2023 Q3 Form 10-Q Financial Statement

#000149315223028173 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $638.7K $21.19M $2.560M
YoY Change 113.98% 727.72% 98.54%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.12K $35.11K $35.11K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $673.8K $21.23M $2.596M
YoY Change 101.98% 717.87% 95.93%
Operating Profit -$21.23M
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$488.8K -$21.23M -$2.596M
YoY Change 46.52% 717.87% 157.95%
Income Tax
% Of Pretax Income
Net Earnings -$488.8K -$21.23M -$2.596M
YoY Change 46.52% 717.87% 157.95%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$1.280K
COMMON SHARES
Basic Shares Outstanding 2.928B shares 2.458B shares 2.028B shares
Diluted Shares Outstanding 2.524B shares 2.028B shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.218M $1.911M $231.8K
YoY Change 625.91% 724.68% 322.72%
Cash & Equivalents $2.218M $1.911M $231.8K
Short-Term Investments
Other Short-Term Assets $42.18K $26.76K $11.27K
YoY Change 3474.58% 137.44% -56.44%
Inventory
Prepaid Expenses $6.000K $19.50K
Receivables
Other Receivables
Total Short-Term Assets $2.260M $1.938M $243.0K
YoY Change 636.88% 697.47% 201.17%
LONG-TERM ASSETS
Property, Plant & Equipment $2.132K $2.696K $4.955K
YoY Change -51.44% -45.59% -31.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $228.7K $263.8K $404.3K
YoY Change -38.05% -34.75% -25.79%
TOTAL ASSETS
Total Short-Term Assets $2.260M $1.938M $243.0K
Total Long-Term Assets $228.7K $263.8K $404.3K
Total Assets $2.488M $2.202M $647.3K
YoY Change 268.22% 240.18% 3.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.76K $161.4K $187.3K
YoY Change -61.06% -13.86% 26.39%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.76K $161.4K $187.3K
YoY Change -61.06% -13.86% 26.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $61.76K $161.4K $187.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $61.76K $161.4K $187.3K
YoY Change -61.06% -13.86% 26.39%
SHAREHOLDERS EQUITY
Retained Earnings -$93.19M -$92.70M -$69.74M
YoY Change 32.98% 32.91%
Common Stock $95.60M $94.71M $70.13M
YoY Change 35.56% 35.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.427M $2.041M $460.0K
YoY Change
Total Liabilities & Shareholders Equity $2.488M $2.202M $647.3K
YoY Change 268.22% 240.18% 3.5%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$488.8K -$21.23M -$2.596M
YoY Change 46.52% 717.87% 157.95%
Depreciation, Depletion And Amortization $35.12K $35.11K $35.11K
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities -$490.9K -$1.405M -$283.3K
YoY Change 70.71% 395.83% 1.02%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 797.0K 2.150M 428.5K
YoY Change 120.62% 401.69% 64.49%
NET CHANGE
Cash From Operating Activities -490.9K -1.405M -283.3K
Cash From Investing Activities
Cash From Financing Activities 797.0K 2.150M 428.5K
Net Change In Cash 306.1K 744.9K 145.2K
YoY Change 315.34% 413.14% -826.89%
FREE CASH FLOW
Cash From Operating Activities -$490.9K -$1.405M -$283.3K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_807_eus-gaap--NatureOfOperations_zce1WhLf1mB4" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_82A_zCTa9Sz03UZ">NATURE AND CONTINUANCE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VOIP-PAL.com, Inc. (the “Company”) was incorporated in the state of Nevada in September 1997 as All American Casting International, Inc. The Company’s registered office is located at 7215 Bosque Blvd, Suite 102, Waco, Texas in the United States of America.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since March 2004, the Company has developed technology and patents related to Voice-over-Internet Protocol (VoIP) processes. All business activities prior to March 2004 have been abandoned and written off to deficit. The Company operates in one reportable segment being the acquisition and development of VoIP-related intellectual property including patents and technology. All intangible assets are located in the United States of America</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2013, the Company completed the acquisition of Digifonica (International) Limited, a private company controlled by the CEO of the Company, whose assets included several patents and technology developed for the VoIP market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These interim consolidated financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and discharge of liabilities in the normal course of business. The Company is in various stages of product development and continues to incur losses and, at June 30, 2023, had an accumulated deficit of $<span id="xdx_900_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230630_zUG8ycswLZtd" title="Accumulated deficit">92,696,796</span> (September 30, 2022 - $<span id="xdx_90C_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20220930_z00HJxR5hKDa" title="Accumulated deficit">70,076,579</span>). The ability of the Company to continue operations as a going concern is dependent upon raising additional working capital, settling outstanding debts and generating profitable operations. These material uncertainties raise substantial doubt about the Company’s ability to continue as a going concern. Should the going concern assumption not continue to be appropriate, further adjustments to carrying values of assets and liabilities may be required. There can be no assurance that capital will be available as necessary to meet these continued developments and operating costs or, if the capital is available, that it will be on the terms acceptable to the Company. The issuances of additional stock by the Company may result in a significant dilution in the equity interests of its current shareholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company’s liabilities and future cash commitments. If the Company is unable to obtain financing in the amounts and on terms deemed acceptable, its business and future success may be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, as the Company’s stated objective is to monetize its patent suite through the licensing or sale of its intellectual property (“IP”), the Company being forced to litigate or to defend its IP claims through litigation casts some doubt on its future to continue as a going concern. IP litigation is generally a costly process, and in the absence of revenue the Company must raise capital to continue its own defense and to validate its claims – in the event of a failure to defend its patent claims, either because of lack of funding, a court ruling against the Company or because of a protracted litigation process, there can be no assurance that the Company will be able to raise additional capital to pay for an appeals process or a lengthy trial. The outcome of any litigation process may have an adverse effect on the Company’s ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>COVID-19</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2020, the World Health Organization declared a global pandemic related to the COVID-19 coronavirus. Its impact on global economies has been far-reaching and businesses around the world are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the COVID-19 virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have also experienced great volatility and significant declines. Governments and central banks have responded with monetary and fiscal interventions to stabilize economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of the COVID-19 pandemic, nor its impact on the financial position and results of the Company in future periods. The Company is proceeding with its business activities as long as the work environment remains safe – at this point there has been minimal disruption to day-to-day operations resulting from health and safety measures. Disruptions and volatility in the global capital markets may increase the Company’s cost of capital and adversely impact access to capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><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-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VOIP-PAL.COM INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Interim Consolidated Financial Statements</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited – prepared by management)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed in United States Dollars)</span></p> <p style="border-bottom: Black 1.5pt solid; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 30, 2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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report.css Edgar Link pending
Show.js Edgar Link pending
vplm-20230630.xsd Edgar Link pending
vplm-20230630_def.xml Edgar Link unprocessable
vplm-20230630_lab.xml Edgar Link unprocessable
vplm-20230630_cal.xml Edgar Link unprocessable
vplm-20230630_pre.xml Edgar Link unprocessable