Company: VPLM
Filing Date: 2025-12-23
Form Type: 10-K
Source: 0001493152-25-029094
Chunk: 330

Company: Voip-pal.com Inc
Filing Date: 2025-12-23
Form: 10-K
Item: Item 6
Chunk 330
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 account
balances exceeded the FDIC Insurance Limit of $250,000 by $810,499.

Recent
Accounting Pronouncements and Adoption

The
FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date, including those above, that
amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical
corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our consolidated financial statements.

NOTE
4. PURCHASE OF DIGIFONICA

The
Company acquired Digifonica in December 2013. Pursuant to the terms in the Share Purchase Agreement (the “SPA”), the Company
acquired 100% of Digifonica from the seller, the CEO of the Company (the “Seller”), 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