Company: VPLM
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010694
Chunk: 16

Company: Voip-pal.com Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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).
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 issuance cost within
the additional paid-in capital account.

Pursuant to the 2023 Amendments, during the year ended
September 30, 2024, the Seller was issued 137,091,089 share purchase warrants and 52,885 series A preferred shares on January 12, 2024.
Shares and warrants issued pursuant to the Anti-Dilution Clause are recorded as a share issuance cost within the additional paid-in capital
account.

Pursuant to the 2023 Amendments, during the six months
period ended March 31, 2025, the Seller was issued 357,865,449 share purchase warrants and 138,522 series A preferred shares on October
9, 2024. Shares and warrants issued pursuant to the Anti-Dilution Clause are recorded as a share issuance cost within the additional paid-in
capital account.

NOTE 5. RETAINER

The Company has retainers with certain of its professional
service providers. The balance due on these prepaid retainers was $12,075 as of March 31, 2025, and $18,749 as of September 30, 2024.
The Company recognizes the expense from these retainers as they are invoiced and the invoiced charges are deducted from the various providers’
prepaid retainer balances.

    11

VOIP-PAL.COM INC.

Notes to the Interim Condensed Consolidated Financial
Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2025

NOTE 6. INTANGIBLE ASSETS

The Company acquired certain patents and technology
from Digifonica in December 2013 (Note 4). These assets have been recorded in the consolidated financial statements as intangible assets.
These assets are being amortized over twelve (12) years on a straight-line basis.

As at September 30, 2024, the Company concluded that
the carrying value of the intangible assets were fully impaired based on its estimate of fair value is lower than the carrying value