Scepter Commodities, LLC entered into a non-binding letter of intent to acquire 80% stake in mPhase Technologies, Inc. (OTCPK:XDSL) on December 28, 2017. mPhase Technologies will undertake a reverse split of its shares and will eliminate all liabilities except for up to $3.5 million. All the officers and employees of mPhase Technologies shall resign from all current capacities. The transaction is subject to negotiation and execution of a definitive acquisition agreement, approval of management and Board of Directors and/or holders of the majority of shares of voting common stock of mPhase Technologies, approval by relevant state and Federal securities laws as well as to the completion of full legal and financial due diligence. As of February 15, 2018, Scepter Commodities and mPhase Technologies entered into amendment no. 1 to the letter of intent extending the time frame for mPhase Technologies to become current in its SEC filings until March 29, 2018. As of April 3, 2018, Scepter Commodities and mPhase Technologies agreed to extend the time frame for mPhase Technologies to become current in its SEC filings until April 30, 2018. As of April 27, 2018, Scepter Commodities and mPhase Technologies agreed to extend the time frame for mPhase Technologies to become current in its SEC filings until May 31, 2018. As of May 30, 2018, Scepter Commodities and mPhase Technologies agreed to extend the time frame for mPhase Technologies to become current in its SEC filings until June 15, 2018. As of June 21, 2018, Scepter Commodities and mPhase Technologies agreed to extend the time frame for mPhase Technologies to become current in its SEC filings until July 15, 2018. mPhase Technologies became current in its SEC filings on July 9, 2018.