2024 Q3 Form 10-Q Financial Statement

#000149315224031500 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.601M $21.19M
YoY Change -83.01% 727.72%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $560.00 $35.11K
YoY Change -98.41% 0.0%
% of Gross Profit
Operating Expenses $3.602M $21.23M
YoY Change -83.03% 717.87%
Operating Profit -$3.602M -$21.23M
YoY Change -83.03%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.602M -$21.23M
YoY Change -83.03% 717.87%
Income Tax
% Of Pretax Income
Net Earnings -$3.602M -$21.23M
YoY Change -83.03% 717.87%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 3.554B shares 3.257B shares 2.458B shares
Diluted Shares Outstanding 3.219B shares 2.524B shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.767M $1.911M
YoY Change 44.79% 724.68%
Cash & Equivalents $2.369M $2.767M $1.911M
Short-Term Investments
Other Short-Term Assets $57.04K $26.76K
YoY Change 113.15% 137.44%
Inventory
Prepaid Expenses $30.72K $28.16K $19.50K
Receivables
Other Receivables
Total Short-Term Assets $2.459M $2.825M $1.938M
YoY Change 8.82% 45.73% 697.47%
LONG-TERM ASSETS
Property, Plant & Equipment $438.00 $2.696K
YoY Change -83.75% -45.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $438.00 $263.8K
YoY Change -100.0% -99.83% -34.75%
TOTAL ASSETS
Total Short-Term Assets $2.459M $2.825M $1.938M
Total Long-Term Assets $0.00 $438.00 $263.8K
Total Assets $2.459M $2.825M $2.202M
YoY Change -1.18% 28.29% 240.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.3K $161.4K
YoY Change -35.97% -13.86%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.3K $161.4K
YoY Change -35.97% -13.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $103.3K $161.4K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $300.8K $103.3K $161.4K
YoY Change 387.0% -35.97% -13.86%
SHAREHOLDERS EQUITY
Retained Earnings -$103.4M -$100.0M -$92.70M
YoY Change 10.92% 7.9% 32.91%
Common Stock $105.2M $102.6M $94.71M
YoY Change 9.99% 8.37% 35.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.158M $2.722M $2.041M
YoY Change
Total Liabilities & Shareholders Equity $2.459M $2.825M $2.202M
YoY Change -1.18% 28.29% 240.18%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$3.602M -$21.23M
YoY Change -83.03% 717.87%
Depreciation, Depletion And Amortization $560.00 $35.11K
YoY Change -98.41% 0.0%
Cash From Operating Activities -$998.9K -$1.405M
YoY Change -28.9% 395.83%
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 2.150M
YoY Change -29.23% 401.69%
NET CHANGE
Cash From Operating Activities -998.9K -1.405M
Cash From Investing Activities
Cash From Financing Activities 1.521M 2.150M
Net Change In Cash 522.5K 744.9K
YoY Change -29.85% 413.14%
FREE CASH FLOW
Cash From Operating Activities -$998.9K -$1.405M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_801_eus-gaap--NatureOfOperations_zvIAIm0A0aE7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_826_zc3juPsDWQBk">NATURE AND CONTINUANCE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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_907_eus-gaap--NumberOfReportableSegments_pid_dc_uSegments_c20231001__20240630_zSaxwyq1K7i2" 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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 June 30, 2024, had an accumulated deficit of $<span id="xdx_90A_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20240630_zcEifHx09Ydc" title="Accumulated deficit">100,022,190</span> (September 30, 2023 - $<span id="xdx_906_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230930_zSAhEiS3QBG9" 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are many external factors such as political conflict in other regions that can adversely affect general workforces, economies and financial markets globally. 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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us-gaap Use Of Estimates
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P5Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.4852 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020Q1 VPLM Loss Contingency Damages Sought Shares
LossContingencyDamagesSoughtShares
95832000 shares

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