2024 Q4 Form 10-K Financial Statement

#000149315224052072 Filed on December 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.664M
YoY Change -58.62%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$508.5K
YoY Change -308.02%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$10.17M
YoY Change -55.98%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 3.625B shares 3.554B shares 3.243B shares
Diluted Shares Outstanding 3.243B shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.369M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $30.72K
Receivables
Other Receivables
Total Short-Term Assets $2.459M
YoY Change 8.82%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $2.459M
Total Long-Term Assets $0.00
Total Assets $2.459M
YoY Change -1.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $300.8K
YoY Change 387.0%
SHAREHOLDERS EQUITY
Retained Earnings -$103.4M
YoY Change 10.92%
Common Stock $105.2M
YoY Change 9.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.158M
YoY Change
Total Liabilities & Shareholders Equity $2.459M
YoY Change -1.18%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024
OPERATING ACTIVITIES
Net Income -$10.17M
YoY Change -55.98%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.358M
YoY Change -21.57%
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 $2.510M
YoY Change -48.97%
NET CHANGE
Cash From Operating Activities -$2.358M
Cash From Investing Activities
Cash From Financing Activities $2.510M
Net Change In Cash $151.8K
YoY Change -92.06%
FREE CASH FLOW
Cash From Operating Activities -$2.358M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_801_eus-gaap--NatureOfOperations_zejcIMcd0Ly6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_828_zjYq7Xbhhod">NATURE AND CONTINUANCE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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_909_eus-gaap--NumberOfReportableSegments_pid_dc_uSegments_c20231001__20240930_zZf8vR9AqT2j" 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These 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 September 30, 2024, had an accumulated deficit of $<span id="xdx_904_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20240930_zfhxQCze40ih" title="Accumulated deficit">103,357,782</span> (September 30, 2023 - $<span id="xdx_906_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230930_zLpoFKJSEPC9" 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 the exercise of warrants from investors. 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q3 us-gaap Cash
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P5Y
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ConcentrationRiskCreditRisk
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_ztiieRBkAGqg" 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><span id="xdx_867_zGUEokINMF8k">Concentrations of Credit Risk</span></b></span></p> <p 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> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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_905_eus-gaap--CashFDICInsuredAmount_iI_c20240930_zet3uYPBNlL6" title="Cash, FDIC insured amount">250,000</span>; however, has not experienced any losses to date as a result. As of September 30, 2024, the Company’s bank operating account balances exceeded the FDIC Insurance Limit of $<span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_c20240930_zvMGAff4NWz5" title="Cash, FDIC insured amount">250,000</span> by $<span id="xdx_900_eus-gaap--CashUninsuredAmount_iI_c20240930_ztGCunFECBH9" title="FDIC uninsured amount">2,119,413</span>.</span></p> <p 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"> </span></p>
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P12Y
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1325866 usd
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226550 usd
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250000 usd
CY2023Q4 us-gaap Unsecured Debt
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250000 usd
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4343760 usd
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1548000 usd
CY2023 VPLM Income Tax Reconciliation Permanent Difference
IncomeTaxReconciliationPermanentDifference
4216079 usd
CY2024 VPLM Income Tax Reconciliation Adjustment To Prior Years Provision Versus Statutory Tax Returns And Expiry Of Noncapital Losses
IncomeTaxReconciliationAdjustmentToPriorYearsProvisionVersusStatutoryTaxReturnsAndExpiryOfNoncapitalLosses
-4216000 usd
CY2024 VPLM Income Tax Reconciliation Change In Unrecognized Deductible Temporary Differences
IncomeTaxReconciliationChangeInUnrecognizedDeductibleTemporaryDifferences
4804000 usd
CY2023 VPLM Income Tax Reconciliation Change In Unrecognized Deductible Temporary Differences
IncomeTaxReconciliationChangeInUnrecognizedDeductibleTemporaryDifferences
636813 usd
CY2024Q3 VPLM Non Capital Losses Available For Future Period
NonCapitalLossesAvailableForFuturePeriod
91501000 usd
CY2024 VPLM Operating Loss Carryforwards Expiration Description
OperatingLossCarryforwardsExpirationDescription
2033 to 2044
CY2023Q3 VPLM Non Capital Losses Available For Future Period
NonCapitalLossesAvailableForFuturePeriod
66435000 usd
CY2023 VPLM Operating Loss Carryforwards Expiration Description
OperatingLossCarryforwardsExpirationDescription
2033 to 2043
CY2020Q1 VPLM Loss Contingency Damages Sought Shares
LossContingencyDamagesSoughtShares
95832000 shares
CY2024 VPLM No Insider Trading Flag
NoInsiderTradingFlag
true

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