Company: VPLM
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010694
Chunk: 14

Company: Voip-pal.com Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 14
---
 Risk

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 $250,000; however, has not experienced any losses to
date. As of March 31, 2025, the Company’s bank operating account balances exceeded the FDIC Insurance Limit of $250,000 by $1,205,194.

Recent Accounting Pronouncements and Adoption

Certain new standards, amendments and interpretations,
and improvements to existing standards have been published by the FASB and United States Securities and Exchange Commission but are not
yet effective and have not been adopted early by the Company. Management anticipates that all the relevant pronouncements will be adopted
in the first reporting period following the date of application unless noted. Information on the new standards, amendments and interpretations,
and improvements to existing standards which could potentially impact the Company’s financial statements are detailed as follows:

In November 2023, the FASB issued ASU 2023-07, Segment
Reporting – Improvements to Reportable Segments Disclosures. The amendments enhance disclosures of significant segment expenses
by requiring disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM), extend certain
annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions.
The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial
statements have not been issued. The Company is currently evaluating the guidance and its impact to the financial statements.

Certain other new standards and interpretations have
been issued but are not expected to have a material impact on the Company’s financial statements.

    10

VOIP-PAL.COM INC.

Notes to the Interim Condensed Consolidated Financial
Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2025

NOTE 4. PURCHASE OF DIGIFONICA

The Company acquired Digifonica in December 2013.
Pursuant to the terms in the Share Purchase Agreement (the “SPA”), the Company acquired 100% of Digifonica from the seller,
the CEO of the Company (the “Seller