Company: VPLM
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006777
Chunk: 28

Company: Voip-pal.com Inc
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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im Condensed Consolidated Financial Statements

(Unaudited
– prepared by management)

(Expressed
in United States Dollars)

December
31, 2024

    NOTE
    11. 
    STOCK-BASED
    COMPENSATION (CONT’D) 

Common
Share Purchase Options (cont’d)

During
the year ended September 30, 2021, on April 23, 2021, the Company granted 90,000,000 options to purchase 90,000,000 common shares at
a price of $0.025 to its directors, officers, employees, consultants and advisors. The options are exercisable for a period of five years
from the date of grant and are all now fully vested. On April 24, 2023, the stock options issued on April 23, 2021 were re-priced from
$0.025 to $0.005. For the incremental cost on the option modification, the following assumptions were used for the Black-Scholes valuation:
risk-free rate of 3.84%, expected life of 3 years, annualized historical volatility of 169.15% and a dividend rate of 0%. Expected volatilities
are based on the historical volatility of the Company’s stock and other factors.

During
the year ended September 30, 2023, 15,000,000 stock options were replaced. For the incremental cost on the option replacement, the following
assumptions were used for the Black-Scholes valuation: risk-free rate of 3.74%, expected life of 5 years, annualized historical volatility
of 148.52% and a dividend rate of 0%. Expected volatilities are based on the historical volatility of the Company’s stock and other
factors.

Preferred
Share

During
the three-month period ended December 31, 2024, 138,522 series A preferred shares were issued pursuant to the Anti-Dilution Clause of
the SPA (Note 4) with a value of $1,385 in order to bring total series A preferred share ownership to 926,438. During the three-month
period ended December 31, 2024, share issued cost of $1,385 (2023 - $nil) was charged against income from preferred shares issued.

During
the year ended September 30, 2024, 52,885 series A preferred shares were issued pursuant to the Anti-Dilution Clause of