Company: VPLM
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006777
Chunk: 42

Company: Voip-pal.com Inc
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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IP-Pal.com Inc and co-defendants, dismissing the 2020 case.
The Plaintiffs filed an appeal with the Nevada Supreme Court.

25

During
the year ended September 30, 2023, following a hearing of the appeal, the Nevada Supreme Court ruled to reverse the lower court’s
judgment and remanded the case back to the lower court for further proceedings. The Defendants (Voip-Pal et al) filed a motion to the
Supreme Court for reconsideration, however that motion was denied, and a trial date was set for November 28, 2023.

During
the year ended September 30, 2024, on November 30, 2023, after the completion of trial, the Eighth Judicial District Court for the State
of Nevada rendered its decision in favor of VoIP-Pal upon all claims in the case, ruling that the Plaintiffs had not met their burden
of proof with respect to any of its claims against VoIP-Pal et al, awarding no damages to Locksmith and specifically ruling that Locksmith
take nothing as a result of the litigation.

During
the year ended September 30, 2024, on August 20, 2024, and then amended on September 10, 2024, the Company reached a settlement and release
agreement with the Plaintiff. Pursuant to the settlement and release agreement, the Company agreed to issue 30,000,000 restricted common
shares of the Company, with a value of $351,000, and in consideration of the agreement, the Plaintiff shall file a voluntary dismissal
of its appeal immediately upon delivery of the certificates. During the three month period ended December 31, 2024, on October 1, 2024,
a share certificate of 30,000,000 restricted common shares was issued to the Plaintiff.

    Item
    1A.
    Risk
    Factors.

As
a smaller reporting company, we are not required to provide the information required by this Item.

    Item
    2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds.

The
transactions described in this section were exempt from securities registration as provided by Section 4(a)(2) of the Securities Act
for transactions not involving a public offering for sales within the United States and by Regulations of the Securities Act for sales
made outside of the United States.

During
the three-month period ended December 31, 2024, the Company