Is mPhase Is Closed?

4:50 PM -- Some news tips rolled in regarding mPhase Technologies (OTC: XDSL) this week. "Just call them and see what's up," the tipsters beckoned.

With the video-over-DSL market set to take off, I was curious. So I phoned the company's main number -- (877) 674-2738 -- and (cue violins) was told:

"You have reached… mPhase Technologies. We are closed…"

Shocking? Not really. On September 30, the company had about $45,487 in cash, according to its SEC filings. But it had used $1,669,609 funding operating activities during the three months that ended Sept. 30.

If time is money, then at the end of September, mPhase didn't have a lot of time.

The catch? The company really isn't closed, even though their financials aren't too encouraging. A few more phone calls reveal that mPhase simply left its "closed" greeting on all day during business hours -- for several days. Nice one. — Phil Harvey, News Editor, Light Reading

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