"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2021-10-012021-12-31_us-gaap_ConvertibleDebtMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of outstanding principal was converted into an
aggregate of <span id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20211001__20211231__us-gaap--DebtInstrumentAxis__us-gaap--ConvertibleDebtMember__dei--LegalEntityAxis__custom--EvergreenCapitalManagementLLCMember_zNBaabaaEIYe"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-10-012021-12-31_us-gaap_ConvertibleDebtMember_custom_EvergreenCapitalManagementLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock.
The company recorded an aggregate loss on extinguishment of debt of $<span id="xdx_903_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__us-gaap--ConvertibleDebtMember__us-gaap--TypeOfArrangementAxis__custom--EvergreenAgreementMember_zhZ999Lue9Pg"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31_us-gaap_ConvertibleDebtMember_custom_EvergreenAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">166,625</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as a result of the Company issuing shares of
its Common Stock to satisfy the outstanding principal conversions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Investors&#8217;
Agreement</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 4, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;SPA&#8221;) with two accredited investors (the &#8220;Investors&#8221;),
pursuant to which the Company sold to the Investors an aggregate of up to $<span id="xdx_908_eus-gaap--CommonStockSharesSubscriptions_iI_pp0p0_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_zyubXU0ZJ7a8"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,550,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in Aggregate Subscription Amount of Notes and
Warrants to acquire an aggregate of <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_z2kbOCOHYRc2"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock in two tranches
(each a &#8220;Tranche&#8221;), with the first Tranche of $<span id="xdx_90E_eus-gaap--CommonStockSharesSubscriptions_iI_pp0p0_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zwBfQz6CsTk5"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,924,999</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in subscription Amount of Notes (to sell an aggregate
of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zBY7H1Q6mp26"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,264,706</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in principal amount of Notes) and Warrants to
acquire an aggregate of <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zs9bJFKo9Xf"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,323,529</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
shares of Common Stock being closed on upon execution of the SPA. The closing for the second tranche for $<span id="xdx_90D_eus-gaap--CommonStockSharesSubscriptions_iI_pp0p0_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zRHhTbh1QRQl"><ix:nonFraction name="us-gaap:CommonStockSharesSubscriptions" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">625,001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in Subscription Amount Notes (to sell an aggregate
of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zLM2jcTbPTQ"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">735,294</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in principal amount of Notes) and Warrants to
acquire an aggregate of <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember__us-gaap--VestingAxis__custom--SecondTrancheMember_ziZeEITvuLK2"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,676,471</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock will occur within
three (3) business days after the later of (i) the filing of a Registration Statement on Form S-1 for the sale of Common Stock
that will be listed on a national securities exchange or (ii) the thirtieth (30<sup>th</sup>) day following the closing of the first
Tranche. <span style="background-color: white">The first and second Tranches closed and funded on May 3, 2021 and June 30, 2021, respectively.
The Company received a portion of the proceeds related to the second Tranche on July 1, 2021.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7: <span style="text-transform: uppercase">Convertible Debt Arrangements </span>(continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes mature on <span id="xdx_90B_eus-gaap--DebtInstrumentDescription_c20210503__20210504_zNbxOIo3Fz3d"><ix:nonNumeric contextRef="From2021-05-032021-05-04" name="us-gaap:DebtInstrumentDescription">May 4, 2022 and June 30, 2022,
bear interest at the rate of</ix:nonNumeric> </span></span><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210504_zwFRQfp2Dit2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-05-04" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum and are convertible at any time upon the option of the Investors into shares of Common Stock at a conversion price equal to
$</span><span id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20210504_zHG9oeJSZcOf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-05-04" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share. The Company has the right to prepay all or any portion of the outstanding balance of the Notes in an amount equal to 115% or 120%,
depending on whether such repayment is made before November 5, 2021 or after November 5, 2021, respectively, multiplied by the portion
of the outstanding balance to be prepaid</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are exercisable at a purchase price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_zvkpEPSLE0Fg"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share at any time on or prior to May 4, 2025
and June 30, 2025, and may be exercised on a cashless basis, beginning on the six-month anniversary of the Effective Date, if the shares
of Common Stock underlying the Warrants are not then registered under the Securities Act. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SPA contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations
of the Company, other obligations of the parties thereto, and termination provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection herewith, the Company recorded an original issue discount of $<span id="xdx_902_eus-gaap--DebtConversionOriginalDebtAmount1_pp0p0_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_zXDgzCqSkYKh"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2021-07-012021-12-31_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">447,237</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and deferred financing costs of $<span id="xdx_901_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20210504__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember__srt--TitleOfIndividualAxis__custom--AccreditedInvestorsTwelveMember_z4RCfB6BoaFj"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-05-04_custom_InvestorsAgreementMember_custom_AccreditedInvestorsTwelveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The original issue discount and deferred financing costs are being amortized over the term of the note. At December 31, 2021, the aggregate
balance of the convertible promissory note and accrued interest was $<span id="xdx_904_eus-gaap--ConvertibleNotesPayable_iI_c20211231__us-gaap--DebtInstrumentAxis__us-gaap--ConvertibleDebtMember__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember_zDSn3zk0hZSg"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31_us-gaap_ConvertibleDebtMember_custom_InvestorsAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,075,146</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
At December 31, 2021, the aggregate balance of the convertible promissory note, net of original issue discount and deferred financing
costs was $<span id="xdx_90D_eus-gaap--DeferredFinanceCostsNet_iI_c20211231__us-gaap--DebtInstrumentAxis__us-gaap--ConvertibleDebtMember__us-gaap--TypeOfArrangementAxis__custom--InvestorsAgreementMember_zyBVpDGDtJhf"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-12-31_us-gaap_ConvertibleDebtMember_custom_InvestorsAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,135,337</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021 and June 30, 2021, there was $<span id="xdx_909_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20211231_z4QcWpkKOdYk"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,832,616</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90F_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20210630_zDKlDgjzC908"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,143,795</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of convertible notes payable outstanding, net
of discounts of $<span id="xdx_903_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pp0p0_c20211231_zAj8kojifyv4"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,304,993</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pp0p0_c20210630_zPAAPU2E1YP9"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,157,759</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2021 and 2020, amortization of original issue discount, deferred financing costs, and debt discounts
amounted to $<span id="xdx_904_ecustom--AmortizationOfOriginalIssueDiscountDeferredFinancingCostsAndDebtDiscount_pp0p0_c20210701__20211231_z9zU7svRpFic"><ix:nonFraction name="XDSL:AmortizationOfOriginalIssueDiscountDeferredFinancingCostsAndDebtDiscount" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,077,049</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90E_ecustom--AmortizationOfOriginalIssueDiscountDeferredFinancingCostsAndDebtDiscount_pp0p0_c20200701__20201231_zQMXvfBZJLGh"><ix:nonFraction name="XDSL:AmortizationOfOriginalIssueDiscountDeferredFinancingCostsAndDebtDiscount" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">494,184</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2021, $<span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_do_c20210701__20211231_zubGjT0ai5e7"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of convertible notes were converted into <span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210701__20211231_zXjAvSzTK9Ra"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock.
During the six months ended December 31, 2020, $<span id="xdx_90B_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20200701__20201231_z2wEiZiLVaOh"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">288,182</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of convertible notes, including fees and interest,
were converted into <span id="xdx_90E_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20200701__20201231_zqovOP3wuV89"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,331,766</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the Company was in compliance with the terms of the Accredited Investors convertible promissory notes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7: <span style="text-transform: uppercase">Convertible Debt Arrangements </span>(continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ConvertibleDebtTableTextBlock"><p id="xdx_891_eus-gaap--ConvertibleDebtTableTextBlock_zbrOdtjYDW2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
payable under convertible debt and debenture agreements, net is comprised of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zIYnfbGCuIi5" style="display: none">SCHEDULE
OF NOTES PAYABLE UNDER CONVERTIBLE DEBT AND DEBENTURE AGREEMENTS, NET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">JMJ Financial</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_ecustom--ConvertibleDebtArrangementsNet_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_zzwCA7Q2Si6c" title="Total convertible debt arrangements, net" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-12-31_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">109,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_ecustom--ConvertibleDebtArrangementsNet_iI_pp0p0_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JMJFinancialMember_zJSmaelJ7dek" title="Total convertible debt arrangements, net" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-06-30_custom_JMJFinancialMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">109,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accredited Investors</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_ecustom--ConvertibleDebtArrangementsNet_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AccreditedInvestorsMember_zMe4HdPTwJ08" title="Total convertible debt arrangements, net" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-12-31_custom_AccreditedInvestorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,832,616</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_ecustom--ConvertibleDebtArrangementsNet_iI_pp0p0_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AccreditedInvestorsMember_zU2WnrzFGBNa" title="Total convertible debt arrangements, net" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-06-30_custom_AccreditedInvestorsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,148,795</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unamortized OID, deferred
    financings costs, and debt discounts</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_ecustom--ConvertibleDebtArrangementsNet_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--UnamortizedOIDDeferredFinancingsCostsAndDebtDiscountsMember_zuxVdswcjsJd" title="Total convertible debt arrangements, net" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-12-31_custom_UnamortizedOIDDeferredFinancingsCostsAndDebtDiscountsMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">1,304,993</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_ecustom--ConvertibleDebtArrangementsNet_iI_pp0p0_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--UnamortizedOIDDeferredFinancingsCostsAndDebtDiscountsMember_zOVFZnRP82Sl" title="Total convertible debt arrangements, net" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-06-30_custom_UnamortizedOIDDeferredFinancingsCostsAndDebtDiscountsMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">3,157,759</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total convertible debt
    arrangements, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_ecustom--ConvertibleDebtArrangementsNet_iI_pp0p0_c20211231_zAThIv4ggMTl" title="Total convertible debt arrangements, net" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,636,623</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_ecustom--ConvertibleDebtArrangementsNet_iI_pp0p0_c20210630_zJA3Ri29p73g" title="Total convertible debt arrangements, net" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ConvertibleDebtArrangementsNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,100,036</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zYZ5wmsEBZtb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021 and June 30, 2021, the outstanding balances are reflected as current liabilities within our consolidated balance sheets.
At December 31, 2021 and June 30, 2021, accrued interest on these convertible notes of $<span id="xdx_90F_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z2aZcoZj1g5a"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">303,207</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_eus-gaap--ConvertibleNotesPayable_iI_pp0p0_c20210630__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z6OhanLkALue"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-06-30_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">162,271</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, is included within accrued expenses of the consolidated balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"><p id="xdx_801_eus-gaap--DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_ztDSZExguO96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8: <span id="xdx_82C_z0i99VIYpkP5">DERIVATIVE LIABILITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates its convertible
instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as
derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, <i>Derivatives and Hedging</i>.
The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded
as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of
operation as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at
the conversion date then reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification
under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock"><p id="xdx_89D_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_zRteUP2CyQWg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable
inputs (Level 3) from June 30, 2020 to June 30, 2021, as there was no derivative liability transactions during the three months ended
December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B1_zINAWDaucrx9" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF RECONCILIATION OF DERIVATIVE LIABILITY</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>feature
                                            derivative liability</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif">June 30, 2020</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iS_pp0p0_c20200701__20210630_zLnRfwzuiq43" style="width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">897,631</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial fair value of derivative liability
    recorded as debt discount</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_ecustom--InitialFairValueOfDerivativeLiabilityRecordedDebtDiscount_pp0p0_c20200701__20210630_zIFcmfbfv7Y4" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityRecordedDebtDiscount" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">853,800</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial fair value of derivative liability
    charged to other expense</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_ecustom--InitialFairValueOfDerivativeLiabilityChargedToOtherExpense_pp0p0_c20200701__20210630_zau0SOXjFNy9" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:InitialFairValueOfDerivativeLiabilityChargedToOtherExpense" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,240,908</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on change in fair value included in earnings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings_pp0p0_c20200701__20210630_zbuEfgqUaYE2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">3,267,323</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Derivative liability
    relieved by conversions of convertible promissory notes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_ecustom--DerivativeLiabilityRelievedByConversionsOfConvertiblePromissoryNotes_iN_pp0p0_di_c20200701__20210630_zVZs3cKhCxvh" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="XDSL:DerivativeLiabilityRelievedByConversionsOfConvertiblePromissoryNotes" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">725,016</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">June 30, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs_iE_pp0p0_c20200701__20210630_zxW19OZM2Yy6" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3084">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zoKwQPAYkIo1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
derivative liability at December 31, 2021 and June 30, 2021 amounted to $<span id="xdx_90D_eus-gaap--DerivativeLiabilities_iI_pp0p0_c20210630_zupsFHUdnJWf"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for both periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes its derivative liabilities as Level 3 and values its derivatives using the methods discussed below. While the Company
believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different
methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair
value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed are
that of volatility and market price of the underlying Common Stock of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the Company did not have any derivative instruments that were designated as hedges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 138 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80C_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zN7drW485JF" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9: <span id="xdx_828_zcDWEGM3i2t5">STOCKHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the total number of shares of all classes of stock that the Company shall have the authority to issue is <span id="xdx_907_ecustom--SharesAuthorized_iI_c20211231_zWISALvWjhW3"><ix:nonFraction name="XDSL:SharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,001,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares consisting of <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_c20211231_znwObgZ9aSaj"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock, $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20211231_zNB8QJUDN5T1"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">par value per share, of which <span id="xdx_901_eus-gaap--CommonStockSharesIssued_iI_c20211231_zqGnucNFlnSk"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">81,656,033</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are issued and <span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zzu4u5zhCp23"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">81,627,663</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are outstanding, and <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_c20211231_zBtCZgN8beU4"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of preferred stock, par value $<span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20211231_zRmGnMj1cWMe"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share of which <span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesASuperVotingPreferredMember_zoJXxIbkA7oa"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31_custom_SeriesASuperVotingPreferredMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares have been designated as Series A Super
Voting Preferred of which <span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_c20211231__us-gaap--StatementClassOfStockAxis__custom--SeriesASuperVotingPreferredMember_zARlyWPkXTTd"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31_custom_SeriesASuperVotingPreferredMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 27, 2019, the Company&#8217;s Board of Directors approved an amendment to the Company&#8217;s Amended and Restated Certificate
of Incorporation, as amended (the &#8220;Certificate of Incorporation&#8221;) to increase the number of authorized shares of Common
Stock of the Company to <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_c20190823_z3k2ete34DR8"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-08-23" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares from <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20190827_zyeEkKE5goKi"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-08-27" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares. On September 4, 2019, the Company filed
a Certificate of Amendment to its Certificate of Incorporation to increase its authorized Common Stock from <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_c20190903_znerkdCBvwU2"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-09-03" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to <span id="xdx_905_eus-gaap--CommonStockSharesAuthorized_iI_c20190904_zHmEimS32Bn8"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-09-04" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 10, 2020, the Company&#8217;s Board of Directors approved an amendment to the Company&#8217;s Amended and Restated Certificate of
Incorporation, as amended (the &#8220;Certificate of Incorporation&#8221;) to increase the number of authorized shares of Common Stock
of the Company to <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20200609_zCnIXhd9VRAc"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-06-09" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000,000</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
from <span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_c20200610_z4ZRBKBJteW2"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-06-10" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares.
On July 14, 2020, the Company filed a Certificate of Amendment to its Certificate of Incorporation to increase its authorized Common
Stock from <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_c20200713_zbU0KGJNLysa"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-07-13" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
to <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20200714_zIrHLt5kgND5"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-07-14" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000,000</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2020, the Company&#8217;s Board of Directors approved an amendment to the Company&#8217;s Amended and Restated Certificate
of Incorporation, as amended (the &#8220;Certificate of Incorporation&#8221;) to increase the number of authorized shares of Common
Stock of the Company to <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_c20200802_znHKHvT5Qp0e"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-08-02" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares from <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_iI_c20200803_zOvbxGNZygi4"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-08-03" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares. On August 4, 2020, the Company filed
a Certificate of Amendment to its Certificate of Incorporation to increase its authorized Common Stock from <span id="xdx_902_eus-gaap--CommonStockSharesAuthorized_iI_c20200803_zzfMMsKdiozc"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-08-03" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares to <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_c20200804_zp3FwIR6fFX7"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-08-04" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Common
Stock</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock
Based Compensation &#8211; Common Stock Grants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2021, the Company recorded $<span id="xdx_909_eus-gaap--ShareBasedCompensation_pp0p0_c20210701__20211231__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_z73TzJMqaoI1"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-07-012021-12-31_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">45,869</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of stock-based compensation expense related to
a November 22, 2021 grant of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20210701__20211231__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_zxvzCiCLCzqa"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-07-012021-12-31_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of Common Stock to the
Company&#8217;s Chief Financial Officer and a May 17, 2021 grant of <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20210701__20211231__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_ztcZtMG3VYuk"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-07-012021-12-31_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction>
</span></span><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20210701__20211231__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_zR6VuRaJoIU5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2021-07-012021-12-31_srt_ChiefOperatingOfficerMember" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">restricted
shares of Common Stock to the Company&#8217;s Chief Operating Officer, both of which vests 25% on the 1 year, 2 year, 3 year,
and 4 year anniversaries of the grant dates</ix:nonNumeric></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2020, the Company entered into an exchange agreement (the &#8220;Exchange Agreement&#8221;) with its
Chief Executive Officer, Anshu Bhatnagar (&#8220;Holder&#8221;), whereby earned and issued warrants to purchase <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pdp0_c20201231__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--CancelledWarrantsMember_zaVLMSoKLSVh"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2020-12-31_custom_ExchangeAgreementMember_custom_CancelledWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">37,390,452</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock (the
&#8220;Cancelled Warrants&#8221;) pursuant to the terms of that certain Transition Agreement (the &#8220;Transition Agreement&#8221;)
and Warrant Agreement (the &#8220;Warrant Agreement&#8221;) each between the Company and Holder and dated as of January 11, 2019 were
forfeited and exchanged for (i) <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pdp0_c20201231__us-gaap--TypeOfArrangementAxis__custom--WarrantAgreementMember_zU9uBxfKN22k"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2020-12-31_custom_WarrantAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">37,390,452</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock (the
&#8220;Shares&#8221;) and (ii) the cancellation and termination of the Transition Agreement and Warrant Agreement. <span id="xdx_90F_ecustom--DescriptionOfWarrantExchangeAgreement_c20200701__20201231__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zW6mFShi13E"><ix:nonNumeric contextRef="From2020-07-012020-12-31_custom_AdditionalWarrantsMember" name="XDSL:DescriptionOfWarrantExchangeAgreement">The
Cancelled Warrants had an exercise price of $</ix:nonNumeric></span></span><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20201231__us-gaap--ClassOfWarrantOrRightAxis__custom--CancelledWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_ztpKcjFl5uIl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2020-12-31_custom_ExchangeAgreementMember_custom_CancelledWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.50</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share and were not subject to expiration. Such Exchange Agreement is intended to make the Company&#8217;s capitalization more attractive
to potential investors and to remove the uncertainty associated with any future grants of warrants under the Transition Agreement and
Warrant Agreement, although there can be no assurance of any future investments on terms that are attractive to the Company, or at all.
Immediately prior to the Company&#8217;s entry into the Exchange Agreement, it was determined that </span><span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pdp0_c20201231__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_z92dQeBMJjm" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2020-12-31_custom_AdditionalWarrantsMember_custom_ExchangeAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,650,708</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additional
warrants (the &#8220;Additional Warrants&#8221;) to purchase the Company&#8217;s Common Stock were due to and issued to the Holder in
accordance with the terms and conditions of the Transition Agreement as the Transition Agreement required certain liabilities to be eliminated
by the prior management team within six months of the Transition Agreement&#8217;s effective date of January 11, 2019. However, the Additional
Warrants were immediately cancelled and terminated with the intention of mitigating potential liabilities arising from certain issuances
of the Company&#8217;s Common Stock below the minimum price of $0.50 per share as stated within the Transition Agreement</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The Shares to be issued and sold to the Holder pursuant to the Exchange Agreement were issued in reliance upon the exemption from registration
under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. For the year ended June 30, 2021, the
Company recorded $<span id="xdx_908_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20210630__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_zyjSEMSeJed4"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012021-06-30_custom_ExchangeAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">153,301</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of stock-based compensation expense related to
the Exchange Agreement. See Common Stock Warrants section below for further details of the warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 139 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
during the six months ended December 31, 2020, the Company recorded $<span id="xdx_905_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__custom--MrCutchensMember_zc0L6awiUElk"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012020-12-31_custom_MrCutchensMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,474</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of stock-based compensation expense related to
a June 1, 2019 grant of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200701__20201231__srt--TitleOfIndividualAxis__custom--MrCutchensMember_zVeTuhex1wDb"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-07-012020-12-31_custom_MrCutchensMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">231,635</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock to <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20200701__20201231__srt--TitleOfIndividualAxis__custom--MrCutchensMember_zOOeOHbF9ekj"><ix:nonNumeric contextRef="From2020-07-012020-12-31_custom_MrCutchensMember" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">the
Company&#8217;s former Chief Financial Officer, which vested</ix:nonNumeric> </span></span><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_dp_uPure_c20200701__20201231__srt--TitleOfIndividualAxis__srt--ChiefOperatingOfficerMember_z8AFj2Oc67Bi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" contextRef="From2020-07-012020-12-31_srt_ChiefOperatingOfficerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
on the six month, 1 year, 2 year, and 3 year anniversaries of the grant date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vendor
Services</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2021, the Company entered into various consulting, public relations, and marketing agreements whereby
the Company issued an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingPublicRelationsAndMarketingAgreementMember_zBeAMsgDKbK5"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2021-07-012021-12-31_custom_ConsultingPublicRelationsAndMarketingAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">543,425</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of its Common Stock
for services to be performed during specified periods of time. During the six months ended December 31, 2021, the Company recorded $<span id="xdx_909_eus-gaap--ShareBasedCompensation_pp0p0_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--ConsultingPublicRelationsAndMarketingAgreementMember_zIk6G6vffaFg"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-07-012021-12-31_custom_ConsultingPublicRelationsAndMarketingAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">83,960</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2020, the Company entered into a consulting, public relations, and marketing agreement whereby the
Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20200701__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingPublicRelationsAndMarketingAgreementMember_zNQHy6WTIqmc"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2020-07-012020-12-31_custom_ConsultingPublicRelationsAndMarketingAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of its Common Stock
for services to be performed during the agreement period of July 15, 2020 through October 15, 2020. During the six months ended December
31, 2020, the Company recorded $<span id="xdx_90C_eus-gaap--ShareBasedCompensation_pp0p0_c20200701__20201231__us-gaap--TypeOfArrangementAxis__custom--ConsultingPublicRelationsAndMarketingAgreementMember_zkqT6ZnWciSg"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-07-012020-12-31_custom_ConsultingPublicRelationsAndMarketingAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,820</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Board
of Director Services</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2021, the Company granted an aggregate of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsAgreementsMember_zlwwin4ig9Jj"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2021-07-012021-12-31_custom_BoardOfDirectorsAgreementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">134,316</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of its Common Stock
in accordance with the Board of Directors agreements in place during this period. During the six months ended December 31, 2021, the
Company recorded $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsAgreementsMember_zcgqw3iHKevj"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-07-012021-12-31_custom_BoardOfDirectorsAgreementsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of expense. At December 31, 2021, the grant date
fair value of the <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--BoardOfDirectorsAgreementsMember_zvWWVQe5Kyf"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2021-07-012021-12-31_custom_BoardOfDirectorsAgreementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">134,316</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">granted restricted shares of $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_c20210701__20211231_zorG6DglTp65"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardGross" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is classified as Common Stock to be issued
within the consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2020, there were no restricted shares of the Company&#8217;s Common Stock granted in accordance
with any Board of Directors agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion
of Debt Securities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2021, $<span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20210701__20211231_zvZQyfzePLkf"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of convertible notes were converted into <span id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_do_c20210701__20211231_zKbzqyIPKvo1"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
by an accredited investor, valued at $<span id="xdx_90D_ecustom--StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne_c20210701__20211231_zkAWz1gwGwah"><ix:nonFraction name="XDSL:StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">666,625</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
During the six months ended December 31, 2020, $<span id="xdx_903_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20200701__20201231_z6CSlmTDm6gl"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">288,182</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of convertible notes, including fees and interest,
were converted into <span id="xdx_901_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20200701__20201231_zguRHSdd8Eh8"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,331,766</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
by accredited investors, valued at $<span id="xdx_90F_ecustom--StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne_c20200701__20201231_zllvyv85riuj"><ix:nonFraction name="XDSL:StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">708,272</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 140 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reserved
Shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the convertible promissory notes entered into with the accredited investors require the Company to reserve approximately
<span id="xdx_90E_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20211231_z0uM2YNgIKIf"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">82,000,000</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of its Common Stock for potential future conversions under such instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, <span id="xdx_904_eus-gaap--TreasuryStockCommonShares_iI_c20211231_zbqUjJkxYD1d"><ix:nonFraction name="us-gaap:TreasuryStockCommonShares" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,202</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of the Company&#8217;s Common Stock remain subject to be returned to the Company&#8217;s treasury for cancellation. Such shares
were not sold as part of <span id="xdx_90A_eus-gaap--TreasuryStockCommonShares_iI_c20211231__us-gaap--DebtInstrumentAxis__custom--TwoThousandFourteenUnderAnEquityLineOfCreditMember_zBm4yZ5rGVR4"><ix:nonFraction name="us-gaap:TreasuryStockCommonShares" contextRef="AsOf2021-12-31_custom_TwoThousandFourteenUnderAnEquityLineOfCreditMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s Common Stock
that was advanced during fiscal year 2014 under an Equity Line of Credit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Common
Stock Warrants</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange
Agreement &#8211; Warrants Exchanged for Common Stock</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Refer
to the Exchange Agreement, Cancelled Warrants, Transition Agreement and Warrant Agreement discussed in the aforementioned <i>Stock Based
Compensation &#8211; Common Stock Grants section of Note 9.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant
Agreements &#8211; Convertible Promissory Note Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a Securities Purchase Agreement between the Company and two accredited investors dated as of April 30, 2021, the Company sold to the
Investors and the Investors acquired an aggregate of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210430__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_ziCKh8P2R7Dd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-04-30_custom_InvestorsMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,908,077</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants to acquire shares of the Company&#8217;s
Common Stock. The warrants expire <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20210430__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zX2Hg1TiwENe"><ix:nonNumeric contextRef="AsOf2021-04-30_custom_InvestorsMember_custom_SecuritiesPurchaseAgreementMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">four
years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after issuance and have an exercise price
of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20210430__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zApF6T0yujy1"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-30_custom_InvestorsMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, subject to adjustment hereunder. The
warrants can also be exercised under a cashless basis as outlined within the Warrant Agreement. The Company attributed an aggregate fair
value of $<span id="xdx_90B_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zqO98darXbA"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-07-012021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,879,204</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the warrants, based upon an average value
of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zybMcqUdb2hg"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.35</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
discussed in Note 7, the <i>Evergreen Agreement</i>, the Company sold to the Investor and the Investor acquired an aggregate of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210405__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zc0RuyYFTnl6"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-04-05_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,730,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif">warrants to acquire shares of the Company&#8217;s Common Stock.
The warrants expire <span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20210405__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zOouSvF8Cipk"><ix:nonNumeric contextRef="AsOf2021-04-05_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">four
years</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif">after issuance and have an exercise price of $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20210405__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zSwSIHciYAT2"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-05_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif">per share, subject to adjustment hereunder. The warrants can also
be exercised under a cashless basis as outlined within the Warrant Agreement. The Company attributed an aggregate fair value of $<span id="xdx_906_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20210701__20211231__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zKOzoODugl0g"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-07-012021-12-31_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,293,541</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif">to the warrants, based upon an average value of $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211231__srt--TitleOfIndividualAxis__custom--EvergreenCapitalManagementLLCMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z9G2fZ4NECIi"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_EvergreenCapitalManagementLLCMember_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.27</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif">per warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 141 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9: STOCKHOLDERS&#8217; EQUITY (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value of Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates the fair value of each option award on the date of grant using a Black-Scholes option valuation model that uses
the assumptions noted in the table below. Because Black-Scholes option valuation models incorporate ranges of assumptions for
inputs, those ranges are disclosed. Expected volatilities are based on the historical volatility of the Company&#8217;s stock. The Company
uses historical data to estimate option exercise and applicable employee termination within the valuation model; separate groups of employees
that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted
is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding.
The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time
of grant. The following range of assumptions were utilized during the six months ended December 31, 2021:</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zgtkNcgelV8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span id="xdx_8B9_zKiY2QZrMk3a" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF ASSUMPTIONS USED&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected volatility</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 18%; text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20210701__20211231_z2y1mdU7z9P9" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">618.01</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Weighted-average volatility</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20210701__20211231_zgO5JGGolZK2" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">618.01</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected dividends</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20210701__20211231_zkjtPMAv3Eni" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected term (in years)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210701__20211231_z5LdZLIsrjT6" style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">4.0</ix:nonNumeric></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free rate</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20210701__20211231_zwFkdjRU2mTh" style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.68</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zLxuMlKvAMD8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zxg2gENHaxG7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth Common Stock purchase warrants outstanding at December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B2_zoIyAtbuwf5k" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF COMMON STOCK PURCHASE WARRANTS OUTSTANDING&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Warrants</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted
    <br />
    Average <br />
    Exercise Price</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Intrinsic
    Value</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif">Outstanding, June 30, 2021</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20210701__20211231_zqcywOzLxPEg" title="Warrants outstanding, beginning balance" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,718,971</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20210701__20211231_zGTK1fXVTCxe" title="Weighted average exercise price warrants outstanding, beginning balance" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValueBeginning_iS_pp0p0_c20210701__20211231_zvhNnGdKJc58" title="Warrants outstanding, intrinsic value beginning balance" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl3164">&#160;</span>-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants issued</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20210701__20211231_zBcjBzVRvGu4" title="Warrants issued" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">919,106</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_ecustom--WeightedAverageExercisePriceWarrantsIssued_c20210701__20211231_zGQpZ0pzxdri" title="Weighted average exercise price warrants issued" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:WeightedAverageExercisePriceWarrantsIssued" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Warrants forfeited</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20210701__20211231_zrPQAAv7eKWe" title="Warrants forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3170">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitedInPeriodWeightedAverageExercisePrice_c20210701__20211231_zkUWTN9gqkp9" title="Weighted average exercise price warrants forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3172">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Outstanding, December 31, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20210701__20211231_z5pdYHRjHOi4" title="Warrants outstanding, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,638,077</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iE_pid_c20210701__20211231_zbbqXpJt6lw7" title="Weighted average exercise price warrants outstanding, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="XDSL:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.20</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A4_zCqkG1FvSq72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="XDSL:ScheduleOfWarrantsOutstandingAndExercisableByExercisePriceRangeTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfWarrantsOutstandingAndExercisableByExercisePriceRangeTableTextBlock_za4j2Lr3dTzd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_8BD_z77gHz3v3524" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF WARRANTS OUTSTANDING AND EXERCISABLE BY EXERCISE PRICE RANGE&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8AB_zm9tiYcz5P" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 142 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_802_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zYQUBRjrqcUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span id="xdx_82F_zTFoQXaME8e1">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Microphase
Corporation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the Company owed $<span id="xdx_90E_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MicrophaseCorporationMember_zlEwSP8ewry7"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_MicrophaseCorporationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">32,545</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to Microphase for previously leased office space
at its Norwalk location and for certain research and development services and shared administrative personnel from time to time, all
through December 31, 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Transactions
With Officers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Note
Payable Issuances</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
various points during past fiscal years certain officers and former officers of the Company provided bridge loans to the Company evidenced
by individual promissory notes and deferred compensation to provide working capital to the Company. During the six months ended December
31, 2021 and 2020, there were <span id="xdx_906_eus-gaap--DueToOfficersOrStockholdersCurrentAndNoncurrent_iI_pp0p0_do_c20201231__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_za5rUmlH8m27">no
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advances from any officers or former officers
of the Company. During the six months ended December 31, 2021 and 2020, $<span id="xdx_902_eus-gaap--InterestExpenseDebt_pp0p0_c20210701__20211231__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_zAQbh4cYK4yh"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-07-012021-12-31_custom_FormerOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">22,883</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_906_eus-gaap--InterestExpenseDebt_pp0p0_c20200701__20201231__srt--TitleOfIndividualAxis__custom--FormerOfficersMember_zdcLclbuZGlj"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-07-012020-12-31_custom_FormerOfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,412</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">has been charged for interest on loans from officers
and former officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
October 22, 2020, <span id="xdx_902_eus-gaap--DebtInstrumentDescription_c20201020__20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_zfMDiyvi898"><ix:nonNumeric contextRef="From2020-10-202020-10-22_custom_EventOfDefaultAndDemandLetterMember" name="us-gaap:DebtInstrumentDescription">the
Company received a notice of event of default and demand letter (&#8220;Demand Letter&#8221;) from a former officer and promissory note
holder (the &#8220;Note Holder&#8221;)</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">.
The promissory note was issued on November 1, 2019, in the original principal amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_zqSDf7r0joni"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-10-22_custom_EventOfDefaultAndDemandLetterMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">40,739</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">,
accrued interest at a rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_zgn744DjKpW6"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-10-22_custom_EventOfDefaultAndDemandLetterMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">%
per annum, and matured on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20201021__20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_zEsncDyK15a1"><ix:nonNumeric contextRef="From2020-10-212020-10-22_custom_EventOfDefaultAndDemandLetterMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April
18, 2020</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">. The Demand
Letter stated an aggregate of $<span id="xdx_905_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20201021__20201022__srt--StatementScenarioAxis__custom--EventOfDefaultAndDemandLetterMember_zM2DBtHTpve2"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-10-212020-10-22_custom_EventOfDefaultAndDemandLetterMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">51,940</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">of principal and interest
was immediately due. The promissory note does not have a convertible feature and is not convertible into shares of the Company&#8217;s
Common Stock. Additionally, the promissory note does not contain any cross-default provisions with any other promissory notes
issued by the Company. The Company expects to work with the Note Holder to negotiate a repayment structure whereby the Company can repay
the Note Holder the balance due as quickly as possible based upon its available capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021 and June 30, 2021, these outstanding notes including accrued interest totaled $<span id="xdx_905_eus-gaap--NotesPayable_iI_pp0p0_c20211231__srt--TitleOfIndividualAxis__custom--OfficersMember_zh1vkPtubbD7"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31_custom_OfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">769,970</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90E_eus-gaap--NotesPayable_iI_pp0p0_c20210630__srt--TitleOfIndividualAxis__custom--OfficersMember_zbP1C3jU8lle"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-06-30_custom_OfficersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">747,086</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. At December 31, 2021, these promissory notes are not convertible into shares of the Company&#8217;s Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common
Stock Issuances</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended December 31, 2021, the Company recorded $<span id="xdx_904_ecustom--LegalAndConsultingExpenses_pp0p0_c20210701__20211231__srt--TitleOfIndividualAxis__custom--MrSmileyMember_zk2Z2oW3xZZ7"><ix:nonFraction name="XDSL:LegalAndConsultingExpenses" contextRef="From2021-07-012021-12-31_custom_MrSmileyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">45,869</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of stock-based compensation expense related to
a November 22, 2021 grant of <span id="xdx_901_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210701__20211231__srt--TitleOfIndividualAxis__custom--AngeliaHrytsyshynMember_zhdAQhOo0Em"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-07-012021-12-31_custom_AngeliaHrytsyshynMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of Common Stock to the
Company&#8217;s Chief Financial Officer and a May 17, 2021 grant of <span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210701__20211231__srt--TitleOfIndividualAxis__custom--MrSmileyMember_zD1GzdTsv0Fd"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-07-012021-12-31_custom_MrSmileyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted shares of Common Stock to <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20210701__20211231_zw6R9PL38fD1"><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward">the
Company&#8217;s Chief Operating Officer, both of which vests 25% on the 1 year, 2 year, 3 year, and 4 year anniversaries of the grant
dates</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Office
Lease</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
February 8, 2021, the Company relocated its corporate office to  Gaithersburg, MD, and incurred
rent expense of $<span id="xdx_90A_ecustom--RentalExpense_pp0p0_c20210206__20210331_zZt5vyo3kf93"><ix:nonFraction name="XDSL:RentalExpense" contextRef="From2021-02-062021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,350</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
month through March 31, 2021, which was payable to a related party. The current lease payment is $<span id="xdx_909_eus-gaap--FinanceLeasePrincipalPayments_c20210701__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficemMember_zHBR39RFrDSl"><ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2021-07-012021-12-31_custom_OfficemMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,600</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
month and the lease term is a month-to-month arrangement. For the six months ended December 31, 2021 and 2020, $<span id="xdx_90A_ecustom--RentalExpense_pp0p0_c20210701__20211231_zcuN72VyPY4i"><ix:nonFraction name="XDSL:RentalExpense" contextRef="From2021-07-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">24,389</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_904_ecustom--RentalExpense_pp0p0_c20200701__20201231_zItb5fkyNhDk"><ix:nonFraction name="XDSL:RentalExpense" contextRef="From2020-07-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,100</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, was recognized as rent expense. At December 31, 2021 and June 30, 2021, $<span id="xdx_90A_ecustom--AccruedPayableToRelatedParty_iI_pp0p0_c20210630_zxjABfLvHT2"><ix:nonFraction name="XDSL:AccruedPayableToRelatedParty" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">35,971</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
accrued as payable to the related party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 143 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>mPHASE
TECHNOLOGIES, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80C_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zfHdXi0fUgH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11: <span id="xdx_82A_zYlTYqRHcq55">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Commitments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Office
Lease</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Refer
to <i>Note 10: Related Party Transactions, Office Lease</i>.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts
and Commitments Executed Pursuant to the Transition Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the transaction whereby, Mr. Bhatnagar acquired control of the Company on January 11, 2019, the Company entered into material commitments
including an employment agreement and a warrant agreement (see Note 9).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_zRptxVX4Vahd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: <span id="xdx_823_zaVPbq5NlOnh">DISCONTINUED OPERATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has classified the operating results and associated assets and liabilities from its Jump line of products, which ceased generating
material revenue during the first quarter of fiscal year 2017, as discontinued operations in the unaudited consolidated financial statements
for the three and six months ended December 31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assets and liabilities associated with discontinued operations included in our consolidated balance sheets at December 31, 2021 and June
30, 2021 were only accounts payable with a balance of $<span id="xdx_90B_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsPayableCurrent_iI_pp0p0_c20210630_zATXISxG2Bue"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationAccountsPayableCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">82,795</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for both periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three and six months ended December 31, 2021 and 2020, there were <span id="xdx_90B_eus-gaap--DisposalGroupIncludingDiscontinuedOperationRevenue_pdp0_do_c20200701__20201231_zoOdoCGYmxoh"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationRevenue" contextRef="From2020-07-012020-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no
</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revenue or expenses associated with discontinued
operations included in our unaudited consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-07-01to2021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_zN8atf4IJ89g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13: <span id="xdx_821_zh3kwwqpqcxd">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2021, the Company, pursuant to the approval of its Board of Directors (the &#8220;Board&#8221;), entered into an amended
and restated employment agreement with Anshu Bhatnagar, Chief Executive Officer of the Company, modifying the terms of the Employment
Agreement entered into between the Company and Mr. Bhatnagar dated January 11, 2019 (collectively, the &#8220;Bhatnagar Amended Employment
Agreement&#8221;). The Bhatnagar Amended Employment Agreement became effective retroactively as of January 1, 2022 and shall expire on
December 31, 2032.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2021, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Angelia Lansinger Hrytsyshyn, Chief Financial Officer of the Company, modifying the terms of the Employment Agreement entered into between
the Company and Ms. Hrytsyshyn dated November 16, 2021 (collectively, the &#8220;Hrytsyshyn Amended Employment Agreement&#8221;). The
Hrytsyshyn Amended Employment Agreement became effective January 21, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2021, the Company&#8217;s Board appointed James F. Engler, Jr. as a member of the Board to serve as a non-executive director
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2021, the Company&#8217;s Board ratified and approved the establishment of the Audit Committee, Compensation Committee,
and Nominating and Governance Committee as committees of the Board, the adoption of the charters for such committees and the appointment
of the Company&#8217;s directors to such committees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2021, the Company entered into a non-recourse Future Receivables Agreement (&#8220;Agreement&#8221;) with an accredited
investor (the &#8220;Investor&#8221;), pursuant to which the Company sold, assigned, and transferred to Investor all of the Company&#8217;s
future accounts, contract rights, and other entitlements arising from or relating to the payment of monies from the Company&#8217;s customers&#8217;
including all payments made in the ordinary course of business, for the payments due to the Company as a result of the Company&#8217;s
sale of goods or services. The Agreement provides for the purchase of $<span id="xdx_908_eus-gaap--ProceedsFromSaleOfTreasuryStock_c20220101__20220130__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedFutureReceivablesAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zFeOYbRoecL4" title="Gross proceeds from sale of equity"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfTreasuryStock" contextRef="From2022-01-012022-01-30_us-gaap_InvestorMember_custom_AmendedAndRestatedFutureReceivablesAgreementMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,050,000</ix:nonFraction></span> of purchased receipts by the Investor with net proceeds
of $<span id="xdx_904_eus-gaap--ProceedsFromSaleOfTreasuryStock_c20220101__20220130__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedFutureReceivablesAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zVjtg2XDiNK" title="Gross proceeds from sale of equity"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfTreasuryStock" contextRef="From2022-01-012022-01-30_custom_AmendedAndRestatedFutureReceivablesAgreementMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,910,000</ix:nonFraction></span> to the Company. <span id="xdx_902_eus-gaap--DebtInstrumentDescription_c20220101__20220130__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedFutureReceivablesAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQiTHDSq8z1k"><ix:nonNumeric contextRef="From2022-01-012022-01-30_custom_AmendedAndRestatedFutureReceivablesAgreementMember_us-gaap_SubsequentEventMember" name="us-gaap:DebtInstrumentDescription">The weekly repayment term began during January 2022 and concludes during July 2022, at which time the Agreement
will be fully satisfied.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2021, the Company&#8217;s Board approved the issuance of <span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20220209__20220210__srt--TitleOfIndividualAxis__custom--AnshuBhatnagarMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z0apAqTkZpfk" title="Debt conversion, shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2022-02-092022-02-10_custom_AnshuBhatnagarMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,352,066</ix:nonFraction></span> shares of the Company&#8217;s Common Stock to Anshu
Bhatnagar, Chief Executive Officer of the Company, to satisfy a note payable due to Mr. Bhatnagar in the aggregate amount of $<span id="xdx_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20220209__20220210__srt--TitleOfIndividualAxis__custom--AnshuBhatnagarMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfbIg8G6Hi1i"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2022-02-092022-02-10_custom_AnshuBhatnagarMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">528,607</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2021, Evergreen agreed to not convert shares for a period of time. Refer to Note 7 for details.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to December 31, 2021, the Company filed for a name change with the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) to mPower
Technologies, Inc.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

</ix:nonNumeric><p id="xdx_81F_zPyV0WZPRZVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>___________ Units</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>Each Unit Consisting of One Share of Common
Stock and </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>One Warrant To Purchase One Share of Common
Stock</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><img src="logo_001.jpg" alt="" /></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: Black"><b>PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: Black"><b>H.C.
Wainwright &amp; Co.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,</span><span style="color: Black; font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>INFORMATION
NOT REQUIRED IN PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Item
13. Other Expenses of Issuance and Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following table sets forth the costs and expenses, other than underwriting discounts and commissions, to be paid by the Registrant in
connection with the issuance and distribution of the Common Stock being registered. All amounts other than the SEC registration
fee, the FINRA filing fee, and the Nasdaq Capital Market (&#8220;Nasdaq&#8221;) Listing Fee are estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">SEC
    Registration Fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">FINRA
    Filing Fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Nasdaq
    Listing Fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Printing
    Fees and Expenses*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Accounting
    Fees and Expenses*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Legal
    Fees and Expenses*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Transfer
    Agent and Registrar Fees*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Miscellaneous
    Fees and Expenses*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Total</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">$</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: white 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">*
Expenses not presently known.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Item
14. Indemnification of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">New
Jersey permits entities organized under its jurisdiction to indemnify directors and officers with certain limitations. The relevant provisions
of New Jersey law permitting indemnification can be found in Section 14A:3-5 of the New Jersey Statutes Annotated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
directors and officers are indemnified by our bylaws against amounts actually and necessarily incurred by them in connection with the
defense of any action, suit or proceeding in which they are a party by reason of being or having been directors or officers of the Company.
Our certificate of incorporation provides that none of our directors or officers shall be personally liable for damages for breach of
any fiduciary duty as a director or officer involving any act or omission of any such director or officer. Insofar as indemnification
for liabilities arising under the Securities Act of 1933, as amended, may be permitted to such directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
the event that a claim for indemnification against such liabilities, other than the payment by us of expenses incurred or paid by such
director, officer or controlling person in the successful defense of any action, suit or proceeding, is asserted by such director, officer
or controlling person in connection with the securities being registered, we will, unless in the opinion of counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Item
15. Recent Sales of Unregistered Securities.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
following securities were issued in reliance on the exemptions from registration under the Securities Act in Section 4(a)(2) of the Securities
Act and Regulation D thereunder. The sale of these securities; did not involve any solicitation or advertisement, were for investment
purposes only and not for resale, and did not include more than 35 non-accredited investors. The securities were issued with restrictions
on the resale of the securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">On February 10,
2022, the Company issued 3,352,066 shares of Common Stock to Anshu Bhatnagar, Chief Executive Officer of the Company, at $0.010 per share,
to satisfy a note payable due to Mr. Bhatnagar in the aggregate amount of $528,607.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
December 31, 2021, the Company issued 1,250,000 shares of Common Stock at $0.20 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
October 18, 2021, the Company issued 1,250,000 shares of Common Stock at $0.20 per share pursuant to a convertible promissory
note.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
September 7, 2021, the Company issued 50,000 shares of Common Stock at approximately $0.30 per share for approximately $15,000
in services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 30, 2021, the Company issued 11,691 shares of Common Stock at approximately $0.43 per share for approximately $5,000 in services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 30, 2021, the Company issued 14,493 shares of Common Stock at approximately $0.34 per share for approximately $5,000 in services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 30, 2021, the Company issued 17,241 shares of Common Stock at approximately $0.29 per share for approximately $5,000 in services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 30, 2021, the Company issued 250,000 shares of Common Stock at approximately $0.21 per share for approximately $54,000 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 30, 2021, the Company issued 200,000 shares of Common Stock at approximately $0.32 per share for approximately $64,000 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 15, 2021, the Company issued 23,277 shares of Common Stock at approximately $0.21 per share for approximately $5,000 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 15, 2021, the Company issued 18,797 shares of Common Stock at approximately $0.27 per share for approximately $5,000 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 15, 2021, the Company issued 42,772 shares of Common Stock at approximately $0.12 per share for approximately $5,000 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 15, 2021, the Company issued 128,205 shares of Common Stock at approximately $0.04 per share for approximately $5,000 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 15, 2021, the Company issued 450,000 shares of Common Stock at approximately $0.22 per share for approximately $97,000 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
February 23, 2021, the Company issued 1,032,918 shares of Common Stock at approximately $0.10 per share pursuant to a convertible
promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
February 9, 2021, the Company issued 450,000 shares of Common Stock at approximately $0.27 per share pursuant to the issuance
of a promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 20, 2021, the Company issued 3,352,066 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 18, 2021, the Company issued 559,076 shares of Common Stock at approximately $0.13 per share for approximately $74,000
in services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 1, 2021, the Company issued 115,817 shares of Common Stock at approximately $0.05 per share for approximately $6,000 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
December 2, 2020, the Company issued 2,666,666 shares of Common Stock at approximately $0.36 per share pursuant to the CloseComms
transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 11, 2020, the Company issued 2,038,218 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 5, 2020, the Company issued 1,068,973 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 4, 2020, the Company issued 711,180 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 29, 2020, the Company issued 37,390,452 shares of Common Stock at approximately $0.03 per share pursuant to a warrant exchange
agreement with the Company&#8217;s Chief Executive Officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 29, 2020, the Company issued 709,713 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 28, 2020, the Company issued 639,080 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 27, 2020, the Company issued 1,149,425 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 23, 2020, the Company issued 2,275,862 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 23, 2020, the Company issued 726,984 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 22, 2020, the Company issued 1,113,653 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 22, 2020, the Company issued 832,189 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 20, 2020, the Company issued 620,401 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 20, 2020, the Company issued 1,100,432 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 16, 2020, the Company issued 200,000 shares of common stock at approximately $0.03 per share for approximately $7,000 in services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 16, 2020, the Company issued 548,911 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 15, 2020, the Company issued 771,716 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 13, 2020, the Company issued 547,930 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 10, 2020, the Company issued 513,940 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 10, 2020, the Company issued 962,529 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 30, 2020, the Company issued 726,560 shares of common stock at approximately $0.04 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 30, 2020, the Company issued 712,365 shares of common stock at approximately $0.04 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 23, 2020, the Company issued 620,161 shares of common stock at approximately $0.10 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 23, 2020, the Company issued 580,724 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 22, 2020, the Company issued 409,946 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 18, 2020, the Company issued 362,214 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 17, 2020, the Company issued 434,749 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 10, 2020, the Company issued 434,110 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
June 3, 2020, the Company issued 541,724 shares of common stock at approximately $0.10 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
May 22, 2020, the Company issued 166,666 shares of Common Stock at approximately $0.09 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
May 12, 2020, the Company issued 215,053 shares of Common Stock at approximately $0.09 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
May 8, 2020, the Company issued 198,150 shares of Common Stock at approximately $0.09 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 17, 2020, the Company issued 58,651 shares of Common Stock at approximately $0.17 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 17, 2020, the Company issued 150,000 shares of Common Stock at approximately $0.17 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 8, 2020, the Company issued 47,713 shares of Common Stock at approximately $0.21 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
April 8, 2020, the Company issued 145,933 shares of Common Stock at approximately $0.21 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
March 27, 2020, the Company issued 37,634 shares of Common Stock at approximately $0.28 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
March 27, 2020, the Company issued 30,459 shares of Common Stock at approximately $0.28 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
February 12, 2020, the Company issued 60,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 17, 2020, the Company issued 190,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 16, 2020, the Company issued 280,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 16, 2020, the Company issued 9,147 shares of Common Stock at approximately $1.03 per share for approximately $9,400 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 16, 2020, the Company issued 1,856 shares of Common Stock at approximately $1.01 per share for approximately $1,900 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 15, 2020, the Company issued 174,216 shares of Common Stock at approximately $0.72 per share pursuant to a private placement
memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 14, 2020, the Company issued 35,361 shares of Common Stock at approximately $0.71 per share pursuant to a private placement
memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
November 7, 2019, the Company issued 10,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
October 18, 2019, the Company issued 62,000 shares of Common Stock at approximately $0.25 per share for approximately $15,500
in services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
October 9, 2019, the Company issued 231,635 shares of Common Stock at approximately $0.89 per share pursuant to the Chief Financial
Officer&#8217;s employment agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 19, 2019, the Company issued 140,000 shares of Common Stock at approximately $0.25 per share for approximately $35,000
in services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 13, 2019, the Company issued 17,204 shares of Common Stock at approximately $0.25 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 6, 2019, the Company issued 340,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 6, 2019, the Company issued 12,000 shares of Common Stock at approximately $0.25 per share pursuant to a convertible promissory
note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 6, 2019, the Company issued 50,150 shares of Common Stock at approximately $0.25 per share for approximately $12,500 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 2, 2019, the Company issued 575,300 shares of Common Stock at approximately $0.25 per share for approximately $18,800 in
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
July 2, 2019, the Company issued 40,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the fiscal quarter ended June 30, 2019, the Company issued 200,000 shares of Common Stock at approximately $0.25 per share pursuant
to a private placement memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
January 16, 2019, the Company issued 2,620,899 shares of Common Stock at approximately $0.50 per share pursuant to the Chief Executive
Officer&#8217;s employment agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the fiscal quarter ended March 31, 2019, the Company issued 320,000 shares of Common Stock at approximately $0.25 per share pursuant
to a private placement memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the fiscal quarter ended December 31, 2018, the Company issued 593,240 shares of Common Stock at approximately $0.25 per share
pursuant to convertible promissory notes and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the fiscal quarter ended December 31, 2018, the Company issued 80,000 shares of Common Stock at approximately $0.25 per share
pursuant to a private placement memorandum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Item
16. Exhibits and Financial Statement Schedules</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(10)
</span><span style="color: Black; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibits</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have filed the exhibits listed on the accompanying Exhibit Index of this registration statement and below in this Item 16:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Exhibit
    Number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Description</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">1.1+</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Form of Underwriting Agreement</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2.1</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/825322/0000825322-98-000009.txt" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange of Stock Agreement and Plan of Reorganization (Incorporated by reference to Exhibit 2(a) to our registration statement on Form 10SB-12G filed on October 16, 1998).</span></a></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/0000825322-99-000009.txt" style="-sec-extract: exhibit">Exchange of Stock Agreement and Plan of Reorganization dated June 25, 1998 (Incorporated by reference to Exhibit 2(b) to our registration statement on Form 10SB-12G filed on May 6, 1999).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219010903/ex3-1.htm" style="-sec-extract: exhibit">Certificate of Incorporation of the Company. (Incorporated by reference to Exhibit 3.1 to Form S-1 filed July 19, 2019, Registration No. 333-23273).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019000200/f8k123118ex10-1_mphasetech.htm" style="-sec-extract: exhibit">Amendment to Certificate of Incorporation of the Company creating a new class of Series A Super Voting Preferred Stock of the Company and increase of authorized shares of common stock to 125 billion shares (Incorporated by reference to Exhibit 10.1 to Form 8-K filed January 4, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219010903/ex3-3.htm" style="-sec-extract: exhibit">By Laws of the Company (Incorporated by reference to Exhibit 3.3 to Form S-1 filed July 19, 2019, Registration No. 333-23273).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219013829/form8-k.htm" style="-sec-extract: exhibit">Amendment to Certificate of Incorporation of the Company increasing the authorized shares of common stock to 100 million shares from 25 million shares (Incorporated by reference to Form 8-K filed September 9, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315220013564/ex3-1.htm" style="-sec-extract: exhibit">Amendment to Certificate of Incorporation of the Company increasing the authorized shares of common stock to 250 million shares from 100 million shares (Incorporated by reference to Form 8-K filed July 17, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315220014878/ex3-1.htm" style="-sec-extract: exhibit">Amendment to Certificate of Incorporation of the Company increasing the authorized shares of common stock to 500 million shares from 250 million shares (Incorporated by reference to Form 8-K filed August 6, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219005678/def14c.htm" style="-sec-extract: exhibit">Definitive Schedule 14C Information Statement for a 5000/1 Reverse Split of the Company&#8217;s Common stock (filed April 22, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">4.2+</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Form of Representative&#8217;s Warrant </td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">4.3+</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Form of Warrant Agency Agreement </td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">4.4+</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Form of Warrant</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5.1+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Opinion
    of Lucosky Brookman LLP</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445910001898/exhibit10-18.htm" style="-sec-extract: exhibit">Development Agreement effective February 3, 2004 between Lucent Technologies, Inc. and mPhase Technologies for development of micro fuel cell Nano Technology (Incorporated by reference to Exhibit 10.18 to Amendment No. 6 to Form 10-K filed August 13, 2010).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445910001898/exhibit10-22.htm" style="-sec-extract: exhibit">Amendment No.2 to Development Agreement executed as of March 9, 2005 amending Development Agreement effective as of February 3, 2004, as amended relating to Micro Power Source Cells between mPhase Technologies, Inc. and Lucent Technologies, Inc. (Incorporated by reference to Exhibit 10.22 to Amendment No. 6 to Form 10-K filed August 13, 2010).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445910001898/exhibit10-33.htm" style="-sec-extract: exhibit">Amendment No. 3 dated May 19, 2006 to Development Agreement between Lucent Technologies, Inc. and mPhase Technologies, Inc. effective February 3, 2004 for development of micro fuel cell nanotechnology (Incorporated by reference to Exhibit 10.33 to Amendment No. 1 to Form 10-K filed August 13, 2010).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445910001898/exhibit10-34.htm" style="-sec-extract: exhibit">Amendment No. 4 dated February 3, 2007 to Development Agreement effective February 3, 2004 for development of Micro Fuel Cell Nanotechnology (Incorporated by reference to Exhibit 10.34 to Amendment No. 6 to Form 10-K filed August 13, 2010).</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445909001857/xdsl092909exh1046.htm" style="-sec-extract: exhibit">Phase I U.S. Army Grant dated July 7, 2007 (Incorporated by reference to Exhibit 10.46 to Form 10-K filed October 7, 2009).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445909001857/xdsl092909exh1049.htm" style="-sec-extract: exhibit">Documentation including $350,000 Note and $1,000,000 Secured Note for financing between the Company and JMJ Financial dated March 25, 2008 (Incorporated by reference to Exhibit 10.49 to Form 10-K filed October 7, 2009).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445909001857/xdsl092909exh1052.htm" style="-sec-extract: exhibit">Phase II U.S. Army grant dated August 29, 2008 (Incorporation by reference to Exhibit 10.52 to Form 10-K filed October 6, 2009).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445911002540/exhibit99-1.htm" style="-sec-extract: exhibit">Forbearance Agreement dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.1 to Form 8-K filed September 16, 2011).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445911002540/exhibit99-2.htm" style="-sec-extract: exhibit">Securities Purchase Agreement, dated as of September 13, 2011 between mPhase Technologies, Inc and John Fife (Incorporated by reference to Exhibit 99.2 to Form 8-K filed September 16, 2011).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445911002540/exhibit99-3.htm" style="-sec-extract: exhibit">Officer&#8217;s Certificate delivered pursuant to Securities Purchase Agreement, dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.3 to Form 8-K filed September 16, 2011).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445911002540/exhibit99-4.htm" style="-sec-extract: exhibit">Confession of Judgment 1 delivered pursuant to Securities Purchase Agreement, dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.4 to Form 8-K filed September 16, 2011).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445911002540/exhibit99-5.htm" style="-sec-extract: exhibit">Confession of Judgment 2 delivered pursuant to Securities Purchase Agreement, dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.5 to Form 8-K filed September 16, 2011).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445911002540/exhibit99-6.htm" style="-sec-extract: exhibit">Registration Rights Agreement dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.6 to Form 8-K filed September 16, 2011).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.14</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445911002540/exhibit99-7.htm" style="-sec-extract: exhibit">Convertible Note dated September 13, 2011 issued by mPhase Technologies, Inc. to John Fife (Incorporated by reference to Exhibit 99.7 to Form 8-K filed September 16, 2011).</a></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445912001312/exhibit99-1.htm" style="-sec-extract: exhibit">Stand Still and Restructuring Agreement entered into as of May 31,2012 with John Fife (Incorporated by reference to Exhibit 99.1 to Form 8-K filed June 5, 2012).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.16</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000120445912001312/exhibit99-2.htm" style="-sec-extract: exhibit">Stand Still and Restructuring Agreement entered into as of June 1,2012 with JMJ Financial (Incorporated by reference to Exhibit 99.2 to Form 8-K filed June 5, 2012).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390015005952/f8k121914ex99ii_mphasetech.htm" style="-sec-extract: exhibit">Forbearance Agreement and Amendment thereto dated February 15, 2015 as amended on August 11, 2015 with John Fife (Incorporated by reference to Exhibits 99.1 and 99.2 to form 8-K filed August 12, 2015).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.18</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390016010459/f8k012716ex99i_mphasetech.htm" style="-sec-extract: exhibit">Second Modification to Forbearance Agreement with John Fife (Incorporated by reference to Exhibit 99.1 to Form 8-K filed January 29, 2016).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390016013706/f8k052316ex99i_mphase.htm" style="-sec-extract: exhibit">Third Modification to Forbearance Agreement with John Fife (Incorporated by reference to Exhibit 99.1 to Form 8-K filed May 23<sup>rd</sup>, 2016).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390018002235/f8k021618ex10-1_mphase.htm" style="-sec-extract: exhibit">Amendment to Judgment Settlement Agreement with John Fife (Incorporated by reference to Exhibit 10.1 to Form 8-K filed February 23, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.21</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390018013909/f10k2018ex10-97_mphasetech.htm" style="-sec-extract: exhibit">Debt/Equity Conversion Agreements of Related Parties, dated as of January 1, 2018 (Incorporated by reference to Exhibit 10.97 to Form 10-K filed October 15, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.22+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019000649/f8k011119ex10-1_mphasetech.htm" style="-sec-extract: exhibit">Employment Agreement dated as of January 11, 2019 between Mr. Anshu Bhatnagar and mPhase Technologies, Inc. (Incorporated by reference to Exhibit 10.1 to Form 8-K filed January 14, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.23</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019000649/f8k011119ex10-2_mphasetech.htm" style="-sec-extract: exhibit">Transition Agreement dated as of January 11, 2019 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed January 14, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.24+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019000649/f8k011119ex10-3_mphasetech.htm" style="-sec-extract: exhibit">Warrant granted to Mr. Anshu Bhatnagar (Incorporated by reference to Exhibit 10.3 to Form 8-K filed January 14, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.25</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019000649/f8k011119ex10-4_mphasetech.htm" style="-sec-extract: exhibit">Series A Super Voting Preferred Stock (Incorporated by reference to Exhibit 10.4 to Form 8-K filed January 14, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.26</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019000649/f8k011119ex10-5_mphasetech.htm" style="-sec-extract: exhibit">Reserve Agreement (Incorporated by reference to Exhibit 10.5 to Form 8-K filed January 14, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.27</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019000649/f8k011119ex10-6_mphasetech.htm" style="-sec-extract: exhibit">Debt Conversion Agreement (Incorporated by reference to Exhibit 10.6 to Form 8-K filed January 14, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.28</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019000649/f8k011119ex10-7_mphasetech.htm" style="-sec-extract: exhibit">Officers and Directors Resignation Letters (Incorporated by reference to Exhibit 10.7 to Form 8-K filed January 14, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.29</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000121390019002051/f8k020719ex10-1_mphasetech.htm" style="-sec-extract: exhibit">Amendment to Judgment Settlement Agreement with John Fife (Incorporated by reference to Exhibit 10.1 to Form 8-K filed February 11, 2019).</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.30+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219008834/ex10-1.htm" style="-sec-extract: exhibit">Employment Agreement effective June 1, 2019 between Christopher Cutchens and the Company (Incorporated by reference to Exhibit 10.1 to Form 8-K filed June 6, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.31</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219013329/ex10-1.htm" style="-sec-extract: exhibit">Product License and Content Agreement (&#8220;Agreement&#8221;) between the Company and iLearningEngines, Inc., a Delaware corporation (&#8220;ILE&#8221;). (Incorporated by reference to Exhibit 1 to Amendment No. 1 to Form 8-K, filed August 12, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.32</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219015506/ex10-37.htm" style="-sec-extract: exhibit">Amendment to Reserve Agreement dated October 9, 2019 (Incorporated by reference to Exhibit 10.37 to Form 10-K filed October 15, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.33</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315220009189/ex10-1.htm" style="-sec-extract: exhibit">Asset Purchase Agreement dated as of May 11, 2020 between the Company and CloseComms Limited (Incorporated by reference to Form 8-K Exhibit 10.1 filed May 15, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.34</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315220013564/ex10-1.htm" style="-sec-extract: exhibit">Common Stock Purchase Agreement</a> and <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315220013564/ex10-2.htm" style="-sec-extract: exhibit">Registration Rights Agreement</a>, by and among mPhase Technologies, Inc. and White Lion Capital, LLC, dated
    July 13, 2020 (Incorporated by reference to Form 8-K Exhibits 10.1 and 10.2 filed July 17, 2020).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.35+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315220013564/ex10-3.htm" style="-sec-extract: exhibit">Exchange Agreement dated as of July 15, 2020 between Mr. Anshu Bhatnagar and mPhase Technologies, Inc. (Incorporated by reference to Form 8-K Exhibit 10.3 filed July 17, 2020).</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.36</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315220016524/ex10-1.htm" style="-sec-extract: exhibit">Second Amendment to Judgment Settlement Agreement with John Fife and Convertible Promissory Note each dated August 17, 2020 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 21, 2020).</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.37</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Securities
    Purchase Agreement, Convertible Promissory Note, and Warrant Agreement each dated April 6, 2021 between the Company and Evergreen
    Capital Management LLC (Incorporated by reference to Form 8-K Exhibits <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221008580/ex10-1.htm" style="-sec-extract: exhibit">10.1</a>, <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221008580/ex4-1.htm" style="-sec-extract: exhibit">4.1</a>, and <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221008580/ex4-2.htm" style="-sec-extract: exhibit">4.2</a>, respectively, filed April 13, 2021).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.38</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Securities
    Purchase Agreement, Convertible Promissory Note, and Warrant Agreement each dated May 4, 2021 between the Company and two Accredited
    Investors (Incorporated by reference to Form 8-K Exhibits <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221010954/ex10-1.htm" style="-sec-extract: exhibit">10.1</a>, <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221010954/ex4-1.htm" style="-sec-extract: exhibit">4.1</a>, and <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221010954/ex4-2.htm" style="-sec-extract: exhibit">4.2</a>, respectively, filed May 11, 2021).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.39</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221011978/ex10-1.htm" style="-sec-extract: exhibit">Third Amendment to Judgment Settlement Agreement with John Fife and Convertible Promissory Note each dated as of April 13, 2021 (Incorporated by reference to Form 10-Q Exhibit 10.1 filed May 17, 2021).</a></span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.40+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221012507/ex10-1.htm" style="-sec-extract: exhibit">Employment Agreement effective May 17, 2021 between Venkat Kodumudi and the Company (Incorporated by reference to Form 8-K Exhibit 10.1 filed May 21, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.41</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221021891/ex10-1.htm" style="-sec-extract: exhibit">Form of Director Agreement effective August 27, 2021 between Suhas Subramanyam, Chester White, and Thomas Fore and the Company (Incorporated by reference to Form 8-K Exhibit 10.1 filed September 2, 2021).</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">16.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315220016692/ex16-1.htm" style="-sec-extract: exhibit">Letter from Assurance Dimensions, Inc. (Incorporated by reference to Form 8-K Exhibit 16.1 filed August 25, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">20.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Financial
    Statements of Alpha Predictions (Incorporated by reference to Exhibits <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219014121/ex99-1.htm" style="-sec-extract: exhibit">99.1</a> and <a href="https://www.sec.gov/Archives/edgar/data/825322/000149315219014121/ex99-2.htm" style="-sec-extract: exhibit">99.2</a> to Form 8-K/A Amendment No. 1 filed September
    13, 2019).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">21.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="https://www.sec.gov/Archives/edgar/data/825322/000149315221000239/ex21-1.htm" style="-sec-extract: exhibit">List of subsidiaries.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">23.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><a href="ex23-1.htm">Consent of Boyle CPA, LLC, independent registered public accounting firm</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">23.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Consent
    of Boyle CPA, LLC, independent registered public accounting firm</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">23.3&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Consent
    of <span style="background-color: white">L</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">ucosky
    Brookman LLP</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex107.htm">Filing
                                            Fee Table</a></span></p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 95%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    be filed by amendment.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith</span></td></tr>

  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>(b)
Financial Statement Schedules.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black; background-color: white">All
schedules have been omitted because either they are not required, are not applicable or the information is otherwise set forth in the
financial statements and related notes thereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Item
17. Undertakings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
undersigned registrant hereby undertakes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
    the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
    of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
    if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering
    price set forth in the &#8220;Filing Fee Schedule&#8221; table in the effective registration statement; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">To
    include any material information with respect to the plan of distribution not previously disclosed in the registration statement
    or any material change to such information in the registration statement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">That
    for the purpose of determining any liability under the Securities Act of 1933 each such post-effective amendment shall be deemed
    to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">To
    remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
    termination of the offering.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">That,
    for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule
    424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other
    than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of
    the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
    that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
    statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
    to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately prior to such date of first use.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">That,
                                            for the purpose of determining liability of the registrant under the Securities Act of 1933
                                            to any purchaser in the initial distribution of the securities:</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
    to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and
    will be considered to offer or sell such securities to such purchaser:</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Any
    preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
    424;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    the undersigned registrant;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
    or its securities provided by or on behalf of the undersigned registrant; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Any
    other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    undersigned Registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates
    in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Insofar
    as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
    of the Registrant pursuant to the provisions described in Item 14 above, or otherwise, the Registrant has been advised that in the
    opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
    In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
    or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
    is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will,
    unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
    the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
    by the final adjudication of such issue.</span></td></tr>
  </table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(8)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
    undersigned Registrant hereby undertakes:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">That
    for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
    part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant
    to Rule 424(b)(1) or (4), or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the
    time it was declared effective.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">That
    for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
    shall be deemed to be a new registration statement relating to the securities offered therein, and this offering of such securities
    at that time shall be deemed to be the initial bona fide offering thereof.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Pursuant
to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized in the City of Rockville, State of Maryland, on February 28, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">mPhase
    Technologies, Inc.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 57%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>/s/
                                            Anshu Bhatnagar</i></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Anshu
                                            Bhatnagar</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(Principal Executive
    Officer)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 57%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Angelia Lansinger Hrytsyshyn</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Angelia
                                            Lansinger Hrytsyshyn</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Chief Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">(Principal Financial
    Officer, Principal Accounting Officer)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black; background-color: white">POWER
OF ATTORNEY: KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Anshu Bhatnagar,
his true and lawful attorneys-in-fact and agents with full power of substitution, for him and in his name, place and stead, in any and
all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to sign any
registration statement for the same offering covered by the Registration Statement that is to be effective upon filing pursuant to Rule
462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with all exhibits thereto
and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents,
and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about
the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents or any of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black; background-color: white">Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 28%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Signature</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 42%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Title</b></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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[{"type": "S-1", "sequence": "1", "filename": "forms-1.htm", "secsgml_size_bytes": 3894533}]
{"company-data": {"conformed-name": "MPHASE TECHNOLOGIES, INC.", "cik": "0000825322", "assigned-sic": "7372", "irs-number": "222287503", "state-of-incorporation": "NJ", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-263111", "film-number": "22691833"}, "business-address": {"street1": "9841 WASHINGTONIAN BLVD", "street2": "SUITE 200", "city": "GAITHERSBURG", "state": "MD", "zip": "20878", "phone": "301-329-2700"}, "mail-address": {"street1": "9841 WASHINGTONIAN BLVD", "street2": "SUITE 200", "city": "GAITHERSBURG", "state": "MD", "zip": "20878"}, "former-company": [{"former-conformed-name": "MPHASE TECHNOLOGIES INC", "date-changed": "19980915"}, {"former-conformed-name": "TECMA LABORATORIES INC", "date-changed": "19980915"}]}
As
filed with the Securities and Exchange Commission on February 28, 2022
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
mPHASE
TECHNOLOGIES, INC.
(Exact
name of registrant as specified in its charter)
New
    Jersey
7385
22-2287503
(State
    or Other Jurisdiction of
Incorporation or Organization)
(Primary
    Standard Industrial
Classification Code Number)
(I.R.S.
    Employer
Identification Number)
1101
Wootton Parkway
,
Suite
1040
Rockville
,
MD
20852
(301)
329-2700
(Address,
including zip code, and telephone number including
area code, of Registrant's principal executive offices)
Anshu
Bhatnagar
Chief
Executive Officer
mPhase
Technologies, Inc.
1101 Wootton Parkway, Suite 1040
Rockville, MD 20852
(301)
329-2700
(Name,
address, including zip code, and telephone number
including area code, of agent for service)
With
copies to:
Joseph M. Lucosky, Esq.
Scott E. Linsky, Esq.
Lucosky Brookman LLP
101 Wood Avenue South, 5
th
Floor
Woodbridge, NJ 08830
Tel. No.: (732) 395-4400
Fax No.: (732) 395-4401
Robert F. Charron, Esq.
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas, 5th Floor
New York, NY 10105
Tel. No.: (212) 370-1300
Approximate
date of commencement of proposed sale to the public:
As soon as practicable after this Registration Statement is declared effective.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller
reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Smaller
    reporting company
☒
Emerging
    growth company
☐
If
an emerging growth company, indicate by checkmark if the registrant has not elected to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The
Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is
not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
PRELIMINARY
    PROSPECTUS
SUBJECT
    TO COMPLETION
DATED
    FEBRUARY 28, 2022
___________
Units
Each Unit Consisting of One Share of Common
Stock and
One
Warrant To Purchase One Share of Common Stock
mPhase
Technologies, Inc.
1
We are offering an aggregate of
                 Units (the "Units") based
on a public offering price of
$                   per Unit. Each Unit
consists of one shares of common stock of mPhase Technologies, Inc., a New Jersey corporation, par value $0.01 per share
("Common Stock"), and one warrant ("Warrant") to purchase one share of Common Stock. The Warrants may be
exercised in whole, with an exercise price equal to 100% of the public offering price of each Unit sold in this offering.
This offering also relates to the shares of Common Stock issuable upon exercise of any Warrants sold in this offering.
Our
Common Stock is presently quoted on the
OTC Pink Marketplace operated by OTC Markets Group,
Inc. ("OTC Pink")
under the symbol "XDSL." We intend to apply to list our shares of Common Stock
and Warrants on The Nasdaq Capital Market under the symbols "XDSL" and "XDSLW", respectively, upon
our satisfaction of the exchange's initial listing criteria. If our Common Stock and Warrants are not approved for listing
on The Nasdaq Capital Market, we will not consummate this offering. No assurance can be given that our application will be approved.
As of February 28, 2022, the last reported sale price for our Common Stock on the OTC Pink was $0.19 per share.
Our
board of directors ("Board of Directors") intends to effect a 1-for-           
reverse stock split of our issued and outstanding shares of Common Stock following the effective date of the registration statement
of which this prospectus forms a part, but prior to and in connection with this offering and our intended listing of our Common Stock
and Warrants on Nasdaq. However, we cannot guarantee that such reverse stock split will occur, that such reverse stock split will
be necessary or will occur in connection with the listing of our Common Stock on Nasdaq, or that the Nasdaq Stock Market, LLC
will approve our initial listing application for our Common Stock upon such reverse stock split. The share and per share information
in this prospectus does not give effect to the proposed reverse stock split. Unless specifically provided otherwise herein, such numbers
and prices above and used elsewhere in this registration statement, of which this prospectus forms a part, do not assume the effectiveness
of such reverse stock split or the uplist of our Common Stock and Warrants to Nasdaq.
The offering is being underwritten on a firm commitment
basis. The underwriters may offer the securities from time to time to purchasers directly or through agents, or through brokers in brokerage
transactions on Nasdaq, or to dealers in negotiated transactions or in a combination of such methods of sale, or otherwise, at fixed
price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market
prices.
The
final public offering price per Unit will be determined through negotiation between us and the underwriter in this offering
and will take into account the recent market price of our Common Stock, the general condition of the securities market at the time
of this offering, the history of, and the prospects for, the industry in which we compete, and our past and present operations and
our prospects for future revenues. The recent market price per share of Common Stock used throughout this prospectus may not be
indicative of the final public offering price per Unit.
Investing
in our securities involves a high degree of risk. See "Risk Factors" beginning on page 16 of this prospectus for a
discussion of information that should be considered in connection with an investment in our securities.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Per Unit (1)
Total (1)
Public offering price
$
$
Underwriting discounts and commissions (2)
$
$
Proceeds to us, before expenses (3)
$
$
(1)
The
                                            public offering price and underwriting discount in respect of the Units corresponds
                                            to a public offering price per share of Common Stock of $                   and
                                            a public offering price per Warrant of $            .
(2)
We
                                            have agreed to reimburse the underwriters for certain expenses. The underwriters will receive
                                            an underwriting discount equal to 7.0% of the gross proceeds in this offering. In
                                            addition, we have agreed to pay up to a maximum of $75,000 of the fees and expenses of H.C.
                                            Wainwright & Co., LLC, the representative of the underwriters in this offering ("Wainwright"
                                            or the "Representative") in connection with this offering, which includes
                                            the fees and expenses of underwriters' counsel, and we have agreed to issue common
                                            stock purchase warrants (the "Representative's Warrants") to the Representative, which are exercisable for up to         shares
                                            of Common Stock. See "Underwriting"
                                            for more information.
(3)
The
    amount of offering proceeds to us presented in this table does not give effect to any exercise of the: (i) option (if any) we have
    granted to the Representative of the underwriters as described below and (ii) the Warrants or the Representative's Warrants
    being issued in this offering.
We
have granted a 30-day option to the Representative exercisable one or more times in whole or in part, to purchase up to an
additional                  shares of Common
Stock and/or Warrants to purchase up to an additional
                shares of Common stock (equal to
15% of the number of shares of Common Stock and/or Warrants sold in this offering) less the underwriting discounts payable by
us, solely to cover over-allotments, if any.
The
underwriters expect to deliver our securities to purchasers in the offering on or about         , 2022.
H.C.
Wainwright & Co.
The
date of this prospectus is          , 2022.
TABLE
OF CONTENTS
Page
Prospectus Summary
3
Risk Factors
17
Use of Proceeds
44
Market for Our Common Stock and Related Stockholder Matters
44
Capitalization
45
Dilution
46
Cautionary Note Regarding Forward-Looking Statements
47
Management's Discussion and Analysis of Financial Condition and Results of Operations
48
Business
55
Directors and Executive Officers
58
Executive Compensation
62
Security Ownership of Certain Beneficial Owners and Management
65
Certain Relationships and Related Party Transactions
67
Description
    of Securities
68
Underwriting
71
Legal Matters
74
Experts
74
Where You Can Find More Information
74
Index to Financial Statements
F-1
You
should rely only on information contained in this prospectus. We have not, and the underwriters have not, authorized anyone to provide
you with additional information or information different from that contained in this prospectus. We are not making an offer of these
securities in any state or other jurisdiction where the offer is not permitted. The information in this prospectus may only be accurate
as of the date on the front of this prospectus regardless of time of delivery of this prospectus or any sale of our securities.
No
person is authorized in connection with this prospectus to give any information or to make any representations about us, the Common
Stock hereby or any matter discussed in this prospectus, other than the information and representations contained in this prospectus.
If any other information or representation is given or made, such information or representation may not be relied upon as having been
authorized by us. This prospectus does not constitute an offer to sell, or a solicitation of an offer to buy our securities in any circumstance
under which the offer or solicitation is unlawful. Neither the delivery of this prospectus nor any distribution of our securities in
accordance with this prospectus shall, under any circumstances, imply that there has been no change in our affairs since the date of
this prospectus.
Neither
we nor the underwriter have done anything that would permit this offering or possession or distribution of this prospectus in
any jurisdiction where action for that purpose is required, other than the United States. You are required to inform yourself about,
and to observe any restrictions relating to, this offering and the distribution of this prospectus.
2
PROSPECTUS
SUMMARY
This
summary highlights selected information appearing elsewhere in this prospectus. While this summary highlights what we consider to be
important information about us, you should carefully read this entire prospectus before investing in our securities, especially
the risks and other information we discuss under the headings "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operation" and our consolidated financial statements and related notes beginning
on page F-1. Our fiscal year end is June 30 and our fiscal years ended June 30, 2021, and 2020 are sometimes referred to herein as fiscal
years 2021, and 2020, respectively. Some of the statements made in this prospectus discuss future events and developments, including
our future strategy and our ability to generate revenue, income and cash flow. These forward-looking statements involve risks and uncertainties
which could cause actual results to differ materially from those contemplated in these forward-looking statements. See "Cautionary
Note Regarding Forward-Looking Statements". Unless otherwise indicated or the context requires otherwise, the words "we,"
"us," "our", the "Company" or "our Company" or "mPhase" refer to mPhase Technologies,
Inc., a New Jersey corporation, and our subsidiaries.
Our Business
mPhase
Technologies, Inc. ("mPhase,", "we," "us," "our," or the "Company") began
as Tecma Laboratory, Inc., which was incorporated under the laws of the State of Nevada in 1979. In 1987, we changed our name to Tecma
Laboratories, Inc. On February 17, 1997, we acquired Lightpaths, Inc., a Delaware corporation, which was engaged in the development of
telecommunications products incorporating DSL technology and the Company changed its name to Lightpaths TP Technologies, Inc. Lightpaths
TP Technologies, Inc. completed a reverse merger and changed its name to mPhase Technologies, Inc. on June 2, 1997.
We
have 85,008,099 shares of Common Stock outstanding as of February 28, 2022. The Common Stock is currently quoted on the OTC Pink under
the ticker symbol "XDSL". We are headquartered in Rockville, Maryland. Our website is available at
https://mpower.co
.
Information on our website or any other website is not incorporated by reference herein and does not constitute a part of this prospectus.
Over
our history, we have explored a number of different business opportunities.
From
1997 until June 29, 2010, we focused in the commercial deployment of our TV+ products for delivery of broadcast Internet Protocol Television,
and Digital Subscriber Line (DSL) component products which include Plain Old Telephone Service (OTS) splitters that entail devices using low-pass and high-pass filters
to DSL signals to different lines. On June 30, 2010, we discontinued our TV+ line of products as well as our electronic sensor products
and shifted their business focus on the development of innovative power cells and related products through the science of microfluidics,
microelectromechanical systems ("MEMS") and nanotechnology. This led to the development of a battery that has a significantly
longer shelf life prior to activation than conventional batteries and capable of disposal after use without harm to the environment.
From
February of 2004 through March of 2007, we engaged Lucent/Bell Labs (now Nokia) to develop, using the science of nanotechnology, micro
power cell arrays creating a structure for zinc batteries that separated the chemicals or electrolytes prior to initial activation. This
was done by suspending on nano grass or small spoke-like pieces of silicon a liquid electrolyte taking advantage of a superhydrophobic
effect that occurs as a result of the ability to manipulate materials of a very small size or less than 1/50,000 the size of a human
hair. We had a strategic alliance with the U.S. Army to successfully test, under military combat conditions, its SmartBattery design,
leading to further validation of its path to product development under a Cooperative Research and Development Agreement (CRADA). This
continues to be a potential opportunity for the Company which we intend to visit at a more strategic time. In addition, the Company formed
a relationship with Energy Storage Research Group, a center of excellence at Rutgers University, in New Jersey, that enabled us to expand
its battery development from a zinc to a lithium battery capable of delivering significantly more power. During fiscal years 2009 and
2010, we outsourced considerable foundry work for final development of the Smart NanoBattery to Silex, a Swedish company.
In
February 2008, we successfully deployed a prototype of its Smart NanoBattery in a gun-fired test at the Aberdeen Proving Ground in Maryland.
The battery not only survived the harsh conditions of deployment at a gravitational force in excess of 45,000 g, but it was also flawlessly
activated in the process. In 2010, we received from the appropriations committee of the U.S. Congress an "earmark" of $2.5
million to develop with Picatinny Arsenal a battery based upon the specifications of the Smart NanoBattery. Due to circumstances out
of our control, the funding was not made for such development as Congress eliminated the use of "earmarks" at the end of
2010.
On
May 20, 2011, we announced that we had been granted a U.S. patent for multi-chemistry battery architecture. Thereafter, on February 10,
2012, we filed a U.S. provisional patent with the USPTO for a Non-Pump Enabled Drug Delivery System.
3
We
refocused on two new products; a high-end portable emergency flashlight and a jump starter for a dead car battery developed for the Company
by Porsche Design Studio. From 2011 to 2016, we generated revenue from these products, but could not establish sufficient sales. We were
unable to obtain sufficient financing to continue its operations as of 2018 and began to seek new management.
As
of 2018, we were not able to obtain sufficient financing to continue its operations and on January 11, 2019, we underwent a major change
in management and control. The new management began positioning our focus as a technology leader in artificial intelligence ("AI")
and machine learning. We saw opportunities to generate significant revenue by embedding artificial intelligence and machine learning
into business operations, platform architectures, business services, and customer experiences.
On
February 15, 2019, we acquired Travel Buddhi, a software platform to enhance travel via ultra-customization tools that tailor a planned
trip experience by understanding a traveler's profile and travel patterns and react in real time during travel.
On
June 30, 2019, we acquired the assets of Alpha Predictions LLP ("Alpha Predictions") and integrated its staff and some of
its data analysis products into the Company's business operations.
On
May 11, 2020, the Company entered into an Asset Purchase Agreement to acquire all assets owned, used or held in connection with the business,
other than excluded assets and assumed certain liabilities of CloseComms Limited ("CloseComms"). The most substantial acquired
asset was a patented, software application platform. We have integrated into a retail customer's existing Wi-Fi infrastructure,
giving the retailer important customer data and enabling AI-enhanced, targeted promotions to drive store traffic and sales.
During
2021, we announced the addition of the EV Charging Network and Consumer Engagement Platform as part of the mPower ecosystem with the
purpose to monetize additional services and products offerings such as the high-speed millimeter wave 5G relating to consumer travel.
Layered on top of this mobile experience, we also announced the buildout of a marketplace with a loyalty and rewards program.
Also,
during the same year, we rolled out the pilot program for the EV Charging Network with one of our customers for their multiple locations.
By
late-2021, we transitioned into clean technology company that bridges the gap between the green consumers and customers such as
retailers and other service providers. Although we had initially contemplated the design and build of the marketplace into our
ecosystem, we have since evaluated this business model and the resources required to fully launch such a concept and have decided
that it remains better suited as a concept to implement through partnerships with other third-party companies. Although the
marketplace remains a natural choice for our ecosystem for numerous reasons, in order for us to scale up and fully integrate this
concept into our larger business model, we would rather work directly with other third-party companies that have this as their
primary business. We will consider strategic partnerships with third party companies with an already established marketplace infrastructure, where
we can simply secure revenue streams via contracts or other commercial structures.
4
Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service ("SaaS") and
technology as a service ("TaaS").  The focus of our business and central to our success is the full build out
and deployment of our EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the mPower
ecosystem, we seek to tailor it to each individual's tastes and needs, with particular emphasis on empowering today's
green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our technology and
services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the following
products and services offered through the mPower application ("mPower App"): (1) mPower EV Charging Network and (2)
Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties such as
retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers), which in
return will create further contracted revenue for mPhase. This path forward will allow us to still layer on the right offerings to
our mPower ecosystem but mPhase will not divert any resources, financially or otherwise to build out the infrastructure of the CBRS
spectrum and millimeter-wave 5G and the marketplace.
Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.
mPower
EV Charging Network
We
continue to build out our mPower EV Charging Network across the United States by offering the high-quality hardware and software subscriptions
with turn-key support and warranty services. We will be partnering with third party suppliers and manufacturers for its charging stations
in order to build out the network, which includes Level 2 Alternative Current ("AC") Chargers and Level 3 Direct Current
("DC") Fast Charging systems for commercial and residential use. In addition, we will engage third-party contractors to provide
the basic electrical charging installation and on-going O&M (operations and maintenance) to the customer base seeking to have on
premise EV charging capability. We also see exponential growth in EVs and microgrids due to the rapid innovation in technology, which
is why with the right partnerships, we would seek to offer renewable energy sources + microgrids wrapped around the EV Charging Network.
The microgrids can support EV charging as their batteries can be used as an energy resource to charge vehicles during peak times, reducing
the grid demand and therefore providing stability and an even better benefit of providing charge with clean energy. Through the use of
our mPower App, customers will have the ability to access the mPower EV Charging Network.
5
Consumer
Engagement Platform
To
create the Consumer Engagement Platform, we are combining the consumer engagement framework acquired from the CloseComms acquisition
with the AI based travel optimization framework from Travel Buddhi.
Fundamentally
the platform uses AI to understand behavior patterns of consumers and allows the customers (i.e., retailers) to make these just in time
offers available to the end consumer as they travel. In addition to providing charging station hardware, we are building a Consumer Engagement
Platform which will interconnect a set of business systems and functions that includes using software solutions within the framework
of SaaS and TaaS model to optimize consumer engagement as they travel by making just in time offers available as they travel. One of
our customer base is the retail store owners. The consumers are the every-day travelers (i.e., drivers) that will benefit from the offers
those customers are setting up through our secure portal. For consumers, they will utilize the mPower App and set up a profile that has
information about their preferences and demographics. In turn, the customer initiates an offer on the secure power portal and only the
consumers, based on their preferences and demographics on their mPower App, receive such select offers. The customers are the contracting
party entering into subscription agreements with us for the SaaS and TaaS services. The SaaS service allows for the customer to set up
their own offers directly without the Company providing any management services. While the TaaS service offers a managed service where
we handle all the back end work for the consumers. In both models, the Company generates recurring monthly revenue. As customers incentivize
the consumers by providing offers, the mPower App increases in subscribers.
Employee
Count
As
of February 28, 2022, the Company employs 35 full-time employees with a range of expertise in technology platform development services,
sales and marketing services, human resources, and accounting services. The Company's subsidiary in India employs a total of 16
software engineers and data analysis experts.
Products
under continued Research and Development
mPower
Ecosystem
Our
mPower Ecosystem
(as discussed above)
is still being developed and therefore it is the majority of our R&D.
Smart
Surfaces
We
have a technology platform known as the Smart Surface. By being able to control the surface properties of materials down to the nanometer
scale, new and improved devices can be designed and built that may lead to compelling business opportunities. One type of smart surface
that we provide allows properties to be changed in response to an external stimulus.
As
our research and development efforts evolve, in addition to silicon materials, the ability to control the surface properties of materials
can be extended to other substances such as polymers, ceramics, metals, and fibers providing opportunities for our platform technology
to be used in a range of potential applications such as energy storage and power management for portable electronics and microelectronics,
self-cleaning surfaces, filters for water purification or desalination systems, materials for environmental remediation that separate
liquids or solvents, and other situations where the control of the interaction of a solid surface exposed to a liquid is vitally important.
Towards the end of 2022, we plan to focus on advancing this technology platform, as well as consider potential collaborations or strategic
partnerships.
6
Smart
NanoBattery
We
challenged conventional norms of battery development by using our proprietary superhydrophobic porous silicon membrane technology as
the basis to build the Smart NanoBattery, a reserve battery providing Power On Command™ prior to initial activation. The Smart
NanoBattery is a product and technology owned by us, with ongoing efforts to provide the product to the United States Army in the future.
To the best of our knowledge, no other battery technology available today can deliver the long-term performance requirements specified
by the U.S. Army for this application. Super-hydrophobicity initially keeps the liquid electrolyte physically separated from the solid
electrodes of the battery, thus preventing the chemical reactions from occurring that cause the battery to provide power. This gives
the Smart NanoBattery the benefit of potentially infinite shelf life.
A
conventional battery loses some capacity while sitting on the shelf in its package or stored in an electronic or electrical device, even
before being used for the first time. On the other hand, the Smart NanoBattery is built so that it is inactive and remains that way indefinitely
until it is turned on. No power is lost to self-discharge or leakage current prior to activation. When needed, the Smart NanoBattery
can be activated on command via the phenomenon of electrowetting, which is the modification of the wetting properties of a surface with
an applied electric field. In such a case, when effective, surface properties of the porous silicon membrane are selectively controlled
to shift instantly from a superhydrophobic to hydrophilic state. In other words, electrowetting acts as the triggering mechanism.
We
have successfully fabricated and demonstrated our first 3-volt lithium-based Smart NanoBattery, based on a design allowing either manual
or remote activation by the user, the feature known as Power on Command™.
By
incorporating the phenomenon of electrowetting on nanostructured surfaces into a revolutionary way of storing energy, the Smart NanoBattery
provides power to portable electronic and microelectronic devices exactly when and where it is needed. As a reserve battery, it can be
made to be an augmentation to conventional primary batteries. The nanobattery converts stored chemical energy into usable electrical
energy, but in a way that is potentially more reliable, more versatile, more environmentally friendly, and less expensive than conventional
primary batteries.
Today
charging is key to the EV experience and technologies to boost EV adoption are constantly being challenged by advancements in power-cell
technology. We see synergies on using nanotechnology in the manufacture of batteries and that our technology could potentially have a
use in increasing performance and decreasing time required to recharge a battery.
We
believe that the intellectual property developed from the research to date could be resumed to develop viable military and industrial
products depending upon our future financial resources and future competitive market conditions.
7
Our
Intellectual Property
We
have obtained trademark protection for our mPower Emergency Illuminator
TM
and mPower on Command
TM
.
As
of the date hereof, we have rights under the following active patents:
●
Bypass
    for telephone system splitter, Filed 3/18/2003 in United States, Patent Number 6,535,581
●
Signal
    splitter with test relays on auxiliary circuit board and system using same, filed 7/12/2005, Patent Number 6,917,683
●
ALWA-001
    Battery System, Filed 3/20/2008 in United States, Patent Number 8,021,773
●
ALWA-004
    Tunable Liquid Microlens with Lubrication Assisted Electrowetting, Filed 9/13/2001in United States, Patent Number 6,545,815
●
ALWA-005
    Method and Apparatus for Controlling Friction Between a Fluid and a Body, Filed 8/27/2003 in United States, Patent Number 7,156,032
●
ALWA-006
    Electrowetting Battery Having a Nanostructured Electrode Surface, Filed 11/18/2003 in United States, Patent Number 7,227,235
●
ALWA-007
    Method and Apparatus For Controlling The Flow Resistance Of A Fluid On Nanostructured Or Microstructured Surfaces, Filed 9/30/2003
    in United States, Patent Number 8,124,423
●
ALWA-009
    Method and Apparatus For Controlling The Flow Resistance Of A Fluid On Nanostructured Or Structured Membrane with Controllable Permeability,
    Filed 7/28/2006 in United States, Patent Number 7,695,550
●
ALWA-010
    End of Life Cycle, Nanostructured Battery, Filed 3/18/2004 in United States, Patent Number 7,618,746
●
ALWA-014
    Device for Fluid Spreading and Transport, Filed 1/25/2008 in United States, Patent Number 8,435,397
●
ALWA-019
    Modular Device, Filed 9/2/2009 in United States, Patent Number 8,344,543
●
ALWA-034
    Reserve Battery System, Filed 3/2/2010 in United States, Patent Number 8,372,531
●
Controlling
    access and accessing a traffic network in high density environment, Filed 12/7/2017, Patent Number GB2559469
As
we also rely on unpatented proprietary technology, we can make no assurance that others may not independently develop the same or similar
technology or otherwise obtain access to our unpatented technology.
International
Presence
Our
business operations primarily take place in the
United States. However, we have a wholly owned subsidiary with an office in India which is solely being used for development
purposes. We make no financial or monetary efforts in India. Due to the office based in India we are subject to
India's regulations and laws relating to developmental business conducts. Please refer to the section titled
Risk Factors
below for more information.
We
are seeking to move our
key development operations
to the United States.
We
have
entered into a contract with a channel partner
that has a global presence, which assists in further developing our products, from whom we receive payment in return
for products and services. All  our customer relation operations with this channel partner are based in
the United States, as are our transactions. All payments which we earn in return of its sale of products and/or services
worldwide are made with the United States.
The
Company also has an office in the United Kingdom, which is primarily used for development, pursuant to a local consulting arrangement.
Recent
Developments
Our
Board of Directors intends to effect a 1-for-            reverse stock split of
our issued and outstanding shares of Common Stock following the effective date of the
registration statement of which this prospectus forms a part, but prior to and in connection with this offering and our intended listing
of our Common Stock on Nasdaq. However, we cannot guarantee that such reverse stock split will occur, that such reverse stock split will
be necessary or will occur in connection with the listing of our Common Stock on Nasdaq, or that the Nasdaq Stock Market, LLC will approve
our initial listing application for our Common Stock upon such reverse stock split. The share and per share information in this prospectus
does not give effect to the proposed reverse stock split. Unless specifically provided otherwise herein, such numbers and prices above
and used elsewhere in this registration statement, of which this prospectus forms a part, do not assume the effectiveness of such reverse
stock split or the uplist of our Common Stock and Warrants to Nasdaq.
8
Summary
of Risk Factors
Our
business and our ability to execute our business strategy are subject to a number of risks of which you should be aware of before you
decide to buy our securities. In particular, you should carefully consider following risks, which are discussed more fully in "Risk
Factors" beginning on page 16 of this prospectus:
●
Global
    or regional health pandemics or epidemics, including COVID-19, could negatively impact our business operations, financial performance
    and results of operations.
●
We
    have reported net operating losses for each of our fiscal years from our inception in 1996 through the present and may not be able
    to operate profitability in the future.
●
We
    will require additional financing in the future to fund our operations which may cause dilution to our existing stockholders or restrict
    our operations.
●
Our
    indebtedness and liquidity needs could restrict our operations and make us more vulnerable to adverse economic conditions.
●
We
    may not be able to raise the required capital to conduct our operations and develop and commercialize our products.
●
We
    depend on one customer and the loss of this customer would have a material adverse effect on our business, financial condition and
    results of operations.
●
We
    depend on one primary vendor and the loss of this vendor would have a material adverse effect on our business, financial condition
    and results of operations.
●
We
    operate in highly competitive industries.
●
All
    of our business segments face competition that includes both public and private organizations and collaborations among academic institutions
    and large companies, most of which have significantly greater experience and financial resources than we do.
●
We
    depend on certain third parties to assist us in the development of new products, and any failure of those parties to fulfill their
    obligations could result in costs and delays and prevent us from successfully commercializing our products on a timely basis, if
    at all.
●
We
    depend on our collaborators to help us develop and test our proposed products, and our ability to develop and commercialize products
    may be impaired or delayed if collaborations are unsuccessful.
●
Our
    reliance on the activities of our non-employee consultants, research institutions, and scientific contractors, whose activities are
    not wholly within our control, may lead to delays in development of our proposed products.
●
We
    are dependent upon key personnel whose loss may adversely impact our business.
●
Our
    acquisition strategy creates risks for our business.
●
We
    may fail to realize all of the anticipated benefits of any entities which we acquire, such benefits may take longer to realize than
    expected or we may encounter significant difficulties integrating acquired businesses into our operations. If our acquisitions do
    not achieve their intended benefits, our business, financial condition, and results of operations could be materially and adversely
    affected.
●
Our
    insurance policies are limited in scope and coverage and may potentially expose us to unrecoverable risks.
●
We
    have product liability insurance, which may leave us vulnerable to future claims we will be unable to satisfy.
●
A
    portion of our operations is located outside of the United States, which subjects us to additional risks, including increased complexity
    and costs of managing international operations and geopolitical instability.
●
Failure
    to comply with laws relating to labor and employment could subject us to penalties and other adverse consequences.
●
Our
     business is subject to a wide variety of additional extensive and evolving government laws and regulations. Failure
    to comply with such laws and regulations could have a material adverse effect on our business.
●
Our
    business is subject to the risks of international operations, including movements in foreign currency exchange rates.
●
Control
    regulations, particularly in emerging markets.
●
We
    have businesses in emerging markets that may experience significant economic volatility.
●
Cyber
    incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.
●
Data
    breaches or incidents involving our technology or products could damage our business, reputation and brand and substantially
    harm our business and results of operations.
●
We
    must continually maintain, protect and/or upgrade our information technology systems, including protecting our sensitive information
    from internal and external cybersecurity threats.
●
If
    we fail to comply with data privacy and personal data protection laws, we could be subject to adverse publicity, government enforcement
    actions and/or private litigation, which may negatively impact our business and operating results.
●
Increasing
    regulatory focus on privacy issues and expanding laws may impact our business or expose us to increased liability.
●
Our
    internal computer systems, or those of our collaborators or other contractors or consultants, may fail or suffer security breaches,
    which could result in a material disruption of our product development programs.
9
●
Computer
    malware, viruses, ransomware, hacking, phishing attacks and similar disruptions could result in security and privacy breaches and
    interruptions and delays in services and operations, which could harm our business.
●
Changes
    to fuel economy standards or the success of alternative fuels may negatively impact the EV market and thus impact our products and
    services.
●
If
    we are unable to keep up with advances in EV technology, we may suffer a decline in our competitive position.
●
Our
    future growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of EVs for passenger and
    fleet applications.
●
The
    EV market currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities
    and others to offset the purchase or operating cost of EVs and EV charging stations.
●
Some
    of our products contain open-source software, which may pose particular risks to  our proprietary software, products and services
    in a manner that could harm our business.
●
Existing
    and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating
    costs or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or
    other limitations that may adversely impact our financial results or results of operation.
●
Interruptions,
    delays in service or inability to increase capacity, including internationally, at third party data center facilities could impair
    the use or functionality of our subscription services, harm its business and subject it to liability.
●
Our
    business will depend on customers renewing their services subscriptions. If customers do not continue to use our subscription offerings
    or if we fail to add more stations, our business and operating results will be adversely affected.
●
If
    customers do not renew their subscriptions, if they renew on less favorable terms or if they fail to add products or services, our
    business and operating results will be adversely affected.
●
Risks
    related to the technology sector.
●
Past
    performance by our management team may not be indicative of future performance of an investment in us.
●
We
    may be subject to an increased rate of tax on our income if we are treated as a personal holding company.
10
●
Certain
    aspects of our technology are not protectable by patent or copyright.
●
We
    may not be able to adequately defend against piracy of intellectual property in foreign jurisdictions.
●
We
    may not be able to protect our proprietary technology, which could harm our ability to operate profitably.
●
We
    may incur substantial expenditures in the future in order to protect our intellectual property.
●
Patents
    obtained by other persons may result in infringement claims against us that are costly to defend and which may limit our ability
    to use the disputed technologies and prevent us from pursuing research and development or commercialization of potential products.
●
Our
    current "smart surface technology" is at an early stage of development and we may not develop products that can be commercialized.
●
Because
    of the numerous risks and uncertainties associated with our product development and commercialization efforts, we are unable to predict
    the extent of our future losses or when or if we will become profitable, which, in turn, would result in a loss of investment.
●
Our
    products may not be accepted in the marketplace.
●
If
    we are unable to keep up with rapid technological changes in our field or compete effectively, we will be unable to operate profitably.
●
If
    we fail to comply with the rules under the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") related to internal controls
    and procedures in the future, or, if we discover material weaknesses and other deficiencies in our internal controls over financial
    reporting, our stock price could decline significantly and raising capital could be more difficult.
●
There
    is no assurance that an active and liquid trading market in our Common Stock will develop.
●
There
    is no guarantee that we will successfully have our Common Stock and Warrants listed on the Nasdaq Capital Market, in which case we
    will not complete this offering. Even if our Common Stock and Warrants are accepted for listing on the Nasdaq Capital Market, upon
    our satisfaction of the exchange's initial listing criteria, the exchange may subsequently delist our Common Stock and/or
    Warrants if we fail to comply with ongoing listing standards.
●
Restrictions
    on foreign investment in India may prevent us from making future acquisitions or investments in India, which may adversely affect
    our results of operations, financial condition and financial performance.
●
Our
    business and activities are regulated by The Competition Act, 2002.
●
There
    is no assurance that the Company will maintain its Nasdaq listing and may be subject to "Penny Stock Rules."
●
We
    have never paid cash dividends and have no plans to pay cash dividends in the future.
●
Our
    stock price has fluctuated in the past, has recently been volatile and may be volatile in the future, and as a result, investors
    in our Common Stock could incur substantial losses.
●
There
    is no assurance that, if our Common Stock or Warrants become listed on Nasdaq, we will not continue to experience volatility in
    our share price.
●
Financial
    reporting obligations of being a public company in the United States are expensive and time-consuming, and our management will be
    required to devote substantial time to compliance matters.
●
The
    ownership by our Chief Executive Officer and Chairman will likely limit your ability to influence corporate matters.
●
We
    may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.
●
We
    face risks related to health pandemics that could impact our sales and operating results.
●
A
    portion of our developmental business operations are located in India and we are subject to regulatory, economic, social and political
    uncertainties in India.
●
Investors
    in this offering will experience immediate and substantial dilution in net tangible book value.
●
We
    may need additional capital, and the sale of additional shares or equity or debt securities could result in additional dilution to
    our stockholders.
●
We
    have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
●
Warrants
    are speculative in nature.
●
Holders
    of the Warrants will have no rights as a common stockholder until they acquire our Common Stock.
●
There
    is no established market for the Warrants to purchase our shares of Common Stock being offered in this offering and there is no assurance such a market will develop.
11
●
Provisions
    of the Warrants offered by this prospectus could discourage an acquisition of us by a third party.
●
There
    is no current public market for the Units.
●
We
intend to effect a reverse stock split of our outstanding Common Stock prior to the closing of this offering.
●
Even
    if the reverse stock split achieves the requisite increase in the market price of our Common Stock, we cannot assure you that we
    will be able to continue to comply with the minimum bid price requirement of Nasdaq.
●
Even
    if the reverse stock split increases the market price of our Common Stock, there can be no assurance that we will be able to comply
    with other continued listing standards of The Nasdaq Capital Market.
●
The
    reverse stock split may decrease the liquidity of the shares of our Common Stock.
●
Following
    the reverse stock split, the resulting market price of our Common Stock may not attract new investors, including institutional investors,
    and may not satisfy the investing requirements of those investors. Consequently, the trading liquidity of our Common Stock may not
    improve.
●
If
    our listing applications for our Common Stock and Warrants are not approved by Nasdaq, we will not be able to consummate the offering
    and will terminate this offering.
●
As
    a result of the timing of the reverse stock split, uplist to Nasdaq and pricing of this offering, potential investors will not have
    an opportunity to check the actual post-split market price before confirming their purchases in this offering.
We
are a smaller reporting company within the meaning of the rules adopted by the Securities and Exchange Commission, and if we take advantage
of certain exemptions from disclosure requirements available to smaller reporting companies, this could make our securities less attractive
to investors and may make it more difficult to compare our performance with other public companies.
We
are a "smaller reporting company" as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage
of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We
will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our Common Stock held
by non-affiliates equals or exceeds $250 million as of the end of the prior June 30
th
, or (2) our annual revenues equaled
or exceeded $100 million during such completed fiscal year and the market value of our Common Stock held by non-affiliates exceeds $700
million as of the prior June 30
th
. To the extent we take advantage of such reduced disclosure obligations, it may also make
comparison of our financial statements with other public companies difficult or impossible.
We have elected to take advantage of certain
of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage
of other reduced reporting requirements in future filings. As a result, the information that we provide to our stockholders may be different
from what you might receive from other public reporting companies in which you hold equity interests. References herein to "smaller
reporting company" shall have the meaning associated with it in Item 10(f)(1) of Regulation S-K.
12
THE
OFFERING
Securities
    offered by us:
Units,
    based on a public offering price of $ per Unit (assuming a reverse stock split of 1-for-       ), with each Unit consisting
    of one share of Common Stock and one Warrant to purchase one share of Common Stock at an exercise price of $          per share (equal to
    100% of the public offering price per Unit).
Public
    offering price per Unit
An
    assumed public offering price of $                 per Unit, which is the last reported sale price of our Common Stock
    on the OTC Pink as of         , 2022. (1)
Common
    Stock outstanding before the offering
85,008,099
    shares of Common Stock
Common
    Stock to be outstanding after the offering
(1)(2)
shares
    of Common Stock, based on a public offering price of $          per Unit, assuming
    no exercise of any option granted to the underwriter or exercise of the Representative's Warrants. If the underwriter's
    option is exercised in full, the total number of shares of Common Stock outstanding immediately after this offering would be          
    , based on a public offering price of $ per Unit.
Underwriter's Option
We
                                            have granted the Representative a 30-day option to purchase up to
additional shares of Common Stock and/or                  additional
                                            Warrants to purchase up to                  shares of Common Stock (equal to
                                            15% of the number of shares of Common Stock and/or Warrants  sold in this offering)
                                            from us at a price per share of Common Stock and/or Warrant  equal to the public offering
                                            price per share of Common Stock and/or Warrant, less the underwriting discounts payable
                                            by us, solely to cover over-allotments, if any.
Description
    of Warrants
The
                                            exercise price of the Warrants is $            
                                            per share (with an exercise price equal to 100% of the public offering price per Unit). Each
                                            Warrant is exercisable for one share of Common Stock, subject to adjustment in the event
                                            of stock dividends, stock splits, stock combinations, reclassifications, reorganizations
                                            or similar events affecting our shares of Common Stock as described herein. A holder may not exercise
                                            any portion of a Warrant to the extent that the holder, together with its affiliates and
                                            any other person or entity acting as a group, would own more than 4.99% of the outstanding
                                            shares of Common Stock after exercise, as such percentage ownership is determined in accordance with the
                                            terms of the Warrants, except that upon notice from the holder to us, the holder may waive
                                            such limitation up to a percentage, not in excess of 9.99%. Each Warrant will be exercisable
                                            immediately upon issuance and will expire five years after the initial issuance date. The
                                            terms of the Warrants will be governed by a warrant agreement, dated as of the closing
                                            date of this offering, between us and Worldwide Stock Transfer, as the warrant agent. This
                                            prospectus also relates to the offering of the shares of Common Stock issuable upon exercise
                                            of the Warrants. For more information regarding the Warrants, you should carefully read the
                                            section titled "Underwriting Section" in this prospectus.
Representative's
                                            Warrant (1)
The
                                            registration statement of which this prospectus is a part also registers the Representative's
                                            Warrants to purchase up to shares of Common Stock (5.0% of the number of shares of Common
                                            Stock sold in this offering (including any shares of Common Stock sold pursuant
                                            to the option to be issued to the underwriters, as a portion of
                                            the underwriting compensation payable in connection with this offering.
The
                                            Representative's Warrants will be exercisable immediately upon issuance, and
                                            from time to time, in whole or in part, and will expire five years from the commencement
                                            of sales at an exercise price of $           
(125% of the public offering price of the Units). Please see "Underwriting Representative's
                                            Warrants" for a description of these warrants.
Risk
    factors
Investing
    in our securities is highly speculative and involves a high degree of risk. You should carefully consider the information set forth
    in the "Risk Factors" section beginning on page 16 before deciding to invest in our securities.
Trading
    symbols
Our
    Common Stock is currently quoted on OTC Pink under the trading symbol "XDSL". We are in the process of applying
    to list our Common Stock and Warrants on Nasdaq under the symbols "XDSL" and "XDSLW", respectively.
    We will not consummate this offering unless our application is approved.
Reverse
    stock split
We
    expect to effect a 1-for-                
    reverse stock split of our outstanding shares of Common Stock following the effective time on which the registration statement of
    which this prospectus forms a part is declared effective by the SEC but prior to the closing of this offering. We cannot guarantee
    that such reverse stock split will occur based on any specific ratio or that Nasdaq will approve our initial listing application
    for our Common Stock upon such reverse stock split. If our listing applications are not approved by Nasdaq, we will not be able to
    consummate this offering and will terminate this offering. The information in this prospectus does not reflect this proposed reverse
    stock split of the outstanding shares of Common Stock of the Company or the listing of our Common Stock and Warrants on Nasdaq.
13
Lock-ups
We
    and our directors, officers and any other holders of three percent (3%) or more of the outstanding shares of Common Stock as of the
    effective date of the registration statement, of which this prospectus forms a part, have agreed with the underwriters not to offer
    for sale, issue, sell, contract to sell, pledge, encumber grant any option for the sale of or otherwise dispose of any of our securities,
    including the issuance of shares of Common Stock upon the exercise of the Company's currently outstanding options, without
    the prior written consent of the Representative for a period of                  months after the closing of this offering. See "Underwriting"
    section on page 69.
Use
    of Proceeds
We
    estimate that the net proceeds from the sale of the Units in the offering, at an assumed public offering price per Unit of $        ,
    will be approximately $               , after deducting the
    underwriting discounts and commissions and estimated offering expenses, or $                
    if the underwriters exercise their option in full, assuming no exercise of the Representative Warrants.   We currently expect
    to use the net proceeds of this offering primarily for the following purposes:
●
Approximately
    $                 for development of new products
    and improvements to existing products;
●
Approximately
    $                 to expand sales and marketing capabilities;
    and
●
The remaining proceeds of approximately $                 for general corporate purposes, including working capital and possibly acquisitions of other companies.
See
                                            "Use of Proceeds" section on pg. 43.
(1)
The
    actual number of Units, shares of Common Stock and Representative's Warrants that we will offer and that will be outstanding
    after this offering will be determined based on the actual public offering price and the reverse split ratio will be determined based
    in part on the price of our Common Stock on the OTC Pink at the time of the determination.
(2)
The
    shares of Common Stock outstanding prior to this offering and to be outstanding after this offering is based on shares outstanding
    as of February 28, 2022 and excludes the following:
●
14,181,646
    shares of Common Stock issuable upon exercise of outstanding warrants with a weighted average exercise price of $0.20 per share;
    and
●
25,038,731 shares of Common Stock issuable upon
    conversion of outstanding convertible notes with a weighted average exercise price of $0.20 per share.
Unless
we indicate otherwise, all information in this prospectus:
●
Assumes
    no exercise by the underwriter of its option to purchase up to an additional
                     shares of Common Stock and/or
    Warrants to purchase up to                  shares
    of Common Stock to cover over-allotments, if any.
●
Assumes no exercise of the Warrants issued in this offering.
●
Assumes no exercise of the Representative Warrants issued
    in this offering.
14
SUMMARY
CONSOLIDATED FINANCIAL INFORMATION
The
following summary consolidated statements of operations data for the fiscal period ended December 31, 2021, and 2020 have
been derived from our unaudited consolidated financial statements included elsewhere in this prospectus. The historical financial data
presented below is not necessarily indicative of our financial results in future periods. You should read the summary consolidated financial
data in conjunction with those financial statements and the accompanying notes and "Management's Discussion and Analysis
of Financial Condition and Results of Operations." Our consolidated financial statements are prepared and presented in accordance
with United States generally accepted accounting principles, or U.S. GAAP. Our consolidated financial statements have been prepared on
a basis consistent with our audited financial statements and include all adjustments, consisting of normal and recurring adjustments
that we consider necessary for a fair presentation of the financial position and results of operations as of and for such periods.
mPhase
Technologies, Inc.
Consolidated
Statements of Operations and Other Comprehensive Income (Loss)
(Unaudited)
For the Six Months Ended
December 31,
2021
2020
Revenue
$
16,565,587
$
15,223,300
Cost of revenue
11,250,033
11,250,399
Gross Profit
5,315,554
3,972,901
Operating Expenses:
Software development costs
314,664
-
Salaries and benefits
458,891
788,632
General and administrative expenses
1,977,242
669,742
Total Operating Expenses
2,750,797
1,458,374
Operating income
2,564,757
2,514,527
Other (Expense) Income:
Interest expense
(178,308
)
(117,739
)
Gain on change in fair value of derivative liability
-
157,900
Amortization of debt discounts, deferred financing costs, and original issue discounts
(2,077,049
)
(494,184
)
Initial derivative liability expense
-
(366,068
)
(Loss) gain on debt extinguishments and
    settlements
(115,197
)
31,270
Total Other (Expense) Income
(2,370,554
)
(788,821
)
Income before income taxes
194,203
1,725,706
Income taxes
-
-
Net income
$
194,203
$
1,725,706
Comprehensive income (loss):
Unrealized loss (gain) on foreign currency translation adjustment
14,632
(143,095
)
Comprehensive income
$
208,835
$
1,582,611
Income per common share:
Income per common share – basic
$
0.00
$
0.03
Income per common share – diluted
$
0.00
$
0.02
Weighted average shares outstanding – basic
79,547,721
68,591,025
Weighted average shares outstanding – diluted
118,768,099
100,341,323
15
mPhase
Technologies, Inc.
Consolidated
Balance Sheets
December 31,
2021
June 30,
2021
(Unaudited)
Assets
Current Assets
Cash
$
545,871
$
2,473,386
Accounts receivable, net
19,929,137
15,784,081
Prepaid expenses
195,354
238,927
Other assets
479,827
422,254
Total Current Assets
21,150,189
18,918,648
Property and equipment, net
9,278
16,518
Goodwill
3,662
3,669
Intangible assets – purchased software, net
1,599,933
2,079,047
Other assets
3,634
3,645
Total Assets
$
22,766,696
$
21,021,527
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable
$
3,497,201
$
4,158,006
Accrued expenses
1,205,065
1,368,367
Contract liabilities
430,027
350,689
Due to related parties
89,377
87,688
Notes payable to officer
713,137
691,942
Notes payable
93,144
323,218
Convertible notes payable, net
3,527,623
1,991,036
Liabilities in arrears with convertible features
109,000
109,000
Liabilities of discontinued operations
82,795
82,795
Total Current Liabilities
9,747,369
9,162,741
Notes payable, net of current portion
146,890
146,890
Total Liabilities
9,894,259
9,309,631
Commitments and Contingencies (Note 11)
Stockholders' Equity
Preferred stock, $0.01 par value; 1,000 shares authorized, issued and outstanding at December 31, 2021 and June 30, 2021
10
10
Common stock, $0.01 par value; 500,000,000 shares authorized, 81,656,033 shares issued and 81,627,633 shares outstanding at December 31, 2021, and 78,612,608 shares issued and 78,584,238 shares outstanding at June 30, 2021
816,278
785,844
Additional paid-in-capital
237,890,249
236,935,277
Common stock to be issued
30,000
63,700
Accumulated other comprehensive income (loss)
3,106
(11,526
)
Accumulated deficit
(225,867,206
)
(226,061,409
)
Total Stockholders' Equity
12,872,437
11,711,896
Total Liabilities and Stockholders' Equity
$
22,766,696
$
21,021,527
16
mPhase
Technologies, Inc.
RISK
FACTORS
Investing
in our securities involves a great deal of risk. Careful consideration should be made of the following factors as well as other information
included in this prospectus before deciding to purchase our securities. There are many risks that affect our business and results of
operations, some of which are beyond our control. Our business, financial condition or operating results could be materially harmed by
any of these risks. This could cause the trading price of our securities to decline, and you may lose all or part of your investment.
Additional risks that we do not yet know of or that we currently think are immaterial may also affect our business and results of operations.
We
intend to effect a reverse stock split of our Common Stock in order to uplist our Common Stock on Nasdaq in
connection with this offering. However, we cannot guarantee that such reverse stock split will occur based on any specific ratio
or that Nasdaq will approve our initial listing application for our Common Stock upon such reverse stock split. If such reverse stock
split is not effected or if our listing application is not approved by Nasdaq, we will not be able to consummate this offering and will
terminate this offering.
Risks
Relating to Our Business
Global
or regional health pandemics or epidemics, including COVID-19, could negatively impact our business operations, financial performance
and results of operations.
Our
business and financial results could be negatively impacted by the recent outbreak of COVID-19 or other pandemics or epidemics. The severity,
magnitude and duration of the current COVID-19 pandemic is uncertain, rapidly changing and hard to predict. During 2020, 2021, and 2022
to date, COVID-19 has significantly impacted economic activity and markets around the world, and it can unpredictably negatively
impact our business in numerous ways, including but not limited to those outlined below:
●
Purchasing
    power of consumers may be reduced thereby affecting demand for our products and services;
●
Decreased
    demand for our products and services due to significant capital constraints as a result of COVID-19 and the macro-economic environment;
●
Disruptions
    or uncertainties related to the COVID-19 outbreak for a sustained period of time could result in delays or modifications to our strategic
    plans and initiatives and hinder our ability to achieve our business objectives;
●
supply chain could be impact our
                                            procurement and upending in the global container volume demand could cause shipping delays;
●
Illness,
    travel restrictions or workforce disruptions could negatively affect our business processes including office closures, limitations,
    and inability to travel to marketplaces;
●
Government
    or regulatory responses to pandemics could negatively impact our business. Mandatory lockdowns or other restrictions could materially
    adversely impact our operations and results; and
●
The
    COVID-19 outbreak has increased volatility and pricing in the capital markets and volatility is likely to continue which could have
    a material adverse effect on our ability to obtain debt or equity financing to fund operations.
17
These
and other impacts of the COVID-19 or other global or regional health pandemics or epidemics can have an unpredictable effect of heightening
many of the other risks described in this "Risk Factors" section. We might not be able to predict or respond to all impacts
on a timely basis to prevent near- or long-term adverse impacts to our results. The ultimate impact of these disruptions also depends
on events beyond our knowledge or control, including the duration and severity of any outbreak and actions taken by parties other than
us to respond to them. Any of these disruptions could have a negative impact on our business operations, financial performance and results
of operations, which impact could be material.
We
have reported net operating losses for each of our fiscal years from our inception in 1996 through the present and may not be able to
operate profitability in the future
.
As
of December 31, 2021, we have had net losses of approximately $225,867,206 since our inception in 1979 and cannot be certain when
or if we will ever be profitable. If we continue to incur losses as we have in the past, investors may not receive any return on their
investment and may lose their entire investment. Our prospects must be considered speculative in light of the risks, expenses and difficulties
frequently encountered by companies with new products in their early stages of development, particularly in light of the uncertainties
relating to the new, competitive and rapidly evolving markets in which we operate. To attempt to address these risks, we must, among
other things, further develop our technologies, products and services, successfully implement our research, development, marketing and
commercialization strategies, respond to competitive developments and attract, retain and motivate qualified personnel. A substantial
risk is involved in investing in us because, as a company we have fewer resources than an established company, and we may be more vulnerable
operationally and financially to external factors beyond our control.
We
generated net income of $194,203 and $1,725,706 for the six months ended December 31, 2021 and 2020, respectively. If we are unable
to maintain profitability, we may be unable to continue our operations.
We
will require additional financing in the future to fund our operations which may cause dilution to our existing stockholders or restrict
our operations
.
We
will need additional capital in the future to continue to execute our business plan. Therefore, we will be dependent upon additional
capital in the form of either debt or equity to continue our operations. At the present time, we do not have arrangements to raise all
of the needed additional capital, and we will need to identify potential investors and negotiate appropriate arrangements with them.
Our ability to obtain additional financing will be subject to a number of factors, including market conditions, our operating performance
and investor sentiment. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the
ownership interests of our stockholders will be diluted, and the terms of such financings may include liquidation or other preferences,
anti-dilution rights, and other provisions that may adversely affect the rights of our stockholders, including rights, preferences and
privileges that are senior to those of our holders of Common Stock in the event of a liquidation. In addition, debt financing,
if available, could include covenants limiting or restricting our ability to take certain actions, such as incurring additional debt,
making capital expenditures, or declaring dividends and may require us to grant security interests in our assets. If we are unable to
raise additional capital when required or on acceptable terms we may need to curtail or cease our operations.
18
Our
indebtedness and liquidity needs could restrict our operations and make us more vulnerable to adverse economic conditions.
Our
existing indebtedness may adversely affect our operations and limit our growth, and we may have difficulty repaying our debt when due.
If market or other economic conditions deteriorate, our ability to comply with covenants contained in our debt instruments may be impaired.
If we violate any of the restrictions or covenants set forth in our debt instruments, all or a significant portion of our indebtedness
may become immediately due and payable. Our inability to make payments on our indebtedness when due may have a material adverse effect
on our operations and financial condition.
We
may not be able to raise the required capital to conduct our operations and develop and commercialize our products.
We
require substantial additional capital resources in order to conduct our operations and develop and commercialize our products and run
our facilities. We will need significant additional funds or collaborative partners, or both, to finance the research and development
activities of our potential products. Accordingly, we are continuing to pursue additional sources of financing. Our future capital requirements
will depend upon many factors, including:
●
The
    continued progress and cost of our research and development programs;
●
The
    costs in preparing, filing, prosecuting, maintaining and enforcing patent claims;
●
The
    costs of developing sales, marketing and distribution channels and our ability to sell the products if developed;
●
The
    costs involved in establishing manufacturing capabilities for commercial quantities of our proposed products;
●
Competing
    technological and market developments,
●
Market
    acceptance of our proposed products; and
●
The
    costs for recruiting and retaining employees and consultants.
Additional
financing through strategic collaborations, public or private equity financings or other financing sources may not be available on acceptable
terms, or at all. Our prior failure to be timely in our required periodic filings of quarterly and annual financial reports with the
SEC may significantly limit our ability to raise additional capital. Additional equity financing could result in significant dilution
to our shareholders. Further, if additional funds are obtained through arrangements with collaborative partners, these arrangements may
require us to relinquish rights to some of our technologies, product candidates or products that we would otherwise seek to develop and
commercialize on our own. If sufficient capital is not available, we may be required to delay, reduce the scope of or eliminate one or
more of our programs or potential products, any of which could have a material adverse effect on our financial condition or business
prospects.
We
depend on one customer and the loss of this customer would have a material adverse effect on our business, financial condition and results
of operations.
At
December 31, 2021 and 2020, approximately 100% and 100%, respectively, of accounts receivable were concentrated with one customer located
outside the United States. For the six months ended December 31, 2021 and 2020, approximately 100% and 100%, respectively, of revenue
were concentrated with the same customer. The loss of this customer, or a substantial decrease in demand by this customer for our products,
would have a material adverse effect on our business, results of operations and financial condition. During December 2021, the Company
began invoicing its consumer engagement locations. Although immaterial at December 31, 2021, as these locations continue to grow, the
aforementioned one customer will become less of the Company's total revenue and accounts receivable, thus decreasing the Company's
revenue risk concentrations.
19
We
depend on one primary vendor and the loss of this vendor would have a material adverse effect on our business, financial condition and
results of operations.
At
December 31, 2021 and 2020, approximately 80% and 97%, respectively, of accounts payable were concentrated with one vendor located
in the United States. For the years ended June 30, 2021 and 2020, approximately 100% and 100%, respectively, of cost of revenue were
concentrated with the same vendor. The loss of this vendor would have a material adverse effect on our business, results of operations
and financial condition.
We
operate in highly competitive industries
.
The
artificial intelligence, machine learning, consumer engagement, and EV charging industries are highly competitive.
We face competition in the areas of brand recognition, price, convenience and service. A number of our competitors are larger than us
and have substantial financial, marketing and other resources as well as substantial operations. In addition, reduced barriers to entry
are creating new competition. Furthermore, in order to protect our existing market share or capture increased market share in this highly
competitive environment, we may be required to increase expenditures for advertising and continue to introduce and establish new products.
Due to inherent risks in the marketplace associated with advertising and new product introductions, including uncertainties about consumer
acceptance, increased expenditures may not prove successful in maintaining or enhancing our market share and could impact our operating
results. In addition, we may incur increased credit and other business risks because we operate in a highly competitive environment.
All
of our business segments face competition that includes both public and private organizations and collaborations among academic institutions
and large companies, most of which have significantly greater experience and financial resources than we do.
Private
and public academic and research institutions also compete with us in the research and development of products that could affect our
patent portfolio. In the past several years, the nanotechnology industry has selectively entered into collaborations with both public
and private organizations to explore the development of new products evolving out of research in micro-fluid dynamics.
We
depend on certain third parties to assist us in the development of new products, and any failure of those parties to fulfill their obligations
could result in costs and delays and prevent us from successfully commercializing our products on a timely basis, if at all.
We
engage consultants and contract research organizations to help design, develop and manufacture our products. The consultants and contract
research organizations we engage provide us critical skills, resources and finished products for sale that we do not have within our
own company. As a result, we depend on these consultants and contract research and product supply organizations to deliver our existing
automotive products and to perform the necessary research and development to create new products. We may face delays in developing and
bringing new products to market if these parties do not perform their obligations in a timely or competent fashion or if we are forced
to change service providers.
20
We
depend on our collaborators to help us develop and test our proposed products, and our ability to develop and commercialize products
may be impaired or delayed if collaborations are unsuccessful.
Our
strategy for the development, testing and commercialization of certain of our proposed products requires that we enter into collaborations
with corporate partners, licensors, licensees and others. Some of these collaborators will be located in India and other countries outside
of the United States which pose additional legal and economic risks. We are dependent upon the subsequent success of these other parties
in performing their respective responsibilities and the continued cooperation of our partners. Under agreements with collaborators, we
may rely significantly on such collaborators to, among other things:
●
Fund
    research and development activities with us;
●
Pay
    us fees upon the achievement of milestones under Small Business Technology Transfer (STTR) and Small Business Innovation Research
    (SBIR) programs; and
●
Market
    with us any commercial products that result from our collaborations.
Our
collaborators may not cooperate with us or perform their obligations under our agreements with them. We cannot control the amount and
timing of our collaborators' resources that will be devoted to our research and development activities related to our collaborative
agreements with them. Our collaborators may choose to pursue existing or alternative technologies in preference to those being developed
in collaboration with us.
If
various outside vendors and collaborators do not achieve milestones set forth in our agreements, or if our collaborators breach or terminate
their collaborative agreements with us, our business may be materially harmed.
Our
reliance on the activities of our non-employee consultants, research institutions, and scientific contractors, whose activities are not
wholly within our control, may lead to delays in development of our proposed products
.
From
time to time, we rely upon and have relationships with outside consultants and companies having specialized skills to conduct research.
These consultants are not our employees and may have commitments to, or consulting or advisory contracts with, other entities that may
limit their availability to us. We have limited control over the activities of these consultants and, except as otherwise required by
our collaboration and consulting agreements to the extent they exist, can expect only limited amounts of their time to be dedicated to
our activities. These research facilities may have commitments to other commercial and non-commercial entities. We have limited control
over the operations of these collaborators and can expect only limited amounts of time to be dedicated to our research and product development
goals.
We
are dependent upon key personnel whose loss may adversely impact our business.
Due
to the specialized nature of our business, we are highly dependent on our ability to identify, hire, train and retain highly qualified
scientific and technical personnel for the research and development activities we conduct or sponsor. The loss of one or more certain
key executive officers, or scientists, would be significantly detrimental to us. In addition, recruiting and retaining qualified scientific
personnel to perform research and development work is critical to our success. Our anticipated growth and expansion into areas and activities
requiring additional expertise, such as new applications for "smart surfaces", manufacturing and marketing, will require
the addition of new management personnel and the development of additional expertise by existing management personnel. Despite the current
economic conditions and job market there is significant competition for qualified personnel in the areas of our present and planned activities,
and there can be no assurance that we will be able to continue to attract and retain the qualified personnel necessary for the development
of our business. Any difficulties in obtaining and retaining qualified personnel could have a material adverse effect on our results
of operation or financial condition.
21
Our
                                            acquisition strategy creates risks for our business.
We
expect that we may pursue acquisitions of other businesses, assets or technologies to grow our business. We might not be able to raise
enough cash to compete for attractive acquisition targets. If we are unable to complete acquisitions in the future, our ability to grow
our business at our anticipated rate may be impaired.
We
may pay for acquisitions by issuing additional shares of our Common Stock, which would dilute our stockholders, or by issuing debt, which
could include terms that restrict our ability to operate our business or pursue other opportunities and subject us to meaningful debt
service obligations. We may also use significant amounts of cash to complete acquisitions. Acquisitions involve numerous other risks,
including:
●
difficulties
    integrating the operations, technologies, services and personnel of the acquired companies;
●
challenges
    maintaining our internal standards, controls, procedures and policies;
●
diversion
    of management's attention from other business concerns;
●
potential
    litigation resulting from activities of the acquired company, including claims from terminated employees, customers, former stockholders
    and other third parties;
●
insufficient
    revenues to offset increased expenses associated with the acquisitions and unanticipated liabilities of the acquired companies;
●
potential
    loss of key employees of the acquired companies; and
●
impairment
    of relationships with clients and employees of the acquired companies or our clients and employees as a result of the integration
    of acquired operations and new management personnel.
Mergers
and acquisitions are time intensive, requiring significant commitment of our management team's focus and resources. If our management
team spends too much time focused on recent acquisitions or on potential acquisition targets, our management team may not have sufficient
time to focus on our existing business and operations. This diversion of attention could have material and adverse consequences on our
operations and our ability to be profitable.
We
may fail to realize all of the anticipated benefits of any entities which we acquire, such benefits may take longer to realize than expected
or we may encounter significant difficulties integrating acquired businesses into our operations. If our acquisitions do not achieve
their intended benefits, our business, financial condition, and results of operations could be materially and adversely affected.
We
believe that businesses we acquire will result in certain benefits, including certain cost synergies and operational efficiencies; however,
to realize these anticipated benefits, the businesses we acquire must be successfully combined with our business. The combination of
independent businesses is a complex, costly, and time-consuming process that will require significant management attention and resources.
The integration process may disrupt the businesses and, if implemented ineffectively, would limit the expected benefits of these acquisitions
to us. The failure to meet the challenges involved in integrating acquired businesses and realizing anticipated benefits could cause
an interruption of, or a loss of momentum in, our activities and could adversely affect our results of operations.
The
overall integration of acquired businesses may result in material unanticipated problems, expenses, liabilities, competitive responses,
loss of customer and other business relationships, and diversion of management's attention. The difficulties of combining the operations
of companies include, among others:
●
the
    diversion of management's attention to integration matters;
●
difficulties
    in achieving anticipated cost savings, synergies, business opportunities, and growth prospects from the combinations;
●
difficulties
    in the integration of operations and systems; and
●
conforming
    standards, controls, procedures, accounting and other policies, business cultures, and compensation structures between the two companies.
Many
of these factors are outside of our control and any one of these factors could result in, among other things, increased costs and decreases
in the amount of expected revenues, which could materially adversely impact our business, financial condition, and results of operations.
In addition, even if we are able to successfully integrate acquired businesses, the full benefits, including the synergies, cost savings,
revenue growth, or other benefits that are expected, may not be achieved within the anticipated time frame, or at all. All of these factors
could decrease or delay the expected accretive effect of the acquisitions, and negatively impact our business, operating results, and
financial condition.
Our
insurance policies are limited in scope and coverage and may potentially expose us to unrecoverable risks.
We
have limited commercial insurance policies. Any significant insurance claims would have a material adverse effect on our business, financial
condition and results of operations. Insurance availability, coverage terms and pricing continue to vary with market conditions. We endeavor
to obtain appropriate insurance coverage for insurable risks that we identify, however, we may, due to limited financial resources, be
unable to correctly cover those risks that we can anticipate or quantify as insurable risks. We may not be able to obtain appropriate
insurance coverage, and insurers may not respond as we intend to cover insurable events that may occur. We have observed rapidly changing
conditions in the insurance markets relating to nearly all areas of traditional corporate insurance. Such conditions have resulted in
higher premium costs, higher policy deductibles, and lower coverage limits. For some risks, we may not have or maintain insurance coverage
because of cost or availability.
Existing
coverage may be cancelled while the Company remains exposed to the risk and it is not possible to obtain insurance to protect against
all operational risks, natural hazards and liabilities. Although the Company maintains insurance policies that it believes to be adequate,
it cannot provide assurance that this insurance will be adequate to protect it from all material judgments and expenses related to potential
future claims or that these levels of insurance will be available in the future at economical prices or at all. A successful liability
claim could result in substantial cost to the Company. Even if the Company is fully insured as it relates to a claim, the claim could
nevertheless diminish the Company's brand and divert management's attention and resources, which could have a negative impact
on the Company's business, financial condition, and results of operations.
We
have limited product liability insurance within the business liability coverage, which may leave us vulnerable to
future claims we will be unable to satisfy.
The
testing, manufacturing, marketing and sale of consumer products entail an inherent risk of product liability claims, and we cannot assure
you that substantial product liability claims will not be asserted against us. We have limited product liability insurance. In the event
we are forced to expend significant funds on defending product liability actions, and in the event those funds come from operating capital,
we will be required to reduce our business activities, which could lead to significant losses.
22
We
cannot assure you that adequate insurance coverage will be available in the future on acceptable terms, if at all, or that, if available,
we will be able to maintain any such insurance at sufficient levels of coverage or that any such insurance will provide adequate protection
against potential liabilities. Whether or not a product liability insurance policy is obtained or maintained in the future, any product
liability claim could harm our business or financial condition.
A
portion of our operations is located outside of the United States, which subjects us to additional risks, including increased complexity
and costs of managing international operations and geopolitical instability.
We
have channel partners and customers that are primarily located in India and U.K. In addition, we conduct research and development activities
in the United States and India, and work with third-party contractors in U.K. We also conduct marketing and administrative functions
globally. In addition, consultants and employees are located in the United States, India, and the United Kingdom. As a result of our
international focus, we face numerous challenges and risks, including:
●
complexity
    and costs of managing international operations, including manufacturing, assembly, and testing of our products and associated costs;
●
geopolitical
    and economic instability and military conflicts;
●
limited
    protection for, and vulnerability to theft of, our intellectual property rights, including our trade secrets;
●
compliance
    with local laws and regulations and unanticipated changes in local laws and regulations, including tax laws and regulations, including
    uncertainty surrounding the United Kingdom's decision to exit the European Union;
●
trade
    and foreign exchange restrictions and higher tariffs, including the recent trade tensions between the U.S. and China that has resulted
    in higher tariffs on certain semiconductor products;
●
timing
    and availability of import and export licenses and other governmental approvals, permits, and licenses, including export classification
    requirements;
●
foreign
    currency fluctuations and exchange losses relating to our international operating activities;
●
restrictions
    im
posed by the U.S. government or foreign governments
    on our ability to do business with certain companies or in certain countries as a result of international political conflicts and
    the complexity of complying with those restrictions;
●
compliance
    with multiple, potentially conflicting and changing governmental laws, regulations, certifications, and permitting processes including
    environmental, banking, employment, tax, information security, privacy, and data protection laws and regulations such as the California
    Consumer Privacy Act ("CCPA") and newer state privacy laws in the U.S. including in Virginia and Colorado, the European
    Union (the "EU") General Data Protection Regulation ("GDPR"), national legislation implementing the same
    and changing requirements for legally transferring data out of the European Economic Area;
●
compliance
    with U.S. and foreign anti-bribery laws including the Foreign Corrupt Practices Act ("FCPA") and the United Kingdom Anti
    Bribery Act of 2020 (the "Anti-Bribery Act");
●
to
    international operations, the complexity and adverse consequences of such tax laws, and potentially adverse tax consequences due
    to changes in such tax laws;
●
transportation
    delays and other consequences of limited local infrastructure, and disruptions, such as large-scale outages or i
nterruptions
    of service from utilities or telecommunications providers;
●
difficulties
    in staffing international operations;
●
changes
    in immigration policies which may impact our ability to hire personnel;
●
local
    business and cultural factors that differ from our normal standards and practices;
●
differing
    employment practices and labor relations;
●
requirements
    in foreign countries which may impact availability of personnel;
●
heightened
    risk of terrorist acts;
●
regional
    health issues and the impact of public health epidemics on employees and the global economy, such as the coronavirus outbreak in
    India and other countries;
●
travel
    restrictions, power outages, and natural disasters; and
●
work
    stoppages.
These
risks could harm our international operations, delay new product releases, increase our operating costs, and hinder our ability to grow
our operations and business and, consequently, our business, financial condition, and results of operations could suffer. This in turn
has led to travel restrictions and may otherwise impact companies' international operations. At this point, the extent to which
the coronavirus may impact our business is uncertain.
23
Government
Regulation
We
operate globally and in a rapidly evolving regulatory environment characterized by a heightened regulatory focus on all aspects of the
Company's industry.
We
are subject to laws and regulations enacted by national, regional and local governments. In particular, we will be required to comply
with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult,
time consuming and costly.
Those
laws and regulations and their interpretation and application may also change from time to time and those changes could have a material
adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations,
as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our
initial business combination and results of operations.
Failure
to comply with laws relating to labor and employment could subject us to penalties and other adverse consequences.
We
are subject to various employment-related laws in the jurisdictions in which we operate and our employees are based. We face risks if
we fail to comply with applicable U.S. federal or state wage law or applicable U.S. federal or state labor and employment laws, or wage,
labor or employment laws applicable to our employees outside of the United States. Any violation of applicable wage laws or other
labor- or employment-related laws could result in complaints by current or former employees, adverse media coverage, investigations,
and damages or penalties, which could have a materially adverse effect on our reputation, business, operating results, and prospects.
In addition, responding to any such proceeding may result in a significant diversion of management's attention and resources, significant
defense costs, and other professional fees. Further, any legislative or regulatory changes that impact our relationship with our workforce,
such as changes to minimum wage requirements or health insurance or other employee benefits mandates, could increase our expenses and
adversely affect our operations. While it is our policy and practice to comply with legal and regulatory requirements and our procedures
and internal controls are designed to promote such compliance, we cannot assure that all of our operations will comply with all such
legal and regulatory requirements. Further, laws and regulations change over time and we may be required to incur significant expenses
or to modify our operations in order to ensure compliance. Complying with new legislation or regulations could be time consuming and
expensive, and if we are unable to offset increased labor costs related to our retail store operations by increased sales or improved
gross margins, this could harm our profitability or financial condition. Moreover, if we are found to be in violation of any laws or
regulations, we could become subject to fines, penalties, damages or other sanctions as well as potential adverse publicity or litigation
exposure. This could adversely impact our business, reputation, sales, profitability, cash flows or financial condition.
The
Company's business is subject to a wide variety of additional extensive and evolving government laws and regulations. Failure to
comply with such laws and regulations could have a material adverse effect on the Company's business.
The
Company is subject to a wide variety of laws and regulations relating to various aspects of its business, including with respect to its
EV Charging operations, employment and labor, health care, tax, privacy and data security, health and safety, and environmental issues.
Laws and regulations at the foreign, federal, state and local levels frequently change, especially in relation to new and emerging industries,
and the Company cannot reasonably predict the impact from, or the ultimate cost of compliance with, current or future regulatory or administrative
changes. The Company monitors these developments and devotes a significant amount of management's time and external resources towards
compliance with these laws, regulations and guidelines, and such compliance places a significant burden on management's time and
other resources, and it may limit the Company's ability to expand into certain jurisdictions. Moreover, changes in law, the imposition
of new or additional regulations or the enactment of any new or more stringent legislation that impacts the Company's business
could require the Company to change the way it operates and could have a material adverse effect on its sales, profitability, cash flows
and financial condition. Failure to comply with these laws or regulations or failure to satisfy any criteria or other requirement under
such laws or regulations, such as with respect to obtaining and maintaining licenses, certificates, authorizations and permits critical
for the operation of the Company's business, may result in civil penalties or private lawsuits, or result in a delay or the denial,
suspension or revocation of licenses, certificates, authorizations or permits, which would prevent the Company from operating its business.
Any
changes in applicable laws could adversely affect the Company's business and financial condition. Any material failure to comply
with applicable laws could result in contract termination, price or fee reductions or suspension or debarment from contracting.
Other
Potential Future U.S. Regulation
As
we grow our U.S. business and to the extent we become a U.S. governmental contractor, our business will be subject to various
additional U.S. regulation and related requirements, including routine investigations and reviews relating to compliance with
various U.S. laws and regulations, including those associated with organizational conflicts of interest, procurement integrity, bid
integrity and claim presentation, among others.
Our
business is subject to the risks of international operations, including movements in foreign currency exchange rates.
The
international operations of the company represented approximately 0% and 100% on December 31, 2021 and 2020, respectively, and
may be impacted by currencies other than the U.S. Dollar, including the British Pound and Indian Rupee. Our business and financial results
could be adversely affected due to a variety of factors, including:
●
changes
    in a specific country or region's political and cultural climate or economic condition, including change in governmental regime;
●
unexpected
or unfavorable changes in foreign laws, regulatory requirements and related interpretations;
●
difficulty
of effective enforcement of contractual provisions in local jurisdictions;
●
inadequate
intellectual property protection in foreign countries;
●
trade-
protection
    measures, import or export licensing requirements such as Export Administration Regulations promulgated by the U.S. Department of
    Commerce and fines, penalties or suspension or revocation of export privileges;
●
compliance
    with potentially conflicting and changing laws of taxing jurisdictions and compliance with applicable U.S. tax laws as they relate
    to international operations, the complexity and adverse consequences of such tax laws, and potentially adverse tax consequences
    due to changes in such tax laws
●
trade
    sanctions imposed by the
United States or other governments with jurisdictional authority over our business
    operations;
●
the
    effects of applicable and potentially adverse foreign tax law changes;
●
significant
    adverse changes in foreign currency exchange rates;
●
longer
    accounts receivable cycles;
●
managing
    a geographically dispersed workforce; and
●
compliance
    with the U.S. Foreign Corrupt Practices Act (the "FCPA"), the United Kingdom Anti-Bribery Act of 2020 (the
    "Anti-Bribery Act"),  and the Office of Foreign Assets.
Control
regulations, particularly in emerging markets.
In
foreign countries, particularly in those with developing economies, certain business practices may exist that are prohibited by laws
and regulations applicable to us, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and other anti-corruption laws.
Although our policies and procedures require compliance with these laws and are designed to facilitate compliance with these laws, our
employees, contractors and agents may take actions in violation of applicable laws or our policies. Any such violation, even if prohibited
by our policies, could have a material adverse effect on our business and reputation.
We
have businesses in emerging markets that may experience significant economic volatility.
We
have operations in emerging markets, primarily in the United States, United Kingdom, and India. These emerging market economies tend
to be more volatile than the more established markets, which could add volatility to our future revenues and earnings.
24
Cyber
incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.
We
depend on digital technologies, including information systems, infrastructure and cloud applications and services, including those
of third parties with which we may deal. Sophisticated and deliberate attacks on, or security breaches in, our systems or
infrastructure, or the systems or infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our
assets, proprietary information and sensitive or confidential data. As an early-stage company without significant investments in
data security protection, we may not be sufficiently protected against such occurrences. We may not have sufficient resources to
adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible that any of these
occurrences, or a combination of them, could have adverse consequences on our ability to consummate a business combination and lead
to financial loss.
Data
breaches or incidents involving the Company's technology or products could damage its business, reputation and brand and substantially
harm its business and results of operations.
If
the Company's data and network infrastructure were to fail, or if the Company were to suffer an interruption or degradation of
services, or other infrastructure environments, it could lose important manufacturing and technical data, which could harm its business.
The Company's facilities, as well as the facilities of third parties that maintain or have access to the Company's data or
network infrastructure, are vulnerable to damage or interruption from earthquakes, hurricanes, floods, fires, cyber security attacks,
terrorist attacks, power losses, telecommunications failures and similar events. In the event that the Company's or any third-party
provider's systems or service abilities are hindered by any of the events discussed above, the Company's ability to operate
may be impaired and its business could be adversely affected. A decision to close facilities without adequate notice, or other unanticipated
problems, could adversely impact the Company's operations. The Company's infrastructure also could be subject to break-ins,
cyber-attacks, sabotage, intentional acts of vandalism and other misconduct, from a spectrum of actors ranging in sophistication
from threats common to most industries to more advanced and persistent, highly organized adversaries. Any security breach, including
personal data breaches, or incident, including cybersecurity incidents, that the Company experiences could result in unauthorized access
to, misuse of or unauthorized acquisition of its internal sensitive corporate data, such as financial data, intellectual property, or
data related to contracts with commercial or government customers or partners. Such unauthorized access, misuse, acquisition, or modification
of sensitive data may result in data loss, corruption or alteration, interruptions in the Company's operations or damage to the
Company's computer hardware or systems or those of its employees and customers. Moreover, negative publicity arising from these
types of disruptions could damage the Company's reputation.
Threats
from malicious persons and groups, new vulnerabilities and advanced new attacks against information systems create risk of cybersecurity
incidents. These incidents can include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating
assets or sensitive information, corrupting data, or causing operational disruption. Because the techniques used to obtain unauthorized
access, disable or degrade service, or sabotage systems change frequently and may not immediately produce signs of intrusion, the Company
may be unable to anticipate these incidents or techniques, timely discover them, or implement adequate preventative measures.
Over
the past several years, cyber-attacks have become more prevalent and much harder to detect and defend against. The Company's network
and storage applications may be vulnerable to cyber-attack, malicious intrusion, malfeasance, loss of data privacy or other significant
disruption and may be subject to unauthorized access by hackers, employees, consultants or other service providers. In addition, hardware,
software or applications the Company develops or procures from third parties may contain defects in design or manufacture or other problems
that could unexpectedly compromise information security. Unauthorized parties may also attempt to gain access to the Company's
systems or facilities through fraud, trickery or other forms of deceiving the Company's employees, contractors and temporary staff.
As cyber threats continue to evolve, the Company may be required to expend significant additional resources to continue to modify or
enhance its protective measures or to investigate and remediate any cybersecurity vulnerabilities. The Company  does not currently
have a cyber liability insurance policy and even if a policy is purchased, the Company cannot be certain that its coverage will be adequate
for liabilities actually incurred or that insurance will continue to be available to it on economically reasonable terms, or at all.
Significant
unavailability of the Company's services due to attacks could cause users to cease using the Company's services and materially
adversely affect the Company's business, prospects, financial condition and results of operations. The Company uses software which
it has developed, which the Company seeks to continually update and improve. Replacing such systems is often time-consuming and expensive
and can also be intrusive to daily business operations. Further, the Company may not always be successful in executing these upgrades
and improvements, which may occasionally result in a failure of its systems. The Company may experience periodic system interruptions
from time to time. Any slowdown or failure of the Company's underlying technology infrastructure could harm its business, reputation
and ability to execute on its business plan, which could materially adversely affect its results of operations. The Company's disaster
recovery plan or those of its third-party providers may be inadequate.
25
We
must continually maintain, protect and/or upgrade our information technology systems, including protecting our sensitive information
from internal and external
cybersecurity
threats.
Information
technology enables us to operate efficiently, interface with customers, maintain financial accuracy and efficiency and accurately produce
our financial statements. If we do not appropriately allocate and effectively manage the resources necessary to build and sustain the
proper technology infrastructure, we could be subject to transaction errors, processing inefficiencies, the loss of customers, business
disruptions, and/or the loss of and/or damage to intellectual property through security breaches, including internal and external cybersecurity
threats. cybersecurity attacks are evolving and include, but are not limited to, malicious software (malware, ransomware and viruses),
phishing and social engineering, attempts to gain unauthorized access to networks, computer systems and data, malicious or negligent
actions of employees (including misuse of information they are entitled to access) and other forms of electronic security breaches that
could lead to disruptions in business systems, an inability to process customer orders and/or lost customer orders, unauthorized release
of confidential or otherwise protected information and corruption of data.
We
rely on relationships with third parties, including suppliers, distributors, contractors, cloud data storage and other information
technology service providers and other external business partners, for certain functions or for services in support of our
operations. These third-party service providers and partners, with whom we may share data, are subject to similar risks relating
to cybersecurity, privacy violations, business interruption, and systems, as well as employee failures. While we strive to have
procedures in place for selecting and managing our relationships with third-party service providers and other business partners, we
do not have control over their business operations or governance and compliance systems, practices and procedures, which increases
our financial, legal, reputational and operational risk. These third parties may experience cybersecurity incidents that
may involve data we share with them or rely on them to provide to us, and the need to coordinate with such third parties, including
with respect to timely notification and access to personnel and information concerning an incident, may complicate our efforts to
resolve any issues that arise.
Given the unpredictability of the timing, nature and scope of such disruptions, we could potentially be subject to operational interruption,
damage to our brand image and private data exposure.
Moreover,
if our data management systems do not effectively collect, store, process and report relevant data for the operation of our business
(whether due to equipment malfunction or constraints, software deficiencies, cybersecurity attack and/or human error), our
ability to effectively plan, forecast and execute our business plan and comply with applicable laws and regulations will be impaired,
perhaps materially. Any such impairment could materially and adversely affect our financial condition, results of operations, cash flows
and the timeliness with which we report our internal and external operating results.
If
we fail to comply with data privacy and personal data protection laws, we could be subject to adverse publicity, government enforcement
actions and/or private litigation, which may negatively impact our business and operating results.
We
receive, process, transmit and store information relating to certain identified or identifiable individuals ("personal data"),
including current and former employees, in the ordinary course of business. As a result, we are subject to various U.S. federal and state
and foreign laws and regulations relating to personal data. These laws are subject to change, and new personal data legislation may be
enacted in other jurisdictions at any time. The California Consumer Privacy Act of 2018 ("CCPA"), which was enacted in June
2018 and came into effect on January 1, 2020, provides a new private right of action and statutory damages for certain data breaches
and imposes operational requirements on companies that process personal data of California residents, including making new disclosures
to consumers about data collection, processing and sharing practices and allowing consumers to opt out of certain data sharing with third
parties.
26
Changes
introduced by the CCPA, as well as other changes to existing personal data protection laws and the introduction of such laws in other
jurisdictions, subject the Company to, among other things, additional costs and expenses and may require costly changes to our business
practices and security systems, policies, procedures and practices. There can be no assurances that our security controls over personal
data, training of personnel on data privacy and data security, vendor management processes, and the policies, procedures and practices
we implement will prevent the improper processing or breaches of personal data. Data breaches or improper processing, or breaches of
personal data in violation of the CCPA and/or of other personal data protection or privacy laws and regulations, could harm our reputation,
cause loss of consumer confidence, subject us to government enforcement actions (including fines), or result in private litigation against
us, which may result in potential loss of revenue, increased costs, liability for monetary damages or fines and/or criminal prosecution,
thereby negatively impacting our business and operating results.
Increasing
regulatory focus on privacy issues and expanding laws may impact the Company's business or expose it to increased liability
.
The Company collects and processes customer data, which may include personal
data. Due to the sensitivity of the information
and data the Company expects to manage in the future, as well as the nature of its customer base, the security features of its information
systems are critical. A variety of U.S. federal, state and foreign laws and regulations govern the collection, use, retention, sharing
and security of this information. Laws and regulations relating to privacy, data protection and consumer protection are evolving and
subject to potentially differing interpretations. These requirements may not be harmonized, may be interpreted and applied in a manner
that is inconsistent from one jurisdiction to another or may conflict with other rules or the Company's practices. As a result,
the Company's practices may not have complied or may not comply in the future with all such laws, regulations, requirements and
obligations.
The
Company expects that new industry standards, laws and regulations will continue to be proposed regarding privacy, data protection and
information security in many jurisdictions, Additionally, the Company stores customer information and content and if its customers fail
to comply with their contractual obligations or applicable laws, it could result in litigation or reputational harm to the Company. Laws,
regulations, standards and self-regulatory codes may affect the Company's ability to reach current and prospective customers, understand
how the Company's offerings and services are being used, respond to customer requests allowed under the laws, and implement its
new business models effectively. These new laws and regulations would similarly affect the Company's competitors as well as its
customers. These requirements could impact demand for the Company's offerings and services and result in more onerous contract
obligations.
Our
internal computer systems, or those of our collaborators or other contractors or consultants, may fail or suffer security breaches, which
could result in a material disruption of our product development programs.
Our
internal computer systems and those of our current and any future collaborators and other contractors or consultants are vulnerable to
damage from computer viruses, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. Such
a material system failure, accident or security breach could result in a disruption of our development programs and our business operations,
whether due to a loss of our trade secrets or other proprietary information or other similar disruptions. To the extent that any
disruption or security breach were to result in a loss of, or damage to, our data or applications, or inappropriate disclosure of confidential
or proprietary information, we could incur liability, our competitive position could be harmed, and the further development and commercialization
of our product candidates could be delayed.
We
could be subject to risks caused by misappropriation, misuse, leakage, falsification or intentional or accidental release or loss of
information maintained in the information systems and networks of our company and our vendors, including personal information of our
employees and study subjects, and company and vendor confidential data. In addition, outside parties may attempt to penetrate our systems
or those of our vendors or fraudulently induce our personnel or the personnel of our vendors to disclose sensitive information in order
to gain access to our data and/or systems. We may experience threats to our data and systems, including malicious codes and viruses,
phishing and other cyberattack. The number and complexity of these threats continue to increase over time. If a material breach of, or
accidental or intentional loss of data from, our information technology systems or those of our vendors occurs, the market perception
of the effectiveness of our security measures could be harmed and our reputation and credibility could be damaged. We could be required
to expend significant amounts of money and other resources to repair or replace information systems or networks. In addition, we could
be subject to regulatory actions and/or claims made by individuals and groups in private litigation involving privacy issues related
to data collection and use practices and other data privacy laws and regulations, including claims for misuse or inappropriate disclosure
of data, as well as unfair or deceptive practices. The development and maintenance of these systems, controls and processes is costly
and requires ongoing monitoring and updating as technologies change and efforts to overcome security measures become increasingly sophisticated.
Moreover, despite our efforts, the possibility of these events occurring cannot be eliminated entirely. As we outsource more of our information
systems to vendors, engage in more electronic transactions with payors and patients, and rely more on cloud-based information systems,
the related security risks will increase and we will need to expend additional resources to protect our technology and information systems.
In addition, there can be no assurance that our internal information technology systems or those of our third-party contractors, or our
consultants' efforts to implement adequate security and control measures, will be sufficient to protect us against breakdowns,
service disruption, data deterioration or loss in the event of a system malfunction, or prevent data from being stolen or corrupted in
the event of a cyberattack, security breach, industrial espionage attacks or insider threat attacks which could result in financial,
legal, business or reputational harm.
Computer
malware, viruses, ransomware, hacking, phishing attacks and similar disruptions could result in security and privacy breaches and interruptions
and delays in services and operations, which could harm our business.
Computer
malware, viruses, physical or electronic break-ins and similar disruptions could lead to interruptions and delays in our services
and operations and loss, misuse or theft of data. Computer malware, viruses, ransomware, hacking, phishing, and other attacks against
online networks have become more prevalent and may occur on our systems in the future. We have implemented security measures, such as
multi-factor authentication and security incident and event management tools. But any attempts by cyber attackers to disrupt our services
or systems, if successful, could harm our business, introduce liability to data subjects, result in the misappropriation of funds, be
expensive to remedy and damage our reputation or brand. Insurance may not be sufficient to cover significant expenses and losses related
to cyber-attacks. As cyber-attacks evolve, the cost of measures designed to prevent such attacks continues to increase, and we may not
be able to cause the implementation or enforcement of such preventions with respect to our third-party vendors. Though it is difficult
to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability,
security and availability of systems and technical infrastructure may, in addition to other losses, harm our reputation, brand and ability
to attract customers.
27
Service
disruptions, outages and other performance problems can be caused by a variety of factors, including infrastructure changes, cyber-security
threats, third-party service providers, human or software errors and capacity constraints. If our services are unavailable when users
attempt to access them, they may seek other services, which could reduce demand for our solutions from target customers.
We
have processes and procedures in place designed to enable us to recover from a disaster or catastrophe and continue business operations.
However, there are several factors ranging from human error to data corruption that could materially impact the efficacy of such processes
and procedures, including by lengthening the time services are partially or fully unavailable to customers and users. It may be difficult
or impossible to perform some or all recovery steps and continue normal business operations due to the nature of a particular disaster
or catastrophe, especially during peak periods, which could cause additional reputational damages, or loss of revenues, any of which
could adversely affect our business and financial results.
Risks
related to the EV Market
Changes
to fuel economy standards or the success of alternative fuels may negatively impact the EV market and thus impact our products and services.
As
regulatory initiatives have required an increase in the mileage capabilities of cars, consumption of renewable transportation fuels,
such as ethanol and biodiesel, and consumer acceptance of EVs and other alternative vehicles has been increasing. If fuel efficiency
of non-electric vehicles continues to rise, whether as the result of regulations or otherwise, and affordability of vehicles using renewable
transportation fuels improves, the demand for electric and high energy vehicles could diminish. In addition, the EV fueling model is
different than gas or other fuel models, requiring behavior change and education of influencers, consumers and others such as regulatory
bodies. Developments in alternative technologies, such as advanced diesel, ethanol, fuel cells or compressed natural gas, or improvements
in the fuel economy of the internal combustion engine, may materially and adversely affect demand for EVs and EV charging stations. For
example, fuel which is abundant and relatively inexpensive in the United States, such as compressed natural gas, may emerge as a preferred
alternative to petroleum-based propulsion. Regulatory bodies may also adopt rules that substantially favor certain alternatives to petroleum-based
propulsion over others, which may not necessarily be EVs. This may impose additional obstacles to the purchase of EVs or the development
of a more ubiquitous EV market. Finally, the current litigation between the state of California and the National Highway Traffic Safety
Administration ("NHTSA") could impact other's ability to set fuel economy standards that encourage the adoption of
EVs and could be followed by many other states. If any of the above cause or contribute to consumers or businesses to no longer purchase
EVs or purchase them at a lower rate, it would materially and adversely affect our business, operating results, financial condition and
prospects.
If
we are unable to keep up with advances in EV technology, we may suffer a decline in our competitive position.
The
EV industry is characterized by rapid technological change. If we are unable to keep up with changes in EV technology, our competitive
position may deteriorate which would materially and adversely affect our business, prospects, operating results and financial condition.
As technologies change, we plan to upgrade or adapt our equipment in order to continue to provide EV charging services with the latest
technology. However, due to our limited cash resources, our efforts to do so may be limited. As a result, we may be unable to grow, maintain
and enhance the equipment.
28
Our
future growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of EVs for passenger and fleet
applications.
Our
future growth is dependent upon the adoption of EVs by businesses and consumers. The market for EVs is still rapidly evolving, characterized
by rapidly changing technologies, competitive pricing and competitive factors, evolving government regulation and industry standards
and changing consumer demands and behaviors, changing levels of concern related to environmental issues and governmental initiatives
related to climate change and the environment generally. Although demand for EVs has grown in recent years, there is no guarantee of
continuing future demand. If the market for EVs develops more slowly than expected, or if demand for EVs decreases, our business, prospects,
financial condition and operating results would be harmed. The market for EVs could be affected by numerous factors, such as: perceptions
about EV features, quality, safety, performance and cost; perceptions about the limited range over which EVs may be driven on a single
battery charge; competition, including from other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy
internal combustion engine vehicles; volatility in the cost of oil and gasoline; concerns regarding the stability of the electrical grid;
the decline of an EV battery's ability to hold a charge over time; availability of service for EVs; consumers' perception
about the convenience and cost of charging EVs; increases in fuel efficiency; government regulations and economic incentives, including
adverse changes in, or expiration of, favorable tax incentives related to EVs, EV charging stations or decarbonization generally; relaxation
of government mandates or quotas regarding the sale of EVs; and concerns about the future viability of EV manufacturers. In addition,
sales of vehicles in the automotive industry can be cyclical, which may affect growth in acceptance of EVs. It is uncertain how macroeconomic
factors will impact demand for EVs, particularly since they can be more expensive than traditional gasoline-powered vehicles, when the
automotive industry globally has been experiencing a recent decline in sales. Furthermore, because fleet operators often make large purchases
of EVs, this cyclicality and volatility in the automotive industry may be more pronounced with commercial purchasers, and any significant
decline in demand from these customers could reduce demand for EV charging and our products and services in particular. Demand for EVs
may also be affected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles, such as sales
and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations, including tariffs,
import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may result in reduced demand for
EV charging solutions and therefore adversely affect our business, financial condition and operating results.
The
EV market currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities
and others to offset the purchase or operating cost of EVs and EV charging stations.
In
particular, our marketing efforts have heavily relied upon federal tax credits available to purchasers of its EV charging stations
that effectively provide purchasers with a significantly discounted purchase price. The reduction, modification, or elimination of such
benefits could cause reduced demand for EVs and EV charging stations, which would adversely affect our financial results. The U.S. federal
government, foreign governments and some state and local governments provide incentives to end users and purchasers of EVs and EV charging
stations in the form of rebates, tax credits and other financial incentives, such as payments for regulatory credits. The EV market relies
on these governmental rebates, tax credits and other financial incentives to significantly lower the effective price of EVs and EV charging
stations to customers. However, these incentives may expire on a particular date, end when the allocated funding is exhausted, or be
reduced or terminated as a matter of regulatory or legislative policy. The EV charging market is characterized by rapid technological
change, which requires us to continue to develop new products and product innovations. Any delays in such development could adversely
affect market adoption of its products and our financial results. Continuing technological changes in battery and other EV technologies
could adversely affect adoption of current EV charging technology and/or our products. Our future success will depend upon its ability
to develop and introduce a variety of new capabilities and innovations to its existing product offerings, as well as introduce a variety
of new product offerings, to address the changing needs of the EV charging market. As new products are introduced, gross margins tend
to decline in the near term and improves as the product become more mature and with a more efficient manufacturing process. As EV technologies
change, we may need to upgrade or adapt to different EV charging stations and introduce new products and services in order to serve vehicles
that have the latest technology, in particular battery cell technology, which could involve substantial costs. Even if we are able to
keep pace with changes in technology and develop new products and services, its research and development expenses could increase, its
gross margins could be adversely affected in some periods and its prior products could become obsolete more quickly than expected.
29
This
prospectus includes estimates of the addressable market for our solutions and the EV market in general. Market opportunity estimates
and growth forecasts, whether obtained from third-party sources or developed internally, are subject to significant uncertainty and are
based on assumptions and estimates that may prove to be inaccurate. This is especially so at the present time due to the uncertain and
rapidly changing projections of the severity, magnitude and duration of the COVID-19 pandemic. The estimates and forecasts in this prospectus
relating to the size and expected growth of the target market, market demand and adoption, capacity to address this demand and pricing
may also prove to be inaccurate. In particular, estimates regarding the current and projected market opportunity are difficult to predict.
The estimated addressable market may not materialize for many years, if ever, and even if the markets meet the size estimates and growth
forecasted in this prospectus, our business could fail to grow at similar rates.
Some
of our products contain open-source software, which may pose particular risks to our proprietary software, products and services in a
manner that could harm our business.
We
use open-source software in its products and anticipates using open-source software in the future. Some open-source software licenses
require those who distribute open-source software as part of their own software product to publicly disclose all or part of the source
code to such software product or to make available any derivative works of the open-source code on unfavorable terms or at no cost, and
we may be subject to such terms. The terms of many open-source licenses have not been interpreted by U.S. or foreign courts, and there
is a risk that open-source software licenses could be construed in a manner that imposes unanticipated conditions or restrictions on
our ability to provide or distribute our products or services. In addition, we rely on some open-source software and libraries issued
under the General Public License (or similar "copyleft" licenses) for development of its products and may continue to rely
on similar copyleft licenses. Third parties may assert a copyright claim against us regarding its use of such software or libraries,
which could lead to the adverse results listed above. Use of such software or libraries may also force us to provide third parties, at
no cost, the source code to its proprietary software, which may decrease revenue and lessen any competitive advantage we have due to
the secrecy of its source code. We could face claims from third parties claiming ownership of, or demanding release of, the open-source
software or derivative works that we developed using such software, which could include our proprietary source code, or otherwise seeking
to enforce the terms of the applicable open-source license. These claims could result in litigation and could require us to make its
software source code freely available, purchase a costly license or cease offering the implicated products or services unless and until
we can re-engineer them to avoid infringement, which may be a costly and time-consuming process, and we may not be able to complete the
re-engineering process successfully. Additionally, the use of certain open-source software can lead to greater risks than use of third-party
commercial software, as open-source licensors generally do not provide warranties or controls on the origin of software. There is typically
no support available for open-source software, and we cannot ensure that the authors of such open-source software will implement or push
updates to address security risks or will not abandon further development and maintenance. Many of the risks associated with the use
of open-source software, such as the lack of warranties or assurances of title or performance, cannot be eliminated, and could, if not
properly addressed, could have an adverse effect on our business and results.
Existing
and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating costs
or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or other limitations
that may adversely impact our financial results or results of operation.
Our
operations, as well as those of our contractors, suppliers and customers, are subject to certain environmental laws and regulations,
including laws related to the use, handling, storage, transportation and disposal of hazardous substances and wastes as well as electronic
wastes and hardware, whether hazardous or not. These laws may require us or others in our value chain to obtain permits and comply with
procedures that impose various restrictions and obligations that may have material effects on our operations. If key permits and approvals
cannot be obtained on acceptable terms, or if other operational requirements cannot be met in a manner satisfactory for our operations
or on a timeline that meets our commercial obligations, it may adversely impact our business. Environmental and health and safety laws
and regulations can be complex and may be subject to change, such as through new requirements enacted at the supranational, national,
sub-national and/or local level or new or modified regulations that may be implemented under existing law. The nature and extent of any
changes in these laws, rules, regulations and permits may be unpredictable and may have material effects on our business. Future legislation
and regulations or changes in existing legislation and regulations, or interpretations thereof, including those relating to hardware
manufacturing, electronic waste or batteries, could cause additional expenditures, restrictions and delays in connection with our operations
as well as other future projects, the extent of which cannot be predicted. Further, we would rely on third parties to ensure compliance
with certain environmental laws, including those related to the disposal of hazardous and non-hazardous wastes. Any failure to properly
handle or dispose of such wastes, regardless of whether such failure is ours or our contractors, may result in liability under environmental
laws, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"),
under which liability may be imposed without regard to fault or degree of contribution for the investigation and clean-up of contaminated
sites, as well as impacts to human health and damages to natural resources. Additionally, we may not be able to secure contracts with
third parties to continue their key supply chain and disposal services for the Company's business, which may result in increased
costs for compliance with environmental laws and regulations.
30
Interruptions,
delays in service or inability to increase capacity, including internationally, at third party data center facilities could impair the
use or functionality of our subscription services, harm its business and subject it to liability.
We
might serve customers from third party data center facilities operated by Amazon Web Services ("AWS") located in the United
States, Europe and Canada. Any outage or failure of such data centers could negatively affect our product connectivity and performance.
Our primary environments are behind the Content Delivery Network operated by Cloudflare, Inc. ("Cloudflare"), and any interruptions
of Cloudflare's services could negatively affect our product connectivity and performance. Furthermore, we depend on connectivity
from its charging stations to its data centers through cellular service providers, such as Verizon. Any incident affecting a data center
facility's or a cellular service provider's infrastructure or operations, whether caused by fire, flood, severe storm, earthquake,
power loss, telecommunications failures, breach of security protocols, computer viruses and disabling devices, failure of access control
mechanisms, natural disasters, war, criminal act, military actions, terrorist attacks and other similar events could negatively affect
the use, functionality or availability of our services. Any damage to, or failure of, our systems, or those of its third-party providers,
could interrupt or hinder the use or functionality of its services. Impairment of or interruptions in our services may reduce revenue,
subject it to claims and litigation, cause customers to terminate their subscriptions, and adversely affect renewal rates and its ability
to attract new customers. Our business will also be harmed if customers and potential customers believe its products and services are
unreliable.
Our
business will depend on customers renewing their services subscriptions. If customers do not continue to use its subscription offerings
or if they fail to add more stations, its business and operating results will be adversely affected.
In
addition to selling charging station hardware, we also depend on customers continuing to subscribe to its EV charging services and extended
warranty coverages. Therefore, it is important that customers renew their subscriptions when the contract term expires and add additional
charging stations and services to their subscriptions. Customers may decide not to renew their subscriptions with a similar contract
period, at the same prices or terms or with the same or a greater number of users, stations or level of functionality. Customer retention
may decline or fluctuate as a result of a number of factors, including satisfaction with software and features, functionality of the
charging stations, prices, features and pricing of competing products, reductions in spending levels, mergers and acquisitions involving
customers and deteriorating general economic conditions.
If
customers do not renew their subscriptions, if they renew on less favorable terms or if they fail to add products or services, our business
and operating results will be adversely affected
.
Changes
in subscriptions or pricing models may not be reflected in near-term operating results. We generally recognize subscription revenue from
customers ratably over the terms of their contracts. As a result, most of the subscription revenue reported in each quarter is derived
from the recognition of deferred revenue relating to subscriptions entered into during previous quarters. Consequently, a decline in
new or renewed subscriptions in any single quarter will likely have only a small impact on revenue for that quarter. However, such a
decline will negatively affect revenue in future quarters. In addition, the severity and duration of events may not be predictable, and
their effects could extend beyond a single quarter. Accordingly, the effect of significant downturns in sales and market acceptance of
subscription services, and potential changes in pricing policies or rate of renewals, may not be fully apparent until future periods.
31
We
may face risks related to companies in the technology sector.
Business
combinations with companies in the  technology sector entail
special considerations and risks. If we are successful in completing a business combination with such a target business, we may be subject
to, and possibly adversely affected by, the following risks:
●
an
    inability to compete effectively in a highly competitive environment with many incumbents having substantially greater resources;
●
an
    inability to manage rapid change, increasing customer expectations and growth;
●
an
    inability to build strong brand identity and improve subscriber or customer satisfaction and loyalty;
●
a
    reliance on proprietary technology to provide services and to manage our operations, and the failure of this technology to operate
    effectively, or our failure to use such technology effectively;
●
an
    inability to deal with our subscribers' or customers' privacy concerns;
●
an
    inability to attract and retain subscribers or customers;
●
an
    inability to license or enforce intellectual property rights on which our business may depend;
●
any
    significant disruption in our computer systems or those of third parties that we would utilize in our operations;
●
an
    inability by us, or a refusal by third parties, to license content to us upon acceptable terms;
●
potential
    liability for negligence, copyright or trademark infringement or other claims based on the nature and content of materials that we
    may distribute;
●
competition
    for advertising revenue;
●
disruption
    or failure of our networks, systems or technology as a result of computer viruses, "cyber-attacks," misappropriation
    of data or other malfeasance, as well as outages, natural disasters, terrorist attacks, accidental releases of information or similar
    events;
●
an
    inability to obtain necessary hardware, software and operational support; and
●
reliance
    on third-party vendors or service providers, over whom we have no control.
Any
of the foregoing could have an adverse impact on our business, financial condition and results of operations following a business combination.
Past
performance by our management team may not be indicative of future performance of an investment in us.
Past
performance by our management team is not a guarantee either (i) of success with respect to any business combination we may consummate
or (ii) that we will be able to locate a suitable candidate for our initial business combination. You should not rely on the historical
record of our management team's performance as indicative of our future performance of an investment in the company or the returns
the company will, or is likely to, generate going forward. Additionally, in the course of their respective careers, members of our management
team have been involved in businesses and deals that were unsuccessful.
We
may be subject to an increased rate of tax on our income if we are treated as a personal holding company.
Depending
on the date and size of our initial business combination, it is possible that we could be treated as a "personal holding company"
for U.S. federal income tax purposes. A U.S. corporation generally will be classified as a personal holding company for U.S. federal
income tax purposes in a given taxable year if more than 50% of its ownership (by value) is concentrated, within a certain period of
time, in five or fewer individuals (without regard to their citizenship or residency and including as individuals for this purpose certain
entities such as certain tax-exempt organizations, pension funds, and charitable trusts), and at least 60% of its income is comprised
of certain passive items. See the section titled "Material U.S. Federal Tax Considerations — Personal Holding Company Status"
for more detailed information.
Risks
Related to Intellectual Property
Certain
aspects of our technology are not protectable by patent or copyright.
Certain
parts of our know-how and technology are not patentable. To protect our proprietary position in such know-how and technology, we require
all employees, consultants, advisors and collaborators with access to our technology to enter into confidentiality and invention ownership
agreements with us. We cannot ensure that these agreements will provide meaningful protection for our trade secrets, know-how or other
proprietary information in the event of any unauthorized use or disclosure. Further, in the absence of patent protection, competitors
who independently develop substantially equivalent technology may harm our business.
32
We
may not be able to adequately defend against piracy of intellectual property in foreign jurisdictions.
Considerable
research in the areas of micro fluid dynamics is being performed in countries outside of the United States, and a number of potential
competitors are located in these countries. The laws protecting intellectual property in some of those countries may not provide adequate
protection to prevent our competitors from misappropriating our intellectual property. Several of these potential competitors may be
further along in the process of product development and also operate large, company-funded research and development programs. As a result,
our competitors may develop more competitive or affordable products, or achieve earlier patent protection or product commercialization
than we are able to achieve. Competitive products may render any products or product candidates that we develop obsolete.
We
may not be able to protect our proprietary technology, which could harm our ability to operate profitably.
Patent
and trade secret protection is critical for the new technologies we utilize, artificial intelligence, machine learning and nanotechnology
and microfluidics, as well as the products and processes derived through them. Our success will depend, to a substantial degree, on our
ability to obtain and enforce patent protection for our products, preserve any trade secrets and operate without infringing the proprietary
rights of others. We cannot assure you that:
●
we
    will succeed in obtaining any patents in a timely manner or at all, or that the breadth or degree of protection of any such patents
    will protect our interests;
●
the
    use of our technology will not infringe on the proprietary rights of others;
●
patent
    applications relating to our potential products or technologies will result in the issuance of any patents or that, if issued, such
    patents will afford adequate protection to us or not be challenged, invalidated or infringed;
●
patents
    will not issue to other parties, which may be infringed by our potential products or technologies; and
●
we
    will continue to have the financial resources necessary to prosecute our existing patent applications, pay maintenance fees on patents
    and patent applications, or file patent applications on new inventions.
The
fields in which we operate have been characterized by significant efforts by competitors to establish dominant or blocking patent rights
to gain a competitive advantage, and by considerable differences of opinion as to the value and legal legitimacy of competitors'
purported patent rights and the technologies they actually utilize in their businesses.
We
may incur substantial expenditures in the future in order to protect our intellectual property.
We
believe that our intellectual property with respect to our Smart NanoBattery, our proprietary rights with respect to the Company's
permeable membrane design consisting of both micro and nano scale silicon features that are coated with a monolayer chemistry used to
repel liquids, and our recent entry into the area of artificial intelligence and machine learning are critical to our future success.
The Company's current battery related patent portfolio consists of Smart Surfaces technologies. Our pending patent applications
may never be granted for various reasons, including the existence of conflicting patents or defects in our applications. Even if additional
U.S. patents are ultimately granted, there are significant risks regarding enforcement of patents in international markets. There are
many patents being filed as the science of nanotechnology develops and the Company has limited financial resources compared to large,
well established companies to bring patent litigation based upon claims of patent infringement.
In
the event litigation over patent matters with one or more of our competitors arise, we could incur substantial litigation or interference
costs in defending ourselves against suits brought against us or in suits in which we may assert our patents against others. If the outcome
of any such litigation is unfavorable, our business could be materially adversely affected. To determine the priority of inventions,
we may also have to participate in interference proceedings declared by the United States Patent and Trademark Office, which could result
in substantial cost to us. Without additional capital, we may not have the resources to adequately defend or pursue this litigation.
Patents
obtained by other persons may result in infringement claims against us that are costly to defend and which may limit our ability to use
the disputed technologies and prevent us from pursuing research and development or commercialization of potential products.
If
third party patents or patent applications contain claims infringed by either our technology or other technology required to make and
use our potential products and such claims are ultimately determined to be valid, there can be no assurance that we would be able to
obtain licenses to these patents at a reasonable cost, if at all, or be able to develop or obtain alternative technology. If we are unable
to obtain such licenses at a reasonable cost, we may not be able to develop some products commercially. We may be required to defend
ourselves in court against allegations of infringement of third-party patents. Patent litigation is very expensive and could consume
substantial resources and create significant uncertainties. Any adverse outcome in such a suit could subject us to significant liabilities
to third parties, require disputed rights to be licensed from third parties, or require us to cease using such technology.
Our
current "smart surface technology" is at an early stage of development and we may not develop products that can be commercialized.
Our
smart surface technology has derived very limited revenue from a Phase I Army Grant of approximately $100,000 and a Phase II Army Grant
of approximately $750,000 with respect to our Smart NanoBattery product from inception of development in February 2004 through the date
hereof. Other material revenue was derived from our series of battery "Jump Starters" in the fiscal years ended 2014 and
2015; products that the Company discontinued beginning in April 2016 owing to contracting margins and increased competition.
Because
of the numerous risks and uncertainties associated with our product development and commercialization efforts, we are unable to predict
the extent of our future losses or when or if we will become profitable, which, in turn, would result in a loss of investment.
Our
failure to continue successful commercialization of our new products in the fields of machine learning and artificial intelligence or
successfully commercialize our Smart Nano Battery or to become and remain profitable could depress the market price of our Common Stock
and impair our ability to raise capital, expand our business, diversify our product offerings and continue our operations.
Forces
outside our control which cannot be predicted, including, but not limited to, general economic conditions and other such forces which
include the success of our research and field testing, the availability of collaborative partners to finance our work in pursuing applications
of artificial intelligence, machine learning and "smart surfaces" or other developments in the field which, due to efficiencies
or technological breakthroughs may render one or more areas of commercialization more attractive, obsolete or competitively unattractive.
It is possible that one or more areas of commercialization will not be pursued at all if a collaborative partner or entity willing to
fund research and development cannot be located. Our decisions regarding the ultimate products and/or services we pursue could have a
significant adverse effect on our ability to earn revenue if we misinterpret trends, underestimate development costs and/or pursue wrong
products or services. Any of these factors either alone or in concert could materially harm our ability to earn revenues or could result
in a loss of any investment in us.
33
Our
products may not be accepted in the marketplace
.
The
degree of market acceptance of our products will depend on many factors, including:
●
Our
    ability to manufacture or obtain from third party manufacturers sufficient quantities of our product candidates with acceptable quality
    and at an acceptable cost to meet demand; and
●
Marketing
    and distribution support for our products.
We
cannot predict or guarantee that either commercial or military entities, in general, will accept or utilize any of our product candidates.
Failure to achieve market acceptance would limit our ability to generate revenue and would have a material adverse effect on our business.
In addition, if any of our product candidates achieve market acceptance, we may not be able to maintain that market acceptance over time
if competing products or technologies are introduced that are received more favorably or are more cost-effective.
If
we are unable to keep up with rapid technological changes in our field or compete effectively, we will be unable to operate profitably.
We
are engaged in activities in the artificial intelligence, machine learning, nanotechnology and microfluidics field, which is characterized
by extensive research efforts and rapid technological progress. If we fail to anticipate or respond adequately to technological developments,
our ability to operate profitably could suffer. We cannot assure you that research and discoveries by other companies will not render
our technologies or potential products or services uneconomical or result in products superior to those we develop or that any technologies,
products or services we develop will be preferred to any existing or newly developed technologies, products or services.
Risks
Relating to Our Securities
If
we fail to comply with the rules under the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") related to internal controls and
procedures in the future, or, if we discover material weaknesses and other deficiencies in our internal controls over financial reporting,
our stock price could decline significantly and raising capital could be more difficult.
Section
404 of Sarbanes-Oxley requires annual management assessments of the effectiveness of our internal controls over financial reporting.
If we fail to comply with the rules under Sarbanes-Oxley related to disclosure controls and procedures in the future, or, if we discover
material weaknesses and other deficiencies in our internal controls over financial reporting, our stock price could decline significantly
and raising capital could be more difficult. If material weaknesses or significant deficiencies are discovered or if we otherwise fail
to achieve and maintain the adequacy of our internal controls, we may not be able to ensure that we can conclude on an ongoing basis
that we have effective internal controls over financial reporting in accordance with Section 404 of Sarbanes-Oxley. Moreover, effective
internal controls are necessary for us to produce reliable financial reports and are important to helping prevent financial fraud. If
we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose
confidence in our reported financial information, and the trading price of our Common Stock could drop significantly.
There
is no assurance that an active and liquid trading market in our Common Stock will develop.
This
offering will close only if our Common Stock and Warrants are accepted to be listed on the Nasdaq Capital Market. There can
be no assurance any broker will be interested in trading our Common Stock and/or Warrants. Therefore, it may be difficult to
sell any securities you purchase in this offering if you desire or need to sell them. Neither we nor the underwriters can provide
any assurance that an active and liquid trading market in our Common Stock and/or Warrants will develop or, if developed,
that such markets will continue.
34
There
is no guarantee that we will successfully have our Common Stock and Warrants listed on the Nasdaq Capital Market, in which case
we will not complete this offering. Even if our Common Stock and Warrants are accepted for listing on the Nasdaq Capital Market,
upon our satisfaction of the exchange's initial listing criteria, the exchange may subsequently delist our Common Stock and/or
Warrants if we fail to comply with ongoing listing standards.
In
the event we are able to list our Common Stock and Warrants on the Nasdaq Capital Market upon our satisfaction of the exchange's
initial listing criteria, the exchange will require us to meet certain financial, public float, bid price and liquidity standards on
an ongoing basis in order to continue the listing of our Common Stock and/or Warrants. If we fail to meet these continued listing
requirements, our Common Stock and/or Warrants may be subject to delisting. If our Common Stock and/or Warrants are delisted
and we are not able to list such Common Stock and /or Warrants on another national securities exchange, we expect our securities
would be quoted on an over-the-counter market; however, if this were to occur, our stockholders could face significant material adverse
consequences, including limited availability of market quotations for our Common Stock and /or Warrants and reduced liquidity
for the trading of our securities. In addition, in the event of such delisting, we could experience a decreased ability to issue additional
securities and obtain additional financing in the future. Even if our Common Stock and/or Warrants are listed on the Nasdaq Capital
Market, there can be no assurance that an active trading market for our Common Stock and/or Warrants will develop or be sustained
after our initial listing.
35
Restrictions
on foreign investment in India may prevent us from making future acquisitions or investments in
India
, which may adversely
affect our results of operations, financial condition and financial performance.
India
regulates ownership of Indian companies by foreigners, although some restrictions on foreign investment have been relaxed in recent years.
These regulations and restrictions may apply to acquisitions by us or our affiliates, including India and affiliates which are not resident
in India, of shares in Indian companies or the provision of funding by us or any other entity to Indian companies within our group. For
example, under its consolidated foreign direct investment policy, the Government of India has set out additional requirements for foreign
investments in India, including requirements with respect to downstream investments by Indian companies owned or controlled by foreign
entities and the transfer of ownership or control of Indian companies in sectors with caps on foreign investment from resident Indian
persons or entities to foreigners. These requirements, which currently include restrictions on valuations and sources of funding for
such investments and may include prior approval from the Foreign Investment Promotion Board, may adversely affect our ability to make
investments in India, including through India. There can be no assurance that we will be able to obtain any required approvals for future
acquisitions or investments in India, or that we will be able to obtain such approvals on satisfactory terms.
Our
business and activities are regulated by The Competition Act, 2002.
The
Competition Act, 2002, as amended, or the Competition Act, several provisions of which have recently come into force, seeks to prevent
practices that could have an appreciable adverse effect on competition. Under the Competition Act, any arrangement, understanding or
action between enterprises, whether formal or informal, which causes or is likely to cause an appreciable adverse effect on competition,
is void and will be subject to substantial penalties. Any agreement that directly or indirectly determines purchase or sale prices, limits
or controls production, or creates market sharing by way of geographical area or number of customers in the market is presumed to have
an appreciable adverse effect on competition. Provisions relating to the regulations of certain acquisitions, mergers or amalgamations
which have an appreciable adverse effect on competition are not yet in force. Such provisions could, if brought into force in the future,
be applicable to us.
The
effect of the Competition Act on the business environment in India is unclear. If we or any member of our group, including India, are
affected, directly or indirectly, by the application or interpretation of any provision of the Competition Act or any enforcement proceedings
initiated by the Competition Commission of India or any adverse publicity that may be generated due to scrutiny or prosecution by the
Competition Commission of India, our business and financial performance may be materially and adversely affected.
There
is no assurance that the Company will maintain its Nasdaq listing and may be subject to "Penny Stock Rules."
There
is no assurance that the Company will be able to maintain its Nasdaq listing, and if it cannot, the Common Stock or Warrants
would likely be quoted again on one of the over-the-counter markets operated by the OTC Markets Group, Inc., making it subject to
the "penny stock rules." Rule 15g-9 under the Exchange Act establishes the definition of a "penny stock," for
the purposes relevant to us, as any equity security that has a market price of less than $5.00 per share or with an exercise price of
less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require:
(a) that a broker or dealer approve a person's account for transactions in penny stocks; and (b) the broker or dealer receive from
the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased. Although
not yet listed on Nasdaq, the Common Stock may still be subject to the Penny Stock rules.
In
order to approve a person's account for transactions in penny stocks, the broker or dealer must: (a) obtain financial information
and investment experience objectives of the person and (b) make a reasonable determination that the transactions in penny stocks are
suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the
risks of transactions in penny stocks.
The
broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to
the penny stock market, which, in highlight form: (a) sets forth the basis on which the broker or dealer made the suitability determination;
and (b) confirms that the broker or dealer received a signed, written agreement from the investor prior to the transaction. Generally,
brokers may be less willing to execute transactions in securities subject to the "penny stock" rules. This may make it more
difficult for investors to dispose of our Common Stock and cause a decline in the market value of our Common Stock.
36
Disclosure
also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions
payable to both the broker or dealer and the registered representative, current quotations for the securities and the rights and remedies
available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent
price information for the penny stock held in the account and information on the limited market in penny stocks
Moreover,
if our Common Stock returns to being quoted on
OTC Pink,
the quotation of our shares
on the OTC Pink may result in a less liquid market available for existing and potential stockholders to trade shares of our Common
Stock, could depress the trading price of our Common Stock and could have a long-term adverse impact on our ability to raise
capital in the future.
We
have never paid cash dividends and have no plans to pay cash dividends in the future.
Holders
of shares of our Common Stock are entitled to receive such dividends as may be declared by our Board of Directors.
To date, we have paid no cash dividends on our capital stock and we do not expect to pay cash dividends in the foreseeable future. We
intend to retain future earnings, if any, to provide funds for operations of our business. Therefore, any return investors in our capital
stock may have will be in the form of appreciation, if any, in the market value of their shares of Common Stock.
Our
stock price has fluctuated in the past, has recently been volatile and may be volatile in the future, and as a result, investors in our
Common Stock securities could incur substantial losses.
Our
stock price has fluctuated in the past, has recently been volatile and may be volatile in the future. We may incur rapid and substantial
decreases in our stock price in the foreseeable future that are unrelated to our operating performance or prospects. In addition, the
recent COVID-19 pandemic has caused broad stock market and industry fluctuations. The stock market has experienced extreme volatility
that has often been unrelated to the operating performance of particular companies. As a result of this volatility, investors may experience
losses on their investment in our Common Stock. The market price for our Common Stock may be influenced by many factors,
including the following:
●
investor
    reaction to our business strategy;
●
the
    success of competitive products or technologies;
●
regulatory
    or legal developments in the United States and other countries, especially changes in laws or regulations applicable to our products;
●
variations
    in our financial results or those of companies that are perceived to be similar to us;
●
our
    ability or inability to raise additional capital and the terms on which we raise it;
37
●
declines
    in the market prices of stocks generally;
●
our
    public disclosure of the terms of any financing which we consummate in the future;
●
an
    announcement that we have effected a reverse split of our Common Stock;
●
our
    failure to become profitable;
●
our
    failure to raise working capital;
●
any
    acquisitions we may consummate, including, but not limited to, the Merger;
●
announcements
    by us or our competitors of significant contracts, new services, acquisitions, commercial relationships, joint ventures or capital
    commitments;
●
cancellation
    of key contracts;
●
our
    failure to meet financial forecasts we publicly disclose;
●
trading
    volume of our Common Stock;
●
sales
    of our Common Stock by us or our stockholders;
●
general
    economic, industry and market conditions; and
●
other
    events or factors, including those resulting from such events, or the prospect of such events, including war, terrorism and other
    international conflicts, public health issues including health epidemics or pandemics, such as the recent outbreak of the COVID-19
    pandemic, and natural disasters such as fire, hurricanes, earthquakes, tornados or other adverse weather and climate conditions,
    whether occurring in the United States or elsewhere, could disrupt our operations, disrupt the operations of our suppliers or result
    in political or economic instability.
These
broad market and industry factors may seriously harm the market price of our Common Stock, regardless of our operating performance.
Since the stock price of our Common Stock has fluctuated in the past, has been recently volatile and may be volatile in the future,
investors in our Common Stock could incur substantial losses. In the past, following periods of volatility in the market, securities
class-action litigation has often been instituted against companies. Such litigation, if instituted against us, could result in substantial
costs and diversion of management's attention and resources, which could materially and adversely affect our business, financial
condition, results of operations and growth prospects. There can be no guarantee that our stock price will remain at current prices or
that future sales of our Common Stock will not be at prices lower than those sold to investors.
There
is no assurance that, if our Common Stock or Warrants become listed on Nasdaq, we will not continue to experience volatility in
the prices of our securities.
The
OTC Pink, where our Common Stock had been quoted, prior to this offering, is an inter-dealer, over-the-counter market that provides
significantly less liquidity than Nasdaq. Our Common Stock is thinly traded due to the limited number of shares available for
trading on the OTC Pink thus causing large swings in price. As such, investors and potential investors may find it difficult to obtain
accurate stock price quotations, and holders of our Common Stock or Warrants may be unable to resell their securities at or near
their original purchase price or at any price. If an active market for our Common securities develops and continues, the prices
of our securities may nevertheless be volatile. If our securities experiences volatility as it has in the past, investors
may not be able to sell their securities at or above their original purchase price or at any price. Sales of substantial amounts
of our securities, or the perception that such sales might occur, could adversely affect prevailing market prices of our securities
and our securities price may decline substantially in a short period of time. As a result, our stockholders could suffer
losses or be unable to liquidate their holdings. No assurance can be given that the price of our Common Stock and/or Warrants
will become less volatile when listed on Nasdaq.
Market
prices for our Common Stock and Warrants will be influenced by a number of factors, including:
●
the
    issuance of new equity securities of the Company pursuant to a future offering, including issuances of preferred stock;
●
the
    introduction of new products or services by us or our competitors;
●
any
    future reseller arrangements with global and domestic providers and brand owners;
●
changes
    in interest rates;
●
significant
    dilution caused by the anti-dilutive clauses in our financial agreements;
●
competitive
    developments, including announcements by our competitors of new products or services or significant contracts, acquisitions, strategic
    partnerships, joint ventures or capital commitments;
●
variations
    in our quarterly operating results;
●
change
    in financial estimates by securities analysts;
38
●
a
    limited amount of news and analyst coverage for our Company;
●
the
    depth and liquidity of the market for our shares of Common Stock;
●
sales
    of large blocks of our Common Stock, including sales by our major stockholders, any executive officers or directors appointed
    in the future, or by other significant shareholders;
●
investor
    perceptions of our Company; and
●
general
    economic and other national and international conditions, including, but not limited to, the economic impacts of the COVID-19 pandemic.
Market
price fluctuations may negatively affect the ability of investors to sell our shares at consistent prices. Additionally, recently, securities
of certain companies have experienced significant and extreme volatility in stock price due to short sellers of shares of Common
Stock, known as a "short squeeze." These short squeezes have caused extreme volatility in those companies and in the
market and have led to the price per share of those companies to trade at a significantly inflated rate that is disconnected from the
underlying value of the company. Many investors who have purchased shares in those companies at an inflated rate face the risk of losing
a significant portion of their original investment as the price per share has declined steadily as interest in those stocks have abated.
While we have no reason to believe our shares would be the target of a short squeeze, there can be no assurance that we won't be
in the future, and you may lose a significant portion or all of your investment if you purchase our shares at a rate that is significantly
disconnected from our underlying value.
Financial
reporting obligations of being a public company in the United States are expensive and time-consuming, and our management will be required
to devote substantial time to compliance matters.
As
a public company we incur significant legal, accounting and other expenses. The obligations of being a public company in the United States
require significant expenditures and places significant demands on our management and other personnel, including costs resulting from
public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance practices, including
those under the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules require the establishment
and maintenance of effective disclosure and financial controls and procedures, internal control over financial reporting and changes
in corporate governance practices, among many other complex rules that are often difficult to implement, monitor and maintain compliance
with. Our management and other personnel will need to devote a substantial amount of time to ensure that we comply with all of these
requirements and to keep pace with new regulations, otherwise we may fall out of compliance and risk becoming subject to litigation,
among other potential problems.
The ownership by our Chief Executive Officer
and Chairman will likely limit your ability to influence corporate matters.
Mr. Anshu Bhatnagar, our chief executive
officer, is the beneficial owner of one thousand (1,000) shares of the outstanding shares of the Company's Series A Preferred
Stock. The   1,000 shares of Series A Preferred Stock shall have that number of votes (identical in every other respect
to the voting rights of the holders of Common Stock entitled to vote at any regular or special meeting of stockholders) equal to
such number of shares of Common Stock which is not less than fifty-one percent (51%) of the vote required to approve any action,
which New Jersey law provides may or must be approved by vote or consent of the holders of Common Stock or the holders of other
securities entitled to vote, if any.  As a result, our chief executive officer would have significant influence over most
matters that require approval by our stockholders, including the election of directors and approval of significant corporate
transactions, even if other stockholders oppose them. In addition, Mr. Bhatnagar beneficially owns approximately 47.8% of our issued
and outstanding Common Stock. In total, Mr. Bhatnagar presently controls voting power in the amount of approximately 51%. This
concentration of ownership might also have the effect of delaying or preventing a change of control of our company that other
stockholders may view as beneficial.
39
Risks
Relating to India
We
may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.
We
cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate trademarks,
patents, copyrights, know-how, or other intellectual property rights held by third parties. We may be from time to time in the future
subject to legal proceedings and claims relating to the intellectual property rights of others. In addition, there may be third-party
trademarks, patents, copyrights, know-how or other intellectual property rights that are infringed by our products, services or other
aspects of our business without our awareness. Holders of such intellectual property rights may seek to enforce such intellectual property
rights against us in India, the United States or other jurisdictions. If any third-party infringement claims are brought against us,
we may be forced to divert management's time and other resources from our business and operations to defend against these claims,
regardless of their merits. Additionally, the application and interpretation of India's intellectual property right laws and the
procedures and standards for granting trademarks, patents, copyrights, know-how or other intellectual property rights in India are still
evolving and are uncertain, and we cannot assure you that Indian courts or regulatory authorities would agree with our analysis. If we
were found to have violated the intellectual property rights of others, we may be subject to liability for our infringement activities
or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our
own. As a result, our business and results of operations may be materially and adversely affected.
Our results of operations could be adversely affected by health
outbreaks such as the COVID-19 pandemic.
A significant outbreak, epidemic or pandemic of
contagious diseases in any geographic area in which we operate or plan to operate could result in a health crisis adversely affecting
the economies, financial markets and overall demand for our services in such areas. In addition, any preventative or protective actions
that governments implement or that we take in response to a health crisis, such as travel restrictions, quarantines, or site closures,
may interfere with the ability of our employees, suppliers and customers to perform their responsibilities. Such results could have a
material adverse effect on our business development.
The continued global COVID-19 pandemic has created
significant volatility, uncertainty and economic disruption. The extent to which the COVID-19 pandemic continues to impact our business,
operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict, including: the
duration and scope of the pandemic; governmental, business and individuals' actions, including vaccination requirements, that have
been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response;
the effect on future suppliers demand for our processing technologies and our future customers' demand for our products; any closures
of our and our suppliers' or customers' offices and facilities; and the need for enhanced health and hygiene requirements
or social distancing or other measures in attempts to counteract future outbreaks in our offices and facilities. Potential business partners
may also slow down decision-making, delay planned work or seek to terminate existing agreements. Any of these events could adversely
affect our business development and financial condition.
To the extent the COVID-19 pandemic or a similar
public health threat has an impact on our business, it is likely to also have the effect of heightening many of the other risks described
in this "
Risk Factors
" section.
40
A
portion of our developmental business operations are located in India and we are subject to regulatory, economic, social and political
uncertainties in India.
A
substantial portion of our business and employees are located in India. Consequently, our financial performance and the market price
of our shares of Common Stock will be affected by changes in exchange rates and controls, interest rates, changes in government
policies, including taxation policies, social and civil unrest and other political, social and economic developments in or affecting
India.
The
Government of India has exercised and continues to exercise significant influence over many aspects of the Indian economy. Since 1991,
successive Indian governments have generally pursued policies of economic liberalization and financial sector reforms, including by significantly
relaxing restrictions on the private sector. Nevertheless, the role of the Indian central and state governments in the Indian economy
as producers, consumers and regulators has remained significant and we cannot assure you that such liberalization policies will continue.
The present government, formed in May 2009, has announced policies and taken initiatives that support the continued economic liberalization
policies that have been pursued by previous governments. However, the present government is a multiparty coalition and therefore there
is no assurance that it will be able to generate sufficient cross-party support to implement such policies or initiatives. The rate of
economic liberalization could change, and specific laws and policies affecting travel service companies, foreign investments, currency
exchange rates and other matters affecting investments in India could change as well. A significant change in India's policy of
economic liberalization and deregulation or any social or political uncertainties could adversely affect business and economic conditions
in India generally and our business and prospects.
Risks
Related to the Offering
Investors
in this offering will experience immediate and substantial dilution in net tangible book value.
The
public offering price will be substantially higher than the net tangible book value per share of our outstanding shares of Common
Stock. As a result, investors in this offering will incur immediate dilution of $                 
per share. See "Dilution" for a more complete description of how the value of your investment will be diluted upon the completion
of this offering.
We
may need additional capital, and the sale of additional shares or equity or debt securities could result in additional dilution to our
stockholders.
We
believe that our current cash and cash used in operations, together with the net proceeds from this offering, will be sufficient to meet
our anticipated cash needs for the next 12 months. We may, however, require additional cash resources due to changed business conditions
or other future developments. If these resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity
or debt securities or obtain one or more credit facilities. The sale of additional equity securities could result in additional dilution
to our stockholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating
and financing covenants that would restrict our operations. It is uncertain whether financing will be available in amounts or on terms
acceptable to us, if at all.
We
have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
Our
management will have broad discretion in the application of the net proceeds, including for any of the purposes described in the section
of this prospectus entitled "Use of Proceeds." You will be relying on the judgment of our management with regard to the use
of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the net proceeds
are being used appropriately. The failure by our management to apply these funds effectively could result in financial losses that could
have a material adverse effect on our business, cause the price of our securities to decline and delay the development of our product
candidates. Pending the application of these funds, we may invest the net proceeds from this offering in a manner that does not produce
income or that loses value.
41
Warrants
are speculative in nature.
The
Warrants offered in this offering do not confer any rights of Common Stock ownership on their holders, such as voting rights
or the right to receive dividends, but rather merely represent the right to acquire shares of Common Stock at a fixed price for
a limited period of time. Specifically, commencing on the date of issuance, holders of the Warrants may exercise their right to
acquire the shares of Common Stock and pay an exercise price of $ per share (with an exercise price no less than 100% of
the public offering price of a Unit), prior to five years from the date of issuance, after which date any unexercised Warrants
will expire and have no further value. In addition, there is no established trading market for the Warrants and there is no
assurance such a market will develop.
Holders
of the Warrants will have no rights as a common stockholder until they acquire our shares of Common Stock
.
Until
holders of the Warrants acquire shares of Common Stock upon exercise of the Warrants, the holders will have no rights
with respect to the shares of Common Stock issuable upon exercise of the Warrants. Upon exercise of the Warrants,
the holder will be entitled to exercise the rights of a common stockholder as to the security exercised only as to matters for
which the record date occurs after the exercise.
There
is no established market for the Warrants to purchase our Common Stock being offered in this offering
.
There
is no established trading market for the Warrants and there is no assurance a market will develop. Although we have applied to list the Warrants
on the Nasdaq Capital Market there can be no assurance that there will be an active trading market for the Warrants. Without an active
trading market, the liquidity of the Warrants will be limited.
Provisions
of the Warrants offered by this prospectus could discourage an acquisition of us by a third party
.
In
addition to the discussion of the provisions of our governing organizational documents, certain provisions of the Warrants offered by
this prospectus could make it more difficult or expensive for a third party to acquire us. The Warrants prohibit us from engaging in
certain transactions constituting "fundamental transactions" unless, among other things, the surviving entity assumes our
obligations under the Warrants. These and other provisions of the Warrants offered by this prospectus could prevent or deter a third
party from acquiring us even where the acquisition could be beneficial to you.
There
is no current public market for the Units.
There
is no established public trading market for the Units of Common Stock or Warrants offered hereby, and we do not expect a market to develop
for the Units. The Units have no stand-alone rights and will not be certified or issued as stand-alone securities. The shares of Common
Stock and Warrants comprising the Units are immediately separable and will be issued separately in this offering. We do not intend to
apply for listing of the Units on any securities exchange or other nationally recognized trading system.
Risks
Related to Our Reverse Stock Split
We
intend to effect a reverse stock split of our outstanding Common Stock prior to the closing of this offering; however, the
reverse stock split may not increase our stock price sufficiently and we may not be able to list our Common Stock and Warrants on Nasdaq,
in which case this offering will not be completed.
We
expect that the reverse stock split of our outstanding Common Stock will increase the market price of our Common Stock
so that we will be able to meet the minimum bid price requirement of the Listing Rules of The Nasdaq Stock Market LLC; however, the effect
of a reverse stock split upon the market price of our Common Stock cannot be predicted with certainty, and the results of reverse
stock splits by companies in similar circumstances have been varied. It is possible that the market price of our Common Stock
following the reverse stock split will not increase sufficiently for us to be in compliance with the minimum bid price requirement. If
we are unable meet the minimum bid price requirement, we may be unable to list our Common Stock and/or Warrants on The Nasdaq Capital Market, in
which case this offering will not be completed.
Even
if the reverse stock split achieves the requisite increase in the market price of our Common Stock, we cannot assure you that
we will be able to continue to comply with the minimum bid price requirement of Nasdaq.
Even
if the reverse stock split achieves the requisite increase in the market price of our Common Stock to be in compliance with the
minimum bid price of The Nasdaq Capital Market, there can be no assurance that the market price of our Common Stock following
the reverse stock split will remain at the level required for continuing compliance with that requirement. It is not uncommon for the
market price of a company's Common Stock to decline in the period following a reverse stock split. If the market price of
our Common Stock declines following the effectuation of a reverse stock split, the percentage decline may be greater than would
occur in the absence of a reverse stock split. In any event, other factors unrelated to the number of shares of our Common Stock
outstanding, such as negative financial or operational results, could adversely affect the market price of our Common Stock and
jeopardize our ability to meet or maintain The Nasdaq Capital Market's minimum bid price requirement. In addition to specific listing
and maintenance standards, the
Nasdaq Capital Market has broad discretionary
authority over the initial and continued listing of securities, which it could exercise with respect to the listing of our Common
Stock and Warrants.
42
Even
if the reverse stock split increases the market price of our Common Stock, there can be no assurance that we will be able to comply
with other continued listing standards of The Nasdaq Capital Market.
Even
if the market price of our Common Stock increases sufficiently so that we comply with the minimum bid price requirement, we cannot
assure you that we will be able to comply with the other standards that we are required to meet in order to maintain a listing of our
Common Stock and Warrants on The Nasdaq Capital Market. Our failure to meet these requirements may result in our Common Stock
and/or Warrants being delisted from The Nasdaq Capital Market, irrespective of our compliance with the minimum bid price requirement.
The
reverse stock split may decrease the liquidity of the shares of our Common Stock.
The
liquidity of the shares of our Common Stock may be affected adversely by the reverse stock split given the reduced number of shares
that will be outstanding following the reverse stock split, especially if the market price of our Common Stock does not increase
as a result of the reverse stock split. In addition, the reverse stock split may increase the number of stockholders who own odd lots
(less than 100 shares) of our Common Stock, creating the potential for such stockholders to experience an increase in the cost
of selling their shares and greater difficulty effecting such sales.
Following
the reverse stock split, the resulting market price of our Common Stock may not attract new investors, including institutional
investors, and may not satisfy the investing requirements of those investors. Consequently, the trading liquidity of our Common Stock
may not improve.
Although
we believe that a higher market price of our Common Stock may help generate greater or broader investor interest, there can be
no assurance that the reverse stock split will result in a share price that will attract new investors, including institutional investors.
In addition, there can be no assurance that the market price of our Common Stock will satisfy the investing requirements of those
investors. As a result, the trading liquidity of our Common Stock  may not necessarily improve.
If
our listing applications for our Common Stock and Warrants are not approved by Nasdaq, we will not be able to consummate the offering
and will terminate this offering.
An
approval of our listing application by Nasdaq will be subject to, among other things, our fulfillment of the following conditions: (i)
the offering is completed and closed; and (ii) we have raised a sufficient amount of equity necessary to qualify for the minimum equity
requirements necessary to list on Nasdaq. Currently there are two standards for admission onto Nasdaq that we are endeavoring to satisfy:
either $5 million in stockholders' equity and $15 million market value of publicly held shares of Common Stock; or $4 million
in stockholders' equity, $15 million market value of publicly held shares and $50 million market value of publicly listed securities.
If we fail to meet the minimum requirements for listing on Nasdaq, we will not be able to consummate the offering and will terminate
this offering. Failure to have our Common Stock listed on Nasdaq would make it more difficult for our stockholders to dispose
of our Common Stock and more difficult to obtain accurate price quotations on our Common Stock. Our ability to issue additional
securities for financing or other purposes, or otherwise to arrange for any financing we may need in the future, may also be materially
and adversely affected if our Common Stock is not traded on a national securities exchange.
As
a result of the timing of the reverse stock split, uplist to Nasdaq and pricing of this offering, potential investors will not have an
opportunity to check the actual post-split market price before confirming their purchases in this offering.
We
plan to file an amendment to our certificate of incorporation, as amended, to effect the reverse stock split following the SEC declaring
the registration statement of which this prospectus forms a part, effective and prior to closing of this offering. Because such reverse
stock split will occur following the SEC declaring such registration statement effective and concurrently with the pricing of this offering,
potential investors will not be able to check the actual post-split market price of our Common Stock on Nasdaq before confirming
purchases in the offering.
43
USE
OF PROCEEDS
We
estimate that the net proceeds from the sale of the Units in the offering, at an assumed public offering price per Unit
of $        , will be approximately $               ,
after deducting the underwriting discounts and commissions and estimated offering expenses, or $                
if the underwriters exercise their option in full, assuming no exercise of the Representative Warrants.
We
currently expect to use the net proceeds of this offering primarily for the following purposes:
●
Approximately
    $                  for development of new products and improvements to existing products;
●
Approximately
    $                  to expand sales and marketing capabilities; and
●
The
    remaining proceeds of approximately $                  for general corporate purposes, including working capital
and
    possibly acquisitions of other companies.
This
is an estimated use of proceeds and amounts may be re-allocated by the Board of Directors in its sole discretion. We believe that the
expected net proceeds from this offering and our existing cash and cash equivalents, together with interest thereon, will be sufficient
to fund our operations for at least the next 12 months, although we cannot assure you that this will occur.
The
amount and timing of our actual expenditures will depend on numerous factors, including the status of our development efforts, sales
and marketing activities and the amount of cash generated or used by our operations. We may find it necessary or advisable to use portions
of the proceeds for other purposes, and we will have broad discretion and flexibility in the application of the net proceeds.
A $1.00 increase (decrease) in the assumed public
offering price of $ per Unit would increase (decrease) the expected net proceeds of the offering to us by approximately $ million,
assuming that the number of Units sold by us remains the same. We may also increase or decrease the number of Units we
are offering. An increase (decrease) in the number of Units offered by us by Units would increase (decrease) the expected
net proceeds of the offering to us by approximately $ million assuming that the assumed public offering price remains as set forth on
the cover page of this prospectus.
MARKET
FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS
Our Common
Stock is quoted on the
OTC Pink
under the trading symbol "XDSL". We have
applied to have our Common Stock and Warrants listed on Nasdaq under the symbols "XDSL" and "XDSLW",
respectively. If our Common Stock and Warrants are not approved for listing on The Nasdaq Capital Market, we will not consummate this offering.
No assurance can be given that our application will be approved.
As
of February 28, 2022, there were approximately 12,300 registered holders of record of our Common Stock and the last reported
sale price of our Common Stock on the OTC Pink was $0.19 per share.
Any
OTC Pink quotations of our Common Stock reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not
necessarily represent actual transactions.
Dividend
Policy
To
date, we have not paid any dividends on our Common Stock and do not anticipate paying any dividends in the foreseeable future.
The declaration and payment of dividends on the Common Stock is at the discretion of our Board and will depend on, among other
things, our operating results, financial condition, capital requirements, contractual restrictions or such other factors as our Board
may deem relevant. We currently expect to use all available funds to finance the future development and expansion of our business and
do not anticipate paying dividends on our Common Stock in the foreseeable future.
44
CAPITALIZATION
The
following table sets forth our consolidated cash and capitalization as of December 31, 2021. Such information is set forth on the
following basis:
●
on
    an actual basis (without any adjustment for a proposed __-for __ reverse stock split of our issued and outstanding Common Stock
    or the corresponding reduction in the number of authorized shares of Common Stock);
●
on
    a pro forma basis, giving effect to conversion of $5,444,411 principal amount of convertible notes (including interest calculated
    through December 31, 2021) divided by the public offering price of $_      per Unit, and (ii)
●
on
    a pro forma, as adjusted basis, giving effect to the sale by us of shares of Units in this offering at a public offering price
    of $              per Unit, after deducting underwriting discounts
    and commissions and estimated offering expenses, assuming no exercise of the option  issued to the underwriters
    and no exercise of the Warrants or Representative's Warrants.
The
pro forma as adjusted information below is illustrative only and our capitalization following the completion of this offering will be
adjusted based on the actual public offering price and other terms of this offering determined at pricing. You should read this table
together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our audited
and unaudited consolidated financial statements and the related notes appearing elsewhere in this prospectus.
Actual
(unaudited)
Pro
    Forma
(1)
(unaudited)
Cash and cash equivalents
$
545,871
$
1,846,013
Total liabilities
9,894,259
850,010
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 81,656,033 shares issued
    and 81,627,663 shares outstanding as of December 31, 2021, 106,372,408 shares issued and 121,566,135 shares outstanding pro
    forma
$
816,278
1,215,661
Preferred stock, $0.01 par value; 1,000 Series A Preferred shares authorized; 1,000
    shares issued and 1,000 shares outstanding as of December 31, 2021, 1,000 shares issued and outstanding pro forma
10
10
Additional paid-in capital, common and preferred
237,890,249
242,242,248
Accumulated deficit
(225,867,206
)
(225,766,115
)
Total stockholders' equity
$
12,872,437
17,691,805
(1)
Excludes shares of our Common Stock issuable upon exercise of outstanding warrants, as of December 31, 2021.
45
DILUTION
If
you invest in our securities in this offering, your interest will be diluted to the extent of the difference between the public
offering price per share of Common Stock that is part of the Unit and the as adjusted net tangible book value per
share of Common Stock immediately after this offering.
The
historical net tangible book value of our Common Stock as of December 31, 2021 was approximately $11,268,842, or
$0.14 per share based upon 81,627,663 shares of Common Stock outstanding on such date. Historical net tangible book
value per share represents the amount of our total tangible assets reduced by the amount of our total liabilities, divided by the total
number of shares of Common Stock outstanding.
Our
pro forma net tangible book value as of December 31, 2021 was $0.13 per share of Common Stock. Pro forma net tangible book value
per share represents our total tangible assets less our total liabilities, divided by the number of outstanding shares of Common Stock,
after giving effect to the pro forma adjustments referenced under "Capitalization."
Our
pro forma as adjusted net tangible book value (deficit) of our Common Stock will be $        or
$         per share. Pro forma as adjusted net tangible book value (deficit) per share represents
pro forma as adjusted net tangible book value divided by the total number of shares outstanding after giving effect to the sale of the
shares of Common Stock included in the Units sold in this offering at the public offering price of $        
per Unit, after deducting underwriting discounts and commissions and other estimated offering expenses payable by us, reflecting the
pro forma events discussed above, and assuming no exercise of the option by the Underwriters, Warrants, or Representative Warrants.
This represents an immediate increase in net tangible book value of $         per share to existing
stockholders and an immediate dilution of $         per share to investors purchasing Units
in this offering at the public offering price.
The
following table illustrates this dilution on a per share basis to new investors:
Public
    offering price per Unit (attributing no value to the warrants)
$
Net
    tangible book value per share as of June 30, 2021
$
(
)
Pro
    forma net tangible book value per share as of June 30, 2021
Increase
    in net tangible book value per share attributable to new investors
$
Pro
    forma as adjusted net tangible book value per share, after this offering
$
Dilution
    in net tangible book value per share to new investors
$
The
foregoing discussion and table do not take into account further dilution to new investors that could occur upon the exercise of outstanding
warrants having a per share exercise or conversion price less than the per share offering price to the public in this offering.
If
the underwriters exercise in full their option to purchase additional shares of Common Stock in this offering, the pro forma as
adjusted net tangible book value after the offering would be $         per share, the increase in
net tangible book value to existing shareholders would be $         per share, and the dilution to
new investors would be $         per share, after deducting underwriting discounts and commissions
and other estimated offering expenses payable by us, reflecting the pro forma events discussed above, and assuming no exercise of the
option by the underwriters or Representative's Warrants.
The
number of shares of Common Stock that will be outstanding after this offering is based on 81,627,663 shares of Common Stock
outstanding as of December 31, 2021, and excludes the following as of that date:
●
27,216,375
    shares of our Common Stock issuable upon conversion of outstanding convertible notes at a weighted average conversion price
    of $0.20 per share as of December 31, 2021.
●
15,000,000
    shares of Common Stock reserved for future issuance under the new mPhase Technologies, Inc. 2022 Equity Incentive Plan (the
    "mPhase 2022 Plan") we intend to adopt via proxy on March 08, 2022.
●
Any
                                            shares of Common Stock or warrants issuable upon the exercise of the underwriters'
                                            option, including Representative's Warrants.
46
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events.
You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements
involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability,
our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. They are generally
identifiable by use of the words "may," "will," "should," "anticipate," "estimate,"
"plans," "potential," "projects," "continuing," "ongoing," "expects,"
"management believes," "we believe," "we intend" or the negative of these words or other variations
on these words or comparable terminology. These statements may be found under the sections entitled "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and "Business," as well as in this prospectus generally.
In particular, these include statements relating to future actions, prospective products, market acceptance, future performance or results
of current and anticipated products, sales efforts, expenses, and the outcome of contingencies such as legal proceedings and financial
results.
Examples
of forward-looking statements in this prospectus include, but are not limited to, our expectations regarding our business strategy, business
prospects, operating results, operating expenses, working capital, liquidity and capital expenditure requirements. Important assumptions
relating to the forward-looking statements include, among others, assumptions regarding demand for our products, the cost, terms and
availability of components, pricing levels, the timing and cost of capital expenditures, competitive conditions and general economic
conditions. These statements are based on our management's expectations, beliefs and assumptions concerning future events affecting
us, which in turn are based on currently available information. These assumptions could prove inaccurate. Although we believe that the
estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect.
Important
factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking
statements include, but are not limited to:
●
changes
    in the market acceptance of our products;
●
increased
    levels of competition;
●
changes
    in political, economic or regulatory conditions generally and in the markets in which we operate;
●
our
    relationships with our key customers;
●
our
    ability to retain and attract senior management and other key employees;
●
our
    ability to quickly and effectively respond to new technological developments;
●
our
    ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others
    and prevent others from infringing on the proprietary rights of the Company; and
●
other
    risks, including those described in the "Risk Factors" discussion of this prospectus.
We
operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict
all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual
results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this prospectus
are based on assumptions management believes are reasonable. However, due to the uncertainties associated with forward-looking statements,
you should not place undue reliance on any forward-looking statements. Further, forward-looking statements speak only as of the date
they are made, and unless required by law, we expressly disclaim any obligation or undertaking to publicly update any of them in light
of new information, future events, or otherwise.
47
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This
Registration Statement on Form S-1 and other information and reports filed by the Company from time to time with the SEC (collectively,
the "Filings") contain or may contain forward-looking statements and information that are based upon beliefs of, and information
currently available to, the Company's management as well as estimates and assumptions made by Company's management. Readers
are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date
hereof. When used in the Filings, the words "anticipate," "believe," "estimate," "expect,"
"future," "intend," "plan," or the negative of these terms and similar expressions as they relate
to the Company or the Company's management identify forward-looking statements. Such statements reflect the current view of the
Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks relating
to the Company's business, industry, and the Company's operations and results of operations. Actual results may differ significantly
from those anticipated, believed, estimated, expected, intended, or planned.
Although
the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future
results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the
United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
Our
financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP").
These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments
and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments
and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of
the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial
statements would be affected to the extent there are material differences between these estimates and actual results. In many cases,
the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management's judgment
in its application. There are also areas in which management's judgment in selecting any available alternative would not produce
a materially different result. The following discussion should be read in conjunction with our financial statements and notes thereto
appearing elsewhere in this Registration Statement on Form S-1.
Business
Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service ("SaaS") and
technology as a service ("TaaS"). The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual's tastes and needs, with particular emphasis on empowering
today's green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application ("mPower App"): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.
Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.
Critical
Accounting Policies and Estimates
The
discussion and analysis of the Company's financial condition and results of operations are based upon its unaudited consolidated
financial statements, which have been prepared in accordance with ("GAAP"). The preparation of these unaudited consolidated
financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues
and expenses, and related disclosure of contingent liabilities. On an on-going basis, management evaluates past judgments and estimates,
including those related to bad debts, potential impairment of intangible assets, accrued liabilities and contingencies. Management bases
its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates under different assumptions or conditions. The accounting policies
and related risks described in Note 3 of the Company's Annual Report on Form 10-K as filed with the SEC on October 13, 2021, are
those that depend most heavily on these judgments and estimates. As of December 31, 2021, there had been no material changes to any of
the critical accounting policies contained therein.
48
International
Presence
Our business operations
primarily take place in the United States. However, we have a wholly owned subsidiary with an office in India which is solely being used
for development purposes. We make no financial or monetary efforts in India. Due to the office based in India we are subject to India's
regulations and laws relating to developmental business conducts. Please refer to the section titled
Risk Factors
below for more
information.
We are seeking to move
our key development operations to the United States.
We have entered into a contract with a channel partner that has a global presence, which
assists in further developing our products, from whom we receive payment in return for products and services. All of our customer relation
operations with this channel partner are based in the United States, as are our transactions. All payments which we earn in return of
its sale of products and/or services worldwide are made with the United States.
The
Company also has an office in the United Kingdom, which is primarily used for development, pursuant to a local consulting arrangement.
Results
of Operation
The
following discussion should be read in conjunction with the unaudited financial statements included in this prospectus.
Three
months ended December 31, 2021 compared to three months ended December 31, 2020
Continuing
Operations
Revenue
Our
revenue increased to $8,339,877 for the three months ended December 31, 2021, compared to $7,636,436 for the three months ended December
31, 2020, an increase of $703,441, or 9.2%. The increase is the result of continued deployment and growth of our SaaS technology platforms
and services through our channel partner, which generated $6,405,000 of subscription revenue, $1,005,157 of service and support revenue
and $900,670 of application development and implementation revenue. The increase was also driven by the launch of our consumer engagement
services which generated $29,050 of subscription revenue.
Cost
of Revenue
Cost of revenue remained unchanged at $5,625,000 for the three months ended December 31, 2021, compared to the three
months ended December 31, 2020.
Operating
Expenses
Our
operating expenses increased to $1,527,258 for the three months ended December 31, 2021, compared to $692,528 for the three months ended
December 31, 2020, an increase of $834,730, or 121%. The increase is primarily due to $547,621 of operating expenses related to supporting
the addition of EV charging to the Company's Consumer Engagement Platform as part of a major strategic initiative
to monetize additional points of contact during consumer travel and travel planning, coupled with $314,664 of software development costs.
The increase was partially offset by a reduction of $27,555 of salaries and benefits expenses related to the reduction of non-U.S.
based team members, partially offset by an increase of U.S. based team members.
Other
(Expense) Income
Our
other expense, net, increased by $973,491, or 310%, for the three months ended December 31, 2021. The increase is primarily the result
of increases in amortization of debt discounts, deferred financing costs, and original issue discounts of $864,803, loss on debt extinguishments
and settlements of $166,625, and interest expense of $50,251, partially offset by prior year loss on change in fair value of derivative
liability of $108,188.
49
Net
(loss) Income  from Continuing Operations
We
incurred a net loss of $99,558 for the three months ended December 31, 2021, compared to net income of $1,005,212 for the three months
ended December 31, 2020, a decrease of $1,104,770, or 110%. The net loss is primarily driven by the increase in operating expenses and
other expense, net, partially offset by the increase in gross profit, as disclosed above.
Discontinued
Operations
For
the three months ended December 31, 2021 and 2020, there are no revenue, cost of revenue, operating expenses, other income (expense),
or net income from discontinued operations.
Results
of Operations for the Six Months Ended December 31, 2021 and 2020
Continuing
Operations
Revenue
Our
revenue increased to $16,565,587 for the six months ended December 31, 2021, compared to $15,223,300 for the six months ended December
31, 2020, an increase of $1,342,287, or 8.8%. The increase is the result of continued deployment and growth of our SaaS technology platforms
and services through our channel partner, which generated $12,810,000 of subscription revenue, $1,961,087 of service and support revenue
and $1,765,450 of application development and implementation revenue. The increase was also driven by the launch of our consumer engagement
services which generated $29,050 of subscription revenue.
Cost
of Revenue
Cost
of revenue totaled $11,250,033 for the six months ended December 31, 2021, compared to $11,250,399 for the six months ended December
31, 2020.
Operating
Expenses
Our
operating expenses increased to $2,750,797 for the six months ended December 31, 2021, compared to $1,458,374 for the six months ended
December 31, 2020, an increase of $1,292,423, or 89%. The increase is primarily due to $1,307,500 of operating expenses related to supporting
the addition of EV charging to the Company's Consumer Engagement Platform as part of a major strategic initiative
to monetize additional points of contact during consumer travel and travel planning, coupled with $314,664 of software development costs.
The increase was partially offset by a reduction of $329,741 of salaries and benefits expenses related to the reduction of non-U.S. based
team members and a reduction of employee stock-based compensation expense, partially offset by an increase of U.S. based team members.
Other
(Expense) Income
Our
other expense, net, increased by $1,581,733, or 200%, for the six months ended December 31, 2021. The increase is primarily the result
of increases in amortization of debt discounts, deferred financing costs, and original issue discounts of $1,582,865, loss on debt extinguishments
and settlements of $146,467, and interest expense of $60,569, coupled with prior year gain on change in fair value of derivative liability
of $157,900, and partially offset by prior year loss on initial derivative liability expense of $366,068.
50
Net
Income from Continuing Operations
We
generated net income of $194,203 for the six months ended December 31, 2021, compared to net income of $1,725,706 for the six months
ended December 31, 2020, a decrease of $1,531,503, or 89%. The net loss is primarily driven by the increased operating expenses
and other expense, net, partially offset by the increase in gross profit, as disclosed above.
Discontinued
Operations
For
the six months ended December 31, 2021 and 2020, there are no revenue, cost of revenue, operating expenses, other income (expense), or
net income from discontinued operations.
Liquidity
and Capital Resources
At
December 31, 2021, we had $545,871 of cash on-hand, a decrease of $1,927,515 from $2,473,386 at June 30, 2021.
Net
cash used in operating activities was $1,791,748 for the six months ended December 31, 2021, an increase of $1,463,700 from $328,048
used during the six months ended December 31, 2020. This increase was primarily due to a decline in net income during the current period
as compared to the comparable prior year period, coupled with a decrease in accounts payable and accrued expenses due to increased cash
payments in the current year as compared to higher non-cash tri-party offset agreements in the prior year with our largest vendor and
customer, and an increase in other assets due to foreign local taxes, partially offset by a net increase in non-cash charges and decreases
in accounts receivable due to increased cash receipts in the current year as compared to higher non-cash tri-party offset agreements
in the prior year with our largest vendor and customer and prepaid expenses due to net utilization.
Net
cash used in investing activities was $2,357 for the six months ended December 31, 2021 as compared to $1,727 used in investing activities
for the six months ended December 31, 2020. The increase was due to an increase in capital expenditures.
Net
cash used in financing activities decreased by $480,642 to $148,042 for the six months ended December 31, 2021, compared to net cash
provided by financing activities of $332,600 for the six months ended December 31, 2020. This decrease was primarily due to decreased
proceeds from issuances of convertible promissory notes, coupled with increased repayments of debt.
Going
Concern
We
generated net income of $194,203 and $1,725,706 for the six months ended December 31, 2021 and 2020, respectively. We used cash in operating
activities of $1,791,748 and $328,048 for the six months ended December 31, 2021 and 2020, respectively. At December 31, 2021, we had
a working capital surplus of $11,402,820, and an accumulated deficit of $225,867,206. While these factors alone may raise doubt as to
the Company's ability to continue as a going concern, management believes the Company's present and expected cash flows will
enable it to meet its obligations for a period of twelve months from the date of this filing. The unaudited consolidated financial statements
do not include any adjustments relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.
In
the event managements' plans do not materialize, in order to meet the Company's working capital needs through the next twelve
months and to fund the growth of its nanotechnology, artificial intelligence, and machine learning technologies, as well as our EV charging
initiatives, we may consider plans to raise additional funds through the issuance of equity or debt. Although we intend to obtain additional
financing to meet our cash needs, we may be unable to secure any additional financing on terms that are favorable or acceptable to us,
if at all. Our ability to raise additional capital may also be impacted by the recent COVID-19 pandemic, which such ability is highly
uncertain, cannot be predicted, and could have an adverse effect on our business and financial condition.
51
Impact
of COVID-19 Pandemic
A
novel strain of coronavirus, COVID-19, surfaced during December 2019 and has spread around the world, including to the United States.
During March 2020, COVID-19 was declared a pandemic by the World Health Organization. During certain periods of the pandemic thus far,
a number of U.S. states and various countries throughout the world had been under governmental orders requiring that all workers remain
at home unless their work was critical, essential, or life-sustaining. As a result of these governmental orders, we temporarily closed
our domestic and international offices and required all of our employees to work remotely. As economic activity has begun and continues
recovering, the impact of the COVID-19 pandemic on our business has been more reflective of greater economic and marketplace dynamics.
Furthermore, in light of variant strains of the virus that have emerged, the COVID-19 pandemic could once again impact our operations
and the operations of our customers and vendors as a result of quarantines, illnesses, and travel restrictions.
The
full impact of the COVID-19 pandemic on our financial condition and results of operations will depend on future developments, such as
the ultimate duration and scope of the pandemic, its impact on our employees, customers, and vendors, in addition to how quickly normal
economic conditions and operations resume and whether the pandemic impacts other risks disclosed in Item 1A "Risk Factors"
within our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, filed with the SEC on October 13, 2021. Even after the
pandemic has subsided, we may continue to experience adverse impacts to our business as a result of any economic recession or depression
that has occurred as a result of the pandemic. Therefore, we cannot reasonably estimate the impact at this time. We continue to actively
monitor the pandemic and may determine to take further actions that alter our business operations as may be required by federal, state,
or local authorities or that we determine are in the best interests of our employees, customers, vendors, and shareholders.
Critical
Accounting Policies
We
have identified the policies below as critical to our understanding of the results of our business operations. We discuss the impact
and any associated risks related to these policies on our business operations throughout Management's Discussion and Analysis of
Financial Condition and Results of Operations where such policies affect our reported and expected financial results.
In
the ordinary course of business, we have made a number of estimates and assumptions in preparing our financial statements in conformity
with accounting principles generally accepted in the United States of America ("GAAP"). Actual results could differ significantly
from those estimates and assumptions. The following critical accounting policies are those that are most important to the portrayal of
our consolidated financial statements. For a summary of our significant accounting policies, including the critical accounting policies
discussed below, refer to Note 3 – "Summary of Significant Accounting Policies" included in the notes to consolidated
financial statements for the year ended June 30, 2021 included elsewhere in our Annual Report on Form 10-K.
We
consider the following accounting policies to be those most important to the portrayal of our results of operations and financial condition:
Revenue
Recognition
We
recognize revenue in accordance with the Financial Accounting Standards Board's ("FASB"), Accounting Standards Codification
("ASC") ASC 606, Revenue from Contracts with Customers ("ASC 606"). Revenues are recognized when control is transferred
to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange for those goods. Revenue
recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification
of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price
to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.
52
Revenue
is derived from the sale of artificial intelligence and machine learning focused technology products and related services. The Company
recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied. Product sales occur once
control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive
in exchange for transferring products. The amount of consideration the Company receives and revenue the Company recognizes varies with
changes in customer incentives the Company offers to its customers and their customers. In the event any discounts, sales incentives,
or similar arrangements are agreed to with a customer, such amounts are estimated at time of sale and deducted from revenue. Sales taxes
and other similar taxes are excluded from revenue (see Note 5).
Contract
liabilities include amounts billed to customers in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets (see Note 5).
Income
Taxes
We
account for income taxes using an asset and liability approach to financial accounting and reporting for income taxes. Accordingly,
deferred tax assets and liabilities arise from the difference between the tax basis of an asset or liability and its reported amount
in the consolidated financial statements. Deferred tax amounts are determined using the tax rates expected to be in effect when the taxes
will actually be paid or refunds received, as provided under currently enacted tax law. Valuation allowances are established when necessary
to reduce deferred tax assets to the amount expected to be realized. Income tax expense or benefit is the tax payable or refundable,
respectively, for the period plus or minus the change in deferred tax assets and liabilities during the period. We have recorded a full
valuation allowance for our net deferred tax assets as of December 31, 2021 and June 30, 2021 because realization of those assets is
not reasonably assured.
We
will recognize a financial statement benefit of a tax position only after determining that the relevant tax authority would more likely
than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized
in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement
with the relevant tax authority.
We
believe our income tax filing positions and deductions will be sustained upon examination and, accordingly, no reserves, or related accruals
for interest and penalties has been recorded at June 30, 2021 and 2020.
Share-Based
Compensation
We
compute share-based payments in accordance with the provisions of ASC Topic 718,
Compensation – Stock Compensation
and
related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such
compensation amounts, if any, are amortized over the respective vesting periods of the grants.
Restricted stock awards are granted at the discretion
of the compensation committee of our Board of Directors. These awards are restricted as to the transfer of ownership and
generally vest over the requisite service periods (vesting on a straight–line basis). The fair value of a stock award is equal
to the fair market value of a share of our Common Stock on the grant date.
We
estimate the fair value of stock options and warrants by using the Black-Scholes option valuation model. The Black–Scholes option
valuation model requires the development of assumptions that are inputs into the model. These assumptions are the expected stock volatility,
the risk–free interest rate, the expected life of the option, the dividend yield on the underlying stock and the expected forfeiture
rate. Expected volatility is calculated based on the historical volatility of our Common Stock over the expected term of the option.
Risk–free interest rates are calculated based on continuously compounded risk–free rates for the appropriate term.
53
Determining
the appropriate fair value model and calculating the fair value of equity–based payment awards requires the input of the subjective
assumptions described above. The assumptions used in calculating the fair value of equity–based payment awards represent management's
best estimates, which involve inherent uncertainties and the application of management's judgment. We are required to estimate
the expected forfeiture rate and recognize expense only for those shares expected to vest.
We
account for share–based payments granted to non–employees in accordance with ASC 505–50, "Equity Based Payments
to Non–Employees." We determine the fair value of the stock–based payment as either the fair value of the consideration
received or the fair value of the equity instruments issued, whichever is more readily determinable. If the fair value of the equity
instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either (1) the
date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the
counterparty's performance is complete.
Derivative
Instruments
We
enter into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain embedded
derivative features. We recognize derivative instruments as either assets or liabilities in the balance sheet and measure such derivative
instruments at fair values with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related
to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a gain or loss in
earnings. The fair values of derivative financial instruments are estimated using various techniques (and combinations thereof) that
are considered consistent with the objective measuring of fair values. In selecting the appropriate technique, the nature of the instrument,
the market risks that it embodies and the expected means of settlement are considered. Estimating fair values of derivative financial
instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of
the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes
model) are highly volatile and sensitive to changes in the trading market price of our Common Stock. Since derivative financial
instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility in
these estimates and assumption changes.
Accounts
Receivable
We
regularly review outstanding receivables and provide for estimated losses through an allowance for doubtful accounts. In evaluating the
level of established loss reserves, we make judgments regarding our customers' ability to make required payments, economic events,
and other factors. As the financial condition of these parties' change, circumstances develop or additional information becomes
available, adjustments to the allowance for doubtful accounts may be required. We maintain reserves for potential credit losses, and
such losses traditionally have been within our expectations. Additionally, to date, the Company has entered into three separate tri-party
settlement and offset agreements with its largest customer and largest vendor, whereby the Company's largest customer has agreed
to direct funds due the Company for certain outstanding invoices, to the Company's largest vendor to satisfy payment on behalf
of the Company for certain outstanding invoices. To date, the aggregate amount of the six tri-party settlement and offset agreements
has totaled $48,750,000. At December 31, 2021 and June 30, 2021, we determined there was no requirement for an allowance for doubtful
accounts.
New
Accounting Standards
Refer
to Note 3 to our unaudited consolidated financial statements for a discussion of recently adopted and to be adopted accounting standards.
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements.
54
BUSINESS
Overview
Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service ("SaaS") and
technology as a service ("TaaS"). The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual's tastes and needs, with particular emphasis on empowering
today's green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application ("mPower App"): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.
Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.
On
June 10, 2020, the Company's Board of Directors approved the filing of an amendment (the "Amendment") to the Company's
Certificate of Incorporation to increase the authorized shares of Common Stock from 100 million shares to 250 million shares pursuant
to Section 14A:7-2(4) of the Business Corporation Law of the State of New Jersey. The Amendment was filed with the State of New Jersey
on July 14, 2020.
On
July 15, 2020, the Company entered into an exchange agreement (the "Exchange Agreement") with its Chief Executive Officer
("Holder"), whereby earned and issued warrants to purchase 37,390,452 shares of the Company's Common Stock (the "Cancelled
Warrants") pursuant to the terms of that certain Transition Agreement (the "Transition Agreement") and Warrant Agreement
(the "Warrant Agreement") each between the Company and Holder and dated as of January 11, 2019 were forfeited and exchanged
for (i) 37,390,452 shares of the Company's Common Stock (the "Shares") and (ii) the cancellation and termination of
the Transition Agreement and Warrant Agreement. The Cancelled Warrants had an exercise price of $0.50 per share and were not subject
to expiration. Such Exchange Agreement is intended to make the Company's capitalization more attractive to potential investors
and to remove the uncertainty associated with any future grants of warrants under the Transition Agreement and Warrant Agreement, although
there can be no assurance of any future investments on terms that are attractive to the Company, or at all. Immediately prior to the
Company's entry into the Exchange Agreement, it was determined that 5,650,708 additional warrants (the "Additional Warrants")
to purchase the Company's Common Stock were due to and issued to the Holder in accordance with the terms and conditions of the
Transition Agreement as the Transition Agreement required certain liabilities to be eliminated by the prior management team within six
months of the Transition Agreement's effective date of January 11, 2019. However, the Additional Warrants were immediately cancelled
and terminated with the intention of mitigating potential liabilities arising from certain issuances of the Company's Common Stock
below the minimum price of $0.50 per share as stated within the Transition Agreement.
On
August 3, 2020, the Company's Board of Directors approved the filing of an amendment (the "Amendment") to the Company's
Certificate of Incorporation to increase the authorized shares of Common Stock from 250 million shares to 500 million shares pursuant
to Section 14A:7-2(4) of the Business Corporation Law of the State of New Jersey. The Amendment was filed with the State of New Jersey
on August 4, 2020.
55
On
August 27, 2021, the Board of Directors (the "Board") of the Company appointed Suhas Subramanyam, Chester P. White, and Thomas
B. Fore as members of the Board (such appointments, collectively, the "Appointments"). The terms of the Appointments commenced
on August 27, 2021 and are in effect for a period of approximately one year, until the time of the Company's next Annual Meeting
of Stockholders. In connection with the Appointments, on August 27, 2021, the Company entered into director agreements with Mr. Subramanyam,
Mr. White and Mr. Fore (such director agreements, collectively, the "Director Agreements"). Pursuant to the Director Agreements,
the Company will compensate each such director a fee of $20,000 annually, which is to be paid in quarterly installments of $5,000. Such
quarterly fee will be increased by $1,250 for each such director who serves as a member of either the Audit, Compensation, or Nominating
Committee. In lieu of cash consideration, the annual fee will be paid by issuance of the number of restricted shares of the Company's
Common Stock equivalent to the applicable cash amount due as determined based upon the closing price on the last trading day of such
quarter. This paragraph contains only a brief description of the material terms of and does not purport to be a complete description
of the rights and obligations of the parties to the Director Agreements, and such descriptions is qualified in its entirety by reference
to the full text of the Director Agreements, a copy of which is incorporated by reference to Exhibit 10.1 of the Company's Form
8-K filed with the SEC on September 2, 2021.
On
November 18, 2021, the Board appointed Angelia Lansinger Hrytsyshyn as Chief Financial Officer, with such appointment to be effective
on November 22, 2021, and approved an employment agreement with Ms. Hrytsyshyn (the "Employment Agreement"). Pursuant to
the Employment Agreement, the Company will compensate Ms. Hrytsyshyn in the amount of $225,000 annually. Ms. Hrytsyshyn will be eligible
for an annual performance-based cash bonus. Ms. Hrytsyshyn shall also receive a restricted stock award of 500,000 shares of the Company's
Common Stock which will vest on each of the first, second, third and fourth anniversaries of the Employment Agreement, so long as Ms.
Hrytsyshyn remains employed by the Company. This paragraph contains only a brief description of the material terms of and does not purport
to be a complete description of the rights and obligations of the parties to the Employment Agreement, and such description is qualified
in its entirety by reference to the full text of the Employment Agreement, a copy of which is incorporated by reference to Exhibit 10.2
of the Company's Form 10-Q filed with the SEC on November 22, 2021.
On January 5, 2022, the Company filed for a name change
with the Financial Industry Regulatory Authority ("FINRA") to mPower Technologies, Inc.
On
January 19, 2022, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Anshu Bhatnagar, Chief Executive Officer of the Company, modifying the terms of the Employment Agreement entered into between the Company
and Mr. Bhatnagar dated January 11, 2019 (collectively, the "Bhatnagar Amended Employment Agreement"). The Bhatnagar Amended
Employment Agreement, which becomes effective retroactively as of January 1, 2022 (the "Effective Date") provides for an
increase to Mr. Bhatnagar's annual cash base salary to $600,000. Further, Mr. Bhatnagar is eligible to receive additional increases
to base salary, to be determined in the sole discretion of the Company's Board, which allow for an increase in base salary as follows:
base salary shall increase to $700,000 on the first anniversary of the effective date of the Amended Employment Agreement; and base salary
shall increase to $800,000 on the second anniversary of the effective date of the Amended Employment Agreement. Additionally, the Amended
Employment Agreement provides that Mr. Bhatnagar shall also be entitled to receive stock-based compensation in the form of shares of
Common Stock of the Company, and an annual cash bonus of up to 100% of base salary, which shall be determined by the Board. The Term
of the Bhatnagar Amended Employment Agreement shall expire on December 31, 2032. This paragraph contains only a brief description of
the material terms of and does not purport to be a complete description of the rights and obligations of the parties to the Bhatnagar
Amended Employment Agreement, and such description is qualified in its entirety by reference to the full text of the Bhatnagar Amended
Employment Agreement, a copy of which is incorporated by reference to Exhibit 10.3 of the Company's Form 8-K filed with the SEC
on January 25, 2022.
On
January 19, 2022, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Angelia Lansinger Hrytsyshyn, Chief Financial Officer of the Company, modifying the terms of the Employment Agreement entered into between
the Company and Ms. Hrytsyshyn dated November 16, 2021 (collectively, the "Hrytsyshyn Amended Employment Agreement"). The
Hrytsyshyn Amended Employment Agreement, which becomes effective January 21, 2022, provides for an increase to Ms. Hrytsyshyn's
annual cash base salary to $250,000. Further, Ms. Hrytsyshyn is eligible to receive an annual performance-based cash bonus equal to 50%
of base salary. The Term of the Hrytsyshyn Amended Employment Agreement shall be "at will" and can be terminated by the Company
or Ms. Hrytsyshyn at any time for any reason provided that Ms. Hrytsyshyn may not voluntarily terminate the agreement without thirty
(30) days prior written notice delivered to the Company. This paragraph contains only a brief description of the material terms of and
does not purport to be a complete description of the rights and obligations of the parties to the Hrytsyshyn Amended Employment Agreement,
and such description is qualified in its entirety by reference to the full text of the Hrytsyshyn Amended Employment Agreement, a copy
of which is incorporated by reference to Exhibit 10.4 of the Company's Form 8-K filed with the SEC on January 25, 2022.
On
January 19, 2022, the Board appointed James F. Engler, Jr. as a member of the Board (the "Appointment"). Mr. Engler will
serve as a non-executive director of the Company. In connection with the Appointment, the Company and Mr. Engler entered into a director
agreement (the "Director Agreement") whereby, as compensation for his services as a member of the Board, Mr. Engler shall
receive 200,000 shares of the Company's Common Stock options, par value $0.01 per share (the "Director Options") and
will vest monthly over three years that Mr. Engler serves as Director. Additionally, Mr. Engler shall be paid an annual fee of $50,000,
to be paid $12,500 per quarter, as compensation for his services as a Director of the Company. It was further agreed that until the Company
has raised $10 million, or within the first six months, whichever comes first, the Company will pay the annual compensation through the
issuance of restricted shares of Company's Common Stock in lieu of cash consideration. So long as Mr. Engler serves as a member
of any committee of the Board, the amount of quarterly fee shall be increased by $1,250. Additionally, pursuant to the approval of the
Board, each independent director's existing director agreement will be amended such that each independent director will receive
compensation on the same terms as set forth in the Director Agreement.
On
January 20, 2022, the Company's Board ratified and approved the establishment of the Audit Committee, Compensation Committee, and
Nominating and Governance Committee as committees of the Board, the adoption of the charters for such committees and the appointment
of the Company's directors to such committees. The Board appointed Chester P. White, Thomas B. Fore, and James F. Engler, Jr. to
serve on the Audit Committee of the Board of Directors of the Company, with Mr. Engler serving as the Chair of the Audit Committee. The
Board appointed Mr. Fore, Mr. Engler and Mr. Subramanyam to serve on the Compensation Committee of the Board of Directors of the Company,
with Mr. Fore serving as the Chair of the Compensation Committee. The Board appointed Mr. Subramanyam, Mr. Engler and Mr. Fore to serve
on the Nominating and Corporate Governance Committee of the Board of Directors of the Company, with Mr. Subramanyam serving as the Chair
of the Nominating and Corporate Governance Committee.
56
Today,
mPhase is a clean technology EV Charging company with over four decades of experience, technology and a team working to enhance the
existing business lines through the integration of cloud-based systems and to deliver software as a service ("SaaS") and
technology as a service ("TaaS. The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual's tastes and needs, with particular emphasis on empowering
today's green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application ("mPower App"): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.
Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.
Legal
Proceedings
There
are no material proceedings to which any director or officer, or any associate of any such director or officer, is a party that is adverse
to our Company or any of our subsidiaries or has a material interest adverse to our Company or any of our subsidiaries. No director or
executive officer has been a director or executive officer of any business which has filed a bankruptcy petition or had a bankruptcy
petition filed against it during the past ten years. No current director or executive officer has been convicted of a criminal offense
or is the subject of a pending criminal proceeding during the past ten years. No current director or executive officer has been the subject
of any order, judgment or decree of any court permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement
in any type of business, securities or banking activities during the past ten years. No current director or officer has been found by
a court to have violated a federal or state securities or commodities law during the past ten years.
However,
from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.
Effective
December 10, 2018, the Company entered into a "Judgment Settlement Agreement" to satisfy in full the Forbearance Agreement
with Fife that was previously in effect. As a result, under the Judgment Settlement Agreement, no shares of the Company's Common
Stock are issuable or eligible to be converted into. Under the terms of the Judgment Settlement Agreement, the Company was required
to pay $15,000 per month from January 15, 2019 through and including February 15, 2020, with a final payment of $195,000 which was due
and payable in March of 2020. The Company made all required payments with the exception of the final payment of $195,000 which was due
and payable in March of 2020. On August 17, 2020, the Company entered into a second amendment (the "Second Amendment") to
the Judgement Settlement Agreement, whereby the Company issued a convertible promissory note in the principal amount of $300,000 (the
"Note") to repay the amounts still outstanding under the Judgment Settlement Agreement. The Note matures on August 17, 2021,
bears interest at a rate of 10% per annum, requires certain monthly minimum cash payments as specified in the Note, and is convertible
into shares of the Company's common stock, par value $0.01 per share, at a conversion price as specified in the Note. The Note
may be prepaid by the Company at any time prior to maturity without penalty. The Company satisfied the initial cash payment as specified
in the Note. On April 13, 2021, the Company entered into a third amendment (the "Third Amendment") to the Judgement Settlement
Agreement, whereby the Company issued a convertible promissory note in the principal amount of $300,000 (the "New Note")
to replace the Note and repay the amounts still outstanding under the Judgment Settlement Agreement. The Note matures on April 13, 2022,
bears interest at a rate of 10% per annum, requires certain monthly minimum payments in cash or the Company's Common Stock
as specified in the New Note, and is convertible  into shares of the Company's Common Stock, par value $0.01 per share,
at a conversion price as specified in the New Note. The New Note may be prepaid by the Company at any time prior to maturity without
penalty. On April 16, 2021, the Company paid $235,000 to satisfy, pay in full, and extinguish the New Note and the Judgement Settlement
Agreement, which resulted in a gain on debt settlement of $549,026 during the year ended June 30, 2021.
Employees
As of February 28, 2022, the Company employs 35
full-time employees with a range of expertise in technology platform development services, sales and marketing services, human resources,
and accounting services. The Company's subsidiary in India employs a total of 16 software engineers and data analysis experts.
Developments
On
November 18, 2021, the Board appointed Angelia Lansinger Hrytsyshyn as Chief Financial Officer, with such appointment to be effective
on November 22, 2021, and approved an employment agreement with Ms. Hrytsyshyn (the "Employment Agreement"). Pursuant to
the Employment Agreement, the Company will compensate Ms. Hrytsyshyn in the amount of $225,000 annually. Ms. Hrytsyshyn will be eligible
for an annual performance-based cash bonus. Ms. Hrytsyshyn shall also receive a restricted stock award of 500,000 shares of the Company's
Common Stock which will vest on each of the first, second, third and fourth anniversaries of the Employment Agreement, so long
as the Ms. Hrytsyshyn remains employed by the Company. This paragraph contains only a brief description of the material terms of and
does not purport to be a complete description of the rights and obligations of the parties to the Employment Agreement, and such description
is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is filed herewith as Exhibit
10.2.
see below for Ms. Hrytsyshyn's biography.
57
DIRECTORS
AND EXECUTIVE OFFICERS
Directors,
Executive Officers, and Other Key Employees
The
following table sets forth the names and ages of the members of our Board of Directors and our executive officers and the positions held
by each as of February 28, 2022.
Name
Age
Positions(s)
Anshu
    Bhatnagar
48
Chief
    Executive Officer and Chairman
Venkat J. Kodumudi
52
Chief Operating Officer
Angelia
    Lansinger
Hrytsyshyn
40
Chief
    Financial Officer
Isida Tushe
35
General Counsel and Corporate Secretary
Suhas
    Subramanyam
35
Director
Chester
    P. White
57
Director
Thomas
    B. Fore
55
Director
James
    F. Engler, Jr.
39
Director
Biographies
for the members of our Board of Directors and our management team are set forth below.
Anshu
Bhatnagar – Chief Executive Officer and Chairman
Anshu
Bhatnagar has served as our Chief Executive Officer and Chairman of our Board of Directors since January 11, 2019. Mr. Bhatnagar
has extensive international business experience, most recently (from January 2008 through February 2021) managing private and public
international trade and distribution companies specializing in food products. Mr. Bhatnagar was also a Managing Member of Blue Capital
Group, a real estate oriented multi-family office focused on acquiring, developing, and managing commercial real estate as well as investing
in operating businesses from January 2008 to December 2016. Moreover, Mr. Bhatnagar was Chief Executive Officer and Chairman of Verus
International Inc., a company providing international consumer goods. He has also owned and operated other successful businesses in technology,
construction and waste management. A computer scientist and entrepreneur, Anshu began his technology career working on major federal
government projects for Oracle and Computer Science Corp. He eventually formed his own firm (2Pi Solutions) in this space, which was
ranked as one of the top 100 fastest growing companies in the U.S. before its sale in 2010. We believe Mr. Bhatnagar is qualified to
serve as a member of our board because of his extensive international business experience and expertise in large-scale critical technology
deployments.
Venkat
J. Kodumudi – Chief Operating Officer
Mr.
Kodumudi combines over 29 years of experience in information technology industry senior management that includes a 14-year career as
software developer and architect. Previously, he had been involved in over 5 companies and a Federal Government Agency, in the information
technology industry holding positions including chief technology officer, health product practice lead, director, and deputy director
for IT operations. From 2017 through May 2021, Venkat was a Director for CGI, Inc., (NYSE: GIB) IT services company, with diverse duties
including practice lead for blockchain and intelligent automation technology. From 2016 to 2017, he was CTO for FocalCXM, Inc., a company
involved in building and supporting consumer engagement solutions for the Life Sciences industry. From 2004 to 2015, he held various
director level positions for the Transportation Security Agency (TSA), including operating and managing TSA's Enterprise Learning
Management System (LMS). Mr. Kodumudi has a master's degree in Computer Science from Arizona State University and an MBA
from George Mason University.
58
Angelia
Lansinger Hrytsyshyn – Chief Financial Officer
Ms.
Hrytsyshyn, Chief Financial Officer, age 40, combines over 18 years of experience in private and public corporate finance in various
industries. From 2018 through August 2021, Ms. Hrytsyshyn was the Treasurer for American Trading and Production Corporation, a company
with assets in private equity, alternative investments, and real estate. From 2013 to 2018, she was Assistant Treasurer for American
Trading and Production Corporation. From 2009 to 2013, she held various finance roles in audit, FP&A, and strategy at Constellation
Energy, an Exelon Company (NYSE: EXC). Ms. Hrytsyshyn started her career at PricewaterhouseCoopers as an external SEC auditor for Fortune
500 companies in the Baltimore and Washington, DC area. She has an undergraduate and master's degree from the University of Maryland
at College Park, an MBA from the University of Chicago's Booth School of Business and is a Certified Public Accountant.
Isida
Tushe – General Counsel and Corporate Secretary
Ms.
Tushe brings extensive domestic and international experience gained supporting the legal and business activities of a diverse mix of
energy-related companies having held senior positions both on the finance and legal side. Most recently, she was part of the
leadership team and served as the General Counsel of a hydroelectric energy generation and storage developer in the United States.
She previously led numerous project financings, acquisition/disposition and project development transactions as VP and Senior
Counsel at Pine Gate Renewables, a leading renewable energy company focused on project development and strategic financing of
utility-scale solar and energy storage projects in the U.S. Earlier in her career, at FuelCell Energy (NASDAQ: FCEL), a
global leader in the design, manufacture, and operation of fuel cell technology, she simultaneously held the roles of VP of Project
Finance and Counsel, where  she led capital raising on behalf of the company in debt, equity, and tax equity, and was
 the lead deals attorney. Ms. Tushe holds a J.D., a M.A., and a B.A. She is a licensed attorney in the District of
Columbia, New Jersey, and New York.
Suhas
Subramanyam – Director
Mr.
Subramanyam is a public servant, lawyer, and technology policy expert who currently represents the 87
th
District in the Virginia
General Assembly, where he was first elected in 2019. He was the first Indian American elected in Virginia's history at
either the state or federal level. He also serves on the Virginia Small Business Commission and Virginia Minority Business Commission
(August 2020 to present) as well as the Communications, Technology, and Innovation Committee in the House of Delegates (May 2020 to present).
Previously, he served as a technology policy advisor in the White House under President Barack Obama between August 2015 through January
2017, where he ran a task force on technology policy and advised on Artificial Intelligence, cybersecurity, infrastructure policy, and
economic opportunity. Before joining the White House, as an attorney with Jones Day, where he handled a range of technology and trade
issues. He has also served as an advisor to Members of the U.S. House of Representatives and U.S. Senate Judiciary Committee. Mr. Subramanyam
also serves as In-House Counsel at Level, Inc. (March 2021 to present). He is a resident of Loudoun County, Virginia, and holds a J.D.
from Northwestern University. The Board believes that Mr. Subramanyam's technology, regulatory, and government leadership experience
will make him a valuable addition to the Board and is expected to help bring the Company towards continued growth and success.
Chester
P. White – Director
Mr.
White currently serves as CEO of QuantAI, Inc. ("QuantAI") (2017 to present), a leading artificial intelligence FinTech company.
He also serves as portfolio manager of the Helios Alpha 3x Fund, LP. Previously, Mr. White held executive positions with Paine Webber
(acquired by UBS Financial Services), Dean Witter (acquired by Morgan Stanley),
Wells Fargo N.A.
(1998 to 2002), Merriman, and Curran Ford & Co. Additionally, Mr. White serves in various positions of increasing responsibility
including a Manager of Griffin Advisors and a Partner in OneTraction Ventures. The Board believes that Mr. White's experience in
technology-based leadership roles qualifies him well to help bring the Company towards continued growth and success
.
Thomas
B. Fore – Director
Mr.
Fore has an extensive background in real estate development, digital media and entertainment. He founded and is currently the CEO of
Sora Development and Sora Ventures, a mixed-use master development firm with a focus on Public Private Partnerships ("P3 Projects"),
both were founded in January 2006. He is also a principal at Tiderock Media LLC, a film production company since January 2010. He has
more than 20 years of experience in the construction and real estate development fields.
The Board
believes that Mr. Fore's experience in leadership roles in the technology, retail and commercial sections, qualifies him well to
help lead the Company towards continued growth and success.
James
F. Engler, Jr. – Director
Mr.
Engler is currently Vice President – Chief Financial Officer of Rosemore Inc., a privately held investment management firm.
Mr. Engler has 3 years of experience in Energy and Investment Management senior management following a 15-year career in public
accounting. Previously, he was a senior manager at PricewaterhouseCoopers LLP serving large SEC filers and private companies in the
power and utility industry. He has an undergraduate degree from Towson University and is a Certified Public Accountant.
The
Board believes that Mr. Engler's experience in financial leadership roles makes him ideally qualified to help lead the Company
towards continued growth and success.
59
Family
Relationships
There
are no family relationships among our executive officers and directors.
Corporate
Governance
Terms
of Directors and Executive Officers
Each
of our directors holds office until a successor has been duly elected and qualified unless the director was appointed by the Board
of Directors, in which case such director holds office until the next following annual meeting of shareholders at which time such
director is eligible for re-election. All of our executive officers are appointed by and serve at the discretion of our Board of Directors.
Qualification
There
is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders
by ordinary resolution.
Insider
Participation Concerning Executive Compensation
The
Board of Directors has been involved in all determinations regarding executive officer compensation since the inception of the Company.
He will continue to make such decisions until the Compensation Committee is established immediately prior to the consummation of this
offering.
Committees
of the Board of Directors
On
January 20, 2022, the Company's Board ratified and approved the establishment of the Audit Committee, Compensation Committee, and
Nominating and Governance Committee as committees of the Board, the adoption of the charters for such committees and the appointment
of the Company's directors to such committees.
The
Board appointed Chester P. White, Thomas B. Fore, and James F. Engler, Jr. to serve on the Audit Committee
of the Board of Directors of the Company, with Mr. Engler serving as the Chair of the Audit Committee.
The
Board appointed Thomas B. Fore, James F. Engler, Jr. and Suhas Subramanyam to serve on the Compensation Committee
of the Board of Directors of the Company, with Mr. Fore serving as the Chair of the Compensation Committee.
The
Board appointed Suhas Subramanyam, James F. Engler, Jr. and Thomas B. Fore to serve on the Nominating and Corporate Governance
Committee of the Board of Directors of the Company, with Mr. Subramanyam serving as the Chair of the Nominating and Corporate Governance
Committee.
All
of the directors serving on the respective committees satisfy the "independence" requirements of Section 5605(a)(2) of the
Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Each committee's members and functions are described below.
Audit
Committee
.  Our audit committee consists of three non-executive directors, each of whom are
independent
under the Nasdaq Listing Rules' independence standards, with one of those members
qualifying as an audit committee
financial expert
as defined by SEC rules and regulations
. The audit committee oversees
our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee will
be responsible for, among other things:
●
appointing
    the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;
●
reviewing
    with the independent auditors any audit problems or difficulties and management's response;
60
●
discussing
    the annual audited financial statements with management and the independent auditors;
●
reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposures;
●
reviewing
    and approving all proposed related party transactions;
●
meeting
    separately and periodically with management and the independent auditors; and
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.
Compensation
Committee
. Our compensation committee consists of three non-executive directors, each of whom are
independent
under the Nasdaq Listing Rules' independence standards
. The compensation committee assists the board in reviewing and approving
the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive
officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be
responsible for, among other things:
●
reviewing
    and approving the total compensation package for our most senior executive officers;
●
approving
    and overseeing the total compensation package for our executives other than the most senior executive officers;
●
reviewing
    and recommending to the board with respect to the compensation of our directors;
●
reviewing
    periodically and approving any long-term incentive compensation or equity plans;
●
selecting
    compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person's
    independence from management; and
●
reviewing
    programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.
Nominating
and Corporate Governance Committee
. Our nominating and corporate governance committee consists of three non-executive directors,
each of whom are
independent under the Nasdaq Listing Rules' independence standards
.
The nominating and corporate governance committee assist the Board of Directors in selecting individuals qualified to become our
directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will
be responsible for, among other things:
●
identifying
    and recommending nominees for election or re-election to our Board of Directors or for appointment to fill any vacancy;
●
reviewing
    annually with our Board of Directors its current composition in light of the characteristics of independence, age, skills,
    experience and availability of service to us;
●
identifying
    and recommending to our board the directors to serve as members of committees;
●
advising
    the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance
    with applicable laws and regulations, and making recommendations to our Board of Directors on all matters of corporate governance
    and on any corrective action to be taken; and
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.
61
Code
of Business Conduct and Ethics
Our
Board of Directors has adopted a Code of Business Confident and Ethics ("Code") that applies to all of our directors, officers,
and employees. Any waivers of any provision of this Code for our directors or officers may be granted only by the Board of Directors
or a committee appointed by the Board of Directors. Any waivers of any provision of this Code for an employee or a representative may
be granted only by our Chief Executive Officer. We have field a copy of our Code with the SEC and have made it available on our website
at
https://ir.mphasetech.com/governance-documents
. In addition, we will provide any person, without charge, a copy of this Code.
Requests for a copy of the Code may be made by writing to the Company at 1101 Wootton Parkway, Ste. 1040, Rockville, MD 20852; attention
Corporate Secretary.
EXECUTIVE
COMPENSATION
The following table sets forth the total compensation
received for services rendered in all capacities to our Company for the last two fiscal years, which was awarded to, earned by,
or paid to our Chief Executive Officer, Former Chief Financial Officer, Chief Financial Officer, and Chief Operating Officer
(the "Named Executive Officers") and Directors
Name
    and Position
Year
Salary
    ($)
Bonus
Stock
    Awards ($)
Option
    Awards
Non-
Equity
Incentive
Other
    ($) (6)
Total
    ($)
Anshu
    Bhatnagar
2021
$
275,000
$
-
$
153,301
(1)
$
-
$
-
$
37,453
$
465,754
Chief
    Executive Officer and Director
2020
$
275,000
$
-
$
16,202,529
(2)
$
-
$
-
$
1,562
$
16,479,091
Christopher
    Cutchens
2021
$
37,500
$
-
$
5,559
(3)
$
-
$
-
$
-
$
43,059
Former
    Chief Financial Officer
2020
$
75,000
$
-
$
103,078
(4)
$
-
$
-
$
-
$
178,078
Angelia
    Lansinger Hrytsyshyn
2021
$
23,300
$
-
$
$
-
$
-
$
-
$
Chief
    Financial Officer
2020
$
$
-
$
$
-
$
-
$
-
$
Venkat J. Kodumudi
2021
$
25,000
$
-
$
9,733
(5)
$
-
$
-
$
-
$
34,733
Chief Operating Officer
2020
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Suhas
    Subramanyam
2021
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Director
2020
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Chester
    P. White
2021
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Director
2020
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Thomas B. Fore
2021
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Director
2020
$
-
$
-
$
-
$
-
$
-
$
-
$
-
James
    F. Engler, Jr.
2021
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Director
2020
$
-
$
-
$
-
$
-
$
-
$
-
$
-
(1)
The amount represents the grant date
fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense for the 2021 stock awards relates to
the fair value of the 37,390,452 shares of the Company's Common Stock issued upon exchange of 37,390,452 warrants in accordance
with the Exchange Agreement. For additional information regarding this exchange, please refer to Note 12 to our consolidated financial
statements.
62
(2)
The
amount represents the grant date fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense for
the 2020 stock awards relates to warrants to purchase shares of the Company's Common Stock that are granted under the provisions
of the Chief Executive Officer's employment agreement and are immediately vested upon being earned. For additional information
regarding assumptions underlying the valuations of these stock awards and the calculation method, please refer to Note 12 to our consolidated
financial statements.
(3)
The amount represents the grant date fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense
for the 2021 stock awards relates to the unvested Common Stock granted on June 1, 2019 under the provisions of the former Chief
Financial Officer's employment agreement that were immediately vested upon resignation during January 2021.
(4)
The amount represents the grant date fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense
for the 2020 stock awards relates to Common Stock granted on June 1, 2019 under the provisions of the Chief Financial Officer's
employment agreement and are immediately vested upon being earned.
(5) The amount represents
the grant date fair value of awards earned as computed in accordance with FASB ASC Topic 718. The annual expense for the 2021 stock awards
relates to restricted Common Stock granted on May 17, 2021 under the provisions of the Chief Operating Officer's employment agreement
and are immediately vested upon being earned.
(
6
)
Amounts
represent interest on a loan to the Company.
Outstanding
Equity Awards at December 31, 2021
Narrative Disclosure to Summary Compensation Table
Employment Agreement with Anshu Bhatnagar
Mr.
Bhatnagar, President and Chief Executive Officer, pursuant to the terms of an Employment Agreement, Transition Agreement and a Warrant
Agreement, each dated as of January 11, 2019, for a period of 5 years and at a base cash salary of $275,000 per annum. Under the terms
of the Employment Agreement and Transition Agreement, Mr. Bhatnagar received 2,620,899 restricted shares of the Company's Common
Stock.
In
addition, Mr. Bhatnagar was granted 1,000 shares of a newly-created class of Series A Preferred Stock of the Company that effectively
gives him voting control of the Company. As the holder of one thousand (1,000) shares of Series A Preferred Stock, Mr. Bhatnagar shall
have the number of votes (identical in every other respect to the voting rights of the holders of Common Stock entitled at any regular
or special meeting of shareholders of the Company) equal to such number of shares of Common Stock that is not less than fifty-one (51%)
percent of the vote required to approve any action that New Jersey law provides may or must be approved by vote or consent of the holders
of Common Stock or any other securities of the Company entitled to vote. Except as otherwise required by law, the holder of the Series
A Preferred Stock shall vote together with the holders of Common Stock on all matters and shall not vote as a separate class. Notwithstanding
the foregoing, should the Company enter into a merger agreement with another company and such merger is deemed significant as per SEC
Regulation SX Section 3.05 and Section 3.06 requirements, the Company will seek shareholder approval by a Proxy solicitation in
compliance with Federal and State law.
Mr.
Bhatnagar has been elected to the Board of Directors of the Company. Under the terms of the Transition Agreement and a cashless Warrant
Agreement, Mr. Bhatnagar is able to earn an additional 4% of the outstanding Common Stock of the Company for each $1 million of gross
revenues of the Company up to $15 million in such revenues and for a total (including his original grant of the Company's Common
Stock) not to exceed 80% of the total outstanding Common Stock of the Company. The purpose of this transaction is to bring
in new management to the Company replacing its existing management to develop and expand its offerings into the artificial intelligence
and machine learning industries while continuing development of the Company's patented and patent pending Smart NanoBattery and
Drug Delivery Systems. In addition, Mr. Bhatnagar intends to broaden the Company's existing lines of business to include diverse
lines of business that the Company can manage profitably.
63
On
July 15, 2020, the Company entered into an exchange agreement (the "Exchange Agreement") with its Chief Executive Officer,
Anshu Bhatnagar ("Holder"), whereby earned and issued warrants to purchase 37,390,452 shares of the Company's Common
Stock (the "Cancelled Warrants") pursuant to the terms of that certain Transition Agreement (the "Transition Agreement")
and Warrant Agreement (the "Warrant Agreement") each between the Company and Holder and dated as of January 11, 2019 were
forfeited and exchanged for (i) 37,390,452 shares of the Company's Common Stock (the "Shares") and (ii) the cancellation
and termination of the Transition Agreement and Warrant Agreement. The Cancelled Warrants had an exercise price of $0.50 per share and
were not subject to expiration. Such Exchange Agreement is intended to make the Company's capitalization more attractive to potential
investors and to remove the uncertainty associated with any future grants of warrants under the Transition Agreement and Warrant Agreement,
although there can be no assurance of any future investments on terms that are attractive to the Company, or at all. Immediately prior
to the Company's entry into the Exchange Agreement, it was determined that 5,650,708 additional warrants (the "Additional
Warrants") to purchase the Company's Common Stock were due to and issued to the Holder in accordance with the terms and conditions
of the Transition Agreement as the Transition Agreement required certain liabilities to be eliminated by the prior management team within
six months of the Transition Agreement's effective date of January 11, 2019. However, the Additional Warrants were immediately
cancelled and terminated with the intention of mitigating potential liabilities arising from certain issuances of the Company's
Common Stock below the minimum price of $0.50 per share as stated within the Transition Agreement. The Shares to be issued and sold to
the Holder pursuant to the Exchange Agreement were issued in reliance upon the exemption from registration under Section 4(a)(2) of the
Securities Act and Rule 506 of Regulation D promulgated thereunder.
On
January 19, 2022, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Anshu Bhatnagar, Chief Executive Officer of the Company, modifying the terms of the Employment Agreement entered into between the Company
and Mr. Bhatnagar dated January 11, 2019 (collectively, the "Bhatnagar Amended Employment Agreement"). The Bhatnagar Amended
Employment Agreement, which becomes effective retroactively as of January 1, 2022 (the "Effective Date") provides for an
increase to Mr. Bhatnagar's annual cash base salary to $600,000. Further, Mr. Bhatnagar is eligible to receive additional increases
to base salary, to be determined in the sole discretion of the Company's Board, which allow for increase in base salary as follows:
base salary shall increase to $700,000 on the first anniversary of the effective date of the Amended Employment Agreement; and base salary
shall increase to $800,000 on the second anniversary of the effective date of the Amended Employment Agreement. Additionally, the Amended
Employment Agreement provides that Mr. Bhatnagar shall also be entitled to receive stock-based compensation in the form of shares of
Common Stock of the Company, and an annual cash bonus of up to 100% of base salary, which shall be determined by the Board. The
Term of the Bhatnagar Amended Employment Agreement shall expire on December 31, 2032. This paragraph contains only a brief description
of the material terms of and does not purport to be a complete description of the rights and obligations of the parties to the Bhatnagar
Amended Employment Agreement, and such description is qualified in its entirety by reference to the full text of the Bhatnagar Amended
Employment Agreement, a copy of which is incorporated by reference to Exhibit 10.3 of the Company's Form 8-K filed with the SEC
on January 25, 2022.
Employment Agreement with Angelia Lansinger Hrytsyshyn
On
November 18, 2021, the Board appointed Angelia Lansinger Hrytsyshvn as Chief Financial Officer, with such appointment to be effective
on November 22, 2021 and approved an employment agreement with Ms. Hrytsyshvn (the "Employment Agreement"). Pursuant
to the Employment Agreement, the Company will compensate Ms. Hrytsyshvn in the amount of $225,000 annually, Ms. Hrytsyshvn will be eligible
for an annual performance-based cash bonus. Ms. Hrytsyshvn shall also receive a restricted stock award of 500,000 shares of the Company's
Common Stock which will vest on the each of the first, second, third and fourth anniversaries of the Employment Agreement, so
long as the Ms. Hrytsyshvn remains employed by the Company. This paragraph contains only a brief description of the material terms of
and does not purport to be a complete description of the rights and obligations of the parties to the Employment Agreement, and such
descriptions is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is incorporated
by reference to Exhibit 10.2 of the Company's Form 10-Q filed with the SEC on November 22, 2021
On
January 19, 2022, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Ms. Hrytsyshyn, Chief Financial Officer of the Company, modifying the terms of the Employment Agreement entered into between the Company
and Ms. Hrytsyshyn dated November 16, 2021 (collectively, the "Hrytsyshyn Amended Employment Agreement"). The Hrytsyshyn
Amended Employment Agreement, which becomes effective January 21, 2022 provides for an increase to Ms. Hrytsyshyn's annual cash
base salary to $250,000. Further, Ms. Hrytsyshyn is eligible to receive an annual performance-based cash bonus equal to 50% of base salary.
The Term of the Hrytsyshyn Amended Employment Agreement shall be "at will" and can be terminated by the Company or Ms. Hrytsyshyn
at any time for any reason provided that Ms. Hrytsyshyn may not voluntarily terminate the agreement without thirty (30) days prior written
notice delivered to the Company. This paragraph contains only a brief description of the material terms of and does not purport to be
a complete description of the rights and obligations of the parties to the Hrytsyshyn Amended Employment Agreement, and such description
is qualified in its entirety by reference to the full text of the Hrytsyshyn Amended Employment Agreement, a copy of which is incorporated
by reference to Exhibit 10.4 of the Company's Form 8-K filed with the SEC on January 25, 2022.
Employment
Agreement with Venkat J. Kodumudi.
On
May 17, 2021, the Company entered into an employment agreement ("Employment Agreement") with Venkat Kodumudi for the position
of Chief Operating Officer. The Employment Agreement is for an indefinite term and may be terminated with or without cause. Mr. Kodumudi
will receive an annual base salary of $200,000 (the "Base Salary") and shall be eligible to earn a performance bonus in
the target amount of up to 50% of the Base Salary, if any, upon the attainment of performance goals established by the Chief Executive
Officer of the Company. The Base Salary shall increase to $225,000, the first payroll subsequent to the Company completing an uplist
to a listed exchange. Mr. Kodumudi was granted 500,000 restricted stock units of the Company's Common Stock (the "RSUs").
The RSUs shall vest in accordance with the following: (i) 125,000 of the RSUs shall vest on the one year anniversary of the Effective
Date; (ii) 125,000 RSUs shall vest on the second year anniversary of the Effective Date; (iii) 125,000 RSUs shall vest on the third year
anniversary of the Effective Date; and (iv) 125,000 RSUs shall vest on the fourth year anniversary of the Effective Date. As a full-time
employee of the Company, Mr. Kodumudi will be eligible to participate in all of the Company's benefit programs.
Upon
termination of Mr. Kodumudi without cause and provided that Mr. Kodumudi has been employed by the Company for a minimum of twelve (12)
months but less than twenty-four (24) months, the Company shall pay or provide to Mr. Kodumudi severance pay equal to his then current
monthly base salary for six months from the date of termination, during which time Mr. Kodumudi shall continue to receive all employee
benefits and employee benefit plans as described in the Employment Agreement. Upon termination of Mr. Kodumudi without cause and provided
that Mr. Kodumudi has been employed by the Company for a minimum of twenty-four (24) months, the Company shall pay or provide to Mr.
Kodumudi severance pay equal to his then current monthly base salary for twelve months from the date of termination. This paragraph contains
only a brief description of the material terms of and does not purport to be a complete description of the rights and obligations of
the parties to the Employment Agreement for Venkat Kodumudi, and such description is qualified in its entirety by reference to the full
text of the Employment Agreement, a copy of which is incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed
with the SEC on May 21, 2021.
Director
Compensation
On
August 27, 2021, the Board of Directors the Company appointed Suhas Subramanyam, Chester P. White, and Thomas B. Fore as
members of the Board (such appointments, collectively, the "Appointments").
The
terms of the Appointments commenced on August 27, 2021 and are in effect for a period of approximately one year, until the time of the
Company's next Annual Meeting of Stockholders.
In
connection with the Appointments, on August 27, 2021, the Company entered into director agreements with Mr. Subramanyam, Mr. White and
Mr. Fore (such director agreements, collectively, the "Director Agreements").
Pursuant
to the Director Agreements, the Company will compensate each such director a fee of $20,000 annually, which is to be paid in quarterly
installments of $5,000. Such quarterly fee will be increased by $1,250 for each such director who serves as a member of either the Audit,
Compensation, or Nominating Committee. In lieu of cash consideration, the annual fee will be paid by issuance of the number of restricted
shares of the Company's Common Stock equivalent to the applicable cash amount due as determined based upon the closing price
on the last trading day of such quarter.
64
On
January 19, 2022, the Board appointed James F. Engler, Jr. as a member of the Board (the "Appointment"). Mr. Engler will
serve as a non-executive director of the Company. In connection with the Appointment, the Company and Mr. Engler entered into a director
agreement (the "Director Agreement") whereby, as compensation for his services as a member of the Board, Mr. Engler shall
receive 200,000 shares of the Company's Common Stock options, par value $0.01 per share (the "Director Options")
and will vest monthly over three years that Mr. Engler serves as Director. Additionally, Mr. Engler shall be paid an annual fee of $50,000,
to be paid $12,500 per quarter, as compensation for his services as a Director of the Company. It was further agreed that until the Company
has raised $10 million, or within the first six months, whichever comes first, the Company will pay the annual compensation through the
issuance of restricted shares of Company's Common Stock in lieu of cash consideration. So long as Mr. Engler serves as a
member of any committee of the Board, the amount of quarterly fee shall be increased by $1,250. Additionally, pursuant to the approval
of the Board, each independent director's existing director agreement will be amended such that each independent director will
receive compensation on the same terms as set forth in the Director Agreement.
SECURITY
OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
The
following table sets forth certain information as of December 31, 2021 concerning the beneficial ownership of Common Stock for:
(i) each director and director nominee, (ii) each Named Executive Officer in the Summary Compensation Table under "Executive Compensation"
above, (iii) all executive officers and directors as a group, and (iv) each person (including any "group" as that term is
used in Section 13(d)(3) of the Exchange Act) known by us to be the beneficial owner of 5% or more of our Common Stock. The address
for each of the persons below who are beneficial owners of 5% or more of our Common Stock is our corporate address at 1101
Wootton Parkway, Suite 1040, Rockville, MD 20852
Beneficial
ownership has been determined in accordance with the rules of the SEC and is calculated based on 81,656,033 and 81,627,663 shares
of our Common Stock issued and outstanding, respectively as of December 31, 2021.  Shares of Common Stock subject
to options, warrants, preferred Stock or other securities convertible into Common Stock that are currently exercisable
or convertible, or exercisable or convertible within 60 days of December 31, 2021, are deemed outstanding for computing the percentage
of the person holding the option, warrant, preferred stock, or convertible security but are not deemed outstanding for computing the
percentage of any other person.
Except
as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the
table below have sole voting and investment power with respect to all shares of Common Stock that they beneficially own.
The
amounts and percentages of our Common Stock beneficially owned are reported on the basis of SEC rules governing the determination
of beneficial ownership of securities. Under the SEC rules, a person is deemed to be a "beneficial owner" of a security if
that person has or shares "voting power," which includes the power to vote or to direct the voting of such security, or "investment
power," which includes the power to dispose of or to direct the disposition of such security. A person is also deemed to be a beneficial
owner of any securities of which that person has the right to acquire beneficial ownership within 60 days through the exercise of any
stock option, warrant or other right. Under these rules, more than one person may be deemed a beneficial owner of the same securities
and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. Unless otherwise
indicated, each of the shareholders named in the table below, or his or her family members, has sole voting and investment power with
respect to such shares of our Common Stock. Except as otherwise indicated, the address of each of the shareholders listed below
is: c/o mPhase Technologies, Inc., 1101 Wootton Parkway, Suite 1040, Rockville, MD 20852.
65
Amount and Nature of Beneficial Ownership
Name and Address (1)
Common Stock Ownership
Percentage of
Common
Stock Ownership
Series A Preferred Stock Ownership
Percentage of Series A Preferred Stock
Percentage of Total Voting Power(2)
Officers and Directors:
Anshu Bhatnagar (3)
37,324,285
47.1
%
1,000
100
%
51.0
%
Angelia Lansinger Hrytsyshyn (4)
-
0
%
-
0
%
0
%
Venkat J. Kodumudi (5)
30,000
0
%
-
0
%
0
%
Suhas Subramanyam (3)
21,053
*
-
0
%
*
Chester P. White (3)
21,053
*
-
0
%
*
James F. Engler, Jr. (3)
-
*
-
0
%
*
Thomas B. Fore (3)
21,053
*
-
0
%
*
All Officers and Directors as a Group (5 Persons)
37,417,444
47.2
%
1,000
100
%
51.1
%
5% Stockholders:
None
*
Less than one percent.
(1)
Unless otherwise indicated, the address of the stockholder is c/o mPhase Technologies, Inc., 1101 Wootton Parkway, Suite 1040, Rockville,
MD 20852.
(2)
Holders of our Common Stock are entitled to one vote per share, holders of our Series A Convertible Preferred Stock are entitled to the
number of votes (identical in every other respect to the voting rights of the holders of Common Stock entitled at any regular or special
meeting of shareholders of the Company) equal to such number of shares of Common Stock that is not less than fifty-one (51%) of the vote
required to approve any action that New Jersey law provides may or must be approved by vote or consent of the holders of Common Stock
or any other securities of the Company entitled to vote.
(3)
Member of the Board of Directors.
(4)
Excludes 500,000 shares
of Common Stock which vest in four equal installments on November 18, 2022, November 18, 2023, November 18, 2024, and November
18, 2025.
(5) Excludes 500,000 shares of Common Stock which
vest in four equal installments on May 17, 2022, May 17, 2023, May 17, 2024, and May 17, 2025.
66
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Transactions
with Microphase Corporation
At
December 31, 2021, the Company owed $32,545 to Microphase for previously leased office space at its Norwalk location and for certain
research and development services and shared administrative personnel from time to time, all through December 31, 2015.
Transactions
With Officers
Note
Payable Issuances
At
various points during past fiscal years certain officers and former officers of the Company provided bridge loans to the Company evidenced
by individual promissory notes and deferred compensation to provide working capital to the Company. During the six months ended
December 31, 2021 and 2020 there were no advances from any officers or former officers of the Company. During the six months
ended December 31, 2021 and 2020, $22,883 and $2,412 has been charged for interest on loans from officers and former officers.
On
October 22, 2020, the Company received a notice of event of default and demand letter
("Demand Letter") from a former officer and promissory note holder (the "Note Holder"). The promissory note was
issued on November 1, 2019, in the original principal amount of $40,739, accrued interest at a rate of 6% per annum, and matured on April
18, 2020. The Demand Letter stated an aggregate of $51,940 of principal and interest was immediately due. The promissory note does not
have a convertible feature and is not convertible into shares of the Company's Common Stock. Additionally, the promissory
note does not contain any cross-default provisions with any other promissory notes issued by the Company. The Company expects to work
with the Note Holder to negotiate a repayment structure whereby the Company can repay the Note Holder the balance due as quickly as possible
based upon its available capital.
At
December 31, 2021 and June 30, 2021, these outstanding notes including accrued interest totaled $769,970 and $747,086, respectively.
At December 31, 2021, these promissory notes are not convertible into shares of the Company Common Stock.
I
n
February 2022, the Company's Board approved the issuance of 3,352,066 shares of the Company's Common Stock to Anshu Bhatnagar,
Chief Executive Officer of the Company, to satisfy a note payable due to Mr. Bhatnagar in the aggregate amount of $528,607.
Common
Stock Issuances
During
the six months ended December 31, 2021, the Company recorded $45,869 of stock-based compensation expense related to a November 22, 2021
grant of 500,000 restricted shares of Common Stock to the Company's Chief Financial Officer and a May 17, 2021 grant of
500,000 restricted shares of Common Stock to the Company's Chief Operating Officer, both of which vests 25% on the 1 year,
2 year, 3 year, and 4 year anniversaries of the grant dates.
Settled Class Action Suit
In
April 2021, a class action complaint for violation of federal securities laws was filed which names our Chief Executive Officer, Anshu
Bhatnagar, our former Chief Financial Officer, Christopher Cutchens and Verus, as defendants. This class action complaint was filed on
behalf of all persons and entities who purchased or otherwise acquired securities of Verus between June 17, 2019 and October 8, 2020.
This action has recently been settled by all parties.
67
DESCRIPTION
OF SECURITIES
In
the discussion that follows, we have summarized selected provisions of our certificate of incorporation, as amended, certificate of
designations bylaws and the New Jersey Revised Statues relating to Corporation Law relating to our capital stock. This summary is not
complete. This discussion is subject to the relevant provisions of New Jersey law and is qualified by reference to our certificate of
incorporation, as amended, certificate of designation for our Series A Preferred Stock and our bylaws. You should read the provisions
of our certificate of incorporation, certificate of designations and our bylaws as currently in effect for provisions that may be important
to you.
General
The
Company is authorized to issue an aggregate number of 500,001,000 shares of capital stock, of which 1,000 shares are preferred stock,
$0.01 par value per share and 500,000,000 shares are Common Stock, $0.01 par value per share.
Series
A Preferred Stock
Our
Board of Directors has designated the 1,000 authorized shares of preferred stock as Series A Preferred Stock. The holders of the
Series A Preferred Stock shall be entitled to vote on all matters submitted to stockholders of the Corporation. The holders of the one
thousand (1,000) shares of Series A Preferred Stock shall have that number of votes (identical in every other respect to the voting rights
of the holders of Common Stock entitled to vote at any regular or special meeting of stockholders) equal to such number of shares
of Common Stock which is not less than fifty-one percent (51%) of the vote required to approve any action, which New Jersey law
provides may or must be approved by vote or consent of the holders of Common Stock or the holders of other securities entitled
to vote, if any.
As
of February 28, 2022, we have 1,000 shares of Series A Preferred Stock issued and outstanding.
Common
Stock
The
Company is authorized to issue 500,000,000 shares of Common Stock, $0.01 par value per share. As of February 28, 2022,
we have 85,008,099 shares of Common Stock are outstanding.
Each
share of Common Stock has one (1) vote per share for all purpose. Our Common Stock does not provide a preemptive, subscription
or conversion rights and there is no redemption or sinking fund provisions or rights. Our common stockholders are not entitled to cumulative
voting for purposes of electing members to our Board of Directors.
Dividends
We
have not paid any cash dividends to our shareholders of Common Stock and Series A Preferred Stock. The declaration of any future cash
dividends is at the discretion of our Board of Directors and depends upon our earnings, if any, our capital requirements and financial
position, our general economic conditions, and other pertinent conditions. It is our present intention not to pay any cash dividends
in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.
68
Warrants
The
following summary of certain terms and provisions of the Warrants that are being offered hereby is not complete and is subject to, and
qualified in its entirety by, the provisions of the Warrant, the form of which is filed as an exhibit to the registration statement of
which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the form of Warrant for
a complete description of the terms and conditions of the Warrants. The Warrants will be issued in book-entry form and will initially
be represented only by one or more global warrants deposited with the warrant agent, as custodian on behalf of The Depository Trust Company,
or DTC, and registered in the name of Cede & Co., a nominee of DTC, or as otherwise directed by DTC pursuant to a warrant agency
agreement between us and Worldwide Stock Transfer, as warrant agent.
Duration
and Exercise Price
The
Warrants are exercisable from and after the date of their issuance and expire on the five year anniversary of such date, at an exercise
price per share of Common Stock equal to $               . The Warrants will be governed by the terms of a global warrant held in book-entry form.
The holder of a Warrant will not be deemed a holder of our underlying Common Stock until the Warrant is exercised. No fractional shares
of Common Stock will be issued in connection with the exercise of a Warrant. Instead, for any such fractional share that would have otherwise
been issued upon exercise of Warrants, we will round such fraction up to the next whole share.
Exercisability
The Warrants will be exercisable, at the option
of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number
of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together
with its affiliates) may not exercise any portion of the Warrant to the extent that the holder would own more than 4.99% (or, at the
election of the holder, 9.99%) of the outstanding Common Stock immediately after exercise, except that upon notice from the holder to
us, the holder may increase or decrease the beneficial ownership limitation in the holder's Warrants up to 9.99% of the number
of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined
in accordance with the terms of the Warrants, provided that any increase in the beneficial ownership limitation shall not be effective
until 61 days following notice to us.
Cashless
Exercise
If, at the time a holder exercises its Warrants,
a registration statement registering the issuance of the shares of Common Stock underlying the Warrants under the Securities Act is not
then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made
to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either
in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the Warrants.
Transferability
Subject to applicable laws, a Warrant may be transferred
at the option of the holder upon surrender of the Warrant to us together with the appropriate instruments of transfer.
Fractional
Shares
No fractional shares of Common Stock will be issued
upon the exercise of the Warrants. Rather, the number of shares of Common Stock to be issued will be rounded to the nearest whole number.
Trading
Market
There is currently no established public
trading market for the Warrants, and there is no assurance that a market will develop. We are in the process of applying to have the
Warrants listed on Nasdaq under the symbol "XDSLW". If our Common Stock and Warrants are not approved for listing on
The Nasdaq Capital Market, we will not consummate this offering. No assurance can be given that our application will be
approved.
Right
as a Stockholder
Except as otherwise provided in the Warrants
or by virtue of such holder's ownership of shares of our Common Stock, the holders of the Warrants do not have the rights or privileges
of holders of our Common Stock with respect to the shares of Common Stock underlying the Warrants, including any voting rights, until
they exercise their Warrants. The Warrants will provide that holders have the right to participate in distributions or dividends paid
on our Common Stock.
Fundamental
Transaction
In the event of a fundamental transaction, as
described in the Warrants and generally including any reorganization, recapitalization or reclassification of our Common Stock, the sale,
transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another
person, the acquisition of more than 50% of our outstanding Common Stock, or any person or group becoming the beneficial owner of 50%
of the voting power represented by our outstanding Common Stock, the holders of the Warrants will be entitled to receive upon exercise
of the Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the
Warrants immediately prior to such fundamental transaction. Additionally, as more fully described in the Warrants, in the event of a
fundamental transaction (as defined in the Warrants), the holders of the Warrants will be entitled to receive consideration in an amount
in cash equal to the Black Scholes value of the Warrants determined according to a formula set forth in the Warrants, provided, however,
that, if the fundamental transaction is not within our control, including not approved by our Board, then the holder shall only be entitled
to receive the same type or form of consideration (and in the same proportion), at the Black Scholes value of the unexercised portion
of the Warrant, that is being offered and paid to the holders of our Common Stock in connection with the fundamental transaction.
69
Warrant
Agent
The
Warrants will be issued pursuant to the terms of a warrant agency agreement between us and Worldwide Stock Transfer, as warrant agent.
The warrant agent may resign upon 30 days' written notice to us and our transfer agent, if applicable. We have the right to remove
the warrant agent upon 30 days' prior written notice to the warrant agent, our transfer agent, and the holders of any warrant certificates.
If the warrant agent resigns or is removed, we will appoint a successor warrant agent. If we do not do so within 30 days, then any holder
of a warrant certificate may petition a court of competent jurisdiction to appoint a successor warrant agent and we will be deemed to
be the warrant agent pending such appointment. In the warrant agency agreement, we have agreed to indemnify the warrant agent against
certain liabilities.
Options
As
of February 28, 2022, there are no options outstanding to purchase shares of our Common Stock.
Representative's
Warrants
We
will issue to the Representative or its designees at the closing of this offering Representative Warrants to purchase the number of shares
of Common Stock equal to 5.0% of the aggregate number of shares of Common Stock sold in this offering, including shares sold upon exercise
of the underwriter's option to purchase additional securities. The Representative Warrants will be exercisable immediately upon
issuance and will have substantially the same terms as the Warrants described above, except that (i) the exercise price of the Representative
Warrants will equal 125% of the public offering price and (ii) the Representative Warrants will expire five years from the commencement
of the sales pursuant to this offering. Reference is hereby made to the "Warrants" description above and to the terms and
provisions of the Representative Warrant, a form of which will be filed as an exhibit to a Current Report on Form 8-K in connection with
this offering and incorporated by reference into the registration statement of which this prospectus forms a part. Prospective investors
should carefully review the terms and provisions of the form of Representative Warrant for a complete description of the terms and conditions
of the Representative Warrants.
The
Representative Warrants and the shares of Common Stock underlying the Representative Warrants are registered on the registration statement
of which this prospectus forms a part.
Notes
As
of February 28, 2022, there are convertible notes outstanding to purchase 25,038,731 shares of our Common Stock, at
fixed rates, with a weighted average conversion price of $0.20 per share.
Transfer
Agent
The
transfer agent and registrar for our Common Stock is Worldwide Stock Transfer located at One University Plaza, Suite 505, Hackensack,
NJ 07601.
Indemnification
of Directors and Officers
Each
of our Certificate of Incorporation and our Bylaws provide for indemnification of our directors and officers. Our Bylaws provide that
we will indemnify any person who was or is a party or threatened to be made a party to any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative (other than an action by or in the right of the corporation) by reason of the
fact that such person is or was a director or officer of the corporation, against expenses (including attorney's fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding
if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of our
Company, and with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful.
The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of
nolo contendere
or its equivalent will not, without more, create a presumption that the person did not act in good faith and in a manner which such person
reasonably believed to be in or not opposed to the best interest of the corporation, and, with respect to any criminal action or proceeding,
had reasonable cause to believe that his conduct was unlawful. We may by action of our Board of Directors, grant rights to indemnification
and advancement of expenses to our employees and our agents with the same scope and effects as the indemnification provisions for officers
and directors.
Disclosure
of Commission Position on Indemnification for Securities Act Liabilities
Insofar
as indemnification for liabilities under the Securities Act may be permitted to officers, directors or persons controlling us pursuant
to the foregoing provisions, we have been informed that is it is the opinion of the Securities and Exchange Commission that such indemnification
is against public policy as expressed in such Securities Act and is, therefore, unenforceable.
70
UNDERWRITING
We are offering the Units described in this prospectus
through the underwriters named below per the underwriting agreement dated                 , 2022 with H.C. Wainwright & Co., LLC ("Wainwright"
or the "Representative"), who is acting as book-running manager of the offering. Subject to the terms and conditions of the
underwriting agreement, the underwriters have agreed to purchase the number of our securities set forth opposite its name below, if any
are purchased. A copy of the underwriting agreement will be filed as an exhibit to the registration statement of which this prospectus
is part.
Underwriter
Units
H.C. Wainwright & Co., LLC
Total
We
have been advised by the underwriters that they propose to offer the units directly to the public at the public offering
price set forth on the cover page of this prospectus. Any units sold by the underwriters to securities dealers will be sold
at the public offering price less a selling concession not in excess of $        per share and
accompanying warrant.
The
underwriting agreement provides that the underwriters' obligation to purchase the securities we are offering is subject to conditions
contained in the underwriting agreement.
No
action has been taken by us or the underwriters that would permit a public offering of the shares in any jurisdiction outside the United
States where action for that purpose is required. None of our securities included in this offering may be offered or sold, directly or
indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sales of any of
the securities offering hereby be distributed or published in any jurisdiction except under circumstances that will result in compliance
with the applicable rules and regulations of that jurisdiction. Persons who receive this prospectus are advised to inform themselves
about and to observe any restrictions relating to this offering of securities and the distribution of this prospectus. This prospectus
is neither an offer to sell nor a solicitation of any offer to buy the securities in any jurisdiction where that would not be permitted
or legal.
The
underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority.
Underwriting
Discount and Expenses
The underwriter may offer the securities from
time to time to purchasers directly or through agents, or through brokers in brokerage transactions on The Nasdaq Capital Market, or
to dealers in negotiated transactions or in a combination of such methods of sale, or otherwise, at a fixed price or prices, which may
be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices,
subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part. The difference between the
price at which the underwriter purchases securities from us and the price at which the underwriter resells such securities may be deemed
underwriting compensation. If the underwriter effects such transactions by selling securities to or through dealers, such dealers may
receive compensation in the form of discounts, concessions, or commissions from the underwriter and/or purchasers of securities for whom
they may act as agents or to whom they may sell as principal.
The
following table summarizes the underwriting discount and commission to be paid to the underwriters by us.
Per
Unit
Total
Total
                                            with Full
Exercise
    of Option
Public
    offering price
Underwriting
    discount to be paid to the underwriters by us (7.0%)(1)(2)
Proceeds
    to us (before expenses)
(1)
We
    have also agreed to pay the Representative $75,000 for non-accountable expenses and $15,950 for clearing costs.
(2)
We
    have granted a 30 day option to the Representative to purchase up to              additional
    shares of Common Stock and/or Warrants to purchase up to shares of Common Stock (up to 15% of the shares
    of Common Stock and/or Warrants sold in this offering) at the assumed public offering price set forth above less the underwriting
    discounts and commissions solely to cover over-allotments, if any.
71
We
estimate the total expenses payable by us for this offering to be approximately $            
, which amount includes (i) the underwriting discount of $            and (ii)
reimbursement of the non-accountable expenses of the underwriters, and (iii) other estimated company expenses of approximately $          
which includes legal accounting printing costs and various fees associated with the registration and listing of our securities.
The
Units we are offering are being offered by the underwriters subject to certain conditions specified in the underwriting agreement.
Underwriter's
Option
We
have granted to the underwriters an option exercisable not later than 30 days after the date of this prospectus to purchase up to a number
of                  additional shares of Common Stock and/or                  Warrants
(equal to 15% of the number of shares of Common Stock and/or Warrants sold in the primary offering) at the public offering
price set forth on the cover page hereto less the underwriting discounts and commissions. The underwriters may exercise the option solely
to cover overallotments, if any, made in connection with this offering. If any additional securities are purchased, the underwriters
will offer these securities on the same terms as those on which the other securities are being offered.
Lock-up
Agreements
Our officers, directors each of their
respective affiliates and associated partners and certain stockholders have agreed with the underwriters to be subject to a lock-up
period of                  days following the date of this prospectus. This means that, during the applicable lock-up period, such
persons may not offer for sale, contract to sell, sell, distribute, grant any option, right or warrant to purchase, pledge,
hypothecate or otherwise dispose of, directly or indirectly, any shares of our Common Stock or any securities convertible into, or
exercisable or exchangeable for, shares of our Common Stock. Certain limited transfers are permitted during the lock-up period if
the transferee agrees to these lock-up restrictions. We have also agreed, in the underwriting agreement, to similar lock-up
restrictions on the issuance and sale of our securities for                  days following the closing of this offering, although we
will be permitted to issue stock options or stock awards to directors, officers and employees under our existing plans. The
Representative may, in its sole discretion and without notice, waive the terms of any of these lock-up agreements.
Representative's Warrants
We will issue to Wainwright or its designees
warrants to purchase an aggregate number of shares of our Common Stock equal to 5.0% of the number of shares of Common Stock issued
in this offering (including shares of Common Stock sold pursuant to the underwriter's option), at an exercise price per share
equal to 125% of the public offering price (the "Representative's Warrants"). The Representative's Warrants
will be exercisable, in whole or in part, immediately upon issuance and will expire on the fifth anniversary of the commencement of
sales in this offering in accordance with FINRA Rule 5110(g)(8)(A). Pursuant to FINRA Rule 5110(e), the Representative Warrants and
any shares of Common Stock issued upon exercise of the Representative Warrants shall not be sold, transferred, assigned, pledged, or
hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective
economic disposition of the securities by any person for a period of 180 days immediately following the date of commencement of
sales of this offering, except the transfer of any security: (i) by operation of law or by reason of reorganization of the issuer;
(ii) to any FINRA member firm participating in the offering and the officers, partners, registered persons or affiliates thereof, if
all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the time period; (iii)
if the aggregate amount of our securities held by the Representative or related persons does not exceed 1% of the securities being
offered; (iv) that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no
participating member manages or otherwise directs investments by the fund and the participating members in the aggregate do not own
more than 10% of the equity in the fund; (v) the exercise or conversion of any security, if all securities remain subject to the
lock-up restriction set forth above for the remainder of the time period; (vi) if we meet the registration requirements of Forms
S-3, F-3 or F-10; or (vii) back to us in a transaction exempt from registration with the SEC. The Representative Warrants and the
shares of Common Stock underlying the Representative Warrants are registered on the registration statement of which this prospectus
forms a part.
Right of First Refusal
We have granted the Representative a six-month
right of first refusal to act as sole book-running manager, sole underwriter, or sole placement agent if we or any of our subsidiaries
decides to raise funds by means of a public offering (including at-the-market facility) or a private placement or any other capital-raising
financing of equity, equity-linked or debt securities using an underwriter or placement agent. If the Representative or an affiliate
of the Representative accept any such engagement, the agreement governing such engagement will contain, among other things, provisions
for customary fees and terms for transactions of similar size and nature, including indemnification, which are appropriate to such a
transaction.
Tail Fee
In the event that any investors that were contacted
about this offering or were introduced to us in connection with this offering by the Representative provide any capital to us in a public
or private offering or other financing or capital-raising transaction of any kind within twelve months following the date of the expiration
or termination of our engagement of the Representative, we shall pay the Representative certain cash and warrant compensation on the
gross proceeds from such investors.
Other Relationships
The Representative and its respective affiliates
may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us or our affiliates.
The Representative may in the future receive customary fees and commissions for these transactions.
Nasdaq Listing
Our shares of Common
Stock are quoted on the OTC Pink under the symbol "XDSL." We have applied to list our Common Stock and Warrants
on The Nasdaq Capital Market under the symbols "XDSL" and "XDSLW", respectively. There
is no assurance that our listing application will be approved. We will not consummate this offering unless our Common Stock and Warrants
are approved for listing on The Nasdaq Capital Market.
Prior
to this offering, there has not been an active market for our Common Stock and there has been no public market for our Warrants. The
public offering price for our Units will be determined through negotiations between us and the underwriters. Among the factors to be
considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies
that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development
and other factors deemed relevant.
We
offer no assurances that the public offering price of our Units will correspond to the price at which our Common Stock or Warrants will
trade in the public market subsequent to this offering, assuming that our listing applications are approved by The Nasdaq Capital Market,
or that an active trading market for our Common Stock and Warrants will develop and continue after this offering.
Determination
of Offering Price
The
public offering price of the securities and exercise price of the Warrants offered by this prospectus will be determined by negotiation
between us and the underwriters among the factors considered in determining the public offering price of the shares were;
●
our
    history and our prospects;
●
the
    industry in which we operate;
●
our
    past and present operating results;
●
the
    previous experience of our executive officers; and
●
the
    general condition of the securities markets at the time of this offering, including discussions between the underwriters and prospective
    investors.
72
The
offering price stated on the cover page of this prospectus should not be considered an indication of the actual value of the securities
sold in this offering. That price is subject to change as a result of market conditions and other factors and we cannot assure you that
the securities sold in this offering can be resold at or above the public offering price.
Transfer
Agent and Registrar
The
transfer agent and registrar for our Common Stock is Worldwide Stock Transfer located at One University Plaza, Suite 505, Hackensack,
NJ 07601.
Price
Stabilization, Short Positions and Penalty Bids
In
connection with the offering the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering
transactions and penalty bids in accordance with Regulation M under the Exchange Act:
●
Stabilizing
    transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.
●
Over-allotment
    involves sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase, which
    creates a short position. The short position may be either a covered short position or a naked short position. In a covered short
    position, the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase
    in the over-allotment option. In a naked short position, the number of shares involved is greater than the number of shares in the
    over-allotment option. The underwriters may close out any covered short position by either exercising their over-allotment option
    and/or purchasing shares in the open market.
●
Syndicate
    covering transactions involve purchases of shares of the Common Stock in the open market after the distribution has been completed
    in order to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriters
    will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which
    they may purchase shares through the over-allotment option. If the underwriters sell more shares than could be covered by the over-allotment
    option, a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is
    more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the
    open market after pricing that could adversely affect investors who purchase in the offering.
●
Penalty
    bids permit a syndicate representative to reclaim a selling concession from a syndicate member when the Common Stock originally
    sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.
These
stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids, to the extent applicable, may
have the effect of raising or maintaining the market price of our Common Stock or preventing or retarding a decline in the market
price of the Common Stock. As a result, the price of our securities may be higher than the price that might otherwise exist in
the open market. Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect
that the transactions described above may have on the price of our Common Stock. In addition, neither we nor the underwriters
make any representations that the underwriters will engage in these stabilizing transactions or that any transaction, once commenced,
will not be discontinued without notice.
Indemnification
We
have agreed to indemnify the underwriters against certain liabilities, including certain liabilities arising under the Securities Act
or to contribute to payments that the underwriters may be required to make for these liabilities.
73
LEGAL
MATTERS
The
validity of the securities offered hereby has been passed upon for us by Lucosky Brookman LLP. Ellenoff, Grossman & Schole LLP, New
York, New York is acting as counsel to the underwriters in connection with certain legal matters relating to this offering.
EXPERTS
Our
consolidated balance sheets as of June 30, 2021 and 2020 and the related consolidated statements of operations, stockholders' deficit,
and cash flows for such year, included in the Registration Statement of which this prospectus forms a part, have been audited by Boyle
CPA, LLC, an independent registered public accounting firm, as set forth in its report appearing herein and are included in reliance
upon such report given on the authority of such firm as experts in accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
We
are a reporting company and file annual, quarterly and special reports, and other information with the Securities and Exchange Commission.
Such reports and other information may be accessed at the SEC's web site at
http://
www.sec.gov, which contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC.
This
prospectus is part of a registration statement on Form S-1 that we filed with the SEC. Certain information in the registration statement
has been omitted from this prospectus in accordance with the rules and regulations of the SEC. We have also filed exhibits and schedules
with the registration statement that are excluded from this prospectus. The registration statement may be accessed at the SEC's
website.
74
MPHASE TECHNOLOGIES, INC.
INDEX TO FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm
F-2
Consolidated Balance Sheets as of June 30, 2021 and 2020
F-3
Consolidated Statements of Operations for the Years Ended June 30, 2021 and 2020
F-4
Consolidated Statements of Changes in Stockholders' Equity for the Years Ended June 30, 2021 and 2020
F-5
Consolidated Statements of Cash Flows for the Years Ended June 30, 2021 and 2020
F-6
Notes to Consolidated Financial Statements for the Years Ended June 30, 2021 and 2020
F-8 - F-41
Consolidated Balance Sheets as of December 31, 2021 (unaudited) and June 30, 2021 (audited)
F-42
Consolidated
    Statements of Operations and Other Comprehensive Income (Loss) for the Three and Six Months Ended December 31,
    2021 and 2020 (unaudited)
F-43
Consolidated
    Statements of Changes in Stockholders' Equity for the Six Months Ended December 31, 2021 and 2020 (unaudited)
F-44
Consolidated
    Statements of Cash Flows for the Six Months Ended December 31, 2021 and 2020 (unaudited)
F-45
Notes
    to Condensed Consolidated Financial Statements for the Six Months Ended December 31, 2021 and 2020 (unaudited)
F-47
    - F-69
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and Board of Directors of mPhase Technologies, Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of mPhase Technologies, Inc. (the "Company") as of June 30, 2021
and 2020, the related consolidated statements of operations and other comprehensive income (loss), changes in stockholders' equity,
and cash flows for each of the two-years in the period ended June 30, 2021, and the related notes (collectively referred to as the "financial
statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as of June 30, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended
June 30, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis
of Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to fraud or error. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts
or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and
we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.
Going
Concern Considerations
As
discussed in Note 2 to the financial statements, the financial statements were prepared on a going concern basis, which contemplated
the realization of assets and the satisfaction of liabilities in the normal course of business. At June 30, 2020, conditions existed
which raised substantial doubt about an entity's ability to continue as a going concern. At June 30, 2021, this uncertainty
was alleviated by Management's plans, including the Company's existing working capital, current net income and expected future
cash flows.
Auditing
management's evaluation of a going concern can be a significant judgment given the fact that the Company uses management estimates
on future revenues and expenses which are not able to be substantiated.
To
evaluate the appropriateness of the mitigation of the going concern uncertainty, we examined and evaluated the financial information
that was the initial cause along with managements' plans to mitigate the going concern and managements' disclosure of going
concern.
/s/
Boyle CPA, LLC
We
have served as the Company's auditor since 2020
Red
Bank, NJ
October 13, 2021
331
Newman Springs Road
P (732) 784-1582
Building
1, 4
th
Floor, Suite 143
F (732) 510-0665
Red
Bank, NJ 07701
F-
2
mPHASE
TECHNOLOGIES, INC.
CONSOLIDATED
BALANCE SHEETS
June
    30, 2021
June
    30, 2020
Assets
Current
    Assets
Cash
$
2,473,386
$
142,413
Accounts
    receivable, net
15,784,081
14,048,095
Prepaid
    expenses
238,927
4,477
Other
    assets
422,254
30,879
Total
    Current Assets
18,918,648
14,225,864
Property
    and equipment, net
16,518
32,669
Goodwill
3,669
3,636
Intangible
    asset - purchased software, net
2,079,047
2,835,117
Other
    assets
3,645
11,670
Total
    Assets
$
21,021,527
$
17,108,956
Liabilities
    and Stockholders' Equity
Current
    Liabilities
Accounts
    payable
$
4,158,006
$
7,897,887
Accrued
    expenses
1,368,367
1,123,842
Contract
    liabilities
350,689
219,652
Due
    to related parties
87,688
84,485
Note
    payable to officer
691,942
26,818
Notes
    payable
323,218
20,469
Convertible
    notes payable, net
1,991,036
189,641
Current
    portion, liabilities in arrears with convertible features
109,000
109,000
Current
    portion, liabilities in arrears - judgment settlement agreement (Note 9)
-
771,702
Derivative
    liability
-
897,631
Liabilities
    of discontinued operations
82,795
82,795
Total
    Current Liabilities
9,162,741
11,423,922
Notes
    payable, net of current portion
146,890
167,459
Total
    Liabilities
9,309,631
11,591,381
Commitments
    and Contingencies (Note 15)
Stockholders'
    Equity
Preferred
    stock, $
0.01
par value;
1,000
shares authorized and
1,000
shares issued and outstanding at June 30, 2021 and 2020
10
10
Common
    stock, $
0.01
par value;
500,000,000
shares authorized and
78,612,608
shares issued and
78,584,238
outstanding at June 30, 2021, and
19,318,679
shares issued and
19,174,492
outstanding at June 30, 2020
785,844
191,745
Additional
    paid-in-capital
236,935,277
231,984,704
Common
    stock to be issued
63,700
955,466
Accumulated
    other comprehensive (loss) income
(
11,526
)
113,070
Accumulated
    deficit
(
226,061,409
)
(
227,727,420
)
Total
    Stockholders' Equity
11,711,896
5,517,575
Total
    Liabilities and Stockholders' Equity
$
21,021,527
$
17,108,956
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
mPHASE
TECHNOLOGIES, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)
For
    the Years Ended
June
    30,
2021
2020
Revenue
$
30,672,314
$
30,276,422
Cost
    of revenue
22,501,496
22,579,544
Gross
    Profit
8,170,818
7,696,878
Operating
    Expenses:
Software
    development costs
2,433,071
991,928
Salaries
    and benefits
1,138,735
17,585,981
General
    and administrative expenses
1,393,104
1,695,200
Total
    Operating Expenses
4,964,910
20,273,109
Operating
    income (loss)
3,205,908
(
12,576,231
)
Other
    Income (Expense):
Interest
    expense
(
683,544
)
(
219,589
)
Gain
    on change in fair value of derivative liability
3,267,323
1,584,102
Initial
    derivative expense
(
2,240,908
)
(
1,610,913
)
Amortization
    of debt discounts, deferred financing costs, and
original issue discounts
(
2,032,516
)
(
899,491
)
Gain
    (loss) on extinguishment and settlement of debt
149,748
(
363,319
)
Loss
    on asset disposal
-
(
8,126
)
Total
    Other Income (Expense)
(
1,539,897
)
(
1,517,336
)
Income
    (loss) before income taxes
1,666,011
(
14,093,567
)
Income
    taxes
-
-
Net
    income (loss)
$
1,666,011
$
(
14,093,567
)
Other
    comprehensive income (loss):
Unrealized (loss)
    gain on foreign currency translation adjustment
(
124,596
)
113,070
Comprehensive
    income (loss)
$
1,541,415
$
(
13,980,497
)
Income (loss) per
    common share:
Income
    (loss) per common share – basic and diluted
$
0.02
$
(
1.08
)
Weighted average
    shares outstanding – basic and diluted
73,133,533
13,052,590
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
mPHASE
TECHNOLOGIES, INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS'  EQUITY
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
Preferred
    Stock
Common
    Stock
Additional
Common
    Stock
Other
Total
Shares
$0.01
    Par
Value
Shares
$0.01
    Par
Value
Paid
                                            in Capital
to
    be
Issued
Comprehensive
Loss
Accumulated
Deficit
Stockholders
'
Equity
Balance
    June 30, 2019
1,000
$
10
11,689,078
$
116,890
$
214,007,203
$
115,388
$
-
$
(
213,633,853
)
$
605,638
Issuance
    of Common Stock to accredited investors in private placements
1,129,577
11,296
368,704
(
33,000
)
347,000
Common
    Stock to be issued for CloseComms transaction
955,466
955,466
Issuance
    of Common Stock for conversions of convertible promissory notes
5,872,362
58,724
995,480
1,054,204
Issuance
    of Common Stock for the conversion of Related Party debts and Strategic Vendor payables, net of reversals
294,654
2,947
216,570
(
82,388
)
137,129
Issuance
    of Common Stock for accrued services
62,000
620
45,880
46,500
Issuance
    of Common Stock for services related to private placements
11,003
110
(
110
)
-
Restricted
    shares issued under employment contract
115,818
1,158
148,448
149,606
Warrants
    earned under employment contract
16,202,529
16,202,529
Other
    comprehensive income
113,070
113,070
Net
    loss
(
14,093,567
)
(
14,093,567
)
Balance
    June 30, 2020
1,000
$
10
19,174,492
$
191,745
$
231,984,704
$
955,466
$
113,070
$
(
227,727,420
)
$
5,517,575
Issuance
    of Common Stock for conversions of convertible promissory notes
20,716,750
207,169
1,389,719
1,596,888
Issuance
    of Common Stock for exchange of warrants
37,390,452
373,905
(
220,604
)
153,301
Issuance
    of Common Stock for CloseComms acquisition
2,666,666
26,667
928,799
(
955,466
)
-
Issuance
    of Common Stock for vendor services
1,422,127
14,221
183,146
63,700
261,067
Issuance
    of Common Stock for note payable issuance
450,000
4,500
117,000
121,500
Stock-based
    compensation for restricted shares under employment agreements
115.817
1,158
(
32,395
)
(
31,237
)
Cancellation
    of Common Stock of CEO
(
3,352,066
)
(
33,521
)
(
462,585
)
(
496,106
)
Relative
    fair value of warrants issued with convertible promissory notes
3,047,493
3,047,493
Other
    comprehensive loss
(
124,596
)
(
124,596
)
Net
    income
1,666,011
1,666,011
Balance
    June 30, 2021
1,000
$
10
78,584,238
$
785,844
$
236,935,277
$
63,700
$
(
11,526
)
$
(
226,061,409
)
$
11,711,896
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
mPHASE
TECHNOLOGIES, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For
    the Years Ended
June
    30,
2021
2020
Cash
    flows from operating activities:
Net
    income (loss)
$
1,666,011
$
(
14,093,567
)
Adjustments
    to reconcile net income (loss) to net cash from operating activities:
Initial
    derivative expense
2,240,908
1,610,913
Amortization
    of debt discount, deferred financing costs, and original issue discount
2,032,516
899,491
Depreciation
    and amortization
925,037
929,924
Stock-based
    compensation
383,131
16,335,671
(Gain)
    loss on extinguishment and settlement of debt
(
149,748
)
363,319
(Gain)
    loss on change in fair value of derivative liability
(
3,267,323
)
(
1,584,102
)
Allowance
    for foreign taxes
-
145,129
Loss
    on asset disposal
-
8,126
Changes
    in operating assets and liabilities:
Increase
    in accounts receivable
(
27,985,986
)
(
11,521,940
)
(Increase)
    decrease in prepaid expenses
(
180,450
)
4,343
Increase
    in other assets
(
383,350
)
(
39,491
)
Increase
    in contract liabilities
131,037
219,652
Increase
    in accounts payable and accrued expenses
23,067,514
5,378,498
Net
    cash used in operating activities
(
1,520,703
)
(
1,344,033
)
Cash
    flows from investing activities:
Capital
    expenditures
(
3,064
)
(
553
)
Cash
    acquired in CloseComms asset acquisition
-
70,000
Net
    cash (used in) provided by investing activities
(
3,064
)
69,447
Cash
    flows from financing activities:
Proceeds
    from issuance of convertible notes payable, net
5,219,431
1,116,800
Proceeds
    from notes payable
288,000
187,333
Proceeds
    from sale of common stock, net of finder's fees
-
347,000
Proceeds
    from notes payable to related parties
-
32,800
Repayments
    of notes payable to related parties
(
224,595
)
(
32,000
)
Repayments
    under settlement agreement
(
250,000
)
(
120,000
)
Repayments
    of convertible notes payable
(
1,053,500
)
(
262,000
)
Net
    cash provided by financing activities
3,979,336
1,269,933
Effect
    of foreign exchange rate changes on cash
(
124,596
)
113,070
Net
    increase in cash
2,330,973
108,417
Cash
    at beginning of year
142,413
33,996
Cash
    at end of year
$
2,473,386
$
142,413
Supplemental
    disclosure of cash flow information:
Cash
    paid for interest
$
514,176
$
118,596
Cash
    paid for taxes
$
-
$
-
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
For
    the Years Ended
June
    30,
2021
2020
Supplemental
    disclosure of non-cash operating activities:
Initial
    fair value of derivative liability recorded as debt discount
$
853,800
$
1,115,000
Supplemental
    disclosure of non-cash investing and financing activities:
Relative
    fair value of warrants issued with convertible promissory notes
$
3,047,493
$
-
Issuance
    of Common Stock for conversions of convertible promissory notes and accrued interest
Value
$
1,596,888
$
1,054,204
Shares
20,716,750
5,872,362
Cancellation
    of Common Stock of Chief Executive Officer
Value
$
496,106
$
-
Shares
3,352,066
-
Issuance
    of Common Stock for note payable issuance
Value
$
121,500
$
-
Shares
450,000
-
Issuance
    of Common Stock for vendor services
Value
$
197,367
$
46,500
Shares
1,422,127
62,000
Payment
    of vendor payables by former officer related party
$
-
$
15,252
Reversal
    of Common Stock to be issued for the conversion of strategic vendor payables
$
-
$
8,725
Common
    Stock to be issued for CloseComms asset acquisition
Value
$
-
$
955,466
Shares
-
2,666,666
Issuance
    of Common Stock for the conversion of Related Party debts and Strategic Vendor payables
Value
$
-
$
219,517
Shares
-
294,654
Issuance
    of Common Stock for services related to private placements
Value
$
-
$
11,250
Shares
-
11,003
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
1:
ORGANIZATION AND NATURE OF BUSINESS
Organization
and Nature of Business
Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service ("SaaS") and
technology as a service ("TaaS"). The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual's tastes and needs, with particular emphasis on empowering
today's green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application ("mPower App"): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.
Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.
F-
8
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
Impact
of COVID-19 Pandemic
A
novel strain of coronavirus, COVID-19, surfaced during December 2019 and has spread around the world, including to the United States.
During March 2020, COVID-19 was declared a pandemic by the World Health Organization. During certain periods of the pandemic thus far,
a number of U.S. states and various countries throughout the world had been under governmental orders requiring that all workers remain
at home unless their work was critical, essential, or life-sustaining. As a result of these governmental orders, the Company temporarily
closed its domestic and international offices and required all of its employees to work remotely. As economic activity has begun and
continues recovering, the impact of the COVID-19 pandemic on our business has been more reflective of greater economic and marketplace
dynamics. Furthermore, in light of variant strains of the virus that have emerged, the COVID-19 pandemic could once again impact our
operations and the operations of our customers and vendors as a result of quarantines, illnesses, and travel restrictions.
The
full impact of the COVID-19 pandemic on the Company's financial condition and results of operations will depend on future developments,
such as the ultimate duration and scope of the pandemic, its impact on the Company's employees, customers, and vendors, in addition
to how quickly normal economic conditions and operations resume and whether the pandemic impacts other risks disclosed in Item 1A "Risk
Factors" within this Annual Report on Form 10-K. Even after the pandemic has subsided, the Company may continue to experience adverse
impacts to its business as a result of any economic recession or depression that has occurred as a result of the pandemic. Therefore,
the Company cannot reasonably estimate the impact at this time. The Company continues to actively monitor the pandemic and may determine
to take further actions that alter its business operations as may be required by federal, state, or local authorities or that it determines
are in the best interests of its employees, customers, vendors, and shareholders.
NOTE
2:
GOING CONCERN
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business.
The Company has generated net income of $
1,666,011
and incurred a net loss of $
14,093,567
and has used cash in operating activities of $
1,520,703
and $
1,344,033
for the years ended
June 30, 2021 and 2020, respectively. At June 30, 2021, the Company had a working capital surplus of $
9,755,907
, and an accumulated deficit
of $
226,061,409
. While these factors alone may raise doubt as to the Company's ability to continue as a going concern, management
believes the Company's present and expected cash flows will enable it to meet its obligations for a period of twelve months from
the date of this filing. The consolidated financial statements do not include any adjustments relating to the recoverability and
classification of recorded asset amounts nor to the amounts and classification of liabilities that might be necessary should the Company
be unable to continue as a going concern.
In the event managements' plans do not materialize,
in order to meet the Company's working capital needs through the next twelve months and to fund the growth of its
nanotechnology, artificial intelligence, and machine learning technologies, as well as our 5G and EV charging initiatives, the Company
may consider plans to raise additional funds through the issuance of equity or debt. Although the Company intends to obtain additional
financing to meet its cash needs, the Company may be unable to secure any additional financing on terms that are favorable or acceptable
to it, if at all. The Company's ability to raise additional capital may also be impacted by the recent COVID-19 pandemic, which
such ability is highly uncertain, cannot be predicted, and could have an adverse effect on the Company's business and financial
condition.
F-
9
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the Years Ended June 30, 2021 and 2020
NOTE
3:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Consolidation and Presentation
The
consolidated financial statements for the years ended June 30, 2021 and 2020, include the operations of mPhase and its wholly-owned subsidiaries,
mPower Charging, Inc., Medds, Inc., mPhase Technologies India Private Limited effective March 19, 2019, and Alpha Predictions
LLP effective June 30, 2019. All significant intercompany accounts and transactions have been eliminated in the consolidation.
mPower
Charging, Inc. is a New Jersey corporation and a wholly-owned consumer products subsidiary of mPhase Technologies, Inc. As this
subsidiary had its last significant sale of Jump products during the first quarter of fiscal 2017, this product line is reflected as
discontinued operations within these consolidated financial statements.
Reclassifications
Certain
reclassifications of prior year amounts have been made to enhance comparability with the current year's consolidated financial
statements, including, but not limited to, presentation of certain items within the consolidated statements of operations and comprehensive
loss, consolidated statements of cash flows, and certain notes to the consolidated financial statements.
Foreign
Currency Translation and Transactions
The
functional currencies of our operations in India and the United Kingdom are the Indian Rupee ("INR") and the British Pound
("GBP"), respectively. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance
sheet date, and income and expense items are translated at the average exchange rates in effect during the applicable period. The aggregate
effect of foreign currency translation is recorded in accumulated other comprehensive income/loss in our consolidated balance sheets.
Our net investments in our Indian and United Kingdom operations are recorded at the historical rates and the resulting foreign currency
translation adjustments, net of income taxes, are reported as other comprehensive income and accumulated other comprehensive income within
stockholders' equity in accordance with ASC 220 – Comprehensive Income.
The
exchange rates used to translate amounts in INR (beginning March 19, 2019) and GBP (beginning May 11, 2020) into USD for the purposes
of preparing the consolidated financial statements were as follows:
Balance
sheet:
June
    30, 2021
June
    30, 2020
Period-end
    INR: USD exchange rate
$
0.01349
$
0.01329
Period-end
    GBP: USD exchange rate
$
1.38510
$
1.23244
Income
statement:
June
    30, 2021
June
    30, 2020
Average
    Annual INR: USD exchange rate
$
0.01353
$
0.01386
Average
    Annual GBP: USD exchange rate
$
1.32459
$
1.23680
Translation
gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency
are translated, as the case may be, at the rate on the date of the transaction and included in the results of operations as incurred.
F-
10
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Use
of Estimates
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of
America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. If actual results significantly differ from
the Company's estimates, the Company's financial condition and results of operations could be materially impacted. Significant
estimates include the collectability of accounts receivable, estimated useful lives of finite-lived intangible assets, accrued expenses,
valuation of derivative liabilities, stock-based compensation, and the deferred tax asset valuation allowance.
Segment
Reporting
Although
the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation
as permitted by ASC Topic 280,
Segment Reporting
.
Concentrations
of Credit Risk
Credit
Risk
Financial
instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and
accounts receivable. The Company maintains cash and cash equivalents with four financial institutions. Deposits held with the financial
institutions may exceed the amount of insurance provided by the Federal Deposit Insurance Corporation on such deposits, but may be redeemed
upon demand. The Company performs periodic evaluations of the relative credit standing of the financial institutions. With respect to
accounts receivable, the Company monitors the credit quality of its customers as well as maintain an allowance for doubtful accounts
for estimated losses resulting from the inability of customers to make required payments.
Revenue
Risk
Agreements
which potentially subject the Company to concentrations of revenue risk consist principally of one customer agreement. For the years
ended June 30, 2021 and 2020, this one customer accounted for approximately
100
% and
100
% of our total revenue, respectively. At June
30, 2021 and 2020, this one customer accounted for approximately
100
% and
100
% of our total accounts receivable, respectively.
Supplier
Risk
Agreements
which potentially subject the Company to concentrations of supplier risk consist principally of one supplier agreement. For the years
ended June 30, 2021 and 2020, this one supplier accounted for approximately
100
% and
100
% of our total cost of revenue, respectively.
At June 30, 2021 and 2020, this one supplier accounted for approximately
90
% and
95
% of our total accounts payable, respectively.
F-
11
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Cash
and Cash Equivalents
For
purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market
funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. There were no
cash equivalents at June 30, 2021 or 2020. The Company places its cash and cash equivalents with high-quality financial institutions.
At times, balances in the Company's cash accounts may exceed the Federal Deposit Insurance Corporation ("FDIC") limit.
At June 30, 2021, the Company's cash balance at one financial institution exceeded the FDIC limit. At June 30, 2020, the Company's
cash balances did not exceed the FDIC limit.
Accounts
Receivable
The
Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating
the level of established loss reserves, the Company makes judgments regarding its customers' ability to make required payments,
economic events, and other factors. As the financial condition of these parties change, circumstances develop or additional information
becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for potential credit
losses, and such losses traditionally have been within its expectations. Additionally, to date, the Company has entered into five separate
tri-party settlement and offset agreements with its largest customer and largest vendor, whereby the Company's largest customer
has agreed to direct funds due the Company for certain outstanding invoices, to the Company's largest vendor to satisfy payment
on behalf of the Company for certain outstanding invoices. To date, the aggregate amount of the five tri-party settlement and offset
agreements has totaled $
41,250,000
. At June 30, 2021 and 2020, the Company determined there was
no
requirement for an allowance for doubtful
accounts.
Property
and Equipment
All
expenditures on the acquisition for property and equipment are recorded at cost and capitalized as incurred, provided the asset benefits
the Company for a period of more than one year. Expenditures on routine repairs and maintenance of property and equipment are charged
directly to operating expense. The property and equipment is depreciated based upon its estimated useful life after being placed in service.
The estimated useful lives range from
3
to
7
years based upon asset class. When an asset is retired, sold or impaired, the resulting
gain or loss is reflected in earnings. The Company incurred depreciation expense of $
22,760
and $
6,020
for the year ended June 30, 2021
and 2020, respectively.
Impairment
of Long-Lived Assets
In
accordance with Accounting Standards Codification ("ASC") 360-10, "Property, Plant, and Equipment", the Company
periodically reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount
of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted future cash
flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset's
estimated fair value and its book value. For the years ended June 30, 2021 and 2020, the Company did
no
t impair any long-lived assets.
F-
12
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Goodwill
and Intangible Assets
Goodwill
is recorded when the purchase price paid for an acquisition exceeds the fair value of the net identified tangible and intangible assets
acquired. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that
indicate that the carrying value may not be recoverable. The Company tests goodwill for impairment by first comparing the fair value
of the reporting unit to its carrying value. If the fair value is determined to be less than the carrying value, a second step is performed
to measure the amount of impairment loss, if any. On June 30, 2021, we performed our annual evaluation of goodwill impairment and determined
that the estimated fair value of our reporting unit exceeded its carrying value.
Patents
and licenses are capitalized when the Company determines there will be a future benefit derived from such assets and are stated at cost.
Amortization is computed using the straight-line method over the estimated useful life of the asset, generally
five years
. As of June
30, 2021, and 2020, the book value of patents and licenses of $
214,383
, has been fully amortized and no amortization expense was recorded
for the years ended June 30, 2021 and 2020.
Capitalized
Software Development Costs
The
Company follows the provisions of ASC 350-40, "Internal Use Software." ASC 350-40 provides guidance for determining whether
computer software is internal-use software, and on accounting for the proceeds of computer software originally developed or obtained
for internal use and then subsequently sold to the public. It also provides guidance on capitalization of the costs incurred for computer
software developed or obtained for internal use. The Company expenses all costs incurred during the preliminary project stage of its
development, and capitalizes the costs incurred during the application development stage. Costs incurred relating to upgrades and enhancements
to the software are capitalized if it is determined that these upgrades or enhancements add additional functionality to the software.
Costs incurred to improve and support products after they become available are charged to expense as incurred.
Capitalized
software development costs are amortized on a straight-line basis over the estimated useful lives, currently three years. Management
evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur
that could impact the recoverability of these assets.
At
June 30, 2021, the book value of purchased and developed technology software of $
3,759,021
, included three technology platforms, a machine
learning platform and two artificial intelligence platforms. For the years ended June 30, 2021 and 2020, the Company incurred amortization
expense of $
902,277
and $
923,904
, respectively.
Fair
Value of Financial Instruments
The
Company accounts for the fair value of financial instruments in accordance with ASC topic 820, "Fair Value Measurements and Disclosures"
(ASC 820), formerly SFAS No. 157 "Fair Value Measurements". ASC 820 defines "fair value" as the price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date.
F-
13
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the Years Ended June 30, 2021 and 2020
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
ASC
820 also describes three levels of inputs that may be used to measure fair value:
Level
1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.
Level
2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level
3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management's
best estimate of fair value.
Financial
instruments consist principally of cash, accounts receivable, prepaid expenses, accounts payable, accrued liabilities, due to related
parties, and current and long-term debt. The carrying amounts of such financial instruments in the accompanying balance sheets approximate
their fair values due to their relatively short-term nature. The fair value of short and long-term debt is based on current rates at
which the Company could borrow funds with similar remaining maturities. The carrying amounts approximate fair value with the exception
of the fair value of due to related parties as the fair value cannot be determined due to a lack of similar instruments available to
the Company. It is management's opinion that the Company is not exposed to any significant currency or credit risks arising from
these financial instruments. At June 30, 2020, the Company had a Level 3 financial instrument related to its derivative liability. At
June 30, 2021, the Company did not have a derivative liability.
Revenue
Recognition
The
Company recognizes revenue in accordance with the Financial Accounting Standards Board's ("FASB"), Accounting Standards
Codification ("ASC") ASC 606, Revenue from Contracts with Customers ("ASC 606"). Revenues are recognized when
control is transferred to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange
for those goods. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts,
with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv)
allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance
obligation is satisfied.
Revenue
is derived from the sale of artificial intelligence and machine learning focused technology products and related services. The Company
recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied. Product sales occur once
control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive
in exchange for transferring products. The amount of consideration the Company receives and revenue the Company recognizes varies with
changes in customer incentives the Company offers to its customers and their customers. In the event any discounts, sales incentives,
or similar arrangements are agreed to with a customer, such amounts are estimated at time of sale and deducted from revenue. Sales taxes
and other similar taxes are excluded from revenue (see Note 7).
Contract
liabilities include amounts billed to customers in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets (see Note 7).
A
contract asset is recognized for incremental costs to obtain a customer contract that are recoverable, otherwise such incremental costs
are expensed as incurred.
Cost
of Revenue
Cost
of revenue represents the cost of the artificial intelligence and machine learning focused technology products and related services sold
during the periods presented.
F-
14
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  (continued)
Share-Based
Compensation
The
Company computes share based payments in accordance with the provisions of ASC Topic 718,
Compensation – Stock Compensation
and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments.
Such compensation amounts, if any, are amortized over the respective vesting periods of the grants.
Restricted
stock awards are granted at the discretion of the compensation committee of the board of directors of the Company (the "Board of
Directors"). These awards are restricted as to the transfer of ownership and generally vest over the requisite service periods
(vesting on a straight–line basis). The fair value of a stock award is equal to the fair market value of a share of the Company's
Common Stock on the grant date.
The
Company estimates the fair value of stock options and warrants by using the Black-Scholes option valuation model. The Black–Scholes
option valuation model requires the development of assumptions that are inputs into the model. These assumptions are the expected stock
volatility, the risk–free interest rate, the expected life of the option, the dividend yield on the underlying stock and the expected
forfeiture rate. Expected volatility is calculated based on the historical volatility of the Company's Common Stock over
the expected term of the option. Risk–free interest rates are calculated based on continuously compounded risk–free rates
for the appropriate term.
Determining
the appropriate fair value model and calculating the fair value of equity–based payment awards requires the input of the subjective
assumptions described above. The assumptions used in calculating the fair value of equity–based payment awards represent management's
best estimates, which involve inherent uncertainties and the application of management's judgment. The Company is required to estimate
the expected forfeiture rate and recognize expense only for those shares expected to vest.
The
Company accounts for share–based payments granted to non–employees in accordance with ASC 505–50, "Equity Based
Payments to Non–Employees." The Company determines the fair value of the stock–based payment as either the fair value
of the consideration received or the fair value of the equity instruments issued, whichever is more readily determinable. If the fair
value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier
of either (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the
date at which the counterparty's performance is complete.
Derivative
Instruments
The
Company enters into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain
embedded derivative features. The Company accounts for these arrangements in accordance with ASC Topic 815,
Accounting for Derivative
Instruments and Hedging Activities
as well as related interpretations of this standard. In accordance with this standard, derivative
instruments are recognized as either assets or liabilities in the balance sheet and are measured at fair values with gains or losses
recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized
at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative
instruments and hybrid instruments based on available market data using appropriate valuation models, considering all of the rights and
obligations of each instrument.
F-
15
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The
Company estimates fair values of derivative financial instruments using various techniques (and combinations thereof) that are considered
consistent with the objective measuring fair values. In selecting the appropriate technique, the Company considers, among other factors,
the nature of the instrument, the market risks that it embodies and the expected means of settlement. Estimating fair values of derivative
financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration
of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes
model) are highly volatile and sensitive to changes in the trading market price of the Company's Common Stock. Since derivative
financial instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility
in these estimates and assumption changes.
Convertible
Debt Instruments
The
Company records debt net of debt discount for beneficial conversion features and warrants, on a relative fair value basis. Beneficial
conversion features are recorded pursuant to the Beneficial Conversion and Debt Topics of the Financial Accounting Standards Board ("FASB")
ASC. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discount and as additional paid-in-capital.
Debt discount is amortized to interest expense over the life of the debt using the effective interest method.
Income
Taxes
The
Company accounts for income taxes in accordance with Accounting for Income Taxes, as clarified by ASC 740-10,
Accounting for Uncertainty
in Income Taxes
("ASC 740"). Under this method, deferred income taxes are determined based on the estimated future tax
effects of differences between the financial statement and tax basis of assets and liabilities and net operating loss and tax credit
carryforwards given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets
or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which
the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results
or the ability to implement tax planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may
be required. Valuation allowances are recorded related to deferred tax assets based on the "more likely than not" criteria
of ASC 740. At June 30, 2021 and 2020, the Company had a full valuation allowance against its deferred tax assets.
ASC
740 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax
authority would more likely than not sustain the position following an audit. For tax positions meeting the "more-likely-than-not"
threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a
greater than 50 percent
likelihood
of being realized upon ultimate settlement with the relevant tax authority. The Company's tax returns for its June 30, 2021, 2020,
2019, and 2018 tax years may be selected for examination by the taxing authorities as the statute of limitations remains open.
The
Company recognizes expenses for tax penalties and interest assessed by the Internal Revenue Service and other taxing authorities upon
receiving valid notice of assessments. The Company has received no such notices for the years ended June 30, 2021 and 2020.
Earnings
Per Share
In
accordance with the provisions of FASB ASC Topic 260, Earnings per Share, basic earnings per share ("EPS") is computed by
dividing earnings available to common shareholders by the weighted average number of shares of Common Stock outstanding during
the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating EPS on a diluted
basis.
F-
16
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
In
computing diluted EPS, only potential common shares that are dilutive, those that reduce EPS or increase loss per share, are included.
The effect of contingently issuable shares are not included if the result would be anti-dilutive, such as when a net loss is reported.
For the year ended June 30, 2021, as we incurred net income for the period, no dilutive shares related to the assumed conversion of the
Company's convertible promissory notes or assumed exercise of the Company's outstanding warrants were included in the diluted
EPS calculation, as the conversion prices of the convertible promissory notes and the exercise prices of the outstanding warrants were
less than the average market price of the Company's Common Stock for the year ended June 30, 2021. At June 30, 2021, there
were outstanding warrants to purchase up to
25,718,971
shares of the Company's Common Stock,
notes payable with convertible features that if converted, would total
25,972,553
shares of the Company's Common Stock,
and
281,734
shares of the Company's Common Stock
to be issued pursuant to vendor services provided to the Company. At June 30, 2020, there were outstanding warrants to purchase up
to
37,390,452
shares of the Company's Common Stock,
notes payable with convertible features that if converted, would total
2,529,007
shares of the Company's Common Stock,
2,666,666
shares of the Company's Common Stock
to be issued in conjunction with the CloseComms acquisition, and
115,817
restricted shares of the Company's Common
Stock to be issued upon vesting pursuant to the terms of an employment agreement with its Chief Financial Officer.
Modification/Extinguishment
of Debt
In
accordance with ASC 470, a modification or an exchange of debt instruments that adds or eliminates a conversion option that was substantive
at the date of the modification or exchange is considered a substantive change and is measured and accounted for as extinguishment of
the original instrument along with the recognition of a gain or loss. Additionally, under ASC 470, a substantive modification of a debt
instrument is deemed to have been accomplished with debt instruments that are substantially different if the present value of the cash
flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows
under the terms of the original instrument. A substantive modification is accounted for as an extinguishment of the original instrument
along with the recognition of a gain or loss.
Recently
Adopted Accounting Standards
Effective
July 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2018-13,
Fair Value Measurement
(Topic 820):
Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The standard modifies the disclosure
requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concept Statement, including
the consideration of costs and benefits. The Company determined the adoption of ASU 2018-13 did not have a material impact on its consolidated
financial statements.
Recently
Issued Accounting Standards Not Yet Adopted
During
August 2020, the FASB issued ASU 2020-06, to modify and simplify the application of U.S. GAAP for certain financial instruments with
characteristics of liabilities and equity. The standard is effective for the Company as of July 1, 2024, with early adoption permitted.
The Company is reviewing the impact of this guidance on its consolidated financial statements.
Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact
on the accompanying consolidated financial statements.
F-
17
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
4:
PROPERTY AND EQUIPMENT
At
June 30, 2021 and 2020, the Company's property and equipment consist of the following:
June
    30,
2021
2020
Computer
    equipment
$
142,343
$
135,360
Research
    and development equipment
48,383
48,383
Furniture
    and fixtures
52,743
52,025
Property
    and equipment, at cost
243,469
235,768
Less:
    accumulated depreciation
(
226,951
)
(
203,099
)
Property
    and equipment, net
$
16,518
$
32,669
The
Company recorded $
23,852
and $
6,020
of depreciation expense for the years ended June 30, 2021 and 2020, respectively. There was
no
property
and equipment impairments recorded for the years ended June 30, 2021 and 2020.
NOTE
5:
OTHER ACQUISITIONS
On
May 11, 2020, the Company entered into an Asset Purchase Agreement to acquire all assets owned, used or held in connection with the business,
other than excluded assets and assumed certain liabilities of CloseComms Limited ("CloseComms"), in exchange for
2,666,666
shares of the Company's restricted Common
Stock valued at $
955,466
.
The most substantial acquired asset was a patented, software application platform that can be integrated into a retail customer's
existing Wi-Fi infrastructure, giving the retailer important customer data and enabling AI-enhanced, targeted promotions to drive store
traffic and sales. Other acquired assets included cash and computer and office equipment, while assumed liabilities included certain
compensation related liabilities attributed to engaging the operational team on a consulting basis for a minimum of one (1) year. At
June 30, 2021, the CloseComms technology platform has not been placed in service, but is expected to be during fiscal year 2022.
Pursuant
to ASU 2017-01 and ASC 805, the Company analyzed the operations of CloseComms and the related agreements to determine if the Company
acquired a business or acquired assets. The gross assets include the intellectual property (the patented, software application platform
– determined to be a single intangible asset), cash, and computer and office equipment. The Company concluded that substantially all
of the fair values of the gross assets acquired is not concentrated in a single identifiable asset or group of similar identifiable assets.
The
Company considered the criteria in 805-10-55 to determine whether the set includes both inputs and a substantive process that together
significantly contribute to the ability to create outputs. The Company determined the assets acquired and liabilities assumed is not
a business because: 1) the Company did not acquire a workforce that is critical to generating outputs as the CloseComms workforce was
not acquired, and 2) there were no acquired critical processes, including any critical processes to generate revenue. Accordingly, the
transaction was not considered a business.
The
relative fair value of the assets acquired and liabilities assumed, were based on management's estimates of the fair values on
May 11, 2020. The following table summarizes the consideration paid and based upon the purchase price allocation, the estimated relative
fair value of the assets acquired and liabilities assumed at the acquisition date:
Consideration
2,666,666
shares of mPhase Technologies, Inc. common stock to be issued valued at $
0.3583
per share
$
955,466
Fair
    value of total consideration transferred
955,466
Recognized
    amounts of identifiable assets acquired and liabilities assumed
Cash
70,000
Property
    and equipment
35,956
Intangible
    asset – purchased software
954,918
Accounts
    payable
(
2,667
)
Other
    current liabilities
(
102,741
)
Total
    acquired net assets
$
955,466
All
assets have been recorded at fair value for both book and tax purposes, and therefore no deferred taxes have been recorded.
F-
18
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
6:
INTANGIBLE ASSET – PURCHASED SOFTWARE, NET
Intangible
asset – Purchased Software, net, is comprised of the following at:
June
    30,
2021
2020
Purchased
    software
$
3,905,228
$
3,759,021
Less:
    accumulated amortization
(
1,826,181
)
(
923,904
)
Purchased
    software, net
$
2,079,047
$
2,835,117
Intangible
asset – Purchased Software consists of the following three developed software technologies:
Alpha
    Predictions purchased software
$
899,362
Travel
    Buddhi purchased software
114,785
CloseComms
    purchased software
1,064,900
Total
    purchased software
$
2,079,047
The
Alpha Predictions and Travel Buddhi developed software were acquired during the fiscal year ended June 30, 2019. The CloseComms developed
software was acquired as further described in Note 5. At June 30, 2021, the Travel Buddhi and CloseComms technology platforms have not
been placed in service, but are expected to be during fiscal year 2022.
Developed
software costs are amortized on a straight-line basis over
three years
. Amortization of developed software costs is included in depreciation
and amortization within the consolidated statements of operations.
The
Company recorded $
902,277
and $
923,904
of amortization expense for the years ended June 30, 2021 and 2020, respectively.
Future
amortization expense related to the existing net carrying amount of developed software at June 30, 2021 is expected to be as follows:
Fiscal
    year 2022
$
932,239
Fiscal
    year 2023
605,370
Fiscal
    year 2024
425,498
Fiscal
    year 2025
115,490
$
2,079,047
F-
19
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
7:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The
following table presents our revenue disaggregated by category and primary geographic regions within our single reporting segment:
For the Year Ended
June 30,
2021
2020
Categories:
Subscription
$
24,720,000
$
24,720,000
Service and support
3,656,274
3,515,438
Application development and implementation
2,296,040
2,040,984
Total revenue
$
30,672,314
$
30,276,422
Primary Geographic Regions:
India
100
%
100
%
100
%
100
%
The
following table presents our long-lived assets by primary geographic regions within our single reporting segment:
For
    the Year Ended
June
    30,
2021
2020
India
$
1,022,030
$
1,901,040
United
    Kingdom
1,080,849
982,052
Total
    long-lived assets
$
2,102,879
$
2,883,092
For
the years ended June 30, 2021 and 2020, the Company was subject to revenue concentration risk as one customer accounted for approximately
100
% and
100
% of its total revenue, respectively.
Subscription
and Application Development and Implementation Revenue
The
Company recognizes revenue when, or as, it satisfies a performance obligation to a customer. The Company primarily has one performance
obligation, which includes the combined promise to develop, implement, and license customized software. Payment terms for the software
include one-time application development and implementation fees, which are generally billed on a time-and-materials basis over the development
and implementation period, plus fixed license subscription fees, which may either be billed in full upfront or in monthly installments
over the license period, which is generally three years. All of these fees are allocated to the single performance obligation of providing
software to the customer.
F-
20
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
7: REVENUE FROM CONTRACTS WITH CUSTOMERS (continued)
The
performance obligation is fully satisfied at the point in time when the customer has taken control of the completed software, which is
when physical possession of the software has transferred to the customer, the customer is able to use and benefit from the software,
and the contractual license period has begun. Since the Company has no further obligation to the customer once control of the software
has transferred, the Company recognizes revenue in full for all of the development and implementation fees at that point in time. Subscription
fees are also recognized when control of the software has transferred to the customer but only to the extent such fees are contractually
guaranteed to the Company. Any future monthly subscription fees that the Company would not have a contractually guaranteed right to collect
in the event of early termination of the contract are instead recognized as revenue on a straight-line basis over the license period.
Service
and Support Revenue
Certain
contracts also contain a second performance obligation for service and support. This performance obligation includes the promise to provide
future updates, upgrades, and enhancements to the software over the license period, if and when they occur. Service and support fees
are fixed as a percentage of total contract value and billed in monthly installments over the license period. The Company recognizes
service and support fee revenue over time, on a straight-line basis over the license period, as the customer receives such services on
a generally uniform basis throughout the license period.
Allocation
of the Transaction Price
Prices
allocated to each performance obligation generally correspond with the contractually stated prices, since they equal standalone selling
price. In some cases, services may be discounted, which requires the company to allocate the transaction price based on relative standalone
selling price. The Company estimates standalone selling price based on comparable industry practices and the costs and margins involved
in providing services to its customers.
Contract
Liabilities
Contract
liabilities include amounts billed to the customer in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets. At June 30, 2021 and 2020 contract liabilities totaled $
350,689
and $
219,652
, respectively.
The
following table presents a reconciliation of the contract liabilities from June 30, 2020 to June 30, 2021:
June
    30, 2020
$
219,652
Contract
    liability deferral
306,955
Amortization
    of contract liability to revenue
(
175,918
)
June
    30, 2021
$
350,689
Practical
Expedient
The
Company has elected a practical expedient to omit certain disclosures about the transaction price allocated to remaining performance
obligations for contracts with terms of one year or less.
NOTE
8:
ACCRUED EXPENSES
Accrued
expenses is comprised of the following at:
June
    30,
2021
2020
Accrued
    interest
$
205,741
$
118,161
Accrued
    wages
214,683
485,647
Other
    expenses
947,943
520,034
Total
    accrued expenses
$
1,368,367
$
1,123,842
F-
21
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
9:
NOTES PAYABLE
Notes
payable is comprised of the following:
June
    30,
2021
2020
Note
    payable, SBA – Paycheck Protection Program
[1]
$
33,680
$
33,388
Note
    payable, SBA – Economic Injury Disaster Loan
[2]
160,393
154,540
Note
    payable, Accredited Investor
[3]
276,035
-
Note
    payable, John Fife (dba St. George Investors)/Judgment Settlement Agreement
[4]
-
771,702
Total
    notes payable
$
470,108
$
959,630
Less:
    current portion of notes payable
(
323,218
)
(
792,171
)
Long-term
    portion of notes payable
$
146,890
$
167,459
[1]
effective April
28, 2020, the Company entered into a promissory note with an approved lender in the principal amount of $
33,333
.
The note was approved
under the provisions of the Coronavirus, Aid, Relief and Economic Security Act (the "CARES Act") and the terms of the Paycheck
Protection Program of the U.S. Small Business Administration's 7(a) Loan Program. The note accrues interest for the first six months
following the issuance date at a rate of
1
% per annum, (increasing to 6% per annum upon the occurrence of an Event of Default (as defined
in the note)), and beginning November 28, 2020, requires 18 monthly payments of $
1,876
each, consisting of principal and interest until
paid in full on
April 28, 2022
.
Subsequent to issuance, the first payment due date was extended. The note may be prepaid by the Company
at any time prior to the maturity date with no prepayment penalties. Additionally, any portion of the note up to the entire principal
and accrued interest balance may be forgiven in the event the Company satisfies certain requirements as determined by the CARES Act.
The Company has applied for forgiveness and expects to satisfy the requirements for forgiveness of the entire principal and accrued interest
balance. The Company is awaiting receipt of approval of its requested forgiveness from the SBA through its treasury partner. At June
30, 2021, $
33,680
was recorded as a current liability within notes payable with the consolidated balance sheets.
[2]
effective May 28,
2020, the Company entered into a promissory note and security agreement with the U.S. Small Business Administration ("SBA")
in the principal amount of $
150,000
.
The note was approved under the provisions of the Coronavirus, Aid, Relief and Economic Security
Act (the "CARES Act") and the terms of the COVID-19 Economic Injury Disaster Loan ("EIDL") program of the U.S.
Small Business Administration's EIDL Program. The note accrues interest at a rate of
3.75
% per annum, and beginning May 28, 2021,
requires monthly payments of $
731
each, consisting of principal and interest until paid in full on
May 28, 2050
.
Subsequent to issuance,
the SBA extended the first payment due date to 24 months from the date of the note. The note may be prepaid by the Company at any time
prior to the maturity date with no prepayment penalties. Additionally, this promissory note is collateralized by certain of the Company's
property as specified within the security agreement. Furthermore, on June 4, 2020, the Company received $
4,000
from the SBA, which it
is currently working to obtain details from the SBA regarding this amount. As such, at June 30, 2020, the Company recorded this amount
as a current liability. At June 30, 2021, $
13,503
was recorded as a current liability within notes payable and $
146,890
was recorded
as a long-term liability within notes payable, net of current portion with the consolidated balance sheets.
F-
22
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
9: NOTES PAYABLE (continued)
[3]
effective February
8, 2021, the Company entered into a securities purchase agreement with an accredited investor and issued an
12
% promissory note in the
principal amount of $
362,250
(including a $
47,250
original issue discount) to the accredited investor with a maturity date of
February
8, 2022
. Twelve months of interest is immediately earned by the accredited investor upon the Company receiving proceeds and is included
in the required monthly repayments. On February 10, 2021, the Company received net proceeds in the amount of $
288,000
as a result of
$
27,000
being paid for legal and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory
note. In accordance with the securities purchase agreement, the Company issued 1)
250,000
restricted shares of its Common Stock ("Commitment
Shares") to the accredited investor as additional consideration for the purchase of the promissory note and 2)
200,000
restricted
shares of its Common Stock ("Returnable Shares") to the accredited investor which will be returned to the Company upon timely
completion of the required repayment schedule. Repayments of the promissory note shall be made in eight (8) installments each in the
amount of $
50,715
, which commenced July 8, 2021 and continues thereafter each thirty (30) days until February 8, 2022. This promissory
note is only convertible upon an event of default as defined in the promissory note. The original issue discount, deferred financing
costs and issuance date fair value of the Commitment Shares are being amortized over the term of the note. The aggregate balance of the
promissory note and accrued interest was $
362,250
and $
43,470
, respectively, at June 30, 2021. The aggregate balance of the promissory
note, net of original issue discount, deferred financing costs and issuance date fair value of the Commitment Shares at June 30, 2021
was $
276,035
.
[4]
effective
                                            December 10, 2018, the Company entered into a "Judgment Settlement Agreement"
                                            to satisfy in full the Forbearance Agreement with Fife that was previously in effect. As
                                            a result, under the Judgment Settlement Agreement, no shares of the Company's Common
                                            Stock are issuable or eligible to be converted into.
Under
                                            the terms of the Judgment Settlement Agreement, the Company was required to pay $
15,000
per
                                            month from January 15, 2019 through and including February 15, 2020, with a final payment
                                            of $
195,000
which
                                            was due and payable in March of 2020.
The
                                            Company made all required payments with the exception of the final payment of $
195,000
which
                                            was due and payable in March of 2020. On August 17, 2020, the Company entered into a second
                                            amendment (the "Second Amendment") to the Judgement Settlement Agreement, whereby
                                            the Company issued a convertible promissory note in the principal amount of $
300,000
(the
                                            "Note") to repay the amounts still outstanding under the Judgment Settlement
                                            Agreement. The Note matures on
August
                                            17, 2021
,
                                            bears interest at a rate of
10
%
                                            per annum, requires certain monthly minimum cash payments as specified in the Note, and is
                                            convertible into shares of the Company's Common Stock, par value $
0.01
per
                                            share, at a conversion price as specified in the Note. The Note may be prepaid by the Company
                                            at any time prior to maturity without penalty. The Company satisfied the initial cash payment
                                            as specified in the Note. On April 13, 2021, the Company entered into a third amendment (the
                                            "Third Amendment") to the Judgement Settlement Agreement, whereby the Company
                                            issued a convertible promissory note in the principal amount of $
300,000
(the
                                            "New Note") to replace the Note and repay the amounts still outstanding under
                                            the Judgment Settlement Agreement. The Note matures on
April
                                            13, 2022
,
                                            bears interest at a rate of
10
%
                                            per annum, requires certain monthly minimum payments in cash or the Company's Common
                                            Stock as specified in the New Note, and is convertible into shares of the Company's
                                            Common Stock, par value $
0.01
per
                                            share, at a conversion price as specified in the New Note. The New Note may be prepaid by
                                            the Company at any time prior to maturity without penalty. On April 16, 2021, the Company
                                            paid $
235,000
to
                                            satisfy, pay in full, and extinguish the New Note and the Judgement Settlement Agreement,
                                            which resulted in a gain on debt settlement of $
549,026
during
                                            the year ended June 30, 2021.
F-
23
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
10:
CONVERTIBLE DEBT ARRANGEMENTS
JMJ
Financial
At
June 30, 2021 and 2020, the amount recorded in current liabilities for the one convertible note and accrued interest thereon due to JMJ
Financial was $
226,704
and $
209,330
, respectively. During the fiscal years ended June 30, 2021 and 2020 the Company recorded $
17,374
and $
16,043
, respectively of interest for the outstanding convertible note.
At
June 30, 2021 and 2020, the aggregate remaining amount of convertible securities held by JMJ could be converted into
11,335
and
10,466
shares, respectively, with a conversion price of $
20
.
Accredited
Investors
On
July 24, 2020, the Company entered into a securities purchase agreement with an accredited investor ("Lender 1") and issued
an
8
% convertible promissory note in the principal amount of $
105,000
(including a $
5,000
original issue discount) to the Lender 1 with
a maturity date of
July 24, 2021
. On July 27, 2020, the Company received net proceeds in the amount of $
95,000
as a result of $
5,000
being paid to reimburse the Lender 1 for legal and due diligence fees incurred with respect to this securities purchase agreement and
convertible promissory note. This convertible debenture converts at
60
% of the lowest closing price during the
20
days prior to conversion.
Due to the variable conversion provisions contained in the convertible promissory note, the Company accounted for this conversion feature
as a derivative liability. In connection herewith, the Company recorded a derivative liability of $
175,000
, original issue discount of
$
5,000
, deferred financing costs of $
5,000
and debt discount of $
95,000
. The original issue discount, deferred financing costs and debt
discount were being amortized over the term of the note. During January 2021, the Company paid-off the aggregate balance of the convertible
promissory note, including accrued interest and prepayment amount.
On
July 31, 2020, the Company entered into a securities purchase agreement with an accredited investor ("Lender 2") and issued
an
8
% convertible promissory note in the principal amount of $
68,000
to the Lender 2 with a maturity date of
July 31, 2021
. On August
6, 2020, the Company received net proceeds in the amount of $
65,000
as a result of $
3,000
being paid to reimburse the Lender 2 for legal
and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at
62
% of the lowest trading price during the
20
days prior to conversion. Due to the variable conversion provisions
contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability. In connection
herewith, the Company recorded a derivative liability of $
102,228
, deferred financing costs of $
3,000
and debt discount of $
65,000
. The
deferred financing costs and debt discount were being amortized over the term of the note. During January 2021, the Company paid-off
the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.
On
August 19, 2020, the Company entered into a securities purchase agreement with an accredited investor ("Lender 3") and issued
an
8
%
convertible promissory note in the principal amount of $
99,225
(including a $
4,725
original issue discount) to the Lender 3 with
a maturity date of
August
19, 2021
. On August 20, 2020, the Company received
net proceeds in the amount of $
90,000
as a result of $
4,500
being paid to reimburse the Lender 3 for legal
and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at
60
%
of the lowest closing price during the
20
days prior to conversion. Due to the variable
conversion provisions contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative
liability. In connection herewith, the Company recorded a derivative liability of $
161,856
,
original issue discount of $4,725, deferred financing costs of $
4,500
and debt discount of $
86,400
.
The original issue discount, deferred financing costs and debt discount were being amortized over the term of the note. On February 17,
2021, the Company entered into a settlement agreement (the "Settlement Agreement") with Lender 3 whereby the variable conversion
provision within the convertible promissory note was amended and replaced with a fixed conversion price of $
0.10
per share. On February 19, 2021, the aggregate
outstanding principal and accrued interest of $
103,292
was converted into an aggregate of
1,032,918
shares of the Company's Common Stock,
fully satisfying this obligation. The Company recorded an aggregate loss on extinguishment of debt of $
121,659
as a result of the Company issuing shares of
its Common Stock to satisfy this obligation.
F-
24
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
10:
Convertible Debt Arrangements (
continued)
On
August 20, 2020, the Company entered into a securities purchase agreement with an accredited investor ("Lender 4") and issued
an
8
% convertible promissory note in the principal amount of $
63,000
to the Lender 4 with a maturity date of
August 20, 2021
. On August
21, 2020, the Company received net proceeds in the amount of $
60,000
as a result of $
3,000
being paid to reimburse the Lender 4 for legal
and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at
62
% of the lowest trading price during the
20
days prior to conversion. Due to the variable conversion provisions
contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability. In connection
herewith, the Company recorded a derivative liability of $
101,996
, deferred financing costs of $
3,000
and debt discount of $
60,000
. The
deferred financing costs and debt discount were being amortized over the term of the note. During February 2021, the Company paid-off
the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.
On
August 27, 2020, the Company entered into a securities purchase agreement with an accredited investor ("Lender 5") and issued
an
8
% convertible promissory note in the principal amount of $
105,000
(including a $
5,000
original issue discount) to the Lender 5 with
a maturity date of
August 27, 2021
. On August 28, 2020, the Company received net proceeds in the amount of $
96,000
as a result of $
4,000
being paid to reimburse the Lender 5 for legal and due diligence fees incurred with respect to this securities purchase agreement and
convertible promissory note. This convertible debenture converts at the lower of i) $
0.03
per share or ii)
62
% of the lowest closing
price during the
20
days prior to conversion. Due to the variable conversion provisions contained in the convertible promissory note,
the Company accounted for this conversion feature as a derivative liability. In connection herewith, the Company recorded a derivative
liability of $
176,129
, original issue discount of $5,000, deferred financing costs of $
4,000
and debt discount of $
92,200
. The original
issue discount, deferred financing costs and debt discount were being amortized over the term of the note. During February 2021, the
Company paid-off the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.
On
August 31, 2020, the Company entered into a securities purchase agreement with an accredited investor ("Lender 6") and issued
an
8
% convertible promissory note in the principal amount of $
68,000
to the Lender 6 with a maturity date of
August 31, 2021
. On September
1, 2020, the Company received net proceeds in the amount of $
65,000
as a result of $
3,000
being paid to reimburse the Lender 6 for legal
and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at
62
% of the lowest trading price during the
20
days prior to conversion. Due to the variable conversion provisions
contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability. In connection
herewith, the Company recorded a derivative liability of $
112,459
, deferred financing costs of $
3,000
and debt discount of $
65,000
. The
deferred financing costs and debt discount were being amortized over the term of the note. During February 2021, the Company paid-off
the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.
On
January 25, 2021, the Company entered into a securities purchase agreement with an accredited investor ("Lender 7") and issued
an
8
% convertible promissory note in the principal amount of $
140,000
(including a $
14,000
original issue discount) to the Lender 7 with
a maturity date of
January 25, 2022
. On January 26, 2021, the Company received net proceeds in the amount of $
120,000
as a result of
$
6,000
being paid to reimburse the Lender 7 for legal and due diligence fees incurred with respect to this securities purchase agreement
and convertible promissory note. This convertible debenture converts at
60
% of the lowest closing price during the
15
days prior to conversion.
Due to the variable conversion provisions contained in the convertible promissory note, the Company accounted for this conversion feature
as a derivative liability. In connection herewith, the Company recorded a derivative liability of $
656,325
, original issue discount of
$14,000, deferred financing costs of $
10,800
and debt discount of $
115,200
. The original issue discount, deferred financing costs and
debt discount were being amortized over the term of the note. During May 2021, the Company paid-off the aggregate balance of the convertible
promissory note, including accrued interest and prepayment amount.
F-
25
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
10:
Convertible Debt Arrangements (
continued)
On
January 26, 2021, the Company entered into a securities purchase agreement with an accredited investor ("Lender 8") and issued
an
8
% convertible promissory note in the principal amount of $
118,500
to the Lender 8 with a maturity date of
January 26, 2022
. On January
27, 2021, the Company received net proceeds in the amount of $
115,000
as a result of $
3,500
being paid to reimburse the Lender 8 for
legal and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This convertible
debenture converts at
62
% of the lowest trading price during the
20
days prior to conversion. Due to the variable conversion provisions
contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability. In connection
herewith, the Company recorded a derivative liability of $
568,609
, deferred financing costs of $
3,500
and debt discount of $
115,000
.
The deferred financing costs and debt discount were being amortized over the term of the note. During April 2021, the Company paid-off
the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.
On
February 10, 2021, the Company entered into a securities purchase agreement with an accredited investor ("Lender 9") and
issued an
8
% convertible promissory note in the principal amount of $
88,500
to the Lender 9 with a maturity date of
February 10, 2022
.
On February 11, 2021, the Company received net proceeds in the amount of $
85,000
as a result of $
3,500
being paid to reimburse the Lender
9 for legal and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This
convertible debenture converts at
62
% of the lowest trading price during the
20
days prior to conversion. Due to the variable conversion
provisions contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability.
In connection herewith, the Company recorded a derivative liability of $
573,537
, deferred financing costs of $
3,500
and debt discount
of $
85,000
. The deferred financing costs and debt discount were being amortized over the term of the note. During April 2021, the Company
paid-off the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.
On
February 18, 2021, the Company entered into a securities purchase agreement with an accredited investor ("Lender 10") and
issued an
8
% convertible promissory note in the principal amount of $
78,500
to the Lender 10 with a maturity date of
February 18, 2022
.
On February 22, 2021, the Company received net proceeds in the amount of $
75,000
as a result of $
3,500
being paid to reimburse the Lender
10 for legal and due diligence fees incurred with respect to this securities purchase agreement and convertible promissory note. This
convertible debenture converts at
62
% of the lowest trading price during the
20
days prior to conversion. Due to the variable conversion
provisions contained in the convertible promissory note, the Company accounted for this conversion feature as a derivative liability.
In connection herewith, the Company recorded a derivative liability of $
466,569
, deferred financing costs of $
3,500
and debt discount
of $
75,000
. The deferred financing costs and debt discount were being amortized over the term of the note. During April 2021, the Company
paid-off the aggregate balance of the convertible promissory note, including accrued interest and prepayment amount.
F-
26
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
10:
Convertible Debt Arrangements (
continued)
Evergreen
Agreement
On
April 6, 2021, the Company entered into a Securities Purchase Agreement ("Agreement") with Evergreen Capital Management LLC
(the "Investor"), pursuant to which the Company sold to the Investor an aggregate of up to $
2,040,000
in aggregate subscription
amount of notes and warrants to purchase an aggregate of
11,730,000
shares of Common
Stock in two (2) tranches (each a "Tranche"), with the first Tranche of $
1,540,000
in subscription amount
of notes (to purchase an aggregate of $
1,771,000
in principal amount
of notes) and warrants to purchase an aggregate of
8,855,000
shares of Common Stock
being closed on upon execution of this Agreement. The closing for the second Tranche of $
500,000
in subscription amount
of notes (to purchase an aggregate of $
575,000
in principal amount
of notes) and warrants to purchase an aggregate of
2,875,000
shares of Common
Stock will occur within three (3) business days after the later of (i) the filing by the Company of a Registration Statement on Form
S-1 for the sale of common stock that will be listed on a national securities exchange, or (ii) the thirtieth (30
th
)
day following the closing of the first Tranche. The first and second Tranches closed and funded on April 6, 2021 and May 3, 2021, respectively.
The
Notes mature on
April 6, 2022
and
May 3, 2022
, bears interest at the rate of
5
% per annum and is convertible at any time upon the option
of the Investor into shares of Common Stock at a conversion price equal to $0.20 per share or, upon the occurrence and during the continuance
of an Event of Default (as defined in the Note), if lower, at a conversion price equal to
75
% of the lowest daily VWAP of the Common
Stock during the
20
consecutive trading days immediately preceding the applicable conversion date.
The Company has the right to prepay
all or any portion of the outstanding balance of the Note in an amount equal to 115% or 120%, depending on whether such repayment is
made before November 5, 2021 or after November 5, 2021, respectively, multiplied by the portion of the outstanding balance to be prepaid
.
The Company is required to prepay all or any portion of the outstanding balance of the Note upon the occurrence of a Qualified Financing
(as defined in the Note). If at any time while the Note is outstanding, the Company completes any single Future Transaction (as defined
in the Note), the Investor may, in its sole discretion, elect to apply all, or any portion, of the then outstanding principal amount
of this Note and any accrued but unpaid interest, as purchase consideration for such Future Transaction.
The
Warrants are exercisable at a purchase price of $
0.20
per share at any time on or prior to April 6, 2025 and May 3, 2025, and may be
exercised on a cashless basis, beginning on the six-month anniversary of the Effective Date, if the shares of Common Stock underlying
the Warrants are not then registered under the Securities Act of 1933, as amended (the "Securities Act").
The Investor will
not have the right to exercise the Warrants if the Investor, together with its affiliates, would beneficially own in excess of 4.99%
of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion and under no circumstances
may exercise the Warrants if the Investor, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to its exercise.
The
SPA contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations
of the Company, other obligations of the parties thereto, and termination provisions.
In
connection herewith, the Company recorded an original issue discount of $
306,000
and deferred financing costs of $
42,500
. The original
issue discount and deferred financing costs are being amortized over the term of the note. At June 30, 2021, the aggregate balance of
the convertible promissory note and accrued interest was $
2,346,000
and $
25,596
, respectively. At June 30, 2021, the aggregate balance
of the convertible promissory note, net of original issue discount and deferred financing costs was $
2,073,992
.
F-
27
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
10:
Convertible Debt Arrangements (
continued)
Investors'
Agreement
On
May 4, 2021, the Company entered into a Securities Purchase Agreement (the "SPA") with two accredited investors (the "Investors"),
pursuant to which the Company sold to the Investors an aggregate of up to $
2,550,000
in Aggregate Subscription Amount of Notes and
Warrants to acquire an aggregate of
15,000,000
shares of Common Stock in two tranches
(each a "Tranche"), with the first Tranche of $
1,924,999
in subscription Amount of Notes (to sell an aggregate
of $
2,264,706
in principal amount of Notes) and Warrants to
acquire an aggregate of
11,323,529
,
shares of Common Stock being closed on upon execution of the SPA. The closing for the second tranche for $
625,001
in Subscription Amount Notes (to sell an aggregate
of $
735,294
in principal amount of Notes) and Warrants to
acquire an aggregate of
3,676,471
shares of Common Stock will occur within
three (3) business days after the later of (i) the filing of a Registration Statement on Form S-1 for the sale of Common Stock
that will be listed on a national securities exchange or (ii) the thirtieth (30
th
) day following the closing of the
first Tranche.
The first and second Tranches closed and funded on May 3, 2021 and June 30, 2021,
respectively.
The
Notes mature on
May 4, 2022
and
June 30, 2022
, bear interest at the rate of
5
% per annum and are convertible at any time upon the option
of the Investors into shares of Common Stock at a conversion price equal to $0.20 per share.
The Company has the right to prepay all
or any portion of the outstanding balance of the Notes in an amount equal to 115% or 120%, depending on whether such repayment is made
before November 5, 2021 or after November 5, 2021, respectively, multiplied by the portion of the outstanding balance to be prepaid
.
The
Warrants are exercisable at a purchase price of $
0.20
per share at any time on or prior to May 4, 2025 and June 30, 2025, and may be
exercised on a cashless basis, beginning on the six-month anniversary of the Effective Date, if the shares of Common Stock underlying
the Warrants are not then registered under the Securities Act of 1933, as amended (the "Securities Act").
The
SPA contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations
of the Company, other obligations of the parties thereto, and termination provisions.
In
connection herewith, the Company recorded an original issue discount of $
419,664
and deferred financing costs of $
10,000
. The original
issue discount and deferred financing costs are being amortized over the term of the note. At June 30, 2021, the aggregate balance of
the convertible promissory note and accrued interest was $
2,797,795
and $
18,377
, respectively. At June 30, 2021, the aggregate balance
of the convertible promissory note, net of original issue discount and deferred financing costs was $
2,424,877
.
During
the year ended June 30, 2021, the Company paid-off a total of 12 outstanding convertible promissory notes with an aggregate balance,
including accrued interest and prepayment amount of $
1,542,270
.
At
June 30, 2021 and June 30, 2020, there was $
5,143,795
and $
565,000
of convertible notes payable outstanding, net of discounts of $
3,157,759
and $
375,359
, respectively.
During
the year ended June 30, 2021 and 2020, amortization of original issue discount, deferred financing costs, and debt discounts amounted
to $
2,032,516
and $
899,491
, respectively.
During
the years ended June 30, 2021 and 2020, $
1,596,888
and $
477,763
,
respectively, of convertible notes, including fees and interest, were converted into
20,716,750
and
5,872,362
,
respectively, shares of the Company's Common Stock.
At
June 30, 2021, the Company was in compliance with the terms of the Accredited Investors convertible promissory notes.
F-
28
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
10:
Convertible Debt Arrangements (
continued)
Notes
payable under convertible debt and debenture agreements, net is comprised of the following:
June
    30,
2021
2020
JMJ
    Financial
$
109,000
$
109,000
Accredited
    Investors
5,148,795
565,000
Unamortized
    OID, deferred financings costs, and debt discounts
(
3,157,759
)
(
375,359
)
Total
    convertible debt arrangements, net
$
2,100,036
$
298,641
At
June 30, 2021 and 2020, the outstanding balances are reflected as current liabilities within our consolidated balance sheets. At June
30, 2021 and 2020, accrued interest on these convertible notes of $
162,271
and $
116,619
, respectively, is included within accrued expenses
of the consolidated balance sheets.
NOTE
11:
DERIVATIVE LIABILITY
The
Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components
of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, "Derivatives and Hedging."
The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded
as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of
operation as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at
the conversion date then that fair value is reclassified to equity. Equity instruments that are initially classified as equity that become
subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification
date.
The
following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable
inputs (Level 3) from June 30, 2019 to June 30, 2021:
Conversion
feature derivative
liability
June
    30, 2019
$
133,669
Initial
    fair value of derivative liability recorded as debt discount
1,115,000
Initial
    fair value of derivative liability charged to other expense
1,610,913
Gain
    on change in fair value included in earnings
(
1,961,951
)
June
    30, 2020
897,631
Initial
    fair value of derivative liability recorded as debt discount
853,800
Initial
    fair value of derivative liability charged to other expense
2,240,908
Gain
    on change in fair value included in earnings
(
3,267,323
)
Derivative
    liability relieved by conversions of convertible promissory notes
(
725,016
)
June
    30, 2021
$
-
Total
derivative liability at June 30, 2021 and 2020 amounted to $
0
and $
897,631
,
respectively. The change in fair value included in earnings of $
3,267,323
is due in part to the quoted market price of
the Company's Common Stock increasing from $
0.08
at June 30, 2020 to $
0.43
at June 30, 2021, coupled with substantially
reduced conversion prices due to the effect of "ratchet" provisions incorporated within the convertible notes payable.
F-
29
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
11: DERIVATIVE LIABILITY (continued)
At
June 30, 2021, there were no outstanding convertible notes payable with conversion prices inclusive of "ratchet" provisions
requiring the use of a binomial pricing model with binomial simulations.
The
Company recognizes its derivative liabilities as Level 3 and values its derivatives using the methods discussed below. While the Company
believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different
methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair
value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed are
that of volatility and market price of the underlying Common Stock of the Company.
At
June 30, 2021, the Company did not have any derivative instruments that were designated as hedges.
Items
recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following
items as of June 30, 2021 and 2020:
Quoted
    Prices in Active Markets for Identical Assets
(Level 1)
Significant
                                            Other Observable Inputs
(Level
    2)
Significant
                                            Unobservable Inputs
(Level
    3)
Derivative
    liability, June 30, 2021
$
-
$
-
$
-
Quoted
                                            Prices in Active Markets for Identical Assets
(Level
    1)
Significant
                                            Other Observable Inputs
(Level
    2)
Significant
                                            Unobservable
Inputs
(Level
    3)
Derivative
    liability, June 30, 2020
$
-
$
-
$
897,631
NOTE
12:
STOCKHOLDERS' EQUITY
At
June 30, 2021, the total number of shares of all classes of stock that the Company shall have the authority to issue is 500,001,000 shares
consisting of
500,000,000
shares
of Common Stock, $
0.01
par value per share, of which
78,612,608
shares are issued,
78,584,238
shares are outstanding and
281,734
shares are to be issued, and
1,000
shares of preferred stock, par value $
0.01
per share of which
1,000
shares have been designated as Series A Super
Voting Preferred, of which
1,000
are issued and outstanding.
On
August 27, 2019, the Company's Board of Directors approved an amendment to the Company's Amended and Restated Certificate
of Incorporation, as amended (the "Certificate of Incorporation") to increase the number of authorized shares of Common
Stock of the Company to 100,000,000 shares from 25,000,000 shares. On September 4, 2019, the Company filed a Certificate of Amendment
to its Certificate of Incorporation to increase its authorized Common Stock from
25,000,000
shares to
100,000,000
shares.
F-
30
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
12: STOCKHOLDERS' EQUITY (continued)
On
June 10, 2020, the Company's Board of Directors approved an amendment to the Company's Amended and Restated Certificate of
Incorporation, as amended (the "Certificate of Incorporation") to increase the number of authorized shares of Common Stock
of the Company to 250,000,000 shares from 100,000,000 shares. On July 14, 2020, the Company filed a Certificate of Amendment to its
Certificate of Incorporation to increase its authorized Common Stock from
100,000,000
shares to
250,000,000
shares.
On
August 3, 2020, the Company's Board of Directors approved an amendment to the Company's Amended and Restated Certificate
of Incorporation, as amended (the "Certificate of Incorporation") to increase the number of authorized shares of Common
Stock of the Company to 500,000,000 shares from 250,000,000 shares. On August 4, 2020, the Company filed a Certificate of Amendment
to its Certificate of Incorporation to increase its authorized Common Stock from
250,000,000
shares to
500,000,000
shares.
Common
Stock
Private
Placements
During
the year ended June 30, 2021, the Company
did not issue any shares of Common Stock under
any private placements with accredited investors.
During
the year ended June 30, 2020, the Company received $
347,000
of net proceeds from the issuance of
1,129,577
shares of Common Stock in private placements
with accredited investors. During the year ended June 30, 2020, the Company issued
11,003
shares of Common Stock valued at $
11,250
for finder's services related to certain
of these private placements.
Stock Based Compensation – Common Stock
Grants
During the year ended June 30, 2021, the Company
entered into an exchange agreement (the "Exchange Agreement") with its Chief Executive Officer, Anshu Bhatnagar ("Holder"),
whereby earned and issued warrants to purchase
37,390,452
shares of the Company's Common Stock (the "Cancelled Warrants") pursuant to the terms of that certain Transition
Agreement (the "Transition Agreement") and Warrant Agreement (the "Warrant Agreement") each between the Company
and Holder and dated as of January 11, 2019 were forfeited and exchanged for (i) 37,390,452 shares of the Company's Common Stock
(the "Shares") and (ii) the cancellation and termination of the Transition Agreement and Warrant Agreement.
The Cancelled
Warrants had an exercise price of $
0.50
per share and were not subject to expiration. Such Exchange Agreement is intended to make the
Company's capitalization more attractive to potential investors and to remove the uncertainty associated with any future grants
of warrants under the Transition Agreement and Warrant Agreement, although there can be no assurance of any future investments on terms
that are attractive to the Company, or at all. Immediately prior to the Company's entry into the Exchange Agreement, it was determined
that 5,650,708 additional warrants (the "Additional Warrants") to purchase the Company's Common Stock were due to and
issued to the Holder in accordance with the terms and conditions of the Transition Agreement as the Transition Agreement required certain
liabilities to be eliminated by the prior management team within six months of the Transition Agreement's effective date of January
11, 2019. However, the Additional Warrants were immediately cancelled and terminated with the intention of mitigating potential liabilities
arising from certain issuances of the Company's Common Stock below the minimum price of $0.50 per share as stated within the Transition
Agreement.
The Shares to be issued and sold to the Holder pursuant to the Exchange Agreement were issued in reliance upon the exemption
from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. For the year ended
June 30, 2021, the Company recorded $
153,301
of stock-based compensation expense related to the Exchange Agreement. See Common Stock
Warrants section below for further details of the warrants.
F-
31
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
12: STOCKHOLDERS' EQUITY (continued)
Additionally,
during the year ended June 30, 2021, the Company recorded $
21,474
of stock-based compensation expense related to
a June 1, 2019 grant of
231,635
shares of Common Stock to
the
Company's former Chief Financial Officer, which vested 25% on the six month and 1 year anniversaries of the grant date.
Upon Mr. Cutchens' employment ceasing during January
2021,
115,818
unvested shares of Common Stock were forfeited
resulting in the reversal of $
68,003
of previously recognized stock-based compensation
expense.
Furthermore,
during the year ended June 30, 2021, the Company granted
500,000
restricted shares of Common Stock to its
Chief Operating Officer.
The
restricted shares of Common Stock vest 25% on the 1 year, 2 year, 3 year, and 4 year anniversaries of the grant date.
At
June 30, 2021, no shares of Common Stock have vested and
500,000
shares remain unvested. During the year ended
June 30, 2021, the Company recorded $
9,733
of stock-based compensation expense.
During
the year ended June 30, 2020, the Company issued
231,635
restricted shares of its Common Stock
to the Company's Chief Financial Officer, which were granted on June 1, 2019 (the "Grant Date"), pursuant to the terms
of an employment agreement with the Company. The restricted shares of Common Stock vest 25% on the six-month, 1 year, 2 year,
and 3 year anniversaries of the Grant Date. At June 30, 2020,
115,818
shares of Common Stock vested and
115,817
shares remain unvested. During the years ended
June 30, 2020 and 2019, the Company recorded $
133,142
and $
16,464
,
respectively, of stock-based compensation expense related to the vested portion of this award.
Vendor
Services
During
the year ended June 30, 2021, the Company entered into various consulting, public relations, and marketing agreements whereby the Company
issued an aggregate of
1,422,127
restricted shares of its Common Stock
and has an aggregate of
281,734
restricted shares of Common Stock to be
issued, for services to be performed during specified periods of time. During the year ended June 30, 2021, the Company recorded $
261,067
of expense.
During
the year ended June 30, 2020, there were no shares of Common Stock issued to any vendors for consulting, public relations, or
marketing services.
F-
32
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
12: STOCKHOLDERS' EQUITY (continued)
Conversion
of Service Fees
During
the year ended June 30, 2020, the Company issued
62,000
shares of Common Stock, valued at $
46,500
,
to a former officer who provided services to the Company. During the year ended June 30, 2021, there were no shares of Common Stock
issued to any former officer for services provided to the Company.
During
the year ended June 30, 2020, the Company issued
294,654
shares of Common Stock to a number of
related parties and strategic consultants in connection with prior services provided to the Company. The shares issued were valued at
$
219,517
.
During the year ended June 30, 2021, there were no share of Common Stock issued to any related parties and strategic consultants
for prior services provided to the Company.
Conversion
of Debt Securities
During
the year ended June 30, 2021, $
472,593
of convertible notes, including fees and interest,
were converted into
20,716,750
shares of the Company's Common Stock
by accredited investors, valued at $
1,596,888
.
During the year ended June 30, 2020, $
477,763
of convertible notes, including fees and interest,
were converted into
5,872,362
shares of the Company's Common Stock
by accredited investors, valued at $
1,054,204
.
Cancellation
of Common Stock
During
the year ended June 30, 2021, the Company's Chief Executive Officer cancelled
3,352,066
of his shares of the Company's Common
Stock to partially offset the number of shares of the Company's Common Stock issued by the conversion of $
472,593
of convertible notes, including fees and interest,
into
20,716,750
shares of the Company's Common Stock
by accredited investors. The fair value of the cancelled shares of Common Stock was $
496,106
.
Reserved
Shares – Common Stock
At
June 30, 2021, the convertible promissory notes entered into with accredited investors require the Company to reserve approximately
85,000,000
shares of its Common Stock for potential future conversions under such instruments.
At
June 30, 2021, 7,202 shares of the Company's Common Stock remain subject to be returned to the Company's treasury for cancellation.
Such shares were not sold as part of
8,000
shares of the Company's Common Stock that was advanced during fiscal year 2014 under
an Equity Line of Credit.
Common
Stock Warrants
Exchange
Agreement – Warrants Exchanged for Common Stock
During
the year ended June 30, 2021, the Company entered into an Exchange Agreement with its Chief Executive Officer, Anshu Bhatnagar ("Holder"),
whereby earned and issued warrants to purchase
37,390,452
shares of the Company's Common Stock (the "Cancelled Warrants")
pursuant to the terms of that certain Transition Agreement (the "Transition Agreement") and Warrant Agreement (the "Warrant
Agreement") each between the Company and Holder and dated as of January 11, 2019 were forfeited and exchanged for (i)
37,390,452
shares of the Company's Common Stock (the "Shares") and (ii) the cancellation and termination of the Transition Agreement
and Warrant Agreement.
The Cancelled Warrants had an exercise price of $0.50 per share and were not subject to expiration. Such Exchange
Agreement is intended to make the Company's capitalization more attractive to potential investors and to remove the uncertainty
associated with any future grants of warrants under the Transition Agreement and Warrant Agreement, although there can be no assurance
of any future investments on terms that are attractive to the Company, or at all. Immediately prior to the Company's entry into
the Exchange Agreement, it was determined that 5,650,708 additional warrants (the "Additional Warrants") to purchase the
Company's Common Stock were due to and issued to the Holder in accordance with the terms and conditions of the Transition Agreement
as the Transition Agreement required certain liabilities to be eliminated by the prior management team within six months of the Transition
Agreement's effective date of January 11, 2019. However, the Additional Warrants were immediately cancelled and terminated with
the intention of mitigating potential liabilities arising from certain issuances of the Company's Common Stock below the minimum
price of $0.50 per share as stated within the Transition Agreement.
The Shares to be issued and sold to the Holder pursuant to the Exchange
Agreement were issued in reliance upon the exemption from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation
D promulgated thereunder. For the year ended June 30, 2021, the Company recorded $
153,301
of stock-based compensation expense related
to the Exchange Agreement.
F-
33
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
12: STOCKHOLDERS' EQUITY (continued)
Warrant
Agreements – Convertible Promissory Note Warrants
Pursuant
to a Securities Purchase Agreement between the Company and two accredited investors dated as of April 30, 2021, the Company sold to the
Investors and the Investors acquired an aggregate of
13,988,971
warrants to acquire shares of the Company's
Common Stock. The warrants expire
four
years
after issuance and have an exercise price
of $
0.20
per share, subject to adjustment hereunder. The
warrants can also be exercised under a cashless basis as outlined within the Warrant Agreement. For the year ended June 30, 2021, the
Company attributed an aggregate fair value of $
1,753,953
to the warrants, based upon an average value
of $
0.37
per warrant.
Pursuant
to a Securities Purchase Agreement between the Company and Evergreen Capital Management, LLC ("Investor"), dated as of April
5, 2021, the Company sold to the Investor and the Investor acquired an aggregate of
11,730,000
warrants to acquire shares of the Company's
Common Stock. The warrants expire
four
years
after issuance and have an exercise price
of $0.20 per share, subject to adjustment hereunder. The warrants can also be exercised under a cashless basis as outlined within the
Warrant Agreement. For the year ended June 30, 2021, the Company attributed an aggregate fair value of $
1,293,541
to the warrants, based upon an average value
of $
0.27
per warrant.
Warrant
Agreement – Earned Warrants
Mr.
Bhatnagar, the Company's President and Chief Executive Officer, is entitled to receive warrants to acquire
4
%
of the outstanding fully diluted Common Stock of the Company (the "Earned Warrants") each time the Company's
revenue increases by $
1,000,000
.
The exercise price of the Earned Warrants is equal to $
0.50
per share and he may not receive shares whereby
Signing Shares and Earned Warrants exceed
80
%
of the fully diluted Common Stock of the Company ("Warrant Cap").
Warrant
Agreement – Accelerated Warrants
Mr.
Bhatnagar, the Company's President and Chief Executive Officer, was entitled to receive warrants to acquire
4
%
of the outstanding fully diluted Common Stock of the Company ("Earned Warrants") each time the Company's revenue
increased by $
1,000,000
.
The exercise price of the Earned Warrants was equal to $
0.50
per share, and he may not receive the Earned
Warrants to the extent that the number of Singing Shares (as defined in the Warrant Agreement) and Earned Warrants exceed
80
%
of the fully diluted Common Stock of the Company ("Warrant Cap").
For
the year ended June 30, 2020, since the Company's revenue exceeded $
30,000,000
,
Mr. Bhatnagar earned warrants to acquire
32,405,058
shares of the Company's common stock under
the provisions of the Warrant Agreement. At June 30, 2020, as Mr. Bhatnagar has earned the maximum number of warrants available under
the provisions of the Warrant Agreement to acquire
37,390,452
shares of the Company's Common Stock,
there remains no additional shares of the Company's Common Stock that Mr. Bhatnagar can earn.
For
the year ended June 30, 2020, the Company recognized $
16,202,529
of stock-based compensation expense related to the earned warrants,
based upon a value of $
0.50
per warrant. At June 30, 2020, there remains no additional stock-based compensation expense related to the
Warrant Agreement that the Company expects to recognize.
F-
34
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
12: STOCKHOLDERS' EQUITY (continued)
Fair
Value of Warrants
The
Company estimates the fair value of each option award on the date of grant using a Black-Scholes option valuation model that uses
the assumptions noted in the table below. Because Black-Scholes option valuation models incorporate ranges of assumptions for
inputs, those ranges are disclosed. Expected volatilities are based on the historical volatility of the Company's stock. The Company
uses historical data to estimate option exercise and when applicable employee termination within the valuation model; separate groups
of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options
granted is derived from the output of the option valuation model and represents the period of time that options granted are expected
to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve
in effect at the time of grant. The following range of assumptions were utilized during the years ended June 30, 2021 and 2020:
Expected
    volatility
618.01
%
    -
21,779.77
%
Weighted-average
    volatility
618.01
%
    -
21,779.77
%
Expected
    dividends
0
%
Expected
    term (in years)
4
.0
    -
5
.0
Risk-free
    rate
0.56
%
    -
2.52
%
The
following table sets forth Common Stock purchase warrants outstanding at June 30, 2021:
Warrants
Weighted
Average
Exercise
                                            Price
Intrinsic
Value
Outstanding,
    June 30, 2020
37,390,452
$
0.50
$
-
Warrants
    issued
25,718,971
0.20
-
Warrants
    exchanged
(
37,390,452
)
(
0.50
)
-
Outstanding,
    June 30, 2021
25,718,971
$
0.20
$
-
Common
    stock issuable upon exercise of warrants
25,718,971
$
0.20
$
-
Common
    Stock Issuable Upon Exercise of
Warrants Outstanding
Common
    Stock Issuable Upon
Warrants Exercisable
Range
                                            of
Exercise
Prices
Number
Outstanding at
June 30, 2021
Weighted
Average
Remaining
Contractual
Life (Years)
Weighted
Average
Exercise
Price
Number
Exercisable at
June 30, 2021
Weighted
Average
Exercise
Price
$
0.20
25,718,971
3.83
$
0.20
25,718,971
$
0.20
25,718,971
3.83
$
0.20
25,718,971
$
0.20
F-
35
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
12: STOCKHOLDERS' EQUITY (continued)
The
          following table sets forth Common Stock purchase warrants outstanding at June 30, 2020:
Warrants
Weighted
Average
Exercise
                                            Price
Intrinsic
Value
Outstanding,
    June 30, 2019
4,985,394
$
0.50
$
-
Warrants
    earned
32,405,058
0.50
-
Warrants
    forfeited
-
-
-
Outstanding,
    June 30, 2020
37,390,452
$
0.50
$
-
Common
    stock issuable upon exercise of warrants
37,390,452
$
0.50
$
-
Common
    Stock Issuable Upon Exercise of
Warrants Outstanding
Common
    Stock Issuable Upon
Warrants Exercisable
Range
                                            of
Exercise
Prices
Number
Outstanding at
June 30, 2020
Weighted
Average
Remaining
Contractual
Life (Years)
Weighted
Average
Exercise
Price
Number
Exercisable at
June 30, 2020
Weighted
Average
Exercise
Price
$
0.50
37,390,452
4.30
$
0.50
37,390,452
$
0.50
37,390,452
4.30
$
0.50
37,390,452
$
0.50
NOTE
13:
RELATED PARTY TRANSACTIONS
Microphase
Corporation
At
June 30, 2021, the Company owed $
32,545
to Microphase for previously leased office space at its Norwalk location and for certain research
and development services and shared administrative personnel from time to time, all through December 31, 2015.
Transactions
With Officers
Note
Payable Issuances
At
various points during past fiscal years certain officers and former officers of the Company provided bridge loans to the Company evidenced
by individual promissory notes and deferred compensation so as to provide working capital to the Company. During the year ended June
30, 2021, the Company's Chief Executive Officer converted his deferred compensation from fiscal years 2019 and 2020, totaling $
381,566
,
and the fair value of his cancelled shares of the Company's Common Stock of $496,106, into separate promissory notes. All
of these notes accrue interest at the rate of
6
%
per annum and are payable on demand. During
the years ended June 30, 2021 and 2020, the officers and former officers advanced $
0
and $
48,052
to provide working capital to the Company and
$
40,656
and $
4,792
has been charged for interest on loans from officers
and former officers.
F-
36
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
13: RELATED PARTY TRANSACTIONS (continued)
On
October 22, 2020,
the
Company received a notice of event of default and demand letter ("Demand Letter") from a former officer and promissory note
holder (the "Note Holder"). The promissory note was issued on November 1, 2019, in the original principal amount of $
40,739
,
accrued interest at a rate of
6
%
per
annum, and matured on
April
18, 2020
.
The Demand Letter stated an aggregate of $
51,940
of
principal and interest was immediately due. The promissory note does not have a convertible feature and is not convertible into shares
of the Company's Common Stock. Additionally, the promissory note does not contain any cross-default provisions with any
other promissory notes issued by the Company. The Company expects to work with the Note Holder to negotiate a repayment structure whereby
the Company can repay the Note Holder the balance due as quickly as possible based upon its available capital.
At
June 30, 2021 and 2020, these outstanding notes including accrued interest totaled $
747,086
and $
78,758
,
respectively. At June 30, 2021, these promissory notes are not convertible into shares of the Company Common Stock.
Common
Stock Issuances
During
the year ended June 30, 2021, the Company recorded $
21,474
of stock-based compensation expense related to
a June 1, 2019 grant of
231,635
shares of Common Stock to the Company's
former Chief Financial Officer, which vested
25
%
on the six month and 1 year anniversaries of
the grant date. Upon Mr. Cutchens' employment ceasing during January 2021,
115,818
unvested shares of Common Stock were forfeited
resulting in the reversal of $
68,003
of previously recognized stock-based compensation
expense.
Additionally,
during the year ended June 30, 2021, the Company granted
500,000
restricted shares of Common Stock to its
Chief Operating Officer. The restricted shares of Common Stock vest
25
%
on the 1 year, 2 year, 3 year, and 4 year anniversaries
of the grant date. At June 30, 2021, no shares of Common Stock have vested and
500,000
shares remain unvested. During the year ended
June 30, 2021, the Company recorded $
9,733
of stock-based compensation expense.
During
the year ended June 30, 2020, the Company issued
231,635
restricted shares of its Common Stock
to Mr. Cutchens, the Company's Chief Financial Officer, which were granted on June 1, 2019 (the "Grant Date"), pursuant
to the terms of an employment agreement with the Company. The restricted shares of Common Stock vest
25
%
on the six-month, 1 year, 2 year, and 3 year
anniversaries of the Grant Date. At June 30, 2020,
115,818
shares of Common Stock have vested and
115,817
shares remain unvested. During the years ended
June 30, 2020 and 2019, the Company recorded $
133,142
and $
16,464
,
respectively, of stock-based compensation expense related to the vested portion of this award.
During
the year ended June 30, 2020, the Company incurred $
15,500
of expense related to legal and consulting services
provided by Mr. Smiley, the Company's former Chief Financial Officer and legal counsel. During October 2019, the entire balance
of $
15,500
was converted into
62,000
shares of Common Stock. During the year
ended June 30, 2021, the Company did not incur any expense or utilize any services by Mr. Smiley, the Company's former CFO and
legal counsel.
Office
Lease
Effective
February 8, 2021, the Company relocated its corporate office to 9841 Washingtonian Blvd., Suite 200, Gaithersburg, MD 20878, and incurred
rent expense of $
1,350
per month through March 31, 2021, which was payable to a related party. The current lease payment is $
1,600
per
month and the lease term is a month-to-month arrangement. For the year ended June 30, 2021 and 2020, $
12,150
and $
7,621
, respectively,
was recognized as rent expense. At June 30, 2021 and 2020, $
35,971
and $
23,821
, respectively, was accrued as payable to the related party.
F-
37
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
14:
INCOME TAXES
The
Company accounts for income taxes taking into account deferred tax assets and liabilities which represent the future tax consequences
of the differences between financial statement carrying amounts of assets and liabilities versus the tax basis of assets and liabilities.
Under this method, deferred tax assets are recognized for deductible temporary differences, and operating loss and tax credit carryforwards.
Deferred liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when,
in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The
impact of tax rate changes on deferred tax assets and liabilities is recognized in the year the change is enacted. Due to recurring losses,
the Company's tax provision for the years ended June 30, 2021 and 2020 was $
0
.
At
June 30, 2021 and 2020, the difference between the effective income tax rate and the applicable statutory federal income tax rate is
summarized as follows:
June
    30,
2021
2020
Statutory
    federal rate
21.0
%
21.0
%
State
    income tax rate, net of federal benefit
6.5
%
6.5
%
Permanent
    differences, including stock based compensation and beneficial conversion interest expense
-
%
(
0.1
)%
Change
    in valuation allowance
(
27.5
)%
(
27.4
)%
Effective
    tax rate
-
%
-
%
At
June 30, 2021 and 2020, the Company's deferred tax assets were as follows:
June 30,
2021
2020
Deferred tax assets
Federal and state net operating loss carry forward
$
24,126,409
$
23,838,735
Deferred stock warrants
22,184
5,157,262
Other temporary differences
241,610
509,789
Total deferred tax asset
24,390,203
29,505,786
Deferred tax liabilities
Other temporary differences
(
4,389
)
-
Total deferred tax liabilities
(
4,389
)
-
Net deferred tax asset
24,385,814
29,505,786
Less: valuation allowance
(
24,385,814
)
(
29,505,786
)
$
-
$
-
Valuation
Allowance
In assessing the realizability of deferred tax assets,
management considers whether it is more likely than not that some portion or all the deferred tax assets will be realized. The ultimate
realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary
differences will become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable
income and tax planning strategies in making this assessment. The Company has recorded a full valuation allowance against its net deferred
tax assets because it is not currently able to conclude that it is more likely than not that these assets will be realized. The amount
of deferred tax assets considered to be realizable could be increased in the near term if estimates of future taxable income during the
carryforward period are increased. The valuation allowance decreased by $
5,119,972
during the fiscal year ended June 30, 2021, of which $
1,496,544
of the decrease relates to the calculation of the current fiscal year tax provision and $
3,623,428
of the decrease is a result of prior year adjustments and net operating loss expirations. The valuation allowance increased
by $
3,349,031
during the
fiscal year ended June 30, 2020, as a result of the fiscal year tax provision calculation and other adjustments.
F-
38
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
14: INCOME TAXES (continued)
Other
Income Tax Related Items
At
June 30, 2021 and 2020, the Company has federal net operating loss carryforwards of approximately $
87,000,000
and $
87,000,000
, respectively,
due to the generation of current fiscal year net operating loss carryforward of approximately $
14,000,000
and the expiration of the fiscal
year June 30, 2001 net operating loss carryforward of approximately $
13,000,000
. Net operating loss carryforwards generated before
January 1, 2018 will expire through 2037. Under the Internal Revenue Code Section 382, certain stock transactions which significantly
change ownership, including the sale of stock to new investors, the exercise of options to purchase stock, or other transactions between
shareholders could limit the amount of net operating loss carryforwards that may be utilized on an annual basis to offset taxable income
in future periods.
At
June 30, 2021 and 2020, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required.
The Company does not expect that its unrecognized tax benefits will materially increase within the next twelve months. The Company did
not recognize any interest or penalties related to uncertain tax positions at June 30, 2021 and 2020.
Enacted
in late 2017, the Tax Cut and Jobs Act ("TCJA") imposed a one-time tax on earnings held outside the United States ("U.S.").
The Company did not have any earnings subject to this tax. Beginning in 2018, earnings generated outside the U.S. are not subject to
U.S. tax when repatriated. If the Company engages in certain business activities, non-U.S. earnings may be required to be include in
the income of the U.S. parent company. The TCJA added rules that require the U.S. parent company to include in income certain low taxed
income. These so called Global Intangible Low-Taxed Income ("GILTI") rules are not applicable to the Company.
During
May 2020, the Company received $
33,332
under the Small Business Administration's Paycheck Protection Program ("PPP Loan")
created as part of the recently enacted CARES Act administered by the Small Business Administration ("SBA"). Certain amounts
of the loan may be forgiven if they are used towards qualifying expenses as described in the CARES Act. In the event that forgiveness
is applied for and received, the loan will not be considered cancellation of debt income and will be considered tax exempt for income
tax purposes.
F-
39
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
15:
COMMITMENTS AND CONTINGENCIES
Commitments
Effective
February 8, 2021, the Company relocated its corporate office to 9841 Washingtonian Blvd., Suite 200, Gaithersburg, MD 20878, and incurred
rent expense of $
1,350
per month through March 31, 2021, which was payable to a related party. The current lease payment is $
1,600
per
month and the lease term is a month-to-month arrangement.
Judgement
Settlement Agreement
Effective
December 10, 2018, the Company entered into a "Judgment Settlement Agreement" to satisfy in full the Forbearance Agreement
with Fife that was previously in effect. As a result, under the Judgment Settlement Agreement, no shares of the Company's Common
Stock are issuable or eligible to be converted into. Under the terms of the Judgment Settlement Agreement, the Company was required
to pay $
15,000
per month from January 15, 2019 through and including
February 15, 2020, with a final payment of $
195,000
which was due and payable in March of 2020. The
Company made all required payments with the exception of the final payment of $
195,000
which was due and payable in March of 2020. On
August 17, 2020, the Company entered into a second amendment (the "Second Amendment") to the Judgement Settlement Agreement,
whereby the Company issued a convertible promissory note in the principal amount of $
300,000
(the "Note") to repay the amounts
still outstanding under the Judgment Settlement Agreement. The Note matures on
August
17, 2021
, bears interest at a rate of
10
%
per annum, requires certain monthly minimum cash
payments as specified in the Note, and is convertible into shares of the Company's Common Stock, par value $
0.01
per share, at a conversion price as specified
in the Note. The Note may be prepaid by the Company at any time prior to maturity without penalty. The Company satisfied the initial
cash payment as specified in the Note. On April 13, 2021, the Company entered into a third amendment (the "Third Amendment")
to the Judgement Settlement Agreement, whereby the Company issued a convertible promissory note in the principal amount of $
300,000
(the "New Note") to replace the Note
and repay the amounts still outstanding under the Judgment Settlement Agreement. The Note matures on
April
13, 2022
, bears interest at a rate of
10
%
per annum, requires certain monthly minimum payments
in cash or the Company's Common Stock as specified in the New Note, and is convertible into shares of the Company's
Common Stock, par value $
0.01
per share, at a conversion price as specified
in the New Note. The New Note may be prepaid by the Company at any time prior to maturity without penalty. On April 16, 2021, the Company
paid $
235,000
to satisfy, pay in full, and extinguish the New
Note and the Judgement Settlement Agreement, which resulted in a gain on debt settlement of $
549,026
during the year ended June 30, 2021 (see Note
9).
Contracts
and Commitments Executed Pursuant to the Transition Agreement
In
the transaction whereby Mr. Bhatnagar acquired control of the Company on January 11, 2019, the Company entered into material commitments
including an employment agreement and a warrant agreement (see Note 12).
Contingencies
Judgment
Settlement Agreement
Effective
December 10, 2018, the Company entered into a "Judgment Settlement Agreement" to satisfy in full the Forbearance Agreement
with Fife that was previously in effect. As a result, under the Judgment Settlement Agreement, no shares of the Company's Common
Stock are issuable or eligible to be converted into. Under the terms of the Judgment Settlement Agreement, the Company was required
to pay $
15,000
per month from January 15, 2019 through and including
February 15, 2020, with a final payment of $
195,000
which was due and payable in March of 2020. The
Company made all required payments with the exception of the final payment of $
195,000
which was due and payable in March of 2020. On
August 17, 2020, the Company entered into a second amendment (the "Second Amendment") to the Judgement Settlement Agreement,
whereby the Company issued a convertible promissory note in the principal amount of $
300,000
(the "Note") to repay the amounts
still outstanding under the Judgment Settlement Agreement. The Note matures on
August
17, 2021
, bears interest at a rate of
10
%
per annum, requires certain monthly minimum cash
payments as specified in the Note, and is convertible into shares of the Company's Common Stock, par value $
0.01
per share, at a conversion price as specified
in the Note. The Note may be prepaid by the Company at any time prior to maturity without penalty. The Company satisfied the initial
cash payment as specified in the Note. On April 13, 2021, the Company entered into a third amendment (the "Third Amendment")
to the Judgement Settlement Agreement, whereby the Company issued a convertible promissory note in the principal amount of $
300,000
(the "New Note") to replace the Note
and repay the amounts still outstanding under the Judgment Settlement Agreement. The Note matures on
April
13, 2022
, bears interest at a rate of
10
%
per annum, requires certain monthly minimum payments
in cash or the Company's Common Stock as specified in the New Note, and is convertible into shares of the Company's
Common Stock, par value $
0.01
per share, at a conversion price as specified
in the New Note. The New Note may be prepaid by the Company at any time prior to maturity without penalty. On April 16, 2021, the Company
paid $
235,000
to satisfy, pay in full, and extinguish the New
Note and the Judgement Settlement Agreement, which resulted in a gain on debt settlement of $
549,026
during the year ended June 30, 2021 (see Note
9).
F-
40
mPHASE
TECHNOLOGIES, INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2021 AND 2020
NOTE
16:
DISCONTINUED OPERATIONS
The
Company has classified the operating results and associated assets and liabilities from its Jump line of products, which ceased generating
material revenue during the first quarter of fiscal year 2017, as discontinued operations in the consolidated financial statements for
the fiscal years ended June 30, 2021 and 2020.
The
assets and liabilities associated with discontinued operations included in our consolidated balance sheets at June 30, 2021 and 2020
were only accounts payable with a balance of $
82,795
and $
82,795
, respectively.
For
the years ended June 30, 2021 and 2020, there were
no
revenue or expenses associated with discontinued operations included in our consolidated
statements of operations.
NOTE
17:
SUBSEQUENT EVENTS
On
August 27, 2021, the Board of Directors (the "Board") of the Company appointed Suhas Subramanyam, Chester White, and Thomas
Fore as members of the Board (such appointments, collectively, the "Appointments"). The terms of the Appointments commenced
on August 27, 2021 and are in effect for a period of approximately one year, until the time of the Company's next Annual Meeting
of Stockholders. In connection with the Appointments, on August 27, 2021, the Company entered into director agreements with Mr. Subramanyam,
Mr. White and Mr. Fore (such director agreements, collectively, the "Director Agreements"). Pursuant to the Director Agreements,
the Company will compensate each such director a fee of $
20,000
annually, which is to be paid in quarterly installments
of $
5,000
.
Such quarterly fee will be increased by $
1,250
for each such director who serves as a member
of either the Audit, Compensation, or Nominating Committee. In lieu of cash consideration, the annual fee will be paid by issuance of
the number of restricted shares of the Company's Common Stock equivalent to the applicable cash amount due as determined
based upon the closing price on the last trading day of such quarter.
F-
41
mPhase
Technologies, Inc.
Consolidated
Balance Sheets
December
                                            31,
2021
June
                                            30,
2021
(Unaudited)
Assets
Current Assets
Cash
$
545,871
$
2,473,386
Accounts receivable, net
19,929,137
15,784,081
Prepaid expenses
195,354
238,927
Other assets
479,827
422,254
Total
    Current Assets
21,150,189
18,918,648
Property and equipment, net
9,278
16,518
Goodwill
3,662
3,669
Intangible assets – purchased
    software, net
1,599,933
2,079,047
Other assets
3,634
3,645
Total
    Assets
$
22,766,696
$
21,021,527
Liabilities and Stockholders'
    Equity
Current Liabilities
Accounts payable
$
3,497,201
$
4,158,006
Accrued expenses
1,205,065
1,368,367
Contract liabilities
430,027
350,689
Due to related parties
89,377
87,688
Notes payable to officer
713,137
691,942
Notes payable
93,144
323,218
Convertible notes payable, net
3,527,623
1,991,036
Liabilities in arrears with convertible features
109,000
109,000
Liabilities of discontinued
    operations
82,795
82,795
Total
    Current Liabilities
9,747,369
9,162,741
Notes payable, net of
    current portion
146,890
146,890
Total
    Liabilities
9,894,259
9,309,631
Commitments and Contingencies
    (Note 11)
Stockholders' Equity
Preferred stock, $
0.01
par value;
1,000
shares authorized, issued and
    outstanding at December 31, 2021 and June 30, 2021
10
10
Common stock, $
0.01
par value;
500,000,000
shares authorized,
81,656,033
shares issued and
81,627,663
shares outstanding at December 31, 2021, and
78,612,608
shares issued and
78,584,238
shares outstanding at June 30, 2021
816,278
785,844
Additional paid-in-capital
237,890,249
236,935,277
Common stock to be issued
30,000
63,700
Accumulated other comprehensive income (loss)
3,106
(
11,526
)
Accumulated deficit
(
225,867,206
)
(
226,061,409
)
Total
    Stockholders' Equity
12,872,437
11,711,896
Total
    Liabilities and Stockholders' Equity
$
22,766,696
$
21,021,527
The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.
F-
42
mPhase
Technologies, Inc.
Consolidated
Statements of Operations and Other Comprehensive Income (Loss)
(Unaudited)
For the Three
    Months Ended
For the Six
    Months Ended
December
    31,
December
    31,
2021
2020
2021
2020
Revenue
$
8,339,877
$
7,636,436
$
16,565,587
$
15,223,300
Cost of revenue
5,625,000
5,625,010
11,250,033
11,250,399
Gross Profit
2,714,877
2,011,426
5,315,554
3,972,901
Operating Expenses:
Software development costs
314,664
-
314,664
-
Salaries and benefits
241,304
268,859
458,891
788,632
General
    and administrative expenses
971,290
423,669
1,977,242
669,742
Total
    Operating Expenses
1,527,258
692,528
2,570,797
1,458,374
Operating
    Income (Loss)
1,187,619
1,318,898
2,564,757
2,514,527
Other (Expense) Income:
Interest expense
(
82,027
)
(
31,776
)
(
178,308
)
(
117,739
)
(Loss) gain on change in
    fair value of derivative liability
-
(
108,188
)
-
157,900
Amortization of debt discounts,
    deferred financing costs, and original issue discounts
(
1,038,525
)
(
173,722
)
(
2,077,049
)
(
494,184
)
Initial derivative liability
    expense
-
-
-
(
366,068
)
(Loss)
    gain on debt extinguishments and settlements
(
166,625
)
-
(
115,197
)
31,270
Total
    Other (Expense) Income
(
1,287,177
)
(
313,686
)
(
2,370,554
)
(
788,821
)
(Loss) income before income
    taxes
(
99,558
)
1,005,212
194,203
1,725,706
Income
    taxes
-
-
-
-
Net
    (loss) income
$
(
99,558
)
$
1,005,212
$
194,203
$
1,725,706
Comprehensive income (loss):
Unrealized
    gain (loss) on currency translation adjustment
1,573
(
21,932
)
14,632
(
143,095
)
Comprehensive
    income (loss)
$
(
97,985
)
$
983,280
$
208,835
$
1,582,611
(Loss) Income per common share:
(Loss) income per common share – basic
$
-
$
0.01
$
-
$
0.03
(Loss) income per common share – diluted
$
-
$
0.01
$
-
$
0.02
Weighted average shares outstanding – basic
80,160,272
73,996,275
79,547,721
68,591,025
Weighted average shares outstanding – diluted
80,160,272
105,716,572
118,768,099
100,341,323
The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.
F-
43
mPhase
Technologies, Inc.
Consolidated
Statements of Stockholders' Equity
For
the Six Months Ended December 31, 2021 and 2020
(Unaudited)
Preferred
    Stock
Common
    Stock
Shares
$0.01
    Par Value
Shares
$0.01
    Par Value
Additional
    Paid in
Capital
Common
    Stock to
be Issued
Accumulated
    Comprehensive
Income (Loss)
Accumulated
Deficit
Stockholders'
Equity
Balance
    June 30, 2021
1,000
$
10
78,584,238
$
785,844
$
236,935,277
$
63,700
$
(
11,526
)
$
(
226,061,409
)
$
11,711,896
Issuance of common stock for
    vendor services
543,425
5,454
142,226
(
63,700
)
83,960
Stock-based compensation for
    restricted shares under employment agreement
19,466
19,466
Relative fair value of warrants
    issued with convertible promissory notes
125,252
125,252
Other comprehensive income
13,059
13,059
Net
    income
293,761
293,761
Balance
    September 30, 2021
1,000
$
10
79,127,663
$
791,278
$
237,222,221
$
-
$
1,533
$
(
225,767,648
)
$
12,247,394
Issuance of common stock for
    conversions of convertible promissory notes
2,500,000
25,000
641,625
666,625
Stock-based compensation for
    restricted shares under employment agreements
26,403
26,403
Issuance of common stock for
    Board of Directors services
30,000
30,000
Other comprehensive income
1,573
1,573
Net
    loss
(
99,558
)
(
99,558
)
Balance
    December 31, 2021
1,000
$
10
81,627,663
$
816,278
$
237,890,249
$
30,000
$
3,106
$
(
225,867,206
)
$
12,872,437
Preferred
    Stock
Common
    Stock
Shares
$0.01
    Par Value
Shares
$0.01
    Par Value
Additional
    Paid in
Capital
Common
    Stock to
be Issued
Accumulated
    Comprehensive
Income (Loss)
Accumulated
Deficit
Stockholders'
Equity
Balance
    June 30, 2020
1,000
$
10
19,174,492
$
191,745
$
231,984,704
$
955,466
$
113,070
$
(
227,727,420
)
$
5,517,575
Issuance of common stock for
    conversions of convertible promissory notes
16,331,766
163,318
544,954
708,272
Issuance of common stock for
    exchange of warrants
37,390,452
373,905
(
220,604
)
153,301
Stock-based compensation for
    restricted shares under employment agreement
10,737
10,737
Issuance of common stock for
    vendor services
200,000
2,000
4,820
6,820
Other comprehensive loss
(
121,163
)
(
121,163
)
Net
    income
720,494
720,494
Balance
    September 30, 2020
1,000
$
10
73,096,710
$
730,968
$
232,324,611
$
955,466
$
(
8,093
)
$
(
227,006,926
)
$
6,996,036
Issuance of common stock for
    CloseComms acquisition
2,666,666
26,667
928,799
(
955,466
)
-
Stock-based compensation for
    restricted shares under employment agreement
10,737
10,737
Other comprehensive loss
(
21,932
)
(
21,932
)
Net
    income
1,005,212
1,005,212
Balance
    December 31, 2020
1,000
$
10
75,763,376
$
757,635
$
233,264,147
$
-
$
(
30,025
)
$
(
226,001,714
)
$
7,990,053
The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.
F-
44
mPhase
Technologies, Inc.
Consolidated
Statements of Cash Flows
(Unaudited)
For the Six
    Months Ended
December
    31,
2021
2020
Cash flows from operating
    activities:
Net income
$
194,203
$
1,725,706
Adjustments to reconcile
    net income to net cash used in operating activities:
Amortization of debt discounts, deferred financing
    costs, and original issue discounts
2,077,049
494,184
Depreciation and amortization
459,230
461,659
Stock-based compensation
159,829
206,521
Loss (gain) on debt extinguishments and settlements
115,197
(
31,270
)
Gain on change in fair value of derivative
    liability
-
(
157,900
)
-
366,068
Changes in operating assets
    and liabilities:
Increase in accounts receivable
(
11,645,056
)
(
15,298,054
)
Decrease (increase) in prepaid expenses
43,573
(
7,692
)
Increase in other assets
(
57,573
)
(
546
)
Increase in contract liabilities
79,338
79,677
Increase in accounts
    payable and accrued expenses
6,782,462
11,833,599
Net cash used in operating
    activities
(
1,791,748
)
(
328,048
)
Cash flows from investing
    activities:
Capital expenditures
(
2,357
)
(
1,727
)
Net cash used in investing
    activities
(
2,357
)
(
1,727
)
Cash flows from financing
    activities:
Proceeds from issuance of convertible notes
    payable, net
156,248
463,600
Repayments of notes payable
(
304,290
)
-
Repayments under settlement agreement
-
(
15,000
)
Repayments of convertible
    notes payable
-
(
116,000
)
Net cash provided by
    financing activities
(
148,042
)
332,600
Effect of foreign exchange
    rates changes on cash
14,632
(
143,095
)
Net decrease in cash
(
1,927,515
)
(
140,270
)
Cash at beginning of period
2,473,386
142,413
Cash at end of period
$
545,871
$
2,143
Supplemental disclosure:
Cash paid for interest
$
32,603
$
52,681
Cash paid for taxes
$
-
$
-
The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.
F-
45
For the Six
    Months Ended
December
    31,
2021
2020
Supplemental disclosure
    of non-cash operating activities:
Initial fair value of derivative
    liability recorded as debt discount
$
-
$
463,300
Supplemental disclosure
    of non-cash investing and financing activities:
Relative fair value
    of warrants issued with convertible promissory notes
$
125,252
$
-
Issuance of Common Stock for services
Value
$
147,660
$
6,820
Shares
543,425
200,000
Issuance of Common Stock for conversions of
    convertible promissory notes and accrued interest
Value
$
666,625
$
708,272
Shares
2,500,000
16,331,766
The
accompanying condensed notes are an integral part of these unaudited condensed consolidated financial statements.
F-
46
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
1:
NATURE OF BUSINESS AND BASIS OF PRESENTATION
Organization
and Nature of Business
Today,
mPhase is an EV Charging company with over four decades of experience, technology and a team working to enhance the existing
business lines through the integration of cloud-based systems and to deliver software as a service ("SaaS") and
technology as a service ("TaaS"). The focus of our business and central to our success is the full build out
and deployment of our mPower EV Charging Network and Consumer Engagement Platform under our mPower ecosystem. As we work to grow the
mPower ecosystem, we seek to tailor it to each individual's tastes and needs, with particular emphasis on empowering
today's green consumer. We are working to build, grow and expand quickly our unique mPower ecosystem globally, as our
technology and services give us a competitive advantage over our competition. Our vision of the mPower ecosystem will consist of the
following products and services offered through the mPower application ("mPower App"): (1) mPower EV Charging Network
and (2) Consumer Engagement Platform. The goal is to leverage our mPower ecosystem to allow for other businesses and third parties
such as retailers and service providers to partner with us in order to utilize our ecosystem (i.e. data, locations, consumers),
which in return will create further contracted revenue for mPhase.
Branded
under the mPower name, we are taking our EV Charging Network offering and combining it with the Consumer Engagement Platform and creating
a circular ecosystem where people shop, dine, fuel and interact with the world to create a richer life experience, all through our mPower
App.
F-
47
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
Basis
of Presentation
The
unaudited consolidated financial information furnished herein reflects all adjustments, consisting only of normal recurring items, which
in the opinion of management, are necessary to fairly state the Company's financial position, results of operations and cash flows
for the dates and periods presented and to make such information not misleading. Certain information and footnote disclosures normally
included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of
America ("U.S. GAAP") have been omitted pursuant to rules and regulations of the Securities and Exchange Commission (the
"SEC"); nevertheless, management of the Company believes that the disclosures herein are adequate to make the information
presented not misleading.
The
unaudited consolidated financial statements for the three and six months ended December 31, 2021 and 2020 include the operations of mPhase
and its wholly-owned subsidiaries, mPower Charging, Inc., Medds, Inc., mPhase Technologies India Private Limited effective March
19, 2019, and Alpha Predictions LLP effective June 30, 2019. All significant intercompany accounts and transactions have been eliminated
in the consolidation.
These
unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements
for the year ended June 30, 2021, contained in the Company's Annual Report on Form 10-K filed with the SEC on October 13, 2021.
The results of operations for the three and six months ended December 31, 2021, are not necessarily indicative of results to be expected
for any other interim period or the fiscal year ending June 30, 2022.
Impact
of COVID-19 Pandemic
A
novel strain of coronavirus, COVID-19, surfaced during December 2019 and has spread around the world, including to the United States.
During March 2020, COVID-19 was declared a pandemic by the World Health Organization. During certain periods of the pandemic thus far,
a number of U.S. states and various countries throughout the world had been under governmental orders requiring that all workers remain
at home unless their work was critical, essential, or life-sustaining. As a result of these governmental orders, the Company temporarily
closed its domestic and international offices and required all of its employees to work remotely. As economic activity has begun and
continues recovering, the impact of the COVID-19 pandemic on our business has been more reflective of greater economic and marketplace
dynamics. Furthermore, in light of variant strains of the virus that have emerged, the COVID-19 pandemic could once again impact our
operations and the operations of our customers and vendors as a result of quarantines, illnesses, and travel restrictions.
The
full impact of the COVID-19 pandemic on the Company's financial condition and results of operations will depend on future
developments, such as the ultimate duration and scope of the pandemic, its impact on the Company's employees, customers, and vendors,
in addition to how quickly normal economic conditions and operations resume and whether the pandemic impacts other risks disclosed in
Item 1A "Risk Factors" within the Company's Annual Report on Form 10-K. Even after the pandemic has subsided, the Company
may continue to experience adverse impacts to its business as a result of any economic recession or depression that has occurred as a
result of the pandemic. Therefore, the Company cannot reasonably estimate the impact at this time. The Company continues to actively
monitor the pandemic and may determine to take further actions that alter its business operations as may be required by federal, state,
or local authorities or that it determines are in the best interests of its employees, customers, vendors, and shareholders.
The
Company applied for a loan under the Small Business Administration ("SBA") Paycheck Protection Program ("PPP")
of the Coronavirus Aid, Relief and Economic Security Act of 2020 ("CARES ACT"). During April 2020, the Company received loan
proceeds of $
33,333
under the SBA PPP of the CARES Act (see Note 6: Notes Payable).
F-
48
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
2:
GOING CONCERN
The
accompanying unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business.
The
Company has generated net income of $
194,203
and has used cash in operating activities
of $
1,791,748
for the six months ended December 31, 2021. At December 31,
2021, the Company had a working capital surplus of $
11,402,820
,
and an accumulated deficit of $
225,867,206
.
While these factors alone may raise doubt as to
the Company's ability to continue as a going concern, management believes the Company's present and expected cash flows will
enable it to meet its obligations for a period of twelve months from the date of this filing. The unaudited consolidated financial statements
do not include any adjustments relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.
In
the event managements' plans do not materialize, in order to meet the Company's working capital needs through the next twelve
months and to fund the growth of its nanotechnology, artificial intelligence, and machine learning technologies, as well as our EV charging initiatives, the Company may consider plans to raise additional funds through the issuance of equity or debt. Although the
Company intends to obtain additional financing to meet its cash needs, the Company may be unable to secure any additional financing on
terms that are favorable or acceptable to it, if at all. The Company's ability to raise additional capital may also be impacted
by the recent COVID-19 pandemic, which such ability is highly uncertain, cannot be predicted, and could have an adverse effect on the
Company's business and financial condition.
NOTE
3:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reclassifications
Certain
reclassifications of prior year amounts have been made to enhance comparability with the current year's unaudited consolidated
financial statements, including, but not limited to, presentation of certain items within the unaudited consolidated statements of operations
and comprehensive income (loss), unaudited consolidated statements of cash flows, and certain notes to the unaudited consolidated financial
statements.
Foreign
Currency Translation and Transactions
The
functional currencies of our operations in India and the United Kingdom are the Indian Rupee ("INR") and the British Pound
("GBP"), respectively. Assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance
sheet date, and income and expense items are translated at the average exchange rates in effect during the applicable period. The aggregate
effect of foreign currency translation is recorded in accumulated other comprehensive income (loss) in our consolidated balance sheets.
Our net investments in our Indian and United Kingdom operations are recorded at the historical rates and the resulting foreign currency
translation adjustments, net of income taxes, are reported as other comprehensive income and accumulated other comprehensive income within
stockholders' equity in accordance with ASC 220 – Comprehensive Income.
F-
49
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The
exchange rates used to translate amounts in INR and GBP into USD for the purposes of preparing the consolidated financial statements
were as follows:
Balance
sheet:
December
                                            31,
2021
June
                                            30,
2021
Period-end INR: USD exchange rate
$
0.01349
$
0.01349
Period-end GBP: USD exchange rate
$
1.34915
$
1.38510
Income
statement:
For the Three
    Months Ended
For the Six
    Months Ended
December
    31,
December
    31,
2021
2020
2021
2020
Average Period INR: USD exchange
    rate
$
0.01349
$
0.01362
$
0.01349
$
0.01351
Average Period GBP: USD exchange rate
$
1.34876
$
1.32094
$
1.36066
$
1.29006
Translation
gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency
are translated at the rate on the date of the transaction and included in the results of operations as incurred.
Use
of Estimates
The
preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited
consolidated financial statements and reported amounts of revenues and expenses for the reporting period. Actual results could differ
from those estimates. If actual results significantly differ from the Company's estimates, the Company's financial condition
and results of operations could be materially impacted. Significant estimates include the collectability of accounts receivable, estimated
useful lives of finite-lived intangible assets, accrued expenses, valuation of derivative liabilities, stock-based compensation, and
the deferred tax asset valuation allowance.
Concentrations
of Credit Risk
Credit
Risk
Financial
instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and
accounts receivable. The Company maintains cash and cash equivalents with four financial institutions. Deposits held with the financial
institutions may exceed the amount of insurance provided by the Federal Deposit Insurance Corporation on such deposits, but may be redeemed
upon demand. The Company performs periodic evaluations of the relative credit standing of the financial institutions. With respect to
accounts receivable, the Company monitors the credit quality of its customers as well as maintains an allowance for doubtful accounts
for estimated losses resulting from the inability of customers to make required payments.
F-
50
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Risk
Agreements
which potentially subject the Company to concentrations of revenue risk consist principally of one customer agreement. For the six months
ended December 31, 2021 and 2020, this one customer accounted for approximately
100
%
and
100
%
of our total revenue, respectively. At December 31, 2021 and June 30, 2021, this one customer accounted for approximately
100
%
and
100
%
of our total accounts receivable, respectively. During December 2021, the Company began invoicing its consumer engagement locations.
Although immaterial at December 31, 2021, as these locations continue to grow, the aforementioned one customer will become less of the
Company's total revenue and accounts receivable, thus decreasing the Company's revenue risk concentrations.
Supplier
Risk
Agreements
which potentially subject the Company to concentrations of supplier risk consist principally of one supplier agreement. For the six months
ended December 31, 2021, this one supplier accounted for approximately
100
% of our total cost of revenue and accounted for approximately
80
% of our total accounts payable. For the six months ended December 31, 2020, this one supplier accounted for approximately
100
% of
our total cost of revenue and accounted for approximately
97
% of our total accounts payable.
Cash
and Cash Equivalents
For
purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market
funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. There were
no
cash equivalents at December 31, 2021 and June 30, 2021. The Company places its cash and cash equivalents with high-quality financial
institutions. At times, balances in the Company's cash accounts may exceed the Federal Deposit Insurance Corporation ("FDIC")
limit. At December 31, 2021 and June 30, 2021, the Company's cash balance at one financial institution exceeded the FDIC limit.
Accounts
Receivable
The
Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating
the level of established loss reserves, the Company makes judgments regarding its customers' ability to make required payments,
economic events and other factors. As the financial condition of these parties change, circumstances develop or additional information
becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for potential credit
losses, and such losses traditionally have been within its expectations. Additionally, to date, the Company has entered into six separate
tri-party settlement and offset agreements with its largest customer and largest vendor, whereby the Company's largest customer
has agreed to direct funds due the Company for certain outstanding invoices, to the Company's largest vendor to satisfy payment
on behalf of the Company for certain outstanding invoices. To date, the aggregate amount of the six tri-party settlement and offset agreements
has totaled $
48,750,000
. At December 31, 2021 and June 30, 2021, the Company determined there was
no
requirement for an allowance for
doubtful accounts.
Goodwill
and Intangible Assets
Goodwill
is recorded when the purchase price paid for an acquisition exceeds the fair value of the net identified tangible and intangible assets
acquired. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that
indicate that the carrying value may not be recoverable. The Company tests goodwill for impairment by first comparing the fair value
of the reporting unit to its carrying value. If the fair value is determined to be less than the carrying value, a second step is performed
to measure the amount of impairment loss, if any. On June 30, 2022, the Company will perform its annual evaluation of goodwill impairment
to determine if the estimated fair value of the reporting unit exceeds its carrying value.
F-
51
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Patents
and licenses are capitalized when the Company determines there will be a future benefit derived from such assets and are stated at cost.
Amortization is computed using the straight-line method over the estimated useful life of the asset, generally five years. As of December
31, 2021 and June 30, 2021, the book value of patents and licenses of $
214,383
, has been fully amortized and
no
amortization expense
was recorded for the six months ended December 31, 2021 and 2020.
Capitalized
Software Development Costs
The
Company follows the provisions of ASC 350-40, "Internal Use Software." ASC 350-40 provides guidance for determining whether
computer software is internal-use software, and on accounting for the proceeds of computer software originally developed or obtained
for internal use and then subsequently sold to the public. It also provides guidance on capitalization of the costs incurred for computer
software developed or obtained for internal use. The Company expenses all costs incurred during the preliminary project stage of its
development, and capitalizes the costs incurred during the application development stage. Costs incurred relating to upgrades and enhancements
to the software are capitalized if it is determined that these upgrades or enhancements add additional functionality to the software.
Costs incurred to improve and support products after they become available are charged to expense as incurred.
Capitalized
software development costs are amortized on a straight-line basis over the estimated useful lives, currently three years. Management
evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur
that could impact the recoverability of these assets.
At
December 31, 2021, the book value of purchased and developed technology of $
3,875,256
, included three technology platforms, a machine
learning platform and two artificial intelligence platforms. For the six months ended December 31, 2021 and 2020, the Company incurred
amortization expense of $
449,142
and $
450,302
, respectively.
Fair
Value of Financial Instruments
The
Company accounts for the fair value of financial instruments in accordance with ASC topic 820, "Fair Value Measurements and Disclosures"
(ASC 820), formerly SFAS No. 157 "Fair Value Measurements". ASC 820 defines "fair value" as the price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date.
F-
52
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
ASC
820 also describes three levels of inputs that may be used to measure fair value:
Level
1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.
Level
2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level
3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management's
best estimate of fair value.
Financial
instruments consist principally of cash, accounts receivable, prepaid expenses, accounts payable, accrued liabilities, due to related
parties, and current and long-term debt. The carrying amounts of such financial instruments in the accompanying balance sheets approximate
their fair values due to their relatively short-term nature. The fair value of short and long-term debt is based on current rates at
which the Company could borrow funds with similar remaining maturities. The carrying amounts approximate fair value with the exception
of the fair value of due to related parties as the fair value cannot be determined due to a lack of similar instruments available to
the Company. It is management's opinion that the Company is not exposed to any significant currency or credit risks arising from
these financial instruments.
Revenue
Recognition
The
Company recognizes revenue in accordance with the Financial Accounting Standards Board's ("FASB"), Accounting Standards
Codification ("ASC") ASC 606, Revenue from Contracts with Customers ("ASC 606"). Revenues are recognized when
control is transferred to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange
for those goods. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts,
with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv)
allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance
obligation is satisfied.
Revenue
is derived from the sale of artificial intelligence and machine learning focused technology products and related services. The Company
recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied. Product sales occur once
control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive
in exchange for transferring products. The amount of consideration the Company receives and revenue the Company recognizes varies with
changes in customer incentives the Company offers to its customers and their customers. In the event any discounts, sales incentives,
or similar arrangements are agreed to with a customer, such amounts are estimated at time of sale and deducted from revenue. Sales taxes
and other similar taxes are excluded from revenue (see Note 5).
Contract
liabilities include amounts billed to customers in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets (see Note 5).
A
contract asset is recognized for incremental costs to obtain a customer contract that are recoverable, otherwise such incremental costs
are expensed as incurred.
F-
53
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Share-Based
Compensation
The
Company computes share based payments in accordance with the provisions of ASC Topic 718,
Compensation – Stock Compensation
and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments.
Such compensation amounts, if any, are amortized over the respective vesting periods of the grants. The Company estimates the fair value
of stock options and warrants by using the Black-Scholes option pricing model.
Derivative
Instruments
The
Company enters into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain
embedded derivative features. The Company accounts for these arrangements in accordance with ASC Topic 815,
Accounting for Derivative
Instruments and Hedging Activities
as well as related interpretations of this standard. In accordance with this standard, derivative
instruments are recognized as either assets or liabilities in the balance sheet and are measured at fair values with gains or losses
recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized
at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative
instruments and hybrid instruments based on available market data using appropriate valuation models, considering all of the rights and
obligations of each instrument.
The
Company estimates fair values of derivative financial instruments using various techniques (and combinations thereof) that are considered
consistent with the objective measuring fair values. In selecting the appropriate technique, the Company considers, among other factors,
the nature of the instrument, the market risks that it embodies and the expected means of settlement. Estimating fair values of derivative
financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration
of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as Black-Scholes
model) are highly volatile and sensitive to changes in the trading market price of the Company's Common Stock. Since derivative
financial instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility
in these estimates and assumption changes.
Convertible
Debt Instruments
The
Company records debt net of debt discount for beneficial conversion features and warrants, on a relative fair value basis. Beneficial
conversion features are recorded pursuant to the Beneficial Conversion and Debt Topics of the Financial Accounting Standards Board ("FASB")
ASC. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discount and as additional paid-in-capital.
Debt discount is amortized to interest expense over the life of the debt using the effective interest method.
Income
Taxes
The
Company accounts for income taxes in accordance with Accounting for Income Taxes, as clarified by ASC 740-10,
Accounting for Uncertainty
in Income Taxes
("ASC 740") issued in December 2019. Under this method, deferred income taxes are determined based
on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities and net operating
loss and tax credit carryforwards given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on
changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the
jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations,
operating results or the ability to implement tax planning strategies vary, adjustments to the carrying value of deferred tax assets
and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the "more likely than
not" criteria of ASC 740.
F-
54
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
ASC
740 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax
authority would more likely than not sustain the position following an audit. For tax positions meeting the "more-likely-than-not"
threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a
greater than 50 percent
likelihood
of being realized upon ultimate settlement with the relevant tax authority. The Company's tax returns for its June 30, 2021, 2020,
2019, and 2018 tax years may be selected for examination by the taxing authorities as the statute of limitations remains open.
The
Company recognizes expenses for tax penalties and interest assessed by the Internal Revenue Service and other taxing authorities upon
receiving valid notice of assessments. The Company has received no such notices for the years ended June 30, 2021 and 2020.
Earnings
Per Share
In
accordance with the provisions of FASB ASC Topic 260,
Earnings per Share
, basic earnings per share ("EPS") is computed
by dividing earnings available to common shareholders by the weighted average number of shares of Common Stock outstanding during
the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating EPS on a diluted
basis.
In
computing diluted EPS, only potential common shares that are dilutive, those that reduce EPS or increase loss per share, are included.
The effect of contingently issuable shares is not included if the result would be anti-dilutive, such as when a net loss is reported.
For the three months ended December 31, 2021, basic and diluted EPS are computed using the same number of weighted average shares as
we incurred a net loss for those periods. For the six months ended December 31, 2021, as we incurred net income for the period, dilutive
shares included approximately
25,000,000
shares of the Company's Common Stock
related to convertible promissory notes and outstanding warrants to purchase up to approximately
14,000,000
shares of the Company's Common Stock,
assuming conversion of such convertible promissory notes and exercise of such warrants occurred at July 1, 2021, as the conversion
price of the convertible promissory notes and warrants were less than the average market price of the Company's Common Stock
for the six months ended December 31, 2021. At December 31, 2021, there were approximately
134,316
shares of the Company's Common Stock
to be issued and
1,000,000
restricted shares of the Company's Common
Stock to be issued upon vesting pursuant to the terms of employment agreements with the Company's Chief Operating Officer and
Chief Financial Officer, which were not included in computing dilutive EPS. For the three and six months ended December 31, 2020, as
we incurred net income for those periods, dilutive shares included
31,750,297
shares of the Company's Common Stock
related to convertible promissory notes, assuming conversion of such convertible promissory notes occurred at October 1, 2020 and
July 1, 2020, respectively, as the conversion price of the convertible promissory notes were less than the average market price of the
Company's Common Stock for the three and six months ended December 31, 2020. Additionally, for dilutive EPS purposes for
the three and six months ended December 31, 2020, the assumed conversion of such convertible promissory notes at October 1, 2020 and
July 1, 2020, increased the net income amount used in the dilutive EPS computation by $
742,537
and $
751,482
,
respectively, as a result of the net impact of interest that would not have been incurred during the period as well as original issue
discounts, deferred financing costs, debt discounts, and derivative liability balances that would not have been required at December
31, 2020. At December 31, 2020, there were
115,817
restricted shares of the Company's Common
Stock to be issued upon vesting pursuant to the terms of an employment agreement with its former Chief Financial Officer, which were
not included in computing dilutive EPS.
Modification/Extinguishment
of Debt
In
accordance with ASC 470, a modification or an exchange of debt instruments that adds or eliminates a conversion option that was substantive
at the date of the modification or exchange is considered a substantive change and is measured and accounted for as extinguishment of
the original instrument along with the recognition of a gain or loss. Additionally, under ASC 470, a substantive modification of a debt
instrument is deemed to have been accomplished with debt instruments that are substantially different if the present value of the cash
flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows
under the terms of the original instrument. A substantive modification is accounted for as an extinguishment of the original instrument
along with the recognition of a gain or loss.
F-
55
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Recently
Adopted Accounting Standards
Effective
July 1, 2021, the Company adopted Accounting Standards Update ("ASU") 2019-12,
Income Taxes
(Topic 740). The standard
amends and simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, and also
improves consistent application of and simplifies U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance.
The Company determined the adoption of ASU 2019-12 did not have a material impact on its consolidated financial statements.
Recently
Issued Accounting Standards Not Yet Adopted
During
August 2020, the FASB issued ASU 2020-06, to modify and simplify the application of U.S. GAAP for certain financial instruments with
characteristics of liabilities and equity. The standard is effective for the Company as of July 1, 2024, with early adoption permitted.
The Company is reviewing the impact of this guidance on its consolidated financial statements.
During May 2021, the FASB issued ASU 2021-04,
to clarify and reduce diversity in accounting for modifications or exchanges of freestanding equity-classified written call options that
remain equity classified after modification or exchange. The standard is effective for the Company as of July 1, 2022, with early adoption
permitted. The Company is reviewing the impact of this guidance on its consolidated financial statements.
Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact
on the accompanying unaudited consolidated financial statements.
NOTE
4:
INTANGIBLE ASSET – PURCHASED SOFTWARE, NET
Intangible
asset – Purchased Software, net, is comprised of the following at:
December 31,
June 30,
2021
2021
Purchased software
$
3,875,256
$
3,905,228
Less: accumulated amortization
(
2,275,323
)
(
1,826,181
)
Purchased software,
    net
$
1,599,933
$
2,079,047
Intangible
asset – Purchased Software consists of the following three software technologies:
Alpha Predictions developed software
$
448,255
Travel Buddhi developed software
114,420
CloseComms developed
    software
1,037,258
Total developed software
$
1,599,933
The Alpha Predictions and Travel Buddhi developed
software were acquired during the fiscal year ended June 30, 2019. The CloseComms developed software was acquired during the fiscal year
ended June 30, 2020. At December 31, 2021, the Travel Buddhi and CloseComms technology platforms have been placed in service.
Developed
software costs are amortized on a straight-line basis over
three years
. Amortization of developed software costs is included in general
and administration expenses within the unaudited consolidated statements of operations.
For
the three and six months ended December 31, 2021, amortization expense was $
224,348
and $
449,142
, respectively. For the three and six
months ended December 31, 2020, amortization expense was $
226,469
and $
450,302
, respectively.
Future
amortization expense related to the existing net carrying amount of developed software at December 31, 2021 is expected to be as follows:
Remainder of fiscal year 2022
$
402,668
Fiscal year 2023
564,743
Fiscal year 2024
415,325
Fiscal year 2025
217,197
$
1,599,933
F-
56
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The
following table presents our revenue disaggregated by category and primary geographic regions within our single reporting segment:
For the Three
    Months Ended
For the Six
    Months Ended
December
    31,
December
    31,
2021
2020
2021
2020
Categories:
Subscription
$
6,434,050
$
6,180,000
$
12,839,050
$
12,360,000
Service and support
1,005,157
906,756
1,961,087
1,804,020
Application development and implementation
900,670
549,680
1,765,450
1,059,280
Total Revenue
$
8,339,877
$
7,636,436
$
16,565,587
$
15,223,300
Primary Geographic Regions:
United States
100
%
-
%
100
%
-
%
India
-
%
100
%
-
%
100
%
100
%
100
%
100
%
100
%
Effective
July 1, 2021, the Company moved the invoicing office of its largest customer to its customer's United States based office. This
change was to align the invoicing by the Company to the customer's location managing the services provided under the customer agreement.
The
following table presents our long-lived assets by primary geographic regions within our single reporting segment:
December
    31,
2021
2020
United States
$
1,438
$
1,438
India
568,973
1,490,952
United Kingdom
1,046,096
1,068,556
Total long-lived assets
$
1,616,507
$
2,560,946
For
the six months ended December 31, 2021 and 2020, the Company was subject to revenue concentration risk as one customer accounted for
approximately
100
% of our total revenue for both periods.
Subscription
and Application Development and Implementation Revenue
The
Company recognizes revenue when, or as, it satisfies a performance obligation to a customer. The Company primarily has one performance
obligation, which includes the combined promise to develop, implement, and license customized software. Payment terms for the software
include one-time application development and implementation fees, which are generally billed on a time-and-materials basis over the development
and implementation period, plus fixed license subscription fees, which may either be billed in full upfront or in monthly installments
over the license period, which is generally three to ten years. All of these fees are allocated to the single performance obligation
of providing software to the customer.
F-
57
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
5: REVENUE FROM CONTRACTS WITH CUSTOMERS (continued)
The
performance obligation is fully satisfied at the point in time when the customer has taken control of the completed software, which is
when physical possession of the software has transferred to the customer, the customer is able to use and benefit from the software,
and the contractual license period has begun. Since the Company has no further obligation to the customer once control of the software
has transferred, the Company recognizes revenue in full for all of the development and implementation fees at that point in time. Subscription
fees are also recognized when control of the software has transferred to the customer but only to the extent such fees are contractually
guaranteed to the Company. Any future monthly subscription fees that the Company would not have a contractually guaranteed right to collect
in the event of early termination of the contract are instead recognized as revenue on a straight-line basis over the license period.
Service
and Support Revenue
Certain
contracts also contain a second performance obligation for service and support. This performance obligation includes the promise to provide
future updates, upgrades, and enhancements to the software over the license period, if and when they occur. Service and support fees
are fixed as a percentage of total contract value and billed in monthly installments over the license period. The Company recognizes
service and support fee revenue over time, on a straight-line basis over the license period, as the customer receives such services on
a generally uniform basis throughout the license period.
Allocation
of the Transaction Price
Prices
allocated to each performance obligation generally correspond with the contractually stated prices, since they equal standalone selling
price. In some cases, services may be discounted, which requires the company to allocate the transaction price based on relative standalone
selling price. The Company estimates standalone selling price based on comparable industry practices and the costs and margins involved
in providing services to its customers.
Contract
Liabilities
Contract
liabilities include amounts billed to the customer in excess of revenue recognized and are presented as contract liabilities on the consolidated
balance sheets. At December 31, 2021 and June 30, 2021, contract liabilities totaled $
430,027
and $
350,689
, respectively.
The
following table presents a reconciliation of the contract liabilities from June 30, 2021 to December 31, 2021:
June 30, 2021
$
350,689
Contract liability deferral
300,247
Amortization of contract
    liability to revenue
(
220,909
)
December 31, 2021
$
430,027
Practical
Expedient
The
Company has elected a practical expedient to omit certain disclosures about the transaction price allocated to remaining performance
obligations for contracts with terms of one year or less.
F-
58
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
6:
NOTES PAYABLE
Notes
payable is comprised of the following:
December 31,
June 30,
2021
2021
Note payable,
    SBA – Paycheck Protection Program
[1]
$
33,751
$
33,680
Note payable, SBA –
    Economic Injury Disaster Loan
[2]
163,081
160,393
Note
    payable, Accredited Investor
[3]
43,202
276,035
Total notes payable
$
240,034
$
470,108
Less: current portion
    of notes payable
(
93,144
)
(
323,218
)
Long-term portion of
    notes payable
$
146,890
$
146,890
[1]
effective
    April 28, 2020, the Company entered into a promissory note with an approved lender in the principal amount of $
33,333
.
The note was approved under the provisions of the Coronavirus, Aid, Relief and Economic Security Act (the "CARES Act") and the terms
    of the Paycheck Protection Program of the U.S. Small Business Administration's 7(a) Loan Program. The note accrues interest
    for the first six months following the issuance date at a rate of
1
% per annum, (increasing to 6% per annum upon the occurrence of
    an Event of Default (as defined in the note)), and beginning November 28, 2020, requires 18 monthly payments of $
1,876
each, consisting
    of principal and interest until paid in full on
April 28, 2022
. Subsequent to issuance, the first payment due date was extended
.
    The note may be prepaid by the Company at any time prior to the maturity date with no prepayment penalties. Additionally, any portion
    of the note up to the entire principal and accrued interest balance may be forgiven in the event the Company satisfies certain requirements
    as determined by the CARES Act. The Company has applied for forgiveness and expects to satisfy the requirements for forgiveness of
    the entire principal and accrued interest balance. The Company is awaiting receipt of approval of its requested forgiveness from
    the SBA through its treasury partner. At December 31, 2021, $
33,751
was recorded as a current liability within notes payable with
    the consolidated balance sheets.
[2]
effective
    May 28, 2020, the Company entered into a promissory note and security agreement with the U.S. Small Business Administration ("SBA")
    in the principal amount of $
150,000
.
The note was approved under the provisions of the CARES Act and the terms of the COVID-19 Economic Injury Disaster Loan ("EIDL")
    program of the SBA's EIDL Program. The note accrues interest at a rate of
3.75
%
    per annum, and beginning May 28, 2021, requires monthly payments of $
731
each,
    consisting of principal and interest until paid in full on
May
    28, 2050
.
    Subsequent to issuance, the SBA extended the first payment due date to 24 months from the date of the note
.
    The note may be prepaid by the Company at any time prior to the maturity date with no prepayment penalties. Additionally, this promissory
    note is collateralized by certain of the Company's property as specified within the security agreement. Furthermore, on June
    4, 2020, the Company received $
4,000
from the SBA, which it
    is currently working to obtain details from the SBA regarding this amount. As such, at December 31, 2021, the Company recorded this
    amount as a current liability. At December 31, 2021, $
16,191
was recorded as a current
    liability within notes payable and $
146,890
was recorded as a long-term
    liability within notes payable, net of current portion with the consolidated balance sheets.
F-
59
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
6: NOTES PAYABLE (continued)
[3]
effective
    February 8, 2021, the Company entered into a securities purchase agreement with an accredited investor and issued an
12
% promissory
    note in the principal amount of $
362,250
(including a $
47,250
original issue discount) to the accredited investor with a maturity
    date of
February 8, 2022
. Twelve months of interest is immediately earned by the accredited investor upon the Company receiving proceeds
    and is included in the required monthly repayments. On February 10, 2021, the Company received net proceeds in the amount of $
288,000
as a result of $
27,000
being paid for legal and due diligence fees incurred with respect to this securities purchase agreement and
    convertible promissory note. In accordance with the securities purchase agreement, the Company issued 1)
250,000
restricted shares
    of its Common Stock ("Commitment Shares") to the accredited investor as additional consideration for the purchase of
    the promissory note and 2)
200,000
restricted shares of its Common Stock ("Returnable Shares") to the accredited investor
    which will be returned to the Company upon timely completion of the required repayment schedule. Repayments of the promissory note
    shall be made in eight (8) installments each in the amount of $
50,715
, which commenced July 8, 2021 and continues thereafter each
    thirty (30) days until February 8, 2022. This promissory note is only convertible upon an event of default as defined in the promissory
    note. The original issue discount, deferred financing costs and issuance date fair value of the Commitment Shares are being amortized
    over the term of the note. At December 31, 2021, the aggregate outstanding balance of the promissory note and accrued interest was
    $
101,430
. At December 31, 2021, the aggregate balance of the promissory note, net of original issue discount, deferred financing
    costs and issuance date fair value of the Commitment Shares was $
43,202
.
NOTE
7:
CONVERTIBLE DEBT ARRANGEMENTS
JMJ
Financial
At
December 31, 2021 and June 30, 2021, the amount recorded in current liabilities for this one convertible note and accrued interest thereon
due to JMJ Financial was $
235,925
and $
226,704
,
respectively. During the six months ended December
31, 2021 and 2020 the Company recorded $
9,221
and $
8,514
,
respectively, of interest for the outstanding convertible note.
At
December 31, 2021 and June 30, 2021, the aggregate remaining amount of convertible securities held by JMJ could be converted into
11,796
and
11,335
shares, respectively, with a conversion price
of $
20
.
Accredited
Investors
Evergreen
Agreement
On
April 6, 2021, the Company entered into a Securities Purchase Agreement ("Agreement") with Evergreen Capital Management LLC
(the "Investor"), pursuant to which the Company sold to the Investor an aggregate of up to $
2,040,000
in aggregate subscription
amount of notes and warrants to purchase an aggregate of
11,730,000
shares of Common
Stock in two (2) tranches (each a "Tranche"), with the first Tranche of $
1,540,000
in subscription amount
of notes (to purchase an aggregate of $
1,771,000
in principal amount
of notes) and warrants to purchase an aggregate of
8,855,000
shares of Common Stock
being closed on upon execution of this Agreement. The closing for the second Tranche of $
500,000
in subscription amount
of notes (to purchase an aggregate of $
575,000
in principal amount
of notes) and warrants to purchase an aggregate of
2,875,000
shares of Common
Stock will occur within three (3) business days after the later of (i) the filing by the Company of a Registration Statement on Form
S-1 for the sale of Common Stock that will be listed on a national securities exchange, or (ii) the thirtieth (30
th
)
day following the closing of the first Tranche. The first and second Tranches closed and funded on April 6, 2021 and May 3, 2021, respectively.
F-
60
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
7:
Convertible Debt Arrangements
(continued)
The
Notes mature on
April
6, 2022 and May 3, 2022
, bears interest at the
rate of
5
%
per annum and are convertible at any time upon the option of the Investor into shares of Common Stock at a conversion price equal to
$
0.20
per share or,
upon
the occurrence and during the continuance of an Event of Default (as defined in the Note), if lower, at a conversion price equal to 75%
of the lowest daily volume-weighted average price ("VWAP") of the Common Stock during the 20 consecutive trading days immediately
preceding the applicable conversion date. The Company has the right to prepay all or any portion of the outstanding balance of the Note
in an amount equal to 115% or 120%, depending on whether such repayment is made before or after November 5, 2021, multiplied by the portion
of the outstanding balance to be prepaid
. The
Company is required to prepay all or any portion of the outstanding balance of the Note upon the occurrence of a Qualified Financing
(as defined in the Note). If at any time while the Note is outstanding, the Company completes any single Future Transaction (as defined
in the Note), the Investor may, in its sole discretion, elect to apply all, or any portion, of the then outstanding principal amount
of this Note and any accrued but unpaid interest, as purchase consideration for such Future Transaction.
The
Warrants are exercisable at a purchase price of $
0.20
per share at any time on or prior to April 6,
2025 and May 3, 2025, and may be exercised on a cashless basis, beginning on the six-month anniversary of the Effective Date, if the
shares of Common Stock underlying the Warrants are not then registered under the Securities Act of 1933, as amended (the "Securities
Act"). On January 31, 2022, the Investor agreed to not convert, tender for conversion or otherwise take steps toward the conversion
of either of the Notes to Common Stock until the earlier of (a) May 1, 2022 or (b) the date on which the Common Stock commences trading
on the Nasdaq Stock Market or another national stock exchange.
The
Investor will not have the right to exercise the Warrants if the Investor, together with its affiliates, would beneficially own in excess
of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion and under no circumstances
may exercise the Warrants if the Investor, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to its exercise
.
The
Securities Purchase Agreement (the "SPA") contains customary representations, warranties and agreements by the Company, customary
conditions to closing, indemnification obligations of the Company, other obligations of the parties thereto, and termination provisions.
In
connection herewith, the Company recorded an original issue discount of $
306,000
and deferred financing costs of $
42,500
.
The original issue discount and deferred financing costs are being amortized over the term of the note. At December 31, 2021, the aggregate
balance of the convertible promissory note and accrued interest was $
1,927,988
.
At December 31, 2021, the aggregate balance of the convertible promissory note, net of original issue discount and deferred financing
costs was $
1,387,297
.
During October 2021 and December 2021, an aggregate of $
500,000
of outstanding principal was converted into an
aggregate of
2,500,000
shares of the Company's Common Stock.
The company recorded an aggregate loss on extinguishment of debt of $
166,625
as a result of the Company issuing shares of
its Common Stock to satisfy the outstanding principal conversions.
Investors'
Agreement
On
May 4, 2021, the Company entered into a Securities Purchase Agreement (the "SPA") with two accredited investors (the "Investors"),
pursuant to which the Company sold to the Investors an aggregate of up to $
2,550,000
in Aggregate Subscription Amount of Notes and
Warrants to acquire an aggregate of
15,000,000
shares of Common Stock in two tranches
(each a "Tranche"), with the first Tranche of $
1,924,999
in subscription Amount of Notes (to sell an aggregate
of $
2,264,706
in principal amount of Notes) and Warrants to
acquire an aggregate of
11,323,529
,
shares of Common Stock being closed on upon execution of the SPA. The closing for the second tranche for $
625,001
in Subscription Amount Notes (to sell an aggregate
of $
735,294
in principal amount of Notes) and Warrants to
acquire an aggregate of
3,676,471
shares of Common Stock will occur within
three (3) business days after the later of (i) the filing of a Registration Statement on Form S-1 for the sale of Common Stock
that will be listed on a national securities exchange or (ii) the thirtieth (30
th
) day following the closing of the first
Tranche.
The first and second Tranches closed and funded on May 3, 2021 and June 30, 2021, respectively.
The Company received a portion of the proceeds related to the second Tranche on July 1, 2021.
F-
61
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
7:
Convertible Debt Arrangements
(continued)
The
Notes mature on
May 4, 2022 and June 30, 2022,
bear interest at the rate of
5
%
per annum and are convertible at any time upon the option of the Investors into shares of Common Stock at a conversion price equal to
$
0.20
per
share. The Company has the right to prepay all or any portion of the outstanding balance of the Notes in an amount equal to 115% or 120%,
depending on whether such repayment is made before November 5, 2021 or after November 5, 2021, respectively, multiplied by the portion
of the outstanding balance to be prepaid
.
The
Warrants are exercisable at a purchase price of $
0.20
per share at any time on or prior to May 4, 2025
and June 30, 2025, and may be exercised on a cashless basis, beginning on the six-month anniversary of the Effective Date, if the shares
of Common Stock underlying the Warrants are not then registered under the Securities Act.
The
SPA contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations
of the Company, other obligations of the parties thereto, and termination provisions.
In
connection herewith, the Company recorded an original issue discount of $
447,237
and deferred financing costs of $
10,000
.
The original issue discount and deferred financing costs are being amortized over the term of the note. At December 31, 2021, the aggregate
balance of the convertible promissory note and accrued interest was $
3,075,146
.
At December 31, 2021, the aggregate balance of the convertible promissory note, net of original issue discount and deferred financing
costs was $
2,135,337
.
At
December 31, 2021 and June 30, 2021, there was $
4,832,616
and $
5,143,795
of convertible notes payable outstanding, net
of discounts of $
1,304,993
and $
3,157,759
,
respectively.
During
the six months ended December 31, 2021 and 2020, amortization of original issue discount, deferred financing costs, and debt discounts
amounted to $
2,077,049
and $
494,184
,
respectively.
During
the six months ended December 31, 2021, $
500,000
of convertible notes were converted into
2,500,000
shares of the Company's Common Stock.
During the six months ended December 31, 2020, $
288,182
of convertible notes, including fees and interest,
were converted into
16,331,766
shares of the Company's Common Stock.
At
December 31, 2021, the Company was in compliance with the terms of the Accredited Investors convertible promissory notes.
F-
62
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
7:
Convertible Debt Arrangements
(continued)
Notes
payable under convertible debt and debenture agreements, net is comprised of the following:
December 31,
June 30,
2021
2021
JMJ Financial
$
109,000
$
109,000
Accredited Investors
4,832,616
5,148,795
Unamortized OID, deferred
    financings costs, and debt discounts
(
1,304,993
)
(
3,157,759
)
Total convertible debt
    arrangements, net
$
3,636,623
$
2,100,036
At
December 31, 2021 and June 30, 2021, the outstanding balances are reflected as current liabilities within our consolidated balance sheets.
At December 31, 2021 and June 30, 2021, accrued interest on these convertible notes of $
303,207
and $
162,271
,
respectively, is included within accrued expenses of the consolidated balance sheets.
NOTE
8:
DERIVATIVE LIABILITY
We
do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates its convertible
instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as
derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815,
Derivatives and Hedging
.
The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded
as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of
operation as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at
the conversion date then reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification
under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date.
The
following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable
inputs (Level 3) from June 30, 2020 to June 30, 2021, as there was no derivative liability transactions during the three months ended
December 31, 2021:
Conversion
feature
                                            derivative liability
June 30, 2020
$
897,631
Initial fair value of derivative liability
    recorded as debt discount
853,800
Initial fair value of derivative liability
    charged to other expense
2,240,908
Gain on change in fair value included in earnings
(
3,267,323
)
Derivative liability
    relieved by conversions of convertible promissory notes
(
725,016
)
June 30, 2021
$
-
Total
derivative liability at December 31, 2021 and June 30, 2021 amounted to $
0
for both periods.
The
Company recognizes its derivative liabilities as Level 3 and values its derivatives using the methods discussed below. While the Company
believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different
methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair
value at the reporting date. The primary assumptions that would significantly affect the fair values using the methods discussed are
that of volatility and market price of the underlying Common Stock of the Company.
At
December 31, 2021, the Company did not have any derivative instruments that were designated as hedges.
F-
63
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
9:
STOCKHOLDERS' EQUITY
At
December 31, 2021, the total number of shares of all classes of stock that the Company shall have the authority to issue is
500,001,000
shares consisting of
500,000,000
shares of Common Stock, $
0.01
par value per share, of which
81,656,033
are issued and
81,627,663
are outstanding, and
1,000
shares of preferred stock, par value $
0.01
per share of which
1,000
shares have been designated as Series A Super
Voting Preferred of which
1,000
are issued and outstanding.
On
August 27, 2019, the Company's Board of Directors approved an amendment to the Company's Amended and Restated Certificate
of Incorporation, as amended (the "Certificate of Incorporation") to increase the number of authorized shares of Common
Stock of the Company to
100,000,000
shares from
25,000,000
shares. On September 4, 2019, the Company filed
a Certificate of Amendment to its Certificate of Incorporation to increase its authorized Common Stock from
25,000,000
shares to
100,000,000
shares.
On
June 10, 2020, the Company's Board of Directors approved an amendment to the Company's Amended and Restated Certificate of
Incorporation, as amended (the "Certificate of Incorporation") to increase the number of authorized shares of Common Stock
of the Company to
250,000,000
shares
from
100,000,000
shares.
On July 14, 2020, the Company filed a Certificate of Amendment to its Certificate of Incorporation to increase its authorized Common
Stock from
100,000,000
shares
to
250,000,000
shares.
On
August 3, 2020, the Company's Board of Directors approved an amendment to the Company's Amended and Restated Certificate
of Incorporation, as amended (the "Certificate of Incorporation") to increase the number of authorized shares of Common
Stock of the Company to
500,000,000
shares from
250,000,000
shares. On August 4, 2020, the Company filed
a Certificate of Amendment to its Certificate of Incorporation to increase its authorized Common Stock from
250,000,000
shares to
500,000,000
shares.
Common
Stock
Stock
Based Compensation – Common Stock Grants
During
the six months ended December 31, 2021, the Company recorded $
45,869
of stock-based compensation expense related to
a November 22, 2021 grant of
500,000
restricted shares of Common Stock to the
Company's Chief Financial Officer and a May 17, 2021 grant of
500,000
restricted
shares of Common Stock to the Company's Chief Operating Officer, both of which vests 25% on the 1 year, 2 year, 3 year,
and 4 year anniversaries of the grant dates
.
During
the six months ended December 31, 2020, the Company entered into an exchange agreement (the "Exchange Agreement") with its
Chief Executive Officer, Anshu Bhatnagar ("Holder"), whereby earned and issued warrants to purchase
37,390,452
shares of the Company's Common Stock (the
"Cancelled Warrants") pursuant to the terms of that certain Transition Agreement (the "Transition Agreement")
and Warrant Agreement (the "Warrant Agreement") each between the Company and Holder and dated as of January 11, 2019 were
forfeited and exchanged for (i)
37,390,452
shares of the Company's Common Stock (the
"Shares") and (ii) the cancellation and termination of the Transition Agreement and Warrant Agreement.
The
Cancelled Warrants had an exercise price of $
0.50
per
share and were not subject to expiration. Such Exchange Agreement is intended to make the Company's capitalization more attractive
to potential investors and to remove the uncertainty associated with any future grants of warrants under the Transition Agreement and
Warrant Agreement, although there can be no assurance of any future investments on terms that are attractive to the Company, or at all.
Immediately prior to the Company's entry into the Exchange Agreement, it was determined that
5,650,708
additional
warrants (the "Additional Warrants") to purchase the Company's Common Stock were due to and issued to the Holder in
accordance with the terms and conditions of the Transition Agreement as the Transition Agreement required certain liabilities to be eliminated
by the prior management team within six months of the Transition Agreement's effective date of January 11, 2019. However, the Additional
Warrants were immediately cancelled and terminated with the intention of mitigating potential liabilities arising from certain issuances
of the Company's Common Stock below the minimum price of $0.50 per share as stated within the Transition Agreement
.
The Shares to be issued and sold to the Holder pursuant to the Exchange Agreement were issued in reliance upon the exemption from registration
under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. For the year ended June 30, 2021, the
Company recorded $
153,301
of stock-based compensation expense related to
the Exchange Agreement. See Common Stock Warrants section below for further details of the warrants.
F-
64
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
9: STOCKHOLDERS' EQUITY (continued)
Furthermore,
during the six months ended December 31, 2020, the Company recorded $
21,474
of stock-based compensation expense related to
a June 1, 2019 grant of
231,635
shares of Common Stock to
the
Company's former Chief Financial Officer, which vested
25
%
on the six month, 1 year, 2 year, and 3 year anniversaries of the grant date.
Vendor
Services
During
the six months ended December 31, 2021, the Company entered into various consulting, public relations, and marketing agreements whereby
the Company issued an aggregate of
543,425
restricted shares of its Common Stock
for services to be performed during specified periods of time. During the six months ended December 31, 2021, the Company recorded $
83,960
of expense.
During
the six months ended December 31, 2020, the Company entered into a consulting, public relations, and marketing agreement whereby the
Company issued
200,000
restricted shares of its Common Stock
for services to be performed during the agreement period of July 15, 2020 through October 15, 2020. During the six months ended December
31, 2020, the Company recorded $
6,820
of expense.
Board
of Director Services
During
the six months ended December 31, 2021, the Company granted an aggregate of
134,316
restricted shares of its Common Stock
in accordance with the Board of Directors agreements in place during this period. During the six months ended December 31, 2021, the
Company recorded $
30,000
of expense. At December 31, 2021, the grant date
fair value of the
134,316
granted restricted shares of $
30,000
is classified as Common Stock to be issued
within the consolidated balance sheets.
During
the six months ended December 31, 2020, there were no restricted shares of the Company's Common Stock granted in accordance
with any Board of Directors agreements.
Conversion
of Debt Securities
During
the six months ended December 31, 2021, $
500,000
of convertible notes were converted into
2,500,000
shares of the Company's Common Stock
by an accredited investor, valued at $
666,625
.
During the six months ended December 31, 2020, $
288,182
of convertible notes, including fees and interest,
were converted into
16,331,766
shares of the Company's Common Stock
by accredited investors, valued at $
708,272
.
F-
65
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
9: STOCKHOLDERS' EQUITY (continued)
Reserved
Shares
At
December 31, 2021, the convertible promissory notes entered into with the accredited investors require the Company to reserve approximately
82,000,000
shares
of its Common Stock for potential future conversions under such instruments.
At
December 31, 2021,
7,202
shares
of the Company's Common Stock remain subject to be returned to the Company's treasury for cancellation. Such shares
were not sold as part of
8,000
shares of the Company's Common Stock
that was advanced during fiscal year 2014 under an Equity Line of Credit.
Common
Stock Warrants
Exchange
Agreement – Warrants Exchanged for Common Stock
Refer
to the Exchange Agreement, Cancelled Warrants, Transition Agreement and Warrant Agreement discussed in the aforementioned
Stock Based
Compensation – Common Stock Grants section of Note 9.
Warrant
Agreements – Convertible Promissory Note Warrants
Pursuant
to a Securities Purchase Agreement between the Company and two accredited investors dated as of April 30, 2021, the Company sold to the
Investors and the Investors acquired an aggregate of
14,908,077
warrants to acquire shares of the Company's
Common Stock. The warrants expire
four
years
after issuance and have an exercise price
of $
0.20
per share, subject to adjustment hereunder. The
warrants can also be exercised under a cashless basis as outlined within the Warrant Agreement. The Company attributed an aggregate fair
value of $
1,879,204
to the warrants, based upon an average value
of $
0.35
per warrant.
As
discussed in Note 7, the
Evergreen Agreement
, the Company sold to the Investor and the Investor acquired an aggregate of
11,730,000
warrants to acquire shares of the Company's Common Stock.
The warrants expire
four
years
after issuance and have an exercise price of $
0.20
per share, subject to adjustment hereunder. The warrants can also
be exercised under a cashless basis as outlined within the Warrant Agreement. The Company attributed an aggregate fair value of $
1,293,541
to the warrants, based upon an average value of $
0.27
per warrant.
F-
66
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
9: STOCKHOLDERS' EQUITY (continued)
Fair
Value of Warrants
The
Company estimates the fair value of each option award on the date of grant using a Black-Scholes option valuation model that uses
the assumptions noted in the table below. Because Black-Scholes option valuation models incorporate ranges of assumptions for
inputs, those ranges are disclosed. Expected volatilities are based on the historical volatility of the Company's stock. The Company
uses historical data to estimate option exercise and applicable employee termination within the valuation model; separate groups of employees
that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted
is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding.
The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time
of grant. The following range of assumptions were utilized during the six months ended December 31, 2021:
Expected volatility
618.01
%
Weighted-average volatility
618.01
%
Expected dividends
0
%
Expected term (in years)
4.0
Risk-free rate
0.68
%
The
following table sets forth Common Stock purchase warrants outstanding at December 31, 2021:
Warrants
Weighted
Average
Exercise Price
Intrinsic
    Value
Outstanding, June 30, 2021
25,718,971
$
0.20
$
-
Warrants issued
919,106
0.20
-
Warrants forfeited
-
-
-
Outstanding, December 31, 2021
26,638,077
$
0.20
$
-
Common stock issuable
    upon exercise of warrants
26,638,077
$
0.20
$
-
Common
    Stock Issuable Upon Exercise of Warrants Outstanding
Common
    Stock Issuable Upon Warrants Exercisable
Range
    of Exercise Prices
Number
    Outstanding at December 31, 2021
Weighted
    Average Remaining Contractual Life (Years)
Weighted
    Average Exercise Price
Number
    Exercisable at December 31, 2021
Weighted
    Average Exercise Price
$
0.20
26,638,077
3.34
$
0.20
26,638,077
$
0.20
26,638,077
3.34
$
0.20
26,638,077
$
0.20
F-
67
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
10:
RELATED PARTY TRANSACTIONS
Microphase
Corporation
At
December 31, 2021, the Company owed $
32,545
to Microphase for previously leased office space
at its Norwalk location and for certain research and development services and shared administrative personnel from time to time, all
through December 31, 2015.
Transactions
With Officers
Note
Payable Issuances
At
various points during past fiscal years certain officers and former officers of the Company provided bridge loans to the Company evidenced
by individual promissory notes and deferred compensation to provide working capital to the Company. During the six months ended December
31, 2021 and 2020, there were
no
advances from any officers or former officers
of the Company. During the six months ended December 31, 2021 and 2020, $
22,883
and $
2,412
has been charged for interest on loans from officers
and former officers.
On
October 22, 2020,
the
Company received a notice of event of default and demand letter ("Demand Letter") from a former officer and promissory note
holder (the "Note Holder")
.
The promissory note was issued on November 1, 2019, in the original principal amount of $
40,739
,
accrued interest at a rate of
6
%
per annum, and matured on
April
18, 2020
. The Demand
Letter stated an aggregate of $
51,940
of principal and interest
was immediately due. The promissory note does not have a convertible feature and is not convertible into shares of the Company's
Common Stock. Additionally, the promissory note does not contain any cross-default provisions with any other promissory notes
issued by the Company. The Company expects to work with the Note Holder to negotiate a repayment structure whereby the Company can repay
the Note Holder the balance due as quickly as possible based upon its available capital.
At
December 31, 2021 and June 30, 2021, these outstanding notes including accrued interest totaled $
769,970
and $
747,086
,
respectively. At December 31, 2021, these promissory notes are not convertible into shares of the Company's Common Stock.
Common
Stock Issuances
During
the six months ended December 31, 2021, the Company recorded $
45,869
of stock-based compensation expense related to
a November 22, 2021 grant of
500,000
restricted shares of Common Stock to the
Company's Chief Financial Officer and a May 17, 2021 grant of
500,000
restricted shares of Common Stock to
the
Company's Chief Operating Officer, both of which vests 25% on the 1 year, 2 year, 3 year, and 4 year anniversaries of the grant
dates
.
Office
Lease
Effective
February 8, 2021, the Company relocated its corporate office to  Gaithersburg, MD, and incurred
rent expense of $
1,350
per
month through March 31, 2021, which was payable to a related party. The current lease payment is $
1,600
per
month and the lease term is a month-to-month arrangement. For the six months ended December 31, 2021 and 2020, $
24,389
and
$
8,100
,
respectively, was recognized as rent expense. At December 31, 2021 and June 30, 2021, $
35,971
was
accrued as payable to the related party.
F-
68
mPHASE
TECHNOLOGIES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020
(UNAUDITED)
NOTE
11:
COMMITMENTS AND CONTINGENCIES
Commitments
Office
Lease
Refer
to
Note 10: Related Party Transactions, Office Lease
.
Contracts
and Commitments Executed Pursuant to the Transition Agreement
In
the transaction whereby, Mr. Bhatnagar acquired control of the Company on January 11, 2019, the Company entered into material commitments
including an employment agreement and a warrant agreement (see Note 9).
NOTE
12:
DISCONTINUED OPERATIONS
The
Company has classified the operating results and associated assets and liabilities from its Jump line of products, which ceased generating
material revenue during the first quarter of fiscal year 2017, as discontinued operations in the unaudited consolidated financial statements
for the three and six months ended December 31, 2021 and 2020.
The
assets and liabilities associated with discontinued operations included in our consolidated balance sheets at December 31, 2021 and June
30, 2021 were only accounts payable with a balance of $
82,795
for both periods.
For
the three and six months ended December 31, 2021 and 2020, there were
no
revenue or expenses associated with discontinued
operations included in our unaudited consolidated statements of operations.
NOTE
13:
SUBSEQUENT EVENTS
Subsequent
to December 31, 2021, the Company, pursuant to the approval of its Board of Directors (the "Board"), entered into an amended
and restated employment agreement with Anshu Bhatnagar, Chief Executive Officer of the Company, modifying the terms of the Employment
Agreement entered into between the Company and Mr. Bhatnagar dated January 11, 2019 (collectively, the "Bhatnagar Amended Employment
Agreement"). The Bhatnagar Amended Employment Agreement became effective retroactively as of January 1, 2022 and shall expire on
December 31, 2032.
Subsequent
to December 31, 2021, the Company, pursuant to the approval of the Board, entered into an amended and restated employment agreement with
Angelia Lansinger Hrytsyshyn, Chief Financial Officer of the Company, modifying the terms of the Employment Agreement entered into between
the Company and Ms. Hrytsyshyn dated November 16, 2021 (collectively, the "Hrytsyshyn Amended Employment Agreement"). The
Hrytsyshyn Amended Employment Agreement became effective January 21, 2022.
Subsequent
to December 31, 2021, the Company's Board appointed James F. Engler, Jr. as a member of the Board to serve as a non-executive director
of the Company.
Subsequent
to December 31, 2021, the Company's Board ratified and approved the establishment of the Audit Committee, Compensation Committee,
and Nominating and Governance Committee as committees of the Board, the adoption of the charters for such committees and the appointment
of the Company's directors to such committees.
Subsequent
to December 31, 2021, the Company entered into a non-recourse Future Receivables Agreement ("Agreement") with an accredited
investor (the "Investor"), pursuant to which the Company sold, assigned, and transferred to Investor all of the Company's
future accounts, contract rights, and other entitlements arising from or relating to the payment of monies from the Company's customers'
including all payments made in the ordinary course of business, for the payments due to the Company as a result of the Company's
sale of goods or services. The Agreement provides for the purchase of $
4,050,000
of purchased receipts by the Investor with net proceeds
of $
2,910,000
to the Company.
The weekly repayment term began during January 2022 and concludes during July 2022, at which time the Agreement
will be fully satisfied.
Subsequent
to December 31, 2021, the Company's Board approved the issuance of
3,352,066
shares of the Company's Common Stock to Anshu
Bhatnagar, Chief Executive Officer of the Company, to satisfy a note payable due to Mr. Bhatnagar in the aggregate amount of $
528,607
.
Subsequent
to December 31, 2021, Evergreen agreed to not convert shares for a period of time. Refer to Note 7 for details.
Subsequent
to December 31, 2021, the Company filed for a name change with the Financial Industry Regulatory Authority ("FINRA") to mPower
Technologies, Inc.
F-
69
___________ Units
Each Unit Consisting of One Share of Common
Stock and
One Warrant To Purchase One Share of Common
Stock
PROSPECTUS
H.C.
Wainwright & Co.
,
2022
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution
The
following table sets forth the costs and expenses, other than underwriting discounts and commissions, to be paid by the Registrant in
connection with the issuance and distribution of the Common Stock being registered. All amounts other than the SEC registration
fee, the FINRA filing fee, and the Nasdaq Capital Market ("Nasdaq") Listing Fee are estimates.
SEC
    Registration Fee
$
1,368.81
FINRA
    Filing Fee
$
Nasdaq
    Listing Fee
$
Printing
    Fees and Expenses*
$
Accounting
    Fees and Expenses*
$
Legal
    Fees and Expenses*
$
Transfer
    Agent and Registrar Fees*
$
Miscellaneous
    Fees and Expenses*
$
Total
$
*
Expenses not presently known.
Item
14. Indemnification of Directors and Officers
New
Jersey permits entities organized under its jurisdiction to indemnify directors and officers with certain limitations. The relevant provisions
of New Jersey law permitting indemnification can be found in Section 14A:3-5 of the New Jersey Statutes Annotated.
Our
directors and officers are indemnified by our bylaws against amounts actually and necessarily incurred by them in connection with the
defense of any action, suit or proceeding in which they are a party by reason of being or having been directors or officers of the Company.
Our certificate of incorporation provides that none of our directors or officers shall be personally liable for damages for breach of
any fiduciary duty as a director or officer involving any act or omission of any such director or officer. Insofar as indemnification
for liabilities arising under the Securities Act of 1933, as amended, may be permitted to such directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In
the event that a claim for indemnification against such liabilities, other than the payment by us of expenses incurred or paid by such
director, officer or controlling person in the successful defense of any action, suit or proceeding, is asserted by such director, officer
or controlling person in connection with the securities being registered, we will, unless in the opinion of counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
II-
1
Item
15. Recent Sales of Unregistered Securities.
The
following securities were issued in reliance on the exemptions from registration under the Securities Act in Section 4(a)(2) of the Securities
Act and Regulation D thereunder. The sale of these securities; did not involve any solicitation or advertisement, were for investment
purposes only and not for resale, and did not include more than 35 non-accredited investors. The securities were issued with restrictions
on the resale of the securities.
On February 10,
2022, the Company issued 3,352,066 shares of Common Stock to Anshu Bhatnagar, Chief Executive Officer of the Company, at $0.010 per share,
to satisfy a note payable due to Mr. Bhatnagar in the aggregate amount of $528,607.
On
December 31, 2021, the Company issued 1,250,000 shares of Common Stock at $0.20 per share pursuant to a convertible promissory
note.
On
October 18, 2021, the Company issued 1,250,000 shares of Common Stock at $0.20 per share pursuant to a convertible promissory
note.
On
September 7, 2021, the Company issued 50,000 shares of Common Stock at approximately $0.30 per share for approximately $15,000
in services.
On
July 30, 2021, the Company issued 11,691 shares of Common Stock at approximately $0.43 per share for approximately $5,000 in services.
On
July 30, 2021, the Company issued 14,493 shares of Common Stock at approximately $0.34 per share for approximately $5,000 in services.
On
July 30, 2021, the Company issued 17,241 shares of Common Stock at approximately $0.29 per share for approximately $5,000 in services.
On
July 30, 2021, the Company issued 250,000 shares of Common Stock at approximately $0.21 per share for approximately $54,000 in
services.
On
July 30, 2021, the Company issued 200,000 shares of Common Stock at approximately $0.32 per share for approximately $64,000 in
services.
On
April 15, 2021, the Company issued 23,277 shares of Common Stock at approximately $0.21 per share for approximately $5,000 in
services.
On
April 15, 2021, the Company issued 18,797 shares of Common Stock at approximately $0.27 per share for approximately $5,000 in
services.
On
April 15, 2021, the Company issued 42,772 shares of Common Stock at approximately $0.12 per share for approximately $5,000 in
services.
On
April 15, 2021, the Company issued 128,205 shares of Common Stock at approximately $0.04 per share for approximately $5,000 in
services.
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2
On
April 15, 2021, the Company issued 450,000 shares of Common Stock at approximately $0.22 per share for approximately $97,000 in
services.
On
February 23, 2021, the Company issued 1,032,918 shares of Common Stock at approximately $0.10 per share pursuant to a convertible
promissory note.
On
February 9, 2021, the Company issued 450,000 shares of Common Stock at approximately $0.27 per share pursuant to the issuance
of a promissory note.
On
January 20, 2021, the Company issued 3,352,066 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.
On
January 18, 2021, the Company issued 559,076 shares of Common Stock at approximately $0.13 per share for approximately $74,000
in services.
On
January 1, 2021, the Company issued 115,817 shares of Common Stock at approximately $0.05 per share for approximately $6,000 in
services.
On
December 2, 2020, the Company issued 2,666,666 shares of Common Stock at approximately $0.36 per share pursuant to the CloseComms
transaction.
On
August 11, 2020, the Company issued 2,038,218 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.
On
August 5, 2020, the Company issued 1,068,973 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.
On
August 4, 2020, the Company issued 711,180 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 29, 2020, the Company issued 37,390,452 shares of Common Stock at approximately $0.03 per share pursuant to a warrant exchange
agreement with the Company's Chief Executive Officer.
On
July 29, 2020, the Company issued 709,713 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 28, 2020, the Company issued 639,080 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 27, 2020, the Company issued 1,149,425 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.
On
July 23, 2020, the Company issued 2,275,862 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.
On
July 23, 2020, the Company issued 726,984 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 22, 2020, the Company issued 1,113,653 shares of Common Stock at approximately $0.02 per share pursuant to a convertible
promissory note.
On
July 22, 2020, the Company issued 832,189 shares of Common Stock at approximately $0.02 per share pursuant to a convertible promissory
note.
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3
On
July 20, 2020, the Company issued 620,401 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 20, 2020, the Company issued 1,100,432 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 16, 2020, the Company issued 200,000 shares of common stock at approximately $0.03 per share for approximately $7,000 in services.
On
July 16, 2020, the Company issued 548,911 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 15, 2020, the Company issued 771,716 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 13, 2020, the Company issued 547,930 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 10, 2020, the Company issued 513,940 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
July 10, 2020, the Company issued 962,529 shares of common stock at approximately $0.02 per share pursuant to a convertible promissory
note.
On
June 30, 2020, the Company issued 726,560 shares of common stock at approximately $0.04 per share pursuant to a convertible promissory
note.
On
June 30, 2020, the Company issued 712,365 shares of common stock at approximately $0.04 per share pursuant to a convertible promissory
note.
On
June 23, 2020, the Company issued 620,161 shares of common stock at approximately $0.10 per share pursuant to a convertible promissory
note.
On
June 23, 2020, the Company issued 580,724 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.
On
June 22, 2020, the Company issued 409,946 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.
On
June 18, 2020, the Company issued 362,214 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.
On
June 17, 2020, the Company issued 434,749 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.
On
June 10, 2020, the Company issued 434,110 shares of common stock at approximately $0.07 per share pursuant to a convertible promissory
note.
On
June 3, 2020, the Company issued 541,724 shares of common stock at approximately $0.10 per share pursuant to a convertible promissory
note.
On
May 22, 2020, the Company issued 166,666 shares of Common Stock at approximately $0.09 per share pursuant to a convertible promissory
note.
On
May 12, 2020, the Company issued 215,053 shares of Common Stock at approximately $0.09 per share pursuant to a convertible promissory
note.
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4
On
May 8, 2020, the Company issued 198,150 shares of Common Stock at approximately $0.09 per share pursuant to a convertible promissory
note.
On
April 17, 2020, the Company issued 58,651 shares of Common Stock at approximately $0.17 per share pursuant to a convertible promissory
note.
On
April 17, 2020, the Company issued 150,000 shares of Common Stock at approximately $0.17 per share pursuant to a convertible promissory
note.
On
April 8, 2020, the Company issued 47,713 shares of Common Stock at approximately $0.21 per share pursuant to a convertible promissory
note.
On
April 8, 2020, the Company issued 145,933 shares of Common Stock at approximately $0.21 per share pursuant to a convertible promissory
note.
On
March 27, 2020, the Company issued 37,634 shares of Common Stock at approximately $0.28 per share pursuant to a convertible promissory
note.
On
March 27, 2020, the Company issued 30,459 shares of Common Stock at approximately $0.28 per share pursuant to a convertible promissory
note.
On
February 12, 2020, the Company issued 60,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.
On
January 17, 2020, the Company issued 190,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.
On
January 16, 2020, the Company issued 280,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.
On
January 16, 2020, the Company issued 9,147 shares of Common Stock at approximately $1.03 per share for approximately $9,400 in
services.
On
January 16, 2020, the Company issued 1,856 shares of Common Stock at approximately $1.01 per share for approximately $1,900 in
services.
On
January 15, 2020, the Company issued 174,216 shares of Common Stock at approximately $0.72 per share pursuant to a private placement
memorandum.
On
January 14, 2020, the Company issued 35,361 shares of Common Stock at approximately $0.71 per share pursuant to a private placement
memorandum.
On
November 7, 2019, the Company issued 10,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.
On
October 18, 2019, the Company issued 62,000 shares of Common Stock at approximately $0.25 per share for approximately $15,500
in services.
On
October 9, 2019, the Company issued 231,635 shares of Common Stock at approximately $0.89 per share pursuant to the Chief Financial
Officer's employment agreement.
On
August 19, 2019, the Company issued 140,000 shares of Common Stock at approximately $0.25 per share for approximately $35,000
in services.
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5
On
August 13, 2019, the Company issued 17,204 shares of Common Stock at approximately $0.25 per share pursuant to a convertible promissory
note.
On
August 6, 2019, the Company issued 340,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.
On
August 6, 2019, the Company issued 12,000 shares of Common Stock at approximately $0.25 per share pursuant to a convertible promissory
note.
On
August 6, 2019, the Company issued 50,150 shares of Common Stock at approximately $0.25 per share for approximately $12,500 in
services.
On
July 2, 2019, the Company issued 575,300 shares of Common Stock at approximately $0.25 per share for approximately $18,800 in
services.
On
July 2, 2019, the Company issued 40,000 shares of Common Stock at approximately $0.25 per share pursuant to a private placement
memorandum.
During
the fiscal quarter ended June 30, 2019, the Company issued 200,000 shares of Common Stock at approximately $0.25 per share pursuant
to a private placement memorandum.
On
January 16, 2019, the Company issued 2,620,899 shares of Common Stock at approximately $0.50 per share pursuant to the Chief Executive
Officer's employment agreement.
During
the fiscal quarter ended March 31, 2019, the Company issued 320,000 shares of Common Stock at approximately $0.25 per share pursuant
to a private placement memorandum.
During
the fiscal quarter ended December 31, 2018, the Company issued 593,240 shares of Common Stock at approximately $0.25 per share
pursuant to convertible promissory notes and services.
During
the fiscal quarter ended December 31, 2018, the Company issued 80,000 shares of Common Stock at approximately $0.25 per share
pursuant to a private placement memorandum.
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6
Item
16. Exhibits and Financial Statement Schedules
(10)
Exhibits
We
have filed the exhibits listed on the accompanying Exhibit Index of this registration statement and below in this Item 16:
Exhibit
    Number
Description
1.1+
Form of Underwriting Agreement
2.1
Exchange of Stock Agreement and Plan of Reorganization (Incorporated by reference to Exhibit 2(a) to our registration statement on Form 10SB-12G filed on October 16, 1998).
2.2
Exchange of Stock Agreement and Plan of Reorganization dated June 25, 1998 (Incorporated by reference to Exhibit 2(b) to our registration statement on Form 10SB-12G filed on May 6, 1999).
3.1
Certificate of Incorporation of the Company. (Incorporated by reference to Exhibit 3.1 to Form S-1 filed July 19, 2019, Registration No. 333-23273).
3.2
Amendment to Certificate of Incorporation of the Company creating a new class of Series A Super Voting Preferred Stock of the Company and increase of authorized shares of common stock to 125 billion shares (Incorporated by reference to Exhibit 10.1 to Form 8-K filed January 4, 2019).
3.3
By Laws of the Company (Incorporated by reference to Exhibit 3.3 to Form S-1 filed July 19, 2019, Registration No. 333-23273).
3.4
Amendment to Certificate of Incorporation of the Company increasing the authorized shares of common stock to 100 million shares from 25 million shares (Incorporated by reference to Form 8-K filed September 9, 2019).
3.5
Amendment to Certificate of Incorporation of the Company increasing the authorized shares of common stock to 250 million shares from 100 million shares (Incorporated by reference to Form 8-K filed July 17, 2020).
3.6
Amendment to Certificate of Incorporation of the Company increasing the authorized shares of common stock to 500 million shares from 250 million shares (Incorporated by reference to Form 8-K filed August 6, 2020).
4.1
Definitive Schedule 14C Information Statement for a 5000/1 Reverse Split of the Company's Common stock (filed April 22, 2019).
4.2+
Form of Representative's Warrant
4.3+
Form of Warrant Agency Agreement
4.4+
Form of Warrant
5.1+
Opinion
    of Lucosky Brookman LLP
10.1
Development Agreement effective February 3, 2004 between Lucent Technologies, Inc. and mPhase Technologies for development of micro fuel cell Nano Technology (Incorporated by reference to Exhibit 10.18 to Amendment No. 6 to Form 10-K filed August 13, 2010).
10.2
Amendment No.2 to Development Agreement executed as of March 9, 2005 amending Development Agreement effective as of February 3, 2004, as amended relating to Micro Power Source Cells between mPhase Technologies, Inc. and Lucent Technologies, Inc. (Incorporated by reference to Exhibit 10.22 to Amendment No. 6 to Form 10-K filed August 13, 2010).
10.3
Amendment No. 3 dated May 19, 2006 to Development Agreement between Lucent Technologies, Inc. and mPhase Technologies, Inc. effective February 3, 2004 for development of micro fuel cell nanotechnology (Incorporated by reference to Exhibit 10.33 to Amendment No. 1 to Form 10-K filed August 13, 2010).
10.4
Amendment No. 4 dated February 3, 2007 to Development Agreement effective February 3, 2004 for development of Micro Fuel Cell Nanotechnology (Incorporated by reference to Exhibit 10.34 to Amendment No. 6 to Form 10-K filed August 13, 2010).
10.5
Phase I U.S. Army Grant dated July 7, 2007 (Incorporated by reference to Exhibit 10.46 to Form 10-K filed October 7, 2009).
10.6
Documentation including $350,000 Note and $1,000,000 Secured Note for financing between the Company and JMJ Financial dated March 25, 2008 (Incorporated by reference to Exhibit 10.49 to Form 10-K filed October 7, 2009).
10.7
Phase II U.S. Army grant dated August 29, 2008 (Incorporation by reference to Exhibit 10.52 to Form 10-K filed October 6, 2009).
10.8
Forbearance Agreement dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.1 to Form 8-K filed September 16, 2011).
10.9
Securities Purchase Agreement, dated as of September 13, 2011 between mPhase Technologies, Inc and John Fife (Incorporated by reference to Exhibit 99.2 to Form 8-K filed September 16, 2011).
10.10
Officer's Certificate delivered pursuant to Securities Purchase Agreement, dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.3 to Form 8-K filed September 16, 2011).
10.11
Confession of Judgment 1 delivered pursuant to Securities Purchase Agreement, dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.4 to Form 8-K filed September 16, 2011).
10.12
Confession of Judgment 2 delivered pursuant to Securities Purchase Agreement, dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.5 to Form 8-K filed September 16, 2011).
10.13
Registration Rights Agreement dated as of September 13, 2011 between mPhase Technologies, Inc. and John Fife (Incorporated by reference to Exhibit 99.6 to Form 8-K filed September 16, 2011).
10.14
Convertible Note dated September 13, 2011 issued by mPhase Technologies, Inc. to John Fife (Incorporated by reference to Exhibit 99.7 to Form 8-K filed September 16, 2011).
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7
10.15
Stand Still and Restructuring Agreement entered into as of May 31,2012 with John Fife (Incorporated by reference to Exhibit 99.1 to Form 8-K filed June 5, 2012).
10.16
Stand Still and Restructuring Agreement entered into as of June 1,2012 with JMJ Financial (Incorporated by reference to Exhibit 99.2 to Form 8-K filed June 5, 2012).
10.17
Forbearance Agreement and Amendment thereto dated February 15, 2015 as amended on August 11, 2015 with John Fife (Incorporated by reference to Exhibits 99.1 and 99.2 to form 8-K filed August 12, 2015).
10.18
Second Modification to Forbearance Agreement with John Fife (Incorporated by reference to Exhibit 99.1 to Form 8-K filed January 29, 2016).
10.19
Third Modification to Forbearance Agreement with John Fife (Incorporated by reference to Exhibit 99.1 to Form 8-K filed May 23
rd
, 2016).
10.20
Amendment to Judgment Settlement Agreement with John Fife (Incorporated by reference to Exhibit 10.1 to Form 8-K filed February 23, 2018).
10.21
Debt/Equity Conversion Agreements of Related Parties, dated as of January 1, 2018 (Incorporated by reference to Exhibit 10.97 to Form 10-K filed October 15, 2018).
10.22+
Employment Agreement dated as of January 11, 2019 between Mr. Anshu Bhatnagar and mPhase Technologies, Inc. (Incorporated by reference to Exhibit 10.1 to Form 8-K filed January 14, 2019).
10.23
Transition Agreement dated as of January 11, 2019 (Incorporated by reference to Exhibit 10.2 to Form 8-K filed January 14, 2019).
10.24+
Warrant granted to Mr. Anshu Bhatnagar (Incorporated by reference to Exhibit 10.3 to Form 8-K filed January 14, 2019).
10.25
Series A Super Voting Preferred Stock (Incorporated by reference to Exhibit 10.4 to Form 8-K filed January 14, 2019).
10.26
Reserve Agreement (Incorporated by reference to Exhibit 10.5 to Form 8-K filed January 14, 2019).
10.27
Debt Conversion Agreement (Incorporated by reference to Exhibit 10.6 to Form 8-K filed January 14, 2019).
10.28
Officers and Directors Resignation Letters (Incorporated by reference to Exhibit 10.7 to Form 8-K filed January 14, 2019).
10.29
Amendment to Judgment Settlement Agreement with John Fife (Incorporated by reference to Exhibit 10.1 to Form 8-K filed February 11, 2019).
10.30+
Employment Agreement effective June 1, 2019 between Christopher Cutchens and the Company (Incorporated by reference to Exhibit 10.1 to Form 8-K filed June 6, 2019).
10.31
Product License and Content Agreement ("Agreement") between the Company and iLearningEngines, Inc., a Delaware corporation ("ILE"). (Incorporated by reference to Exhibit 1 to Amendment No. 1 to Form 8-K, filed August 12, 2019).
10.32
Amendment to Reserve Agreement dated October 9, 2019 (Incorporated by reference to Exhibit 10.37 to Form 10-K filed October 15, 2019).
10.33
Asset Purchase Agreement dated as of May 11, 2020 between the Company and CloseComms Limited (Incorporated by reference to Form 8-K Exhibit 10.1 filed May 15, 2020).
10.34
Common Stock Purchase Agreement
and
Registration Rights Agreement
, by and among mPhase Technologies, Inc. and White Lion Capital, LLC, dated
    July 13, 2020 (Incorporated by reference to Form 8-K Exhibits 10.1 and 10.2 filed July 17, 2020).
10.35+
Exchange Agreement dated as of July 15, 2020 between Mr. Anshu Bhatnagar and mPhase Technologies, Inc. (Incorporated by reference to Form 8-K Exhibit 10.3 filed July 17, 2020).
10.36
Second Amendment to Judgment Settlement Agreement with John Fife and Convertible Promissory Note each dated August 17, 2020 (Incorporated by reference to Exhibit 10.1 to Form 8-K filed August 21, 2020).
10.37
Securities
    Purchase Agreement, Convertible Promissory Note, and Warrant Agreement each dated April 6, 2021 between the Company and Evergreen
    Capital Management LLC (Incorporated by reference to Form 8-K Exhibits
10.1
,
4.1
, and
4.2
, respectively, filed April 13, 2021).
10.38
Securities
    Purchase Agreement, Convertible Promissory Note, and Warrant Agreement each dated May 4, 2021 between the Company and two Accredited
    Investors (Incorporated by reference to Form 8-K Exhibits
10.1
,
4.1
, and
4.2
, respectively, filed May 11, 2021).
10.39
Third Amendment to Judgment Settlement Agreement with John Fife and Convertible Promissory Note each dated as of April 13, 2021 (Incorporated by reference to Form 10-Q Exhibit 10.1 filed May 17, 2021).
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8
10.40+
Employment Agreement effective May 17, 2021 between Venkat Kodumudi and the Company (Incorporated by reference to Form 8-K Exhibit 10.1 filed May 21, 2021).
10.41
Form of Director Agreement effective August 27, 2021 between Suhas Subramanyam, Chester White, and Thomas Fore and the Company (Incorporated by reference to Form 8-K Exhibit 10.1 filed September 2, 2021).
16.1
Letter from Assurance Dimensions, Inc. (Incorporated by reference to Form 8-K Exhibit 16.1 filed August 25, 2020).
20.1
Financial
    Statements of Alpha Predictions (Incorporated by reference to Exhibits
99.1
and
99.2
to Form 8-K/A Amendment No. 1 filed September
    13, 2019).
21.1*
List of subsidiaries.
23.1
Consent of Boyle CPA, LLC, independent registered public accounting firm
23.2
Consent
    of Boyle CPA, LLC, independent registered public accounting firm
23.3†
Consent
    of
L
ucosky
    Brookman LLP
107
Filing
                                            Fee Table
+
To
    be filed by amendment.
*
Filed
    herewith
(b)
Financial Statement Schedules.
All
schedules have been omitted because either they are not required, are not applicable or the information is otherwise set forth in the
financial statements and related notes thereto.
Item
17. Undertakings
The
undersigned registrant hereby undertakes:
(1)
To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
    the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
    of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
    if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering
    price set forth in the "Filing Fee Schedule" table in the effective registration statement; and
(iii)
To
    include any material information with respect to the plan of distribution not previously disclosed in the registration statement
    or any material change to such information in the registration statement.
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9
(2)
That
    for the purpose of determining any liability under the Securities Act of 1933 each such post-effective amendment shall be deemed
    to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
(3)
To
    remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
    termination of the offering.
(4)
That,
    for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule
    424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other
    than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of
    the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
    that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
    statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
    to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately prior to such date of first use.
(5)
That,
                                            for the purpose of determining liability of the registrant under the Securities Act of 1933
                                            to any purchaser in the initial distribution of the securities:
The
    undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
    to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and
    will be considered to offer or sell such securities to such purchaser:
(i)
Any
    preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
    424;
(ii)
Any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    the undersigned registrant;
(iii)
The
    portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
    or its securities provided by or on behalf of the undersigned registrant; and
(iv)
Any
    other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(6)
The
    undersigned Registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates
    in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.
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10
(7)
Insofar
    as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
    of the Registrant pursuant to the provisions described in Item 14 above, or otherwise, the Registrant has been advised that in the
    opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
    In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
    or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
    is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will,
    unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
    the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
    by the final adjudication of such issue.
(8)
The
    undersigned Registrant hereby undertakes:
(1)
That
    for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
    part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant
    to Rule 424(b)(1) or (4), or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the
    time it was declared effective.
(2)
That
    for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
    shall be deemed to be a new registration statement relating to the securities offered therein, and this offering of such securities
    at that time shall be deemed to be the initial bona fide offering thereof.
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11
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized in the City of Rockville, State of Maryland, on February 28, 2022.
mPhase
    Technologies, Inc.
By:
/s/
                                            Anshu Bhatnagar
Name:
Anshu
                                            Bhatnagar
Title:
Chief Executive Officer
(Principal Executive
    Officer)
By:
/s/
    Angelia Lansinger Hrytsyshyn
Name:
Angelia
                                            Lansinger Hrytsyshyn
Title:
Chief Financial Officer
(Principal Financial
    Officer, Principal Accounting Officer)
POWER
OF ATTORNEY: KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Anshu Bhatnagar,
his true and lawful attorneys-in-fact and agents with full power of substitution, for him and in his name, place and stead, in any and
all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to sign any
registration statement for the same offering covered by the Registration Statement that is to be effective upon filing pursuant to Rule
462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with all exhibits thereto
and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents,
and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about
the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents or any of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated:
Signature
Title
Date
/s/
    Anshu Bhatnagar
Chief
    Executive Officer
February
    28,
2022
Anshu
    Bhatnagar
/s/ Angelia Lansinger Hrytsyshyn
Chief
    Financial Officer
February
    28,
2022
Angelia
    Lansinger Hrytsyshyn
/s/
    Suhas Subramanyam
Director
February
    28,
2022
Suhas
    Subramanyam
/s/
    Chester P. White
Director
February
    28,
2022
Chester
    P.
White
/s/
    Thomas B. Fore
Director
February
    28,
2022
Thomas
    B.
Fore
/s/
    James F. Engler, Jr.
Director
February
    28,
2022
James
    F. Engler, Jr.
II-
12