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

Company: Voip-pal.com Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 15
---
”), for a cash payment of $800,000 and 389,023,561 common shares of the Company. The assets
acquired through the acquisition were VoIP-related patented technology, including patents for Lawful Intercept, routing, billing and rating,
mobile gateway, advanced interoperability solutions, intercepting voice over IP communications, and uninterrupted transmission of internet
protocol transmissions during endpoint changes.

The SPA included an anti-dilution clause (the “Anti-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”