$VPLM
Voip-pal.com Inc

2024 Q2 Form 10-Q Financial Statement

#000149315224019747 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.601M $2.724M $798.5K
YoY Change -83.01% 241.06% 87.18%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $560.00 $35.11K $35.11K
YoY Change -98.41% 0.0% -0.03%
% of Gross Profit
Operating Expenses $3.602M $2.509M $776.3K
YoY Change -83.03% 223.14% 68.14%
Operating Profit -$3.602M -$2.509M -$776.3K
YoY Change -83.03% 223.14%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.602M -$2.666M -$776.3K
YoY Change -83.03% 243.42% 68.14%
Income Tax
% Of Pretax Income
Net Earnings -$3.602M -$2.666M -$776.3K
YoY Change -83.03% 243.42% 68.14%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 3.257B shares 3.063B shares 2.268B shares
Diluted Shares Outstanding 3.219B shares 2.929B shares 2.221B shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.767M $2.245M $1.167M
YoY Change 44.79% 92.44% 1246.92%
Cash & Equivalents $2.767M $2.245M $1.167M
Short-Term Investments
Other Short-Term Assets $57.04K $20.26K $21.41K
YoY Change 113.15% -5.37% 89.3%
Inventory
Prepaid Expenses $28.16K $3.000K $15.20K
Receivables
Other Receivables
Total Short-Term Assets $2.825M $2.265M $1.188M
YoY Change 45.73% 90.68% 1113.21%
LONG-TERM ASSETS
Property, Plant & Equipment $438.00 $1.002K $3.261K
YoY Change -83.75% -69.27% -40.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $438.00 $1.002K $298.9K
YoY Change -99.83% -99.66% -31.97%
TOTAL ASSETS
Total Short-Term Assets $2.825M $2.265M $1.188M
Total Long-Term Assets $438.00 $1.002K $298.9K
Total Assets $2.825M $2.266M $1.487M
YoY Change 28.29% 52.42% 176.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.3K $209.8K $278.1K
YoY Change -35.97% -24.55% 53.41%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $125.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.3K $334.8K $278.1K
YoY Change -35.97% 20.39% 53.41%
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 $103.3K $334.8K $278.1K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $103.3K $334.8K $278.1K
YoY Change -35.97% 20.4% 53.41%
SHAREHOLDERS EQUITY
Retained Earnings -$100.0M -$96.42M -$71.47M
YoY Change 7.9% 34.91%
Common Stock $102.6M $98.34M $72.66M
YoY Change 8.37% 35.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.722M $1.931M $1.209M
YoY Change
Total Liabilities & Shareholders Equity $2.825M $2.266M $1.487M
YoY Change 28.29% 52.42% 176.74%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.602M -$2.666M -$776.3K
YoY Change -83.03% 243.42% 68.14%
Depreciation, Depletion And Amortization $560.00 $35.11K $35.11K
YoY Change -98.41% 0.0% -0.03%
Cash From Operating Activities -$998.9K -$300.0K -$735.8K
YoY Change -28.9% -59.23% 179.17%
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 1.521M 632.5K 1.883M
YoY Change -29.23% -66.41% 519.36%
NET CHANGE
Cash From Operating Activities -998.9K -300.0K -735.8K
Cash From Investing Activities
Cash From Financing Activities 1.521M 632.5K 1.883M
Net Change In Cash 522.5K 332.5K 1.147M
YoY Change -29.85% -71.01% 2736.47%
FREE CASH FLOW
Cash From Operating Activities -$998.9K -$300.0K -$735.8K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
CY2023Q3 us-gaap Loans Payable Current
LoansPayableCurrent
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us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
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us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2024Q1 us-gaap Stock Issued During Period Value Issued For Services
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CY2024Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Loans Payable Current
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CY2023Q1 us-gaap Loans Payable Current
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us-gaap Income Taxes Paid
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CY2023 us-gaap Income Taxes Paid
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CY2023Q3 us-gaap Additional Paid In Capital
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CY2022 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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CY2024Q1 us-gaap Liabilities
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CY2023Q3 us-gaap Liabilities
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CY2024Q1 us-gaap Common Stock Value
CommonStockValue
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CY2023Q3 us-gaap Common Stock Value
CommonStockValue
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CY2024Q1 us-gaap Preferred Stock Value
PreferredStockValue
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CY2023Q3 us-gaap Preferred Stock Value
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CY2024Q1 VPLM Recovery Of Expenses
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CY2023Q1 VPLM Recovery Of Expenses
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CY2024Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Repayments Of Bank Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
27402 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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861084 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2217589 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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VPLM Gain On Settlement Issuance Cancelled
GainOnSettlementIssuanceCancelled
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Stock Issued During Period Value New Issues
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CY2023Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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GainOnSettlementIssuanceCancelled
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Stockholders Equity
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CY2023Q3 us-gaap Stockholders Equity
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
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us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
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us-gaap Stock Issued During Period Value Other
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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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us-gaap Net Income Loss
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CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q4 us-gaap Stockholders Equity
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CY2024Q1 us-gaap Stock Issued During Period Value New Issues
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CY2024Q1 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
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CY2024Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
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CY2024Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_807_eus-gaap--NatureOfOperations_zhqWAHwXqype" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_828_zHwqanwWJ77a">NATURE AND CONTINUANCE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-left: 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-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><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-bottom: 0pt; margin-top: 0pt; margin-left: 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-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><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 <span id="xdx_90C_eus-gaap--NumberOfReportableSegments_pid_dc_uSegments_c20231001__20240331_zN4bmOtXbuQc" title="Operating reportable segments">one</span> 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-bottom: 0pt; margin-top: 0pt; margin-left: 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-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><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-bottom: 0pt; margin-top: 0pt; margin-left: 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-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These interim condensed 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, as at March 31, 2024, had an accumulated deficit of $<span id="xdx_906_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20240331_z8ikBzLgcTy9" title="Accumulated deficit">96,420,561</span> (September 30, 2023 - $<span id="xdx_909_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230930_zxrTOUWe6otc" title="Accumulated deficit">93,185,588</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 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-bottom: 0pt; margin-top: 0pt; margin-left: 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-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><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 substantial 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 a significant 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-bottom: 0pt; margin-top: 0pt; margin-left: 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-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are many external factors that can adversely affect general workforces, economies and financial markets globally. Examples include, but are not limited to, the COVID-19 global pandemic from March 2020, and political conflict in other regions. It is not possible for the Company to predict the duration or magnitude of adverse results of such external factors and its effect on the Company’s business or ability to raise funds. So far, the Company has had minimal or no impact due to these issues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segments
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zXHWM2kkYbG9" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zZMx5DSUdM72">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-left: 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-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of these interim condensed consolidated financial statements required management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Where estimates have been used, financial results as determined by actual events could differ from those estimates. Some of the more significant accounting estimates used in the preparation of the company’s financial statements include deferred income taxes, the valuation of equity-related instruments issued, and the useful life and impairment of intangible assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Cash
Cash
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CY2023Q3 us-gaap Cash
Cash
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CY2024Q1 us-gaap Property Plant And Equipment Useful Life
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CY2024Q1 us-gaap Cash Fdic Insured Amount
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CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
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CY2024Q1 VPLM Additional Cash Fdic Insured Amount
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us-gaap Dilutive Securities
DilutiveSecurities
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CY2023 us-gaap Dilutive Securities
DilutiveSecurities
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us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zzSUJz302k37" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zxN1rLEklaOf">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-left: 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-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s policy is to maintain cash with reputable financial institutions or in retainers with trusted vendors. The Company has at times had cash balances at financial institutions in excess of the Federal Deposit Insurance Corporation (FDIC) Insurance Limit of $<span id="xdx_90A_eus-gaap--CashFDICInsuredAmount_iI_c20240331_zwRjhwqRkyEa" title="Cash, FDIC insured amount">250,000</span>; however, has not experienced any losses to date. As of March 31, 2024, the Company’s bank operating account balances exceeded the FDIC Insurance Limit of $<span id="xdx_907_eus-gaap--CashFDICInsuredAmount_iI_c20240331_z14oVXW0AJdb" title="Cash, FDIC insured amount">250,000</span> by $<span id="xdx_904_ecustom--AdditionalCashFDICInsuredAmount_iI_c20240331_ze9gaYmv6Lza" title="Additional cash FDIC insured amount">1,994,991</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Retainage Deposit
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17262 usd
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RetainageDeposit
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11917 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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10915 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9785 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1002 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2132 usd
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P12Y
CY2024Q1 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
1552416 usd
CY2023Q3 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
1552416 usd
CY2024Q1 VPLM Impairment Of Intangible Asset Finitelived
ImpairmentOfIntangibleAssetFinitelived
157450 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1394966 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1325866 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
226550 usd
CY2022Q4 us-gaap Unsecured Debt
UnsecuredDebt
250000 usd
CY2023Q4 us-gaap Unsecured Debt
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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