Company: VPLM
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006777
Chunk: 13

Company: Voip-pal.com Inc
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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AINER

The
Company has retainers with certain of its professional service providers. The balance due on these prepaid retainers was $12,074 as of
December 31, 2024, and $18,749 as of September 30, 2024. The Company recognizes the expense from these retainers as they are invoiced
and the invoiced charges are deducted from the various providers’ prepaid retainer balances.

    11

VOIP-PAL.COM
INC.

Notes
to the Interim Condensed Consolidated Financial Statements

(Unaudited
– prepared by management)

(Expressed
in United States Dollars)

December
31, 2024

NOTE
6. INTANGIBLE ASSETS

The
Company acquired certain patents and technology from Digifonica in December 2013 (Note 4). These assets have been recorded in the consolidated
financial statements as intangible assets. These assets are being amortized over twelve (12) years on a straight-line basis.

As
at September 30, 2024, the Company concluded that the carrying value of the intangible assets were fully impaired based on its estimate
of fair value is lower than the carrying value of the intangible asset.

A
summary of intangible assets as of December 31, 2024 and September 30, 2024 is as follows:

 SCHEDULE
OF INTANGIBLE ASSETS

    December 31, 2024  
    September 30,  2024 
  
    VoIP Intellectual property and patents 
    $         -  
    $1,552,416 
  
    Impairment 
     -  
     (157,450 
  
    Accumulated amortization 
     -  
     (1,394,966)
  
    Net book value 
    $-  
    $- 

There
were no disposals of any intangible assets in the years presented.

NOTE
7. LOAN PAYABLE

The
Company issued 50,000,000 restricted shares of the Company’s common stock to a related party during the year 2022 and 2023 at a
price of $0.005. In connection with certain allegations arising under the Securities Exchange Act of 1934, as amended the related party
surrendered the Shares to the Corporation for cancellation in consideration for issuance of an unsecured promissory note of the Company
in the principal amount of $250,