Company: VPLM
Filing Date: 2025-12-23
Form Type: 10-K
Source: 0001493152-25-029094
Chunk: 99

Company: Voip-pal.com Inc
Filing Date: 2025-12-23
Form: 10-K
Item: Item 1A
Chunk 99
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-Dilution Clause”) that required the Company to maintain the Seller’s
percentage ownership of the Company at 40% by issuing the Seller a proportionate number of common shares of any future issuance of the
Company’s common shares. Shares issued pursuant to the Anti-Dilution Clause were recorded as a share issuance cost within the Additional
Paid-in Capital account (Notes 8 and 10).

During
the year ended September 30, 2021, on April 12, 2021, the SPA was amended to provide that: a) from its inception until March 31, 2021,
the Company would issue warrants to purchase common shares of the Company in an equivalent amount to and instead of the required shares
being issued pursuant to the Anti-Dilution Clause; and b) the Anti-Dilution Clause would be null and void from April 1, 2021 forward.
As a result of this amendment, the Seller returned 513,535,229 common shares to the treasury of the Company and relinquished his right
to receive an additional 107,935,333 common shares in exchange for 621,470,562 warrants to purchase common shares at a price of $0.021
for a period of ten years from the date of issue.

During
the year ended September 30, 2023, on April 23, 2023, the SPA was further amended to: a) retroactively reinstate the Anti-Dilution Clause
that had been nullified by the amendments made to the STA in April 2021 so that the Company is now required to issue warrants to purchase
common shares of the Company in an equivalent amount to and instead of the required shares being issued pursuant to the original Anti-Dilution
Clause; and b) require the Company to issue preferred shares with super-voting rights in a sufficient amount in order for the Seller
to maintain his 40% voting rights in the Company while his warrants issued pursuant to the original and reinstated Anti-Dilution Clause
remain unexercised (“2023 Amendments”). Each of the warrant issuance and the preferred share issuance required under the
2023 Amendments are to occur at the close of each quarterly reporting period. As a result of the 2023 Amendments, the Seller was issued
831,466,899 share purchase warrants and 138,420 series A preferred shares on June 30, 2023. Shares and warrants issued pursuant to the
Anti-Dilution Clause are recorded as a share