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Voip-Pal.Com Inc (VPLM) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $511,740, compared to a net loss of $568,869 in the same quarter the previous year. The decrease in net loss is attributed to a reduction in officers and directors’ fees and legal fees.
General and administrative expenses for the quarter totaled $511,740, down from $533,754 in the same quarter of the previous year. The decrease is primarily due to lower fees for officers and directors as well as legal fees.
The company reported no revenue for the quarter, consistent with the same period in the previous year.
Cash used in operating activities was $576,181, compared to $430,098 in the same quarter the previous year. The increase is primarily due to changes in accounts payable and accrued liabilities.
As of December 31, 2024, Voip-Pal.Com Inc had cash of $1,793,232 and current liabilities of $121,820, resulting in a working capital of $1,747,707.
The company continues to face material uncertainties regarding its ability to continue as a going concern, requiring additional capital to fund operations for the next 12 months.
The filing also details ongoing legal proceedings, including patent litigation against Amazon.com Inc., Verizon Communications Inc., and T-Mobile US Inc., as well as a non-patent litigation case with Locksmith Financial Corporation.
Voip-Pal.Com Inc has issued 5,000,000 common shares for services and 30,000,000 restricted common shares in a settlement with Locksmith Financial Corporation during the quarter.
The company has identified material weaknesses in its internal controls over financial reporting, specifically in the areas of formal codes of conduct and controls over unusual and complex transactions. Remediation efforts are ongoing.
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 quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.