Company: VPLM
Filing Date: 2025-12-23
Form Type: 10-K
Source: 0001493152-25-029094
Chunk: 65

Company: Voip-pal.com Inc
Filing Date: 2025-12-23
Form: 10-K
Item: Item 1
Chunk 65
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 to provide a performance bonus (the “Performance Bonus”) of up to 3%
of the capital stock of the Company by way of the issuance of Common shares from its treasury to an as yet undetermined group of related
and non-related parties upon the occurrence of a bonusable event, defined as the successful completion of a sale of the Company or substantially
all its assets, or a major licensing transaction. In order to provide maximum flexibility to the Company with respect to determining
the level of Performance Bonus payable, and who may qualify to receive a pro-rata share of such a Performance Bonus, the Company authorized
full discretion to the Board in making such determinations.

In
2019, the board of directors authorized the increase of the Performance Bonus to up to 10% of the capital stock of the Company, and also
authorized 66.67% of the Performance Bonus to be issued in an advance payment of an aggregate 127,000,000 Common shares (“Bonus
Shares”) to members of management, a director and several consultants. 30,000,000 of the issued Bonus Shares continue to be restricted
from trading under Rule 144 and subject to a voluntary lock-up agreement under which they cannot be traded, transferred, pledged or sold
by the holders until such time as the Company has met the requirements of the bonusable event as described above.

As
at September 30, 2025 and 2024, no bonusable event has occurred and there was no Performance Bonus payable.

36

Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

There
have been no changes in or disagreements with accountants on accounting or financial disclosure matters.

Item
9A. Controls and Procedures.

Evaluation
of Disclosure Controls and Procedures

At
the end of the period covered by this Report for the year ended September 30, 2025, an evaluation was carried out under the supervision
of, and with the participation of, the Company’s management, including its Chief Executive Officer (“CEO”) and
Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of the Company’s disclosure
controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act). During the evaluation, management identified
material weaknesses as below.

Based
on that evaluation, the Company’s CEO and CFO have concluded that the Company’s disclosure controls and procedures were not
effective to provide reasonable assurance that the information