As the AI company reported record fiscal revenues, it also noted a US$3.8 million stock-based compensation to key executives.
mPhase Technologies (OTC:XDSL), artificial intelligence (AI) and machine learning company announced record fiscal revenues of US$2.5 million for the year ending June 2019. mPhase reported a lofty US$3.8 million charge to both its CEO and CFO, in addition to a US$2 million net loss for the year.
As quoted in the press release:
Restructuring activities for mPhase began in January 2019 with the announcement of its new CEO Anshu Bhatnagar. Since that time, the Company has implemented the following strategic initiatives:
Formed mPhase Technologies India, Pvt. Ltd. and launched a Center of Excellence to spearhead software and technology development for existing and newly planned projects (February 2019)
Acquired Travel Buddhi, a technology platform focused on enhancing travel via ultra-customization tools (March 2019); and acquired a controlling interest in Alpha Predictions LLP, a provider of commercial data analysis products (June 2019)
Finalized agreement with iLearningEngines, Inc. to deliver customized learning and performance analytics solutions (August 2019)