Company: VPLM
Filing Date: 2025-12-23
Form Type: 10-K
Source: 0001493152-25-029094
Chunk: 413

Company: Voip-pal.com Inc
Filing Date: 2025-12-23
Form: 10-K
Item: Item 7
Chunk 413
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nesses, the Company has allocated resources to its remediation plan and implemented additional
controls this year.

As
of September 30, 2025, management believes that we are making progress to remediate the 2024 Material Weaknesses relating to its lack
of proper controls over financial reporting of unusual and complex transactions. However, other than as described in the preceding paragraph,
there were no changes in our internal control over financial reporting during the last fiscal quarter that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation
of Effectiveness of ICFR

The
Company’s management (with the participation of the CEO and the CFO) conducted an evaluation of the effectiveness of the Company’s
internal control over financial reporting as of September 30, 2025. In making this assessment, management used the criteria established
in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO. The
COSO framework summarizes each of the components of a company’s internal control system, including (i) the control environment,
(ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring. In management’s assessment
of the effectiveness of internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) as required by Exchange
Act Rule 13a-15(c), our management concluded as of the end of the period covered by this Annual Report on Form 10-K that our internal
control over financial reporting has not been effective.

As
defined by Auditing Standard No. 5, “An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of
Financial Statements and Related Independence Rule and Conforming Amendments,” established by the Public Company Accounting Oversight
Board (“PCAOB”), a material weakness is a deficiency or combination of deficiencies that results more than a remote likelihood
that a material misstatement of annual or interim financial statements will not be prevented or detected.

In
connection with the assessment described above, management identified the following control deficiencies that represent material weaknesses
as of September 30, 2025:

    -
    No formal codes of conduct.

    -
    No dual authorization on
    bank disbursements.

    -
    Lack of reconciliation
    and reviews

Based
on this evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, as of September
30,