Company: VPLM
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006777
Chunk: 5

Company: Voip-pal.com Inc
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 5
---

     926,438  
    $9,264  
    $-  
    $102,506,554  
    $(103,869,522) 
    $1,747,707 
  
    Balance 
     3,624,945,275  
    $3,101,411  
     926,438  
    $9,264  
    $-  
    $102,506,554  
    $(103,869,522) 
    $1,747,707 

6

VOIP-PAL.COM
INC.

Notes
to the Interim Condensed Consolidated Financial Statements

(Unaudited
– prepared by management)

(Expressed
in United States Dollars)

December
31, 2024

NOTE
1. NATURE AND CONTINUANCE OF OPERATIONS

VOIP-PAL.com,
Inc. (the “Company”) was incorporated in the state of Nevada in September 1997 as All American Casting International, Inc.
The Company’s registered office is located at 7215 Bosque Blvd, Suite 102, Waco, Texas in the United States of America.

Since
March 2004, the Company has developed technology and patents related to Voice-over-Internet Protocol (VoIP) processes. All business activities
prior to March 2004 have been abandoned and written off to deficit. The Company operates in one reportable segment being the acquisition
and development of VoIP-related intellectual property including patents and technology. All intangible assets are located in the United
States of America

In
December 2013, the Company completed the acquisition of Digifonica (International) Limited, a private company controlled by the CEO of
the Company, whose assets included several patents and technology developed for the VoIP market.

These
interim condensed consolidated financial statements have been prepared on the basis of a going concern, which contemplates the realization
of assets and discharge of liabilities in the normal course of business. The Company is in various stages of product development and
continues to incur losses and, as at December 31, 2024, had an accumulated deficit of $103,869,522 (September 30, 2024 - $103,357,782).
The ability of the Company to continue operations as a going concern is dependent upon raising additional working capital, settling outstanding
debts and generating profitable operations. These material uncertainties raise substantial doubt about the Company’s ability to
continue as