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Voip-Pal.Com Inc (VPLM+3.95%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's operations, which focus on developing and monetizing Voice-over-Internet Protocol (VoIP) technology. Voip-Pal owns a portfolio of patents related to VoIP processes and is engaged in litigation to protect its intellectual property.
Voip-Pal reported no revenue for the fiscal year 2024. General and administrative expenses totaled $9,592,512, a decrease from $23,212,971 in the previous year. This decrease was mainly due to lower officer and director fees and reduced professional fees and services.
The company recorded an impairment of $157,450 on its intangible assets and a loss of $351,000 on the settlement of litigation. The net loss for the year was $10,172,194, compared to a net loss of $23,109,009 in the prior year.
As of September 30, 2024, Voip-Pal had working capital of $2,158,351 and an accumulated deficit of $103,357,782. The company raised $2,759,875 through private placements of common shares during the year.
The company is involved in ongoing patent litigation with several large corporations, including Amazon and Verizon, concerning alleged infringement of its VoIP patents.
Voip-Pal is an emerging growth company under the JOBS Act and benefits from certain reduced reporting requirements. The company has a single full-time employee and relies on consultants and contractors for additional services.
The filing also notes that Voip-Pal's internal control over financial reporting was not effective as of September 30, 2024, due to material weaknesses, including a lack of formal codes of conduct and controls over complex transactions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Voip-Pal.Com Inc annual 10-K report dated December 26, 2024. To report an error, please email earnings@qz.com.