0001580695-18-000247.txt : 20180511 0001580695-18-000247.hdr.sgml : 20180511 20180511134625 ACCESSION NUMBER: 0001580695-18-000247 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180511 DATE AS OF CHANGE: 20180511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Voip-pal.com Inc CENTRAL INDEX KEY: 0001410738 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 980184110 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55613 FILM NUMBER: 18826204 BUSINESS ADDRESS: STREET 1: 10900 NE 4TH STREET STREET 2: SUITE 2300 CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 253-219-9512 MAIL ADDRESS: STREET 1: 10900 NE 4TH STREET STREET 2: SUITE 2300 CITY: BELLEVUE STATE: WA ZIP: 98004 10-Q 1 vplm-10q_033118.htm QUARTERLY REPORT

 

 

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

FORM 10-Q

 

☒ Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 

For the quarterly period ended: March 31, 2018

 

or

 

Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

 

Commission File Number: 000-55613

 

VoIP-PAL.COM INC. 

(Exact name of Registrant as specified in its charter)

 

Nevada   980184110

(State or other jurisdiction of 

incorporation or organization)

 

(I.R.S. Employer 

Identification Number)

 

10900 NE 4th Street, Suite 2300 

Bellevue, WA, 98004 

(Address of principal executive offices)

 

1-888-605-7780
(Registrant’s telephone number, including area code)

 

Check whether the Registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to the filing requirements for at least the past 90 days.

Yes ☒  No ☐

 

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒  No ☐

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.   See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐     Accelerated filer ☐     Non-accelerated filer ☐     Smaller reporting company ☒
          (Do not check if a smaller
  reporting company)
   

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

As of May 10, 2018, there were 1,472,796,135 shares of Common Stock outstanding. 

 

 

 

 

 

 

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION  
     
Item 1. Financial Statements 3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17
Item 3. Quantitative and Qualitative Disclosures About Market Risk 20
Item 4. Controls and Procedures 20
   
PART II—OTHER INFORMATION  
     
Item 1. Legal Proceedings 22
Item 1A. Risk Factors 23
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23
Item 3. Defaults Upon Senior Securities 23
Item 4. Mine Safety Disclosures 23
Item 5. Other Information 23
Item 6. Exhibits 24

  

2 

 

 

PART I—FINANCIAL INFORMATION

 

Item 1.Financial Statements.

 

VOIP-PAL.com Inc. 

INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited – prepared by management)

(Expressed in U.S. Dollars) 

 

   March 31, 2018   September 30, 2017 
         
ASSETS
CURRENT        
         
Cash  $2,642,693   $12,157 
Subscription Receivables (Note 9)   50,000     
Legal retainer   100,000    100,000 
Prepaid expense   12,000    12,000 
    2,804,693    124,157 
           
NON-CURRENT          
           
 Intellectual VoIP communications patent properties, net (Note 5)   986,650    1,055,750 
           
TOTAL ASSETS  $3,791,343   $1,179,907 
           
LIABILITIES
           
CURRENT          
           
Accounts payable and accrued liabilities  $298,064   $316,533 
           
TOTAL LIABILITIES  $298,064   $316,533 
           
STOCKHOLDERS’ equity
           
SHARE CAPITAL (Note 9)  $1,231,310   $1,018,760 
ADDITIONAL PAID-IN CAPITAL (Note 9)   43,222,820    33,028,389 
SHARES TO BE ISSUED (Note 9)       1,063,041 
DEFICIT   (40,960,851)   (34,246,816)
    3,493,279    863,374 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $3,791,343   $1,179,907 

 

Nature and Continuance of Operations (Note 1) 

Contingent Liabilities (Note 12)

 

The accompanying notes are an integral part of these consolidated financial statements

 

3 

 

 

VOIP-PAL.com Inc.

INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(Unaudited – prepared by management)

(Expressed in U.S. Dollars)

                 
   Three Months
Ended
   Three Months
Ended
   Six Months
Ended
   Six Months
Ended
 
   March 31,
2018
   March 31,
2017
   March 31,
2018
   March 31,
2017
 
                 
EXPENSES                    
                     
Amortization  $34,550   $34,548   $69,100   $69,095 
Officers and Directors Fees (Note 6)   53,100    53,100    106,200    106,200 
Legal fees (Note 6)   284,875    282,940    628,652    372,560 
Office & general   98,452    134,755    187,657    179,717 
Patent consulting fees   10,000    40,000    43,529    130,000 
Professional fees & services (Note 6)   2,916,917    125,194    3,027,847    154,274 
Stock-based compensation (Note 10)   2,651,050        2,651,050    117,090 
                     
Total expenses   6,048,944    670,537    6,714,035    1,128,936 
                     
NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD  $(6,048,944)  $(670,537)  $(6,714,035)  $(1,128,936)
Basic and diluted loss per common share  $(0.00)  $(0.00)  $(0.00)  $(0.00)
                     
Weighted-average number of common shares outstanding:                    
                     
Basic and diluted   1,337,628,236    1,082,812,451    1,251,634,056    1,074,164,201 

 

The accompanying notes are an integral part of these consolidated financial statements

 

4 

 

 

VOIP-PAL.com Inc.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – prepared by management)

(Expressed in U.S. Dollars) 

         
   Six Months
 Ended
   Six Months
Ended
 
   March 31,
 2018
   March 31,
2017
 
         
Cash Flows from Operating Activities          
Net loss for the period  $(6,714,035)  $(1,203,136)
Add items not affecting cash:          
Stock-based compensation   2,651,050    117,090 
Shares issued for services and finder’s fees   2,810,829    129,700 
Amortization   69,100    69,095 
           
Changes in non-cash working capital:          
Prepaid expense       71,250 
Accounts payable   (18,469)   (59,335)
Subscriptions receivable   (50,000)    
Cash Flows Used in Operating Activities   (1,251,525)   (875,336)
           
Cash Flows from Investing Activities          
Investment in Intangible assets        
Intellectual VoIP properties        
Cash Flows Used in Investing Activities        
           
Cash Flows from Financing Activities          
Proceeds from convertible debentures       72,500 
Proceeds from private placement   2,936,060    772,000 
Proceeds from warrant exercise   946,000     
Cash Flows Provided by Financing Activities   3,882,060    844,500 
           
Decrease in cash   2,630,536    (30,836)
           
Cash, beginning of the period   12,157    121,115 
           
Cash, end of the period  $2,642,693   $90,279 

 

Supplemental cash flow information – Note 7

 

The accompanying notes are an integral part of these consolidated financial statements

 

5 

 

 

VOIP-PAL.com Inc.

INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited – prepared by management)

(Expressed in U.S. dollars)

                       
   Common Shares   Share to be
Issued
   Additional
Paid-in
         
   Number   Par Value   Value   Capital   Deficit   Total 
Balance at September 30, 2016   1,056,474,201   $933,108   $1,063,041   $30,882,963   $(31,636,143)  $1,242,969 
Shares issued for private placement   73,067,166    73,067        1,516,943        1,590,010 
Shares issued as finder’s fees   4,336,667    4,337        (4,337)        
Shares issued for debt conversion   1,400,000    1,400        31,100        32,500 
Shares issued for services   7,747,500    7,748        223,953        231,701 
Shares cancelled on termination of services   (900,000)   (900)       (44,100)       (45,000)
Shares to be issued for Anti-Dilution Clause (Notes 4 & 9)                        
Share purchase options granted (Note 10)               421,867        421,867 
Net loss for the period                   (2,610,673)   (2,610,673)
Balance at September 30, 2017   1,142,125,534   $1,018,760   $1,063,041   $33,028,389   $(34,246,816)  $863,374 
Shares issued for private placement   101,803,749    101,804        2,834,256        2,936,060 
Shares issued for warrant exercise   23,650,000    23,650        922,350        946,000 
Shares issued for services   87,095,500    87,096    (1,063,041)   3,786,775        2,810,830 
Shares issued for Anti-Dilution Clause (Notes 4 & 9)   118,121,352                     
Share purchase options granted (Note 10)               2,651,050        2,651,050 
Net loss for the period                   (6,714,035)   (6,714,035)
Balance at March 31, 2018   1,472,796,135   $1,231,310   $   $43,222,820   $(40,960,851)  $3,493,279 

 

The accompanying notes are an integral part of these consolidated financial statements

 

6 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018

 

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 10900 NE 4th Street, Suite 2300, Bellevue, Washington in the United States of America.

 

Since March 2004, the Company has been developing 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.

 

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

 

These 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, at March 31, 2018, had an accumulated deficit of $40,960,851 (September 30, 2017 - $34,246,816). 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 a going concern. Should the going concern assumption not continue to be appropriate, further adjustments to carrying values of assets and liabilities may be required. There can be no assurance that capital will be available as necessary to meet these continued developments and operating costs or, if the capital is available, that it will be on the terms acceptable to the Company. The issuances of additional stock by the Company may result in a significant dilution in the equity interests of its current shareholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company’s liabilities and future cash commitments. If the Company is unable to obtain financing in the amounts and on terms deemed acceptable, its business and future success may be adversely affected.

 

Additionally, as the Company’s stated objective is to monetize its patent suite through the licensing or sale of its intellectual property (“IP”), the Company being forced to litigate or to defend its IP claims through litigation casts substantial doubt on its future to continue as a going concern.  IP litigation is generally a costly process, and in the absence of revenue the Company must raise capital to continue its own defense and to validate its claims – in the event of a failure to defend its patent claims, either because of lack of funding, a court ruling against the Company or because of a protracted litigation process, there can be no assurance that the Company will be able to raise additional capital to pay for an appeals process or a lengthy trial.  The outcome of any litigation process may have a significant adverse effect on the Company’s ability to continue as a going concern.

 

NOTE 2. BASIS OF PRESENTATION

 

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

 

NOTE 3.SIGNIFICANT ACCOUNTING POLICIES

 

Principles of Consolidation

 

These consolidated financial statements have been prepared on a consolidated basis and include the accounts of the Company and its wholly owned subsidiary Digifonica. All intercompany transactions and balances have been eliminated. As at March 31, 2018, Digifonica had no activities.

 

Use of Estimates

 

The preparation of these consolidated financial statements required management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Where estimates have been used financial results as determined by actual events could differ from those estimates.

 

7 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018

 

NOTE 3.SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

 

Cash

 

Cash consists of cash on hand and monies held in checking and savings accounts. The Company had $2,642,693 and $12,157 in cash on March 31, 2018 and September 30, 2017, respectively.

 

Intangible Assets

 

Intangible assets, consisting of Intellectual VoIP communication patent properties are recorded at cost and amortized over the assets estimated life on a straight-line basis. Costs to renew or extend patents are capitalized. Management considers factors such as remaining life of the patents, technological usefulness and other factors in estimating the life of the assets.

 

The carrying value of intangible assets are reviewed for impairment by management of the Company at least annually or upon the occurrence of an event which may indicate that the carrying amount may be less than its fair value. If impaired, the Company will write-down such impairment. In addition, the useful life of the intangible assets will be evaluated by management at least annually or upon the occurrence of an event which may indicate that the useful life may have changed.

 

Fair Value of Financial Instruments

 

FASB ASC 820, Fair Value Measurement, defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

 

The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount.

 

Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income.

 

U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

 

Level 1: Quoted prices in active markets for identical assets and liabilities.

 

Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

The fair value of cash is classified as Level 1 at March 31, 2018 and September 30, 2017.

 

The Company classifies its financial instruments as follows: Cash is classified as held for trading, and is measured at fair value. Accounts payable and accrued expenses are classified as other financial liabilities, and have a fair value approximating their carrying value, due to their short-term nature.

 

8 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018

 

NOTE 3.        SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

 

Income Taxes

 

Deferred income taxes have been provided for temporary differences between financial statement and income tax reporting under the asset and liability method, using expected tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is provided when realization is not considered more likely than not.

 

The Company’s policy is to classify income tax assessments, if any, for interest expense and for penalties in general and administrative expenses. The Company’s income tax returns are subject to examination by the IRS and corresponding states, generally for three years after they are filed.

 

Loss per Common Share

 

Basic loss per share is calculated using the weighted-average number of common shares outstanding during each period. Diluted income per share includes potentially dilutive securities such as outstanding options and warrants outstanding during each period. To calculate diluted loss per share the Company uses the treasury stock method and the If-converted method.

 

For the six-month period ended March 31, 2018 and the year ended September 30, 2017 there were no potentially dilutive securities included in the calculation of weighted-average common shares outstanding.

 

Derivatives

 

We account for derivatives pursuant to ASC 815, Accounting for Derivative Instruments and Hedging Activities. All derivative instruments are recognized in the consolidated financial statements and measured at fair value regardless of the purpose or intent for holding them. We determine fair value of warrants and other option type instruments based on option pricing models. The changes in fair value of these instruments are recorded in income or expense.

 

Stock-based compensation

 

The Company recognizes compensation expense for all stock-based payments made to employees, directors and others based on the estimated fair values of its common stock on the date of issuance.

 

The Company determines the fair value of the share-based compensation payments granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either the date at which a commitment for performance to earn the equity instrument is reached or the date the performance is complete.

 

The Company recognizes compensation expense for stock awards with service conditions on a straight-line basis over the requisite service period, which is included in operations. Stock option expense is recognized over the option’s vesting period.

 

Concentrations of Credit Risk

 

The Company maintains cash at financial institutions, which at times, may be in excess of insured limits. The Company has not experienced any losses to date as a result of this policy and, in assessing its risk, the Company’s policy is to maintain cash only with reputable financial institutions.  As of March 31, 2018, the Company’s bank operating account balances exceeded the Federal Deposit Insurance Corporation Insurance Limit of $250,000 by $2,392,693.

 

Recent Accounting Pronouncements

 

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires companies to classify all deferred tax assets or liabilities as noncurrent on the balance sheet rather than separately disclosing deferred taxes as current and noncurrent. This standard is effective for the Company beginning on October 1, 2017 and can be applied either prospectively or retrospectively to all periods presented upon adoption. The standard did not have any impact on the Company’s financial statements.

 

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 was effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2017. The implementation of this update did not impact on the Company’s consolidated financial position, results of operations or cash flows or disclosure.

 

9 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018

 

NOTE 3.        SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

 

Recent Accounting Pronouncements (cont’d)

 

In February 2016 FASB issued ASU No. 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation, and disclosure of leases for both lessees and the lessors. The new standard requires the lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. The classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. When adopted, the Company does not expect this guidance to have a material impact on its consolidated financial statements.

 

In June 2016, the FASB issued ASU 2016-13 to replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss credit loss estimates. For trade and other receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available for sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The new standard will be effective for the Company beginning October 1, 2020, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to deficit as of the effective date. The Company is currently assessing the impact of the standard on its consolidated financial statements.

 

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230)”. ASU No. 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU No. 2016-15 was effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The guidance requires application using a retrospective transition method. The implementation of ASU No. 2016-15 did not impact on the Company’s consolidated financial position, results of operations or cash flows or disclosure.

 

NOTE 4.        PURCHASE OF DIGIFONICA

 

The Company acquired Digifonica in December 2013. Pursuant to the terms in the Share Purchase Agreement (the “SPA”) the Company acquired 100% of Digifonica from the seller (the “Seller”) for a cash payment of $800,000 and 389,023,561 common shares of the Company. The assets acquired through the acquisition were VoIP-related patented technology, including patents for Lawful Intercept, routing, billing and rating, mobile gateway, advanced interoperability solutions, intercepting voice over IP communications, and uninterrupted transmission of internet protocol transmissions during endpoint changes.

 

The SPA included an anti-dilution clause (the “Anti-Dilution Clause”) that requires the Company to maintain the Seller’s percentage ownership of the Company at 40% by issuing the Seller a proportionate number of common shares of any future issuance of the Company’s common shares. Shares issued pursuant to the Anti-Dilution Clause are recorded as a share issuance cost within the Additional Paid-in Capital account (Notes 6 and 9).

 

NOTE 5.        INTANGIBLE ASSETS

 

The Company acquired certain patents and technology from Digifonica in December 2013 (See Note 4). These assets have been recorded in the financial statements as intangible assets. These assets are being amortized over twelve (12) years on a straight-line basis. A summary of intangible assets as of March 31, 2018 and September 30, 2017 is as follows:

 

  

March 31,  2018

   September 30,  2017 
VoIP Intellectual property and patents  $1,552,416   $1,552,416 
Accumulated amortization   (565,766)   (496,666)
Net book value  $986,650   $1,055,750 

 

There were no disposals of any intangible assets in the periods presented.

 

10 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018

 

NOTE 6.        RELATED PARTY TRANSACTIONS

 

The Company compensates certain of its key management personnel to operate its business in the normal course. Key management includes the Company’s executive officers and members of its Board of Directors.

 

Compensation paid or accrued to key management during the period ended March 31, 2018 includes:

 

  

March 31,

2018

   March 31, 
2017
 
Management fees paid or accrued to the CEO  $22,500   $22,500 
Management fees paid or accrued to the CFO   21,600    21,600 
Management fees paid or accrued to the President   9,000    9,000 
Directors’ fees   Nil    14,900 
   $53,100   $68,000 

 

At March 31, 2018 included in accounts payable and accrued liabilities is $227,200 (September 30, 2017 - $186,700) owed to current officers and directors. Amounts due to/from related parties are non-interest bearing, unsecured and have no fixed terms of repayment unless otherwise noted.

 

As at March 31, 2018, included in shares to be issued is $Nil (September 30, 2017 - $902,000) for unpaid Officer and Director fees and $Nil (September 30, 2017 - $80,000) for professional fees & services paid to a director for consulting services provided. Additionally, $3,737,558 (September 30, 2017 - $994,548) was accrued as a share issue cost in the period to the Seller of Digifonica for the Anti-Dilution Clause (Notes 4 and 9).

 

NOTE 7.        SUPPLEMENTAL CASH FLOW INFORMATION

 

During the six-month period ended March 31, 2018, the Company paid $nil (September 30, 2017 - $nil) in interest or income taxes.

 

During the six-month period ended March 31, 2018 the Company re-classified $1,063,041 from Shares to be issued into Additional paid-in capital upon issuance of shares (2017 - $nil).

 

NOTE 8.        CONVERTIBLE DEBENTURES

 

The Company from time-to-time issues convertible debentures that are due on demand. The convertible debentures are convertible at fixed conversion rates and typically carry no interest. See Note 9 for details of common shares issued during the period from the conversion of convertible debentures.

 

As at March 31, 2018 there are $nil (September 30, 2017 - $nil) in convertible debentures issued and outstanding.

 

11 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018

 

NOTE 9.        SHARE CAPITAL

 

Capital Stock Authorized and Issued:

 

2,000,000,000 common voting shares authorized with a par value of $0.001 each, of which 1,472,796,135 (September 30, 2017 – 1,142,125,534) shares are issued.

 

1,000,000 convertible preferred shares authorized with a par value of $0.01 each, of which nil (2016 – nil) shares are issued.

 

During the six-month period ended March 31, 2018, the board of directors of the Company authorized the increase of the Company’s capital stock to 2,000,000,000 (September 30, 2017 – 1,300,000) common voting shares with a par value of $0.001 per share.

 

Issues during the six-month period ended March 31, 2018

 

During the six-month period ended March 31, 2018, the Company issued:

 

95,497,749 common shares issued at between $0.015 and $0.06 per common share for cash proceeds of $2,837,940 from private placements of common shares;

 

6,306,000 units at between $0.0125 and $0.02 per unit for cash proceeds of $98,120. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant allows the holder to purchase one common share for $0.04 for a period of twelve months from the date of issuance;

 

23,650,000 common shares at $0.04 per common share for gross cash proceeds of $946,000 on the exercise of 23,650,000 common share purchase warrants;

 

87,095,500 common shares priced at between $0.02 and $0.06 per common share for services valued at $2,810,830; and

 

118,121,352 common shares priced at $0.02 per common share pursuant to the Anti-Dilution Clause for an aggregate value of $2,362,427.

 

Issues during the year ended September 30, 2017

 

During the year ended September 30, 2017, the Company issued 73,067,166 common shares priced between $0.02 and $0.03 per common share for cash proceeds of $1,590,010 from private placements, as follows:

 

11,566,666 common shares issued at between $0.02 and $0.03 per common share for cash proceeds of $340,000 from a private placement of common shares;

 

61,500,500 units at between $0.02 and $0.025 per unit for cash proceeds of $1,250,010. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant allows the holder to purchase one common share for $0.04 or $0.05 for a period of twelve months from the date of issuance; and

 

During the year ended September 30, 2017, the Company issued:

 

7,747,500 common shares priced between $0.025 and $0.05 per common share for services valued at $231,701;

 

4,336,667 common shares priced at $0.02 and $0.03 per common share as share issuance fees valued at $100,200; and

 

1,400,000 common shares priced between $0.025 and $0.03 per share to convert $32,500 of convertible debentures.

 

During the year ended September 30, 2017, 900,000 common shares priced at $0.05 per common share were cancelled. The shares had been issued as an advance payment for the provision of services under a contract which was terminated prior to fulfillment.

 

Subsequent Issues

 

Subsequent to the six-month period ended March 31, 2018, the Company:

 

issued 5,100,000 shares of its common stock at a price of $0.04 per common share on the exercise of common share purchase warrants for gross proceeds of $204,000; and

 

issued 250,000 shares of its common stock at a price of $0.03 per common share in payment of consulting services valued at $7,500.

 

12 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018

 

NOTE 9.            SHARE CAPITAL (CONT’D)

 

Shares to be Issued

 

As at March 31, 2018, there are $Nil (September 30, 2017 – 23,353,846) common shares to be issued that are accrued for professional services provided to the Company valued at $Nil (September 30, 2017 – $1,058,320), of which $Nil (September 30, 2017 – 21,281,903) are accrued to management and related parties.

 

As at March 31, 2018, there are 32,125,001 (September 30, 2017 – 57,826,653) common shares to be issued that are accrued to the seller of Digifonica pursuant to the Anti-Dilution Clause (see Notes 4 and 6), valued at $3,737,558 (September 30, 2017 - $1,937,193).

 

Warrants

 

During the year ended September 30, 2017, the Company issued 61,500,500 common share purchase warrants to purchase 61,500,500 common shares in the capital stock of the Company at a price of $0.04 or $0.05 per common share for a period of twelve months from date of issue in private placements of units.

 

During the six-month period ended March 31, 2018, the Company issued 6,306,000 common share purchase warrants to purchase 6,306,000 common shares in the capital stock of the Company at a price of $0.04 per common share for a period of twelve months from date of issue in private placements of units.

 

The following table summarizes the Company’s share purchase warrant transactions:

 

  

Number of

 warrants 

   Weighted average
exercise price
 
Balance September 31, 2016   Nil   $N/A 
Issued in unit private placement   61,500,500    0.04 
Exercised   Nil                N/A 
Expired   Nil              N/A 
Balance September 31, 2017   61,500,500    0.04 
Issued in unit private placement   6,306,000    0.04 
Exercised   (23,650,000)   0.04 
Expired   (5,000,000)   0.04 
Balance March 31, 2018   39,156,500   $0.04 

 

The following table summarizes the share purchase warrants outstanding at March 31, 2018:

 

Warrants Outstanding   Weighted Average Exercise Price   Weighted Average Remaining Contractual Life 
 39,156,500   $0.04    0.35 years 

 

As at March 31, 2018, the Company has 39,156,500 (September 30, 2017 – 61,500,500) common share purchase warrants outstanding to purchase 39,156,500 common shares at a weighted average price of $0.04 per share expiring on dates ranging from April through December 2018.

 

13 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018 

 

NOTE 10.           STOCK-BASED COMPENSATION

 

Stock Option Plan

 

In order to provide incentive to directors, officers, management, employees, consultants and others who provide services to the Company or any subsidiary (the “Service Providers”) to act in the best interests of the Company, and to retain such Service Providers, the Company has in place an incentive Stock Option Plan (the “Plan”) whereby the Company is authorized to issue up to 10% of its issued and outstanding share capital in options to purchase common shares of the Company. The maximum term of options granted under the Plan cannot exceed ten years, with vesting terms determined at the discretion of the Board of Directors.

 

During the six-month period ended March 31, 2018, the Company granted 18,500,000 options to purchase 18,500,000 common shares at an exercise price of $0.18 per common share under the plan. 14,500,000 of the options granted during the six-month period ended March 31, 2018 are vested and exercisable as at March 31, 2018.

 

The following table summarizes the Company’s stock option transactions:

 

    Number of
options
  

Weighted average
exercise price

 
 Balance September 30, 2016    28,000,000   $0.060 
 Granted    11,850,000    0.053 
 Balance September 30, 2017    39,850,000   $0.058 
 Granted    18,500,000    0.180 
 Balance March 31, 2018     58,350,000   $0.10 

 

The following table summarizes the stock options outstanding at March 31, 2018:

 

Options Outstanding   Exercise Price   Remaining Contractual Life (Yrs)   Number of Options Currently Exercisable 
 14,000,000   $0.06    3.48    14,000,000 
 14,000,000    0.06    3.69    14,000,000 
 3,450,000    0.06    3.82    3,450,000 
 8,400,000    0.05    4.30    8,400,000 
 18,500,000    0.18    4.92    14,500,000 
 58,350,000   $0.10    3.95    54,350,000 

 

The following assumptions were used for the Black-Scholes valuation of stock options granted during the year ended March 18, 2018: risk-free rate of 1.62% (2017 – 1.25%), expected life of 5 years (2017 – 5 years), annualized historical volatility of 117.6% (2017 - 112.0%) and a dividend rate of 0% (2017 – 0%). Expected volatilities are based on historical volatility of the Company’s stock and other factors. The compensation cost that has been charged against income from options vested under the Plan was $2,651,050 ($0.14 per share) for the six-month period ended March 31, 2018.

 

The weighted-average grant-date fair value of options granted during the six-month period ended March 31, 2018 was $0.14 (2017 - $0.04). The total intrinsic value of options exercisable during the six-month period ended March 31, 2018 was $1,538,525 (2017 - $nil).

 

14 

 

 

VOIP-PAL.COM INC. 

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018 

 

NOTE 11.           SEGMENTED INFORMATION

 

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.

 

NOTE 12.           CONTINGENT LIABILITIES

 

Litigation

 

The Company is party to pending litigation cases as follows:

 

i)Locksmith Financial Corporation, Inc. et al. v Voip-Pal.com Inc. (Case No A-15-717491-C) filed in Clark County District Court (the “State Case”)

 

On March 24, 2014, the Company resolved to freeze 95,832,000 common shares that were issued to a company controlled by a former director (the “defendant”) in fiscal 2013 and accounted for at a cost of $1,443,000. The Company resolved to freeze the common shares as the Company believes that the shares were issued as settlement of a line of credit that the Company believes to have been legally unsupported. The defendant alleges that the freeze and the Company’s actions constituted fraud and a breach of securities laws. The Company denies any wrongdoing. Currently the State Case is entering the discovery phase of litigation and the outcome is undeterminable.

 

ii)Voip-Pal.com Inc. v Richard Kipping, et al. (Case No. 2:15-cv-01258-JAD-VCF) filed in United States District Court (the “Federal Case”)

 

On July 2, 2015, the Company filed a case against a former director, a shareholder and the company controlled by a former director. The Company alleges that the common shares issued in the State Case and an additional 7,200,000 common shares were fraudulently obtained and that the shares have been unlawfully transferred to other entities. The proceedings in the Federal Case have been stayed pending a final determination of the issues in the State Case. The outcome of the case is undeterminable.

 

iii)Voip-Pal.com Inc. v Apple, Inc. (Case No. 2:16-CV-00260) & Verizon Wireless Services, LLC, Verizon Communications Inc., AT&T Corp. (Case No. 2:16- VC-00271) in the United States District Court, District of Nevada

 

In February 2016 the Company filed patent infringement lawsuits in the United States District Court, District of Nevada against Apple, Inc, (Case No. 2:16-CV-00260), Verizon Wireless Services, LLC, Verizon Communications Inc., and AT&T Corp. (Case No. 2:16- VC-00271). These cases are seeking a combined $7,024,377,876 in damages. On May 9, 2016, the lawsuits were officially served to these companies. The proceedings in these cases are currently stayed, by agreement with the parties thereto, pending the outcome of two Inter Partes Reviews (“IPRs”), as noted below. The outcome of each of these legal actions is undeterminable.

 

iv)Voip-Pal.com Inc. v Twitter, Inc. (Case No. 2:16-CV-02338) in the United States District Court, District of Nevada

 

During the year ended September 30, 2017, on October 6, 2016, the Company filed a lawsuit in the United States District Court, District of Nevada against Twitter, Inc, (Case No. 2:16- CV-02338) in which Voip-Pal.com alleges infringement of U.S. Patent No. 8,542,815 and its continuation patent, U.S. Patent No. 9,179,005, This case is seeking $2,699,256,418 in damages. On December 28, 2016, the lawsuit was officially served to Twitter, Inc. It is anticipated that this case will also be stayed pending the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office’s (“USPTO”) issuance of final written decisions in IPR proceedings concerning the patents-at-issue (see Inter Partes Reviews below). The outcome of this case is undeterminable.

 

15 

 

 

VOIP-PAL.COM INC.

Notes to the Interim Consolidated Financial Statements

(Unaudited – prepared by management)

(Expressed in United States Dollars)

March 31, 2018 

 

NOTE 12. CONTINGENT LIABILITIES (CONT’D)

 

Litigation (cont’d)

 

Inter Partes Reviews

 

In additional legal actions related to Item iii above, two of the Company’s patents are currently subject to several Inter Partes Reviews (“IPR(s)”) before the PTAB. An IPR allows the PTAB to consider the validity of issued patents. There are no damages awarded, but a portion or all of a patent instituted for IPR may be invalidated as a result of the review.

 

During the six-month period ended March 31, 2018, eight IPRs were in process at the PTAB, filed against Patent No. 8,542,815 and No. 9,179,005, as follows:

 

Unified Patents Inc. (Petitioner) vs. Voip-Pal.com Inc. (Patent Owner) IPR2016-01082, reviewing Patent No. 8,542,815. On December 8, 2016, this petition was not instituted by the PTAB;

 

Apple, Inc. (Petitioner) vs. Voip-Pal.com Inc. (Patent Owner) IPR2016-01198, reviewing Patent No. 9,179,005 and Voip-Pal.com Inc. (Patent Owner) IPR2016-01201, reviewing Patent No. 8,542,815, both instituted for IPR on November 21, 2016;

 

AT&T Inc. (Petitioner) filed IPR2017-01382 against Voip-Pal’s Patent No. 8,542,815, IPR2017-01383 against Voip-Pal’s Patent No. 9,179,005, and IPR2017-01384 against Voip-Pal’s Patent No. 9,179,005. Each of these six petitions were instituted for IPR by the PTAB on May 8, 2017; and

 

Apple Inc. (Petitioner) filed IPR2017-01399 against Voip-Pal’s Patent No. 8,542,815, and IPR2017-01398 against Voip-Pal’s Patent No. 9,179,005, which were also both instituted for IPR by the PTAB on May 8, 2017.

 

During the six-month period ended March 31, 2018, on November 21, 2017, the PTAB issued their Final Written Decisions on the seven active IPRs being adjudicated, denying all claims made by the Petitioners (Apple Inc, and AT&T Inc.) in all seven instituted IPRs, upholding the validity of the patents, which validity had been challenged by the Petitioners. Subsequent to the Final Written Decisions, the PTAB is considering a motion for sanctions against the Company brought by Apple, Inc. While there is no appeal allowed in IPR proceedings, Apple’s post-judgment motions seek invalidation of certain of the patents or a new trial in the alternative, as a sanction against the Company for alleged misconduct during the IPR proceedings. The outcome of the Petitioner’s motion is undeterminable.

 

Performance Bonus Payable

 

In 2016, the board of directors authorized the Company to provide a performance bonus of up to 3% of the capital stock of the Company (the “Performance Bonus”) by way of the issuance of Common shares from its treasury to an as yet undetermined group of related and non-related parties upon the successful completion of a purchase and sale of the Company or a major licensing transaction, defined as a bonusable event. In order to provide maximum flexibility to the Company with respect to determining what constitutes such a bonusable event, the level of Performance Bonus payable, and who may qualify to receive a pro-rata share of such a Performance Bonus, the Company authorized full discretion to the Board in making such determinations.

 

During the six-month period ended March 31, 2018, the board of directors authorized the increase of the Performance Bonus to up to 10% of the capital stock of the Company.

 

As at March 31, 2018 and the date of this report, no bonusable event has occurred and there is as yet no Performance Bonus payable.

 

16 

 

 

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following management’s discussion and analysis (MD&A) should be read in conjunction with our interim consolidated financial statements for the quarterly period ended March 31, 2018 and notes thereto appearing elsewhere in this report, and our audited consolidated financial statements for the year ended September 30, 2017 and notes thereto.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

 

This MD&A for the three and six months ending March 31, 2018 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amending, and Section 21E of the Securities Exchange Act of 1934, as amending. Forward-looking statements may be identified by the use of forward-looking terminology, such as “may”, “shall”, “could”, “expect”, “estimate”, “anticipate”, “predict”, “probable”, “possible”, “should”, “continue”, or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and are considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.

 

The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements

 

CORPORATE HISTORY, OVERVIEW AND PRINCIPAL BUSINESS

 

VOIP-PAL.com Inc. (“Voip-Pal”, the ”Company”) was incorporated in the state of Nevada in September 1997 as All American Casting International, Inc. and changed its name to VOIP MDI.com in 2004 and subsequently to Voip-Pal.Com Inc. in 2006. Since March 2004, the Company has been in the development stage of becoming a VoIP re-seller, a provider of a proprietary transactional billing platform tailored to the points and air mile business, and a provider of anti-virus applications for smartphones. All business activities prior to March 2004 have been abandoned and written off to deficit.

 

In December 2013, the Company completed the acquisition of Digifonica (International) Limited, a private company incorporated on September 7, 2004 in Gibraltar.

 

Voip-Pal is a technical leader in the broadband Voice-over-Internet Protocol (“VoIP”) market with the ownership and continuing development of a portfolio of leading-edge VoIP Patents. Voip-Pal’s primary products are VoIP-related patented technology. The Company has spent several years testing and developing this technology. The Company is currently seeking to monetize the patents through a corporate transaction, an asset sale, or licensure of its products.

 

Voip-Pal’s intellectual property value is derived from ten issued USPTO patents. Voip-Pal inventions described in these patents provide the means to integrate VoIP services with any of the legacy telecommunications systems to create a seamless service using either legacy telephone numbers or IP addresses, and enhance the performance and value of VoIP implementations worldwide.

 

Voice over IP (Internet Protocol), or VoIP, has been and continues to be a green field for innovation that has spawned numerous inventions, greatly benefitting consumers large and small across the globe. VoIP is used in many places and by every modern telephony system vendor, network supplier, and retail and wholesale carrier.

 

Results of Operations

 

The Company’s operating costs consist of expenses incurred to monetizing, selling and licensing its VoIP patents. Other operating costs include expenses for legal, accounting and other professional fees, financing costs, and other general and administrative expenses.

 

17 

 

 

Comparison of the Three Months and Six Months Ending March 31, 2018 and 2017

 

  

Three months ending

March 31

   Increase/     
   2018   2017   (Decrease)   Percent 
Revenue  $    $    $       
Cost of Revenue                  
Gross Margin                
General and administrative expenses   (6,014,395)   (635,989)   5,378,405    846%
Amortization of intangible assets   (34,550)   (34,548)   2    0.01%
Net loss  $(6,048,944)  $(670,537)  $5,378,406    802%

 

  

Six months ending

March 31

   Increase/     
   2018   2017   (Decrease)   Percent 
Revenue  $    $    $       
Cost of Revenue                
Gross Margin                
General and administrative expenses   (6,644,935)   (1,059,841)   5,585,094    527%
Amortization of intangible assets   (69,100)   (69,095)   5    0.01%
Net loss  $(6,714,035)  $(1,128,936)  $5,585,099    495%

 

REVENUES, COST OF REVENUES AND GROSS MARGIN

 

The Company had no revenues, cost of revenues or gross margin for the three and six-month periods ending March 31, 2018 and 2017.

 

GENERAL AND ADMINISTRATIVE EXPENSES

 

General and administrative expenses for the three months ending March 31, 2018 totaled $6,014,394 compared to $635,989 during the same period in 2017.  The increase in general and administrative expenses of $5,378,404, or 846% more than the previous year, was due to higher professional fees and services related to the patent lawsuits filed by the Company, and to a large increase in stock-based compensation.

 

General and administrative expenses for the six months ending March 31, 2018 totaled $6,644,935 compared to $1,059,841 during the same period in 2017. The increase in general and administrative expenses of $5,585,094 or 527% more than the previous year, was primarily due to higher professional fees and services related to the patent lawsuits filed by the Company and a large increase in stock-based compensation.

 

AMORTIZATION OF INTANGIBLE ASSETS

 

Amortization of intellectual VoIP communications patent properties for the three months ending March 31, 2018 totaled $34,550 compared to $34,548 during the same period in 2017. There was no material difference between the amortization expenses for the three months ending March 31, 2018 as compared to the same period in 2017.

 

Amortization of the intellectual VoIP communications patent properties for the six months ending March 31, 2018 totaled $69,100 compared to $69,095 during the same period in 2017. There was no material difference between the amortization expenses for the six months ending March 31, 2018 as compared to the same period in 2017.

 

The Company follows GAAP (FAS 142) and is amortizing its intangibles over the remaining patent life of twelve (12) years. The Company evaluates its intangible assets annually and determines if the fair market value is less than its historical cost. If the fair market value is less, then impairment expense is recorded on the Company’s financial statements. The intangible assets on the financial statements of the Company relate primarily to the Company’s acquisition of Digifonica (International) Limited.

 

18 

 

 

SHARE ISSUANCE COSTS

 

During the three- and six-month period ending March 31, 2018, the Company issued 118,121,352 common shares priced at $0.02 per common share pursuant to the Anti-Dilution Clause for an aggregate value of $2,362,427. There were no share issuances for the Anti-Dilution Clause during the same period in 2017. These costs were recorded as share issuance costs against the Company’s capital account.

 

INTEREST EXPENSE

 

The Company had no financing or interest costs for the three- or six-month periods ending March 31, 2018 and 2017.

 

NET LOSS

 

The Company reported a net loss of $6,048,944 for the three months ended March 31, 2018 compared to a net loss of $670,537 for the same period in 2017.  The increase in net loss of $5,378,406, or 802% over the same period in 2017 was due primarily to an increase in professional and legal fees related to the patent lawsuits filed by the Company, stock-based compensation and the write-down of intangible acquisition costs.

 

The Company reported a net loss of $6,714,035 for the six months ended March 31, 2018 compared to a net loss of $1,128,936 for the same period in 2017. The increase in net loss of $5,585,099, or 495% over the same period in 2017 was due primarily to an increase in professional and legal fees related to the patent lawsuits filed by the Company, stock-based compensation and the write-down of intangible acquisition costs.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of March 31, 2018, the Company had an accumulated deficit of $40,960,851 as compared to an accumulated deficit of $34,246,816 at March 31, 2017. As of March 31, 2018, the Company had a working capital surplus of $2,506,629 as compared to a working capital surplus of $1,149,548 at March 31, 2017. The increase in the Company’s working capital surplus of $1,357,079 was primarily due to an increase in cash proceeds from private placements and warrant exercises.

 

Net cash used by operations for the three months ending March 31, 2018 and 2017 was $648,331 and $473,840, respectively. The increase in net cash used for the three months ending March 31, 2018 as compared to the three months ending March 31, 2017 was primarily due to a higher net loss for the period.

 

Net cash used by operations for the six months ending March 31, 2018 and 2017 was $1,251,525 and $875,336, respectively. The increase in net cash used for the six months ending March 31, 2018 as compared to the six months ending March 31, 2017 was primarily due to a higher net loss for the period.

 

Net cash used in investing activities for the three and six months ending March 31, 2018 and 2017 was $Nil.

 

Net cash provided in financing activities for the three months ending March 31, 2018 and 2017 was $1,911,965 and $497,000, respectively. The increase in net cash provided by financing activities of $1,414,965 was primarily due to an increase in cash proceeds from private placements and warrant exercises.

 

Net cash provided in financing activities for the six months ending March 31, 2018 and 2017 was $3,882,060 and $844,500, respectively. The increase in net cash provided by financing activities of $3,037,560 was primarily due to an increase in cash proceeds from private placements and warrant exercises.

 

Liquidity

 

The Company primarily finances its operations from cash received through equity private placements of common stock and through the payment of stock-based compensation. The Company believes its resources are adequate to fund its operations for the next 12 months.

 

19 

 

 

Off Balance Sheet Arrangements

 

Performance Bonus Payable

 

In 2016, the board of directors authorized the Company to provide a performance bonus of up to 3% of the capital stock of the Company by way of the issuance of Rule 144 restricted common shares from its treasury to an as yet undetermined group of related and non-related parties upon the successful completion of a sale of the Company or a major licensing transaction, defined as a bonusable event. In order to provide maximum flexibility to the Company with respect to determining what constitutes such a bonusable event, the level of Performance Bonus payable, and who may qualify to receive a pro-rata share of such a Performance Bonus, the Company authorized full discretion to the Board in making such determinations. Since the Performance Bonus is only available upon the sale of the Company or a major licensing event, this potential transaction would not have a material impact on the Company’s financial position, revenues or expenses, results of operations, liquidity or capital expenditures.

 

During the six-month period ended March 31, 2018, the board of directors authorized the increase of the Performance Bonus to up to 10% of the capital stock of the Company.

 

There are no other off- balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Impact of Inflation

 

We believe that inflation has not had a material impact on our results of operations for the three and six months ending March 31, 2018. We cannot assure you that future inflation will not have an adverse impact on our operating results and financial condition.

 

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

 

As a smaller reporting company, we are not required to provide the information required by this Item.

 

Item 4.Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Management conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of March 31, 2018. In making this assessment, management used the criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO. The COSO framework summarizes each of the components of a company's internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring. In management's assessment of the effectiveness of internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) as required by Exchange Act Rule 13a-15(c), our management concluded as of the end of the fiscal period covered by this Quarterly Report on Form 10-Q that our internal control over financial reporting has not been effective. The company intends, as the company's finances improve, to hire additional accounting staff and implement additional controls.

 

As defined by Auditing Standard No. 5, “An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements and Related Independence Rule and Conforming Amendments,” established by the Public Company Accounting Oversight Board (“PCAOB”), a material weakness is a deficiency or combination of deficiencies that results more than a remote likelihood that a material misstatement of annual or interim financial statements will not be prevented or detected. In connection with the assessment described above, management identified the following control deficiencies that represent material weaknesses as of March 31, 2018:

 

1)Lack of segregation of duties. At this time, our resources and size prevent us from being able to employ sufficient resources to enable us to have adequate segregation of duties within our internal control system. Management will periodically reevaluate this situation.

 

2)Lack of an independent audit committee. Although the Board of Directors serves as an audit committee it is not comprised solely of independent directors. We may establish an audit committee comprised solely of independent directors when we have sufficient capital resources and working capital to attract qualified independent directors and to maintain such a committee.

 

3)Insufficient number of independent directors. At the present time, our Board of Directors does not consist of a majority of independent directors, a factor that is counter to corporate governance practices as set forth by the rules of various stock exchanges.

 

20 

 

 

Our management determined that these deficiencies constituted material weaknesses. Due to a lack of financial resources, we are not able to, and do not intend to, immediately take any action to remediate these material weaknesses. We will not be able to do so until we acquire sufficient financing to do so. We will implement further controls as circumstances, cash flow, and working capital permit. Notwithstanding the assessment that our ICFR was not effective and that there were material weaknesses as identified in this report, we believe that our financial statements fairly present our financial position, results of operations and cash flows for the years covered thereby in all material respects.

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer, to allow timely decisions regarding required disclosure.

 

Limitations on the Effectiveness of Internal Controls

 

Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving our objectives and our Chief Executive Officer concluded that our disclosure controls and procedures are effective at that reasonable assurance level. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

 

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our internal controls over financial reporting during the quarter ended March 31, 2018 that have materially affected or are reasonably likely to materially affect such controls.

 

21 

 

 

PART II—OTHER INFORMATION

 

Item 1.Legal Proceedings.

 

Other than noted below, there have been no material developments during the current quarter for our legal proceedings that were disclosed in our registration statement on Form 10 filed on April 22, 2016. For a full disclosure of legal proceedings, please reference our Form 10 registration or Note 12 of the Financial Statements contained in this report.

 

The Company is party to pending litigation cases as follows:

 

i)Locksmith Financial Corporation, Inc. et al. v Voip-Pal.com Inc. (Case No A-15-717491-C) filed in Clark County District Court (the “State Case”)

 

On March 24, 2014, the Company resolved to freeze 95,832,000 common shares that were issued to a company controlled by a former director (the “defendant”) in fiscal 2013 and accounted for at a cost of $1,443,000. The Company resolved to freeze the common shares as the Company believes that the shares were issued as settlement of a line of credit that the Company believes to have been legally unsupported. The defendant alleges that the freeze and the Company’s actions constituted fraud and a breach of securities laws. The Company denies any wrongdoing. Currently the State Case is entering the discovery phase of litigation and the outcome is undeterminable.

 

ii)Voip-Pal.com Inc. v Richard Kipping, et al. (Case No. 2:15-cv-01258-JAD-VCF) filed in United States District Court (the “Federal Case”)

 

On July 2, 2015, the Company filed a case against a former director, a shareholder and the company controlled by a former director. The Company alleges that the common shares issued in the State Case and an additional 7,200,000 common shares were fraudulently obtained and that the shares have been unlawfully transferred to other entities. The proceedings in the Federal Case have been stayed pending a final determination of the issues in the State Case. The outcome of the case is undeterminable.

 

iii)Voip-Pal.com Inc. v Apple, Inc. (Case No. 2:16-CV-00260) & Verizon Wireless Services, LLC, Verizon Communications Inc., AT&T Corp. (Case No. 2:16- VC-00271) in the United States District Court, District of Nevada

 

In February 2016 the Company filed patent infringement lawsuits in the United States District Court, District of Nevada against Apple, Inc, (Case No. 2:16-CV-00260), Verizon Wireless Services, LLC, Verizon Communications Inc., and AT&T Corp. (Case No. 2:16- VC-00271). These cases are seeking a combined $7,024,377,876 in damages. On May 9, 2016, the lawsuits were officially served to these companies. The proceedings in these cases are currently stayed, by agreement with the parties thereto, pending the outcome of two Inter Partes Reviews (“IPRs”), as noted below. The outcome of each of these legal actions is undeterminable.

 

iv)Voip-Pal.com Inc. v Twitter, Inc. (Case No. 2:16-CV-02338) in the United States District Court, District of Nevada

 

During the year ended September 30, 2017, on October 6, 2016, the Company filed a lawsuit in the United States District Court, District of Nevada against Twitter, Inc, (Case No. 2:16- CV-02338) in which Voip-Pal.com alleges infringement of U.S. Patent No. 8,542,815 and its continuation patent, U.S. Patent No. 9,179,005, This case is seeking $2,699,256,418 in damages. On December 28, 2016, the lawsuit was officially served to Twitter, Inc. It is anticipated that this case will also be stayed pending the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office’s (“USPTO”) issuance of final written decisions in IPR proceedings concerning the patents-at-issue (see Inter Partes Reviews below). The outcome of this case is undeterminable.

 

Inter Partes Reviews

 

In additional legal actions related to Item iii above, two of the Company’s patents are currently subject to several Inter Partes Reviews (“IPR(s)”) before the PTAB. An IPR allows the PTAB to consider the validity of issued patents. There are no damages awarded, but a portion or all of a patent instituted for IPR may be invalidated as a result of the review.

 

During the six-month period ended March 31, 2018, eight IPRs were in process at the PTAB, filed against Patent No. 8,542,815 and No. 9,179,005, as follows:

 

Unified Patents Inc. (Petitioner) vs. Voip-Pal.com Inc. (Patent Owner) IPR2016-01082, reviewing Patent No. 8,542,815. On December 8, 2016, this petition was not instituted by the PTAB;

 

Apple, Inc. (Petitioner) vs. Voip-Pal.com Inc. (Patent Owner) IPR2016-01198, reviewing Patent No. 9,179,005 and Voip-Pal.com Inc. (Patent Owner) IPR2016-01201, reviewing Patent No. 8,542,815, both instituted for IPR on November 21, 2016;

 

22 

 

 

AT&T Inc. (Petitioner) filed IPR2017-01382 against Voip-Pal’s Patent No. 8,542,815, IPR2017-01383 against Voip-Pal’s Patent No. 9,179,005, and IPR2017-01384 against Voip-Pal’s Patent No. 9,179,005. Each of these six petitions were instituted for IPR by the PTAB on May 8, 2017; and

 

Apple Inc. (Petitioner) filed IPR2017-01399 against Voip-Pal’s Patent No. 8,542,815, and IPR2017-01398 against Voip-Pal’s Patent No. 9,179,005, which were also both instituted for IPR by the PTAB on May 8, 2017.

 

During the six-month period ended March 31, 2018, on November 21, 2017, the PTAB issued their Final Written Decisions on the seven active IPRs being adjudicated, denying all claims made by the Petitioners (Apple Inc, and AT&T Inc.) in all seven instituted IPRs, upholding the validity of the patents, which validity had been challenged by the Petitioners. Subsequent to the Final Written Decisions, the PTAB is considering a motion for sanctions against the Company brought by Apple, Inc. While there is no appeal allowed in IPR proceedings, Apple’s post-judgment motions seek invalidation of certain of the patents or a new trial in the alternative, as a sanction against the Company for alleged misconduct during the IPR proceedings. The outcome of the Petitioner’s motion is undeterminable.

 

Item 1A.Risk Factors.

 

As a smaller reporting company, we are not required to provide the information required by this Item.

 

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

 

The transactions described in this section were exempt from securities registration as provided by Section 4(a)(2) of the Securities Act for transactions not involving a public offering.

 

During the period ended March 31, 2018, the Company issued 86,937,500 common shares priced at between $0.02 and $0.06 per common share for services valued at $2,808,459.

 

During the period ended March 31, 2018, the Company issued 118,121,352 common shares priced at $0.02 per common share pursuant to the Anti-Dilution Clause for an aggregate value of $2,244,306.

 

During the period ended March 31, 2018, the Company issued 16,766,086 common shares priced between $0.015 and $0.06 per common share for cash proceeds of $1,001,465 from private placements of common shares; and 400,000 units at $0.0125 per unit for cash proceeds of $5,000, each unit consisting of one common share and one common share purchase warrant, each warrant allowing the holder to purchase one common share for $0.04 for a period of twelve months from the date of issuance; and 22,650,000 common shares at $0.04 per common share for cash proceeds of $914,000 on the exercise of 22,650,000 common share purchase warrants. These transactions were exempt from securities registration as provided by Regulation D of the Securities Act for sales within the United States and by Regulation S of the Securities Act for sales made outside of the United States.

 

Item 3.Defaults Upon Senior Securities.

 

None.

 

Item 4.Mine Safety Disclosures.

 

Not applicable.

 

Item 5.Other Information.

 

None.

 

23 

 

 

Item 6.Exhibits.

 

Exhibit Number   Description of Exhibits    
         
31.1   Rule 13a-14(a) Certification of CEO   Filed herewith
31.2   Rule 13a-14(a) Certification of CFO   Filed herewith
32.1   Section 1350 Certification   Filed herewith
101.INS       XBRL Instance Document
101.SCH       XBRL Taxonomy Extension Schema Document
101.CAL       XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF       XBRL Taxonomy Extension Definition Linkbase Document
101.LAB       XBRL Taxonomy Extension Label Linkbase Document
101.PRE       XBRL Taxonomy Extension Presentation Linkbase Document

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

DATED: May 10, 2018 By: /s/Emil Malak
  Emil Malak
  Chief Executive Officer
   
DATED: May 10, 2018 By: /s/D. Barry Lee
  D. Barry Lee
  Chief Financial Officer

 

24 
EX-31.1 2 ex31-1.htm CERTIFICATION
 

VoIP-Pal.com Inc. 10-Q

 

Exhibit 31.1

 

CERTIFICATION

PURSUANT TO SECTION 13a-14

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, Emil Malak, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of VoIP-Pal.com Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
   
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 

  (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of the financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;
     
  (c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 10, 2018

 

  /s/ Emil Malak
  Emil Malak
  Chief Executive Officer

 

25 
EX-31.2 3 ex31-2.htm CERTIFICATION
 

VoIP-Pal.com Inc. 10-Q

 

Exhibit 31.2

 

CERTIFICATION

 PURSUANT TO SECTION 13a-14

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, D. Barry Lee, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of VoIP-Pal.com Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
   
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 

  (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of the financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

 

  (c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 10, 2018

 

  /s/ D. Barry Lee
  D. Barry Lee
  Chief Financial Officer

 

26 
EX-32.1 4 ex32-1.htm CERTIFICATION
 

VoIP-Pal.com Inc. 10-Q

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. 1350

 

(As adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002)

 

For the Quarterly Report of VoIP-Pal.com Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2018 (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies that:   

 

(i)     the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

 

(ii)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report.

 

Date: May 10, 2018

 

  By: /s/Emil Malak
  Emil Malak
  Chief Executive Officer
 
  By: /s/D. Barry Lee
  D. Barry Lee
  Chief Financial Officer

 

27 
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Document and Entity Information - shares
6 Months Ended
Mar. 31, 2018
May 10, 2018
Document And Entity Information    
Entity Registrant Name Voip-pal.com Inc  
Entity Central Index Key 0001410738  
Document Type 10-Q  
Trading Symbol VPLM  
Document Period End Date Mar. 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Entity's Reporting Status Current Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   1,472,796,135
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2018  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
INTERIM CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
CURRENT    
Cash $ 2,642,693 $ 12,157
Subscription Receivables (Note 9) 50,000  
Legal retainer 100,000 100,000
Prepaid expense 12,000 12,000
Total Current Assets 2,804,693 124,157
NON-CURRENT    
Intellectual VoIP communications patent properties, net (Note 5) 986,650 1,055,750
TOTAL ASSETS 3,791,343 1,179,907
CURRENT    
Accounts payable and accrued liabilities 298,064 316,533
TOTAL LIABILITIES 298,064 316,533
STOCKHOLDERS' EQUITY    
SHARE CAPITAL (Note 9) 1,231,310 1,018,760
ADDITIONAL PAID-IN CAPITAL (Note 9) 43,222,820 33,028,389
SHARES TO BE ISSUED (Note 9)   1,063,041
DEFICIT (40,960,851) (34,246,816)
Total Equity 3,493,279 863,374
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,791,343 $ 1,179,907
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
EXPENSES        
Amortization $ 34,550 $ 34,548 $ 69,100 $ 69,095
Officers and Directors Fees (Note 6) 53,100 53,100 106,200 106,200
Legal fees (Note 6) 284,875 282,940 628,652 372,560
Office & general 98,452 134,755 187,657 179,717
Patent consulting fees 10,000 40,000 43,529 130,000
Professional fees & services (Note 6) 2,916,917 125,194 3,027,847 154,274
Stock-based compensation (Note 10) 2,651,050   2,651,050 117,090
Total expenses 6,048,944 670,537 6,714,035 1,128,936
NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD $ (6,048,944) $ (670,537) $ (6,714,035) $ (1,128,936)
Basic and diluted loss per common share (in dollars per share) $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted-average number of common shares outstanding:        
Basic and diluted (in shares) 1,337,628,236 1,082,812,451 1,251,634,056 1,074,164,201
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities    
Net loss for the period $ (6,714,035) $ (1,203,136)
Add items not affecting cash:    
Stock-based compensation 2,651,050 117,090
Shares issued for services and finder's fees 2,810,829 129,700
Amortization 69,100 69,095
Changes in non-cash working capital:    
Prepaid expense   71,250
Accounts payable (18,469) (59,335)
Subscriptions receivable (50,000)  
Cash Flows Used in Operating Activities (1,251,525) (875,336)
Cash Flows from Investing Activities    
Investment in Intangible assets  
Intellectual VoIP properties  
Cash Flows Used in Investing Activities  
Cash Flows from Financing Activities    
Proceeds from convertible debentures   72,500
Proceeds from private placement 2,936,060 772,000
Proceeds from warrant exercise 946,000  
Cash Flows Provided by Financing Activities 3,882,060 844,500
Decrease in cash 2,630,536 (30,836)
Cash, beginning of the period 12,157 121,115
Cash, end of the period $ 2,642,693 $ 90,279
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
Common Stock [Member]
Shares to be Issued [Member]
Additional Paid-In Capital [Member]
Deficit [Member]
Total
Beginning balance at Sep. 30, 2016 $ 933,108 $ 1,063,041 $ 30,882,963 $ (31,636,143) $ 1,242,969
Beginning balance (in shares) at Sep. 30, 2016 1,056,474,201        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Shares issued for private placement $ 73,067   1,516,943   1,590,010
Shares issued for private placement (in shares) 73,067,166        
Shares issued as finder's fees $ 4,337   (4,337)    
Shares issued as finder's fees (in shares) 4,336,667        
Shares issued for debt conversion $ 1,400   31,100   32,500
Shares issued for debt conversion (in shares) 1,400,000        
Shares issued for services $ 7,748   223,953   231,701
Shares issued for services (in shares) 7,747,500        
Shares cancelled on termination of services $ (900)   (44,100)   (45,000)
Shares cancelled on termination of services (in shares) (900,000)        
Shares to be issued for Anti-Dilution Clause (Notes 4 & 9) (in shares)        
Share purchase options granted (Note 10)     421,867   421,867
Net loss for the period       (2,610,673) (2,610,673)
Ending balance at Sep. 30, 2017 $ 1,018,760 1,063,041 33,028,389 (34,246,816) 863,374
Ending balance (in shares) at Sep. 30, 2017 1,142,125,534        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Shares issued for private placement $ 101,804   2,834,256   2,936,060
Shares issued for private placement (in shares) 101,803,749        
Shares issued for warrant exercise $ 23,650   922,350   946,000
Shares issued for warrant exercise (in shares) 23,650,000        
Shares issued for services $ 87,096 (1,063,041) 3,786,775   2,810,830
Shares issued for services (in shares) 87,095,500        
Shares to be issued for Anti-Dilution Clause (Notes 4 & 9) (in shares) 118,121,352        
Share purchase options granted (Note 10)     2,651,050   2,651,050
Net loss for the period       (6,714,035) (6,714,035)
Ending balance at Mar. 31, 2018 $ 1,231,310 $ 43,222,820 $ (40,960,851) $ 3,493,279
Ending balance (in shares) at Mar. 31, 2018 1,472,796,135        
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
NATURE AND CONTINUANCE OF OPERATIONS
6 Months Ended
Mar. 31, 2018
Nature And Continuance Of Operations  
NATURE AND CONTINUANCE OF OPERATIONS
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 10900 NE 4th Street, Suite 2300, Bellevue, Washington in the United States of America.

 

Since March 2004, the Company has been developing 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.

 

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

 

These 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, at March 31, 2018, had an accumulated deficit of $40,960,851 (September 30, 2017 - $34,246,816). 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 a going concern. Should the going concern assumption not continue to be appropriate, further adjustments to carrying values of assets and liabilities may be required. There can be no assurance that capital will be available as necessary to meet these continued developments and operating costs or, if the capital is available, that it will be on the terms acceptable to the Company. The issuances of additional stock by the Company may result in a significant dilution in the equity interests of its current shareholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company’s liabilities and future cash commitments. If the Company is unable to obtain financing in the amounts and on terms deemed acceptable, its business and future success may be adversely affected.

 

Additionally, as the Company’s stated objective is to monetize its patent suite through the licensing or sale of its intellectual property (“IP”), the Company being forced to litigate or to defend its IP claims through litigation casts substantial doubt on its future to continue as a going concern.  IP litigation is generally a costly process, and in the absence of revenue the Company must raise capital to continue its own defense and to validate its claims – in the event of a failure to defend its patent claims, either because of lack of funding, a court ruling against the Company or because of a protracted litigation process, there can be no assurance that the Company will be able to raise additional capital to pay for an appeals process or a lengthy trial.  The outcome of any litigation process may have a significant adverse effect on the Company’s ability to continue as a going concern.

XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION
6 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION
NOTE 2. BASIS OF PRESENTATION

 

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
NOTE 3. SIGNIFICANT ACCOUNTING POLICIES

 

Principles of Consolidation

 

These consolidated financial statements have been prepared on a consolidated basis and include the accounts of the Company and its wholly owned subsidiary Digifonica. All intercompany transactions and balances have been eliminated. As at March 31, 2018, Digifonica had no activities.

 

Use of Estimates

 

The preparation of these consolidated financial statements required management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Where estimates have been used financial results as determined by actual events could differ from those estimates.

 

Cash

 

Cash consists of cash on hand and monies held in checking and savings accounts. The Company had $2,642,693 and $12,157 in cash on March 31, 2018 and September 30, 2017, respectively.

 

Intangible Assets

 

Intangible assets, consisting of Intellectual VoIP communication patent properties are recorded at cost and amortized over the assets estimated life on a straight-line basis. Costs to renew or extend patents are capitalized. Management considers factors such as remaining life of the patents, technological usefulness and other factors in estimating the life of the assets.

 

The carrying value of intangible assets are reviewed for impairment by management of the Company at least annually or upon the occurrence of an event which may indicate that the carrying amount may be less than its fair value. If impaired, the Company will write-down such impairment. In addition, the useful life of the intangible assets will be evaluated by management at least annually or upon the occurrence of an event which may indicate that the useful life may have changed.

 

Fair Value of Financial Instruments

 

FASB ASC 820, Fair Value Measurement, defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

 

The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount.

 

Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income.

 

U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

 

Level 1: Quoted prices in active markets for identical assets and liabilities.

 

Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

The fair value of cash is classified as Level 1 at March 31, 2018 and September 30, 2017.

 

The Company classifies its financial instruments as follows: Cash is classified as held for trading, and is measured at fair value. Accounts payable and accrued expenses are classified as other financial liabilities, and have a fair value approximating their carrying value, due to their short-term nature.

 

Income Taxes

 

Deferred income taxes have been provided for temporary differences between financial statement and income tax reporting under the asset and liability method, using expected tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is provided when realization is not considered more likely than not.

 

The Company’s policy is to classify income tax assessments, if any, for interest expense and for penalties in general and administrative expenses. The Company’s income tax returns are subject to examination by the IRS and corresponding states, generally for three years after they are filed.

 

Loss per Common Share

 

Basic loss per share is calculated using the weighted-average number of common shares outstanding during each period. Diluted income per share includes potentially dilutive securities such as outstanding options and warrants outstanding during each period. To calculate diluted loss per share the Company uses the treasury stock method and the If-converted method.

 

For the six-month period ended March 31, 2018 and the year ended September 30, 2017 there were no potentially dilutive securities included in the calculation of weighted-average common shares outstanding.

 

Derivatives

 

We account for derivatives pursuant to ASC 815, Accounting for Derivative Instruments and Hedging Activities. All derivative instruments are recognized in the consolidated financial statements and measured at fair value regardless of the purpose or intent for holding them. We determine fair value of warrants and other option type instruments based on option pricing models. The changes in fair value of these instruments are recorded in income or expense.

 

Stock-based compensation

 

The Company recognizes compensation expense for all stock-based payments made to employees, directors and others based on the estimated fair values of its common stock on the date of issuance.

 

The Company determines the fair value of the share-based compensation payments granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either the date at which a commitment for performance to earn the equity instrument is reached or the date the performance is complete.

 

The Company recognizes compensation expense for stock awards with service conditions on a straight-line basis over the requisite service period, which is included in operations. Stock option expense is recognized over the option’s vesting period.

 

Concentrations of Credit Risk

 

The Company maintains cash at financial institutions, which at times, may be in excess of insured limits. The Company has not experienced any losses to date as a result of this policy and, in assessing its risk, the Company’s policy is to maintain cash only with reputable financial institutions.  As of March 31, 2018, the Company’s bank operating account balances exceeded the Federal Deposit Insurance Corporation Insurance Limit of $250,000 by $2,392,693.

 

Recent Accounting Pronouncements

 

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires companies to classify all deferred tax assets or liabilities as noncurrent on the balance sheet rather than separately disclosing deferred taxes as current and noncurrent. This standard is effective for the Company beginning on October 1, 2017 and can be applied either prospectively or retrospectively to all periods presented upon adoption. The standard did not have any impact on the Company’s financial statements.

 

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 was effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2017. The implementation of this update did not impact on the Company’s consolidated financial position, results of operations or cash flows or disclosure.

 

In February 2016 FASB issued ASU No. 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation, and disclosure of leases for both lessees and the lessors. The new standard requires the lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. The classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. When adopted, the Company does not expect this guidance to have a material impact on its consolidated financial statements.

 

In June 2016, the FASB issued ASU 2016-13 to replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss credit loss estimates. For trade and other receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available for sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The new standard will be effective for the Company beginning October 1, 2020, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to deficit as of the effective date. The Company is currently assessing the impact of the standard on its consolidated financial statements.

 

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230)”. ASU No. 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU No. 2016-15 was effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The guidance requires application using a retrospective transition method. The implementation of ASU No. 2016-15 did not impact on the Company’s consolidated financial position, results of operations or cash flows or disclosure.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
PURCHASE OF DIGIFONICA
6 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
PURCHASE OF DIGIFONICA

NOTE 4.        PURCHASE OF DIGIFONICA

 

The Company acquired Digifonica in December 2013. Pursuant to the terms in the Share Purchase Agreement (the “SPA”) the Company acquired 100% of Digifonica from the seller (the “Seller”) for a cash payment of $800,000 and 389,023,561 common shares of the Company. The assets acquired through the acquisition were VoIP-related patented technology, including patents for Lawful Intercept, routing, billing and rating, mobile gateway, advanced interoperability solutions, intercepting voice over IP communications, and uninterrupted transmission of internet protocol transmissions during endpoint changes.

 

The SPA included an anti-dilution clause (the “Anti-Dilution Clause”) that requires the Company to maintain the Seller’s percentage ownership of the Company at 40% by issuing the Seller a proportionate number of common shares of any future issuance of the Company’s common shares. Shares issued pursuant to the Anti-Dilution Clause are recorded as a share issuance cost within the Additional Paid-in Capital account (Notes 6 and 9).

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
INTANGIBLE ASSETS
6 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 5.        INTANGIBLE ASSETS

 

The Company acquired certain patents and technology from Digifonica in December 2013 (See Note 4). These assets have been recorded in the financial statements as intangible assets. These assets are being amortized over twelve (12) years on a straight-line basis. A summary of intangible assets as of March 31, 2018 and September 30, 2017 is as follows:

 

    March 31,  2018     September 30,  2017  
VoIP Intellectual property and patents   $ 1,552,416     $ 1,552,416  
Accumulated amortization     (565,766 )     (496,666 )
Net book value   $ 986,650     $ 1,055,750  

 

There were no disposals of any intangible assets in the periods presented.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS
6 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 6.        RELATED PARTY TRANSACTIONS

 

The Company compensates certain of its key management personnel to operate its business in the normal course. Key management includes the Company’s executive officers and members of its Board of Directors.

 

Compensation paid or accrued to key management during the period ended March 31, 2018 includes:

 

   

March 31, 

2018 

    March 31, 
2017
 
Management fees paid or accrued to the CEO   $ 22,500     $ 22,500  
Management fees paid or accrued to the CFO     21,600       21,600  
Management fees paid or accrued to the President     9,000       9,000  
Directors’ fees     Nil       14,900  
    $ 53,100     $ 68,000  

 

At March 31, 2018 included in accounts payable and accrued liabilities is $227,200 (September 30, 2017 - $186,700) owed to current officers and directors. Amounts due to/from related parties are non-interest bearing, unsecured and have no fixed terms of repayment unless otherwise noted.

 

As at March 31, 2018, included in shares to be issued is $Nil (September 30, 2017 - $902,000) for unpaid Officer and Director fees and $Nil (September 30, 2017 - $80,000) for professional fees & services paid to a director for consulting services provided. Additionally, $3,737,558 (September 30, 2017 - $994,548) was accrued as a share issue cost in the period to the Seller of Digifonica for the Anti-Dilution Clause (Notes 4 and 9).

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUPPLEMENTAL CASH FLOW INFORMATION
6 Months Ended
Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION

NOTE 7.        SUPPLEMENTAL CASH FLOW INFORMATION

 

During the six-month period ended March 31, 2018, the Company paid $nil (September 30, 2017 - $nil) in interest or income taxes.

 

During the six-month period ended March 31, 2018 the Company re-classified $1,063,041 from Shares to be issued into Additional paid-in capital upon issuance of shares (2017 - $nil).

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONVERTIBLE DEBENTURES
6 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
CONVERTIBLE DEBENTURES

NOTE 8.        CONVERTIBLE DEBENTURES

 

The Company from time-to-time issues convertible debentures that are due on demand. The convertible debentures are convertible at fixed conversion rates and typically carry no interest. See Note 9 for details of common shares issued during the period from the conversion of convertible debentures.

 

As at March 31, 2018 there are $nil (September 30, 2017 - $nil) in convertible debentures issued and outstanding.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE CAPITAL
6 Months Ended
Mar. 31, 2018
Equity [Abstract]  
SHARE CAPITAL

NOTE 9.        SHARE CAPITAL

 

Capital Stock Authorized and Issued:

 

  2,000,000,000 common voting shares authorized with a par value of $0.001 each, of which 1,472,796,135 (September 30, 2017 – 1,142,125,534) shares are issued.
 
  1,000,000 convertible preferred shares authorized with a par value of $0.01 each, of which nil (2016 – nil) shares are issued.

 

During the six-month period ended March 31, 2018, the board of directors of the Company authorized the increase of the Company’s capital stock to 2,000,000,000 (September 30, 2017 – 1,300,000) common voting shares with a par value of $0.001 per share.

 

Issues during the six-month period ended March 31, 2018

 

During the six-month period ended March 31, 2018, the Company issued:

 

  95,497,749 common shares issued at between $0.015 and $0.06 per common share for cash proceeds of $2,837,940 from private placements of common shares;

 

  6,306,000 units at between $0.0125 and $0.02 per unit for cash proceeds of $98,120. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant allows the holder to purchase one common share for $0.04 for a period of twelve months from the date of issuance;

 

  23,650,000 common shares at $0.04 per common share for gross cash proceeds of $946,000 on the exercise of 23,650,000 common share purchase warrants;

 

  87,095,500 common shares priced at between $0.02 and $0.06 per common share for services valued at $2,810,830; and

 

  118,121,352 common shares priced at $0.02 per common share pursuant to the Anti-Dilution Clause for an aggregate value of $2,362,427.

 

Issues during the year ended September 30, 2017

 

During the year ended September 30, 2017, the Company issued 73,067,166 common shares priced between $0.02 and $0.03 per common share for cash proceeds of $1,590,010 from private placements, as follows:

 

  11,566,666 common shares issued at between $0.02 and $0.03 per common share for cash proceeds of $340,000 from a private placement of common shares;

 

  61,500,500 units at between $0.02 and $0.025 per unit for cash proceeds of $1,250,010. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant allows the holder to purchase one common share for $0.04 or $0.05 for a period of twelve months from the date of issuance; and

 

During the year ended September 30, 2017, the Company issued:

 

  7,747,500 common shares priced between $0.025 and $0.05 per common share for services valued at $231,701;

 

  4,336,667 common shares priced at $0.02 and $0.03 per common share as share issuance fees valued at $100,200; and
 
  1,400,000 common shares priced between $0.025 and $0.03 per share to convert $32,500 of convertible debentures.

 

During the year ended September 30, 2017, 900,000 common shares priced at $0.05 per common share were cancelled. The shares had been issued as an advance payment for the provision of services under a contract which was terminated prior to fulfillment.

 

Subsequent Issues

 

Subsequent to the six-month period ended March 31, 2018, the Company:

 

  issued 5,100,000 shares of its common stock at a price of $0.04 per common share on the exercise of common share purchase warrants for gross proceeds of $204,000; and

 

  issued 250,000 shares of its common stock at a price of $0.03 per common share in payment of consulting services valued at $7,500.

 

Shares to be Issued

 

As at March 31, 2018, there are $Nil (September 30, 2017 – 23,353,846) common shares to be issued that are accrued for professional services provided to the Company valued at $Nil (September 30, 2017 – $1,058,320), of which $Nil (September 30, 2017 – 21,281,903) are accrued to management and related parties.

 

As at March 31, 2018, there are 32,125,001 (September 30, 2017 – 57,826,653) common shares to be issued that are accrued to the seller of Digifonica pursuant to the Anti-Dilution Clause (see Notes 4 and 6), valued at $3,737,558 (September 30, 2017 - $1,937,193).

 

Warrants

 

During the year ended September 30, 2017, the Company issued 61,500,500 common share purchase warrants to purchase 61,500,500 common shares in the capital stock of the Company at a price of $0.04 or $0.05 per common share for a period of twelve months from date of issue in private placements of units.

 

During the six-month period ended March 31, 2018, the Company issued 6,306,000 common share purchase warrants to purchase 6,306,000 common shares in the capital stock of the Company at a price of $0.04 per common share for a period of twelve months from date of issue in private placements of units.

 

The following table summarizes the Company’s share purchase warrant transactions:

 

   

Number of

 warrants 

    Weighted average
exercise price
 
Balance September 31, 2016     Nil     $ N/A  
Issued in unit private placement     61,500,500       0.04  
Exercised     Nil                   N/A  
Expired     Nil                 N/A  
Balance September 31, 2017     61,500,500       0.04  
Issued in unit private placement     6,306,000       0.04  
Exercised     (23,650,000 )     0.04  
Expired     (5,000,000 )     0.04  
Balance March 31, 2018     39,156,500     $ 0.04  

 

The following table summarizes the share purchase warrants outstanding at March 31, 2018:

 

Warrants Outstanding     Weighted Average Exercise Price     Weighted Average Remaining Contractual Life  
  39,156,500     $ 0.04       0.35 years  

 

As at March 31, 2018, the Company has 39,156,500 (September 30, 2017 – 61,500,500) common share purchase warrants outstanding to purchase 39,156,500 common shares at a weighted average price of $0.04 per share expiring on dates ranging from April through December 2018.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION
6 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION

NOTE 10.           STOCK-BASED COMPENSATION

 

Stock Option Plan

 

In order to provide incentive to directors, officers, management, employees, consultants and others who provide services to the Company or any subsidiary (the “Service Providers”) to act in the best interests of the Company, and to retain such Service Providers, the Company has in place an incentive Stock Option Plan (the “Plan”) whereby the Company is authorized to issue up to 10% of its issued and outstanding share capital in options to purchase common shares of the Company. The maximum term of options granted under the Plan cannot exceed ten years, with vesting terms determined at the discretion of the Board of Directors.

 

During the six-month period ended March 31, 2018, the Company granted 18,500,000 options to purchase 18,500,000 common shares at an exercise price of $0.18 per common share under the plan. 14,500,000 of the options granted during the six-month period ended March 31, 2018 are vested and exercisable as at March 31, 2018.

 

The following table summarizes the Company’s stock option transactions:

 

    Number of
options
  

Weighted average
exercise price

 
 Balance September 30, 2016    28,000,000   $0.060 
 Granted    11,850,000    0.053 
 Balance September 30, 2017    39,850,000   $0.058 
 Granted    18,500,000    0.180 
 Balance March 31, 2018     58,350,000   $0.10 

 

The following table summarizes the stock options outstanding at March 31, 2018:

 

Options Outstanding   Exercise Price   Remaining Contractual Life (Yrs)   Number of Options Currently Exercisable 
 14,000,000   $0.06    3.48    14,000,000 
 14,000,000    0.06    3.69    14,000,000 
 3,450,000    0.06    3.82    3,450,000 
 8,400,000    0.05    4.30    8,400,000 
 18,500,000    0.18    4.92    14,500,000 
 58,350,000   $0.10    3.95    54,350,000 

 

The following assumptions were used for the Black-Scholes valuation of stock options granted during the year ended March 18, 2018: risk-free rate of 1.62% (2017 – 1.25%), expected life of 5 years (2017 – 5 years), annualized historical volatility of 117.6% (2017 - 112.0%) and a dividend rate of 0% (2017 – 0%). Expected volatilities are based on historical volatility of the Company’s stock and other factors. The compensation cost that has been charged against income from options vested under the Plan was $2,651,050 ($0.14 per share) for the six-month period ended March 31, 2018.

 

The weighted-average grant-date fair value of options granted during the six-month period ended March 31, 2018 was $0.14 (2017 - $0.04). The total intrinsic value of options exercisable during the six-month period ended March 31, 2018 was $1,538,525 (2017 - $nil).

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENTED INFORMATION
6 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
SEGMENTED INFORMATION

NOTE 11.           SEGMENTED INFORMATION

 

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.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONTINGENT LIABILITIES
6 Months Ended
Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENT LIABILITIES

NOTE 12.           CONTINGENT LIABILITIES

 

Litigation

 

The Company is party to pending litigation cases as follows:

 

  i) Locksmith Financial Corporation, Inc. et al. v Voip-Pal.com Inc. (Case No A-15-717491-C) filed in Clark County District Court (the “State Case”)

 

On March 24, 2014, the Company resolved to freeze 95,832,000 common shares that were issued to a company controlled by a former director (the “defendant”) in fiscal 2013 and accounted for at a cost of $1,443,000. The Company resolved to freeze the common shares as the Company believes that the shares were issued as settlement of a line of credit that the Company believes to have been legally unsupported. The defendant alleges that the freeze and the Company’s actions constituted fraud and a breach of securities laws. The Company denies any wrongdoing. Currently the State Case is entering the discovery phase of litigation and the outcome is undeterminable.

 

  ii) Voip-Pal.com Inc. v Richard Kipping, et al. (Case No. 2:15-cv-01258-JAD-VCF) filed in United States District Court (the “Federal Case”)

 

On July 2, 2015, the Company filed a case against a former director, a shareholder and the company controlled by a former director. The Company alleges that the common shares issued in the State Case and an additional 7,200,000 common shares were fraudulently obtained and that the shares have been unlawfully transferred to other entities. The proceedings in the Federal Case have been stayed pending a final determination of the issues in the State Case. The outcome of the case is undeterminable.

 

  iii) Voip-Pal.com Inc. v Apple, Inc. (Case No. 2:16-CV-00260) & Verizon Wireless Services, LLC, Verizon Communications Inc., AT&T Corp. (Case No. 2:16- VC-00271) in the United States District Court, District of Nevada

 

In February 2016 the Company filed patent infringement lawsuits in the United States District Court, District of Nevada against Apple, Inc, (Case No. 2:16-CV-00260), Verizon Wireless Services, LLC, Verizon Communications Inc., and AT&T Corp. (Case No. 2:16- VC-00271). These cases are seeking a combined $7,024,377,876 in damages. On May 9, 2016, the lawsuits were officially served to these companies. The proceedings in these cases are currently stayed, by agreement with the parties thereto, pending the outcome of two Inter Partes Reviews (“IPRs”), as noted below. The outcome of each of these legal actions is undeterminable.

 

  iv) Voip-Pal.com Inc. v Twitter, Inc. (Case No. 2:16-CV-02338) in the United States District Court, District of Nevada

 

During the year ended September 30, 2017, on October 6, 2016, the Company filed a lawsuit in the United States District Court, District of Nevada against Twitter, Inc, (Case No. 2:16- CV-02338) in which Voip-Pal.com alleges infringement of U.S. Patent No. 8,542,815 and its continuation patent, U.S. Patent No. 9,179,005, This case is seeking $2,699,256,418 in damages. On December 28, 2016, the lawsuit was officially served to Twitter, Inc. It is anticipated that this case will also be stayed pending the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office’s (“USPTO”) issuance of final written decisions in IPR proceedings concerning the patents-at-issue (see Inter Partes Reviews below). The outcome of this case is undeterminable.

 

Inter Partes Reviews

 

In additional legal actions related to Item iii above, two of the Company’s patents are currently subject to several Inter Partes Reviews (“IPR(s)”) before the PTAB. An IPR allows the PTAB to consider the validity of issued patents. There are no damages awarded, but a portion or all of a patent instituted for IPR may be invalidated as a result of the review.

 

During the six-month period ended March 31, 2018, eight IPRs were in process at the PTAB, filed against Patent No. 8,542,815 and No. 9,179,005, as follows:

 

  Unified Patents Inc. (Petitioner) vs. Voip-Pal.com Inc. (Patent Owner) IPR2016-01082, reviewing Patent No. 8,542,815. On December 8, 2016, this petition was not instituted by the PTAB;

 

  Apple, Inc. (Petitioner) vs. Voip-Pal.com Inc. (Patent Owner) IPR2016-01198, reviewing Patent No. 9,179,005 and Voip-Pal.com Inc. (Patent Owner) IPR2016-01201, reviewing Patent No. 8,542,815, both instituted for IPR on November 21, 2016;

 

  AT&T Inc. (Petitioner) filed IPR2017-01382 against Voip-Pal’s Patent No. 8,542,815, IPR2017-01383 against Voip-Pal’s Patent No. 9,179,005, and IPR2017-01384 against Voip-Pal’s Patent No. 9,179,005. Each of these six petitions were instituted for IPR by the PTAB on May 8, 2017; and

 

  Apple Inc. (Petitioner) filed IPR2017-01399 against Voip-Pal’s Patent No. 8,542,815, and IPR2017-01398 against Voip-Pal’s Patent No. 9,179,005, which were also both instituted for IPR by the PTAB on May 8, 2017.

 

During the six-month period ended March 31, 2018, on November 21, 2017, the PTAB issued their Final Written Decisions on the seven active IPRs being adjudicated, denying all claims made by the Petitioners (Apple Inc, and AT&T Inc.) in all seven instituted IPRs, upholding the validity of the patents, which validity had been challenged by the Petitioners. Subsequent to the Final Written Decisions, the PTAB is considering a motion for sanctions against the Company brought by Apple, Inc. While there is no appeal allowed in IPR proceedings, Apple’s post-judgment motions seek invalidation of certain of the patents or a new trial in the alternative, as a sanction against the Company for alleged misconduct during the IPR proceedings. The outcome of the Petitioner’s motion is undeterminable

 

Performance Bonus Payable

 

In 2016, the board of directors authorized the Company to provide a performance bonus of up to 3% of the capital stock of the Company (the “Performance Bonus”) by way of the issuance of Common shares from its treasury to an as yet undetermined group of related and non-related parties upon the successful completion of a purchase and sale of the Company or a major licensing transaction, defined as a bonusable event. In order to provide maximum flexibility to the Company with respect to determining what constitutes such a bonusable event, the level of Performance Bonus payable, and who may qualify to receive a pro-rata share of such a Performance Bonus, the Company authorized full discretion to the Board in making such determinations.

 

During the six-month period ended March 31, 2018, the board of directors authorized the increase of the Performance Bonus to up to 10% of the capital stock of the Company.

 

As at March 31, 2018 and the date of this report, no bonusable event has occurred and there is as yet no Performance Bonus payable.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

 

These consolidated financial statements have been prepared on a consolidated basis and include the accounts of the Company and its wholly owned subsidiary Digifonica. All intercompany transactions and balances have been eliminated. As at March 31, 2018, Digifonica had no activities.

Use of Estimates

Use of Estimates

 

The preparation of these consolidated financial statements required management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Where estimates have been used financial results as determined by actual events could differ from those estimates.

Cash

Cash

 

Cash consists of cash on hand and monies held in checking and savings accounts. The Company had $2,642,693 and $12,157 in cash on March 31, 2018 and September 30, 2017, respectively.

Intangible Assets

Intangible Assets

 

Intangible assets, consisting of Intellectual VoIP communication patent properties are recorded at cost and amortized over the assets estimated life on a straight-line basis. Costs to renew or extend patents are capitalized. Management considers factors such as remaining life of the patents, technological usefulness and other factors in estimating the life of the assets.

 

The carrying value of intangible assets are reviewed for impairment by management of the Company at least annually or upon the occurrence of an event which may indicate that the carrying amount may be less than its fair value. If impaired, the Company will write-down such impairment. In addition, the useful life of the intangible assets will be evaluated by management at least annually or upon the occurrence of an event which may indicate that the useful life may have changed.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

FASB ASC 820, Fair Value Measurement, defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

 

The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount.

 

Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income.

 

U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

 

Level 1: Quoted prices in active markets for identical assets and liabilities.

 

Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

The fair value of cash is classified as Level 1 at March 31, 2018 and September 30, 2017.

 

The Company classifies its financial instruments as follows: Cash is classified as held for trading, and is measured at fair value. Accounts payable and accrued expenses are classified as other financial liabilities, and have a fair value approximating their carrying value, due to their short-term nature.

Income Taxes

Income Taxes

 

Deferred income taxes have been provided for temporary differences between financial statement and income tax reporting under the asset and liability method, using expected tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is provided when realization is not considered more likely than not.

 

The Company’s policy is to classify income tax assessments, if any, for interest expense and for penalties in general and administrative expenses. The Company’s income tax returns are subject to examination by the IRS and corresponding states, generally for three years after they are filed.

Loss per Common Share

Loss per Common Share

 

Basic loss per share is calculated using the weighted-average number of common shares outstanding during each period. Diluted income per share includes potentially dilutive securities such as outstanding options and warrants outstanding during each period. To calculate diluted loss per share the Company uses the treasury stock method and the If-converted method.

 

For the six-month period ended March 31, 2018 and the year ended September 30, 2017 there were no potentially dilutive securities included in the calculation of weighted-average common shares outstanding.

Derivatives

Derivatives

 

We account for derivatives pursuant to ASC 815, Accounting for Derivative Instruments and Hedging Activities. All derivative instruments are recognized in the consolidated financial statements and measured at fair value regardless of the purpose or intent for holding them. We determine fair value of warrants and other option type instruments based on option pricing models. The changes in fair value of these instruments are recorded in income or expense.

Stock based compensation

Stock-based compensation

 

The Company recognizes compensation expense for all stock-based payments made to employees, directors and others based on the estimated fair values of its common stock on the date of issuance.

 

The Company determines the fair value of the share-based compensation payments granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either the date at which a commitment for performance to earn the equity instrument is reached or the date the performance is complete.

 

The Company recognizes compensation expense for stock awards with service conditions on a straight-line basis over the requisite service period, which is included in operations. Stock option expense is recognized over the option’s vesting period.

Concentrations of Credit Risk

Concentrations of Credit Risk

 

The Company maintains cash at financial institutions, which at times, may be in excess of insured limits. The Company has not experienced any losses to date as a result of this policy and, in assessing its risk, the Company’s policy is to maintain cash only with reputable financial institutions. As of March 31, 2018, the Company’s bank operating account balances exceeded the Federal Deposit Insurance Corporation Insurance Limit of $250,000 by $2,392,693.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires companies to classify all deferred tax assets or liabilities as noncurrent on the balance sheet rather than separately disclosing deferred taxes as current and noncurrent. This standard is effective for the Company beginning on October 1, 2017 and can be applied either prospectively or retrospectively to all periods presented upon adoption. The standard did not have any impact on the Company’s financial statements.

 

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 was effective for annual reporting periods and interim reporting periods within those annual reporting periods, beginning after December 15, 2017. The implementation of this update did not impact on the Company’s consolidated financial position, results of operations or cash flows or disclosure.

 

In February 2016 FASB issued ASU No. 2016-02, Leases (Topic 842) which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation, and disclosure of leases for both lessees and the lessors. The new standard requires the lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. The classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. When adopted, the Company does not expect this guidance to have a material impact on its consolidated financial statements.

 

In June 2016, the FASB issued ASU 2016-13 to replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss credit loss estimates. For trade and other receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available for sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. The new standard will be effective for the Company beginning October 1, 2020, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to deficit as of the effective date. The Company is currently assessing the impact of the standard on its consolidated financial statements.

 

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230)”. ASU No. 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU No. 2016-15 was effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The guidance requires application using a retrospective transition method. The implementation of ASU No. 2016-15 did not impact on the Company’s consolidated financial position, results of operations or cash flows or disclosure.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
INTANGIBLE ASSETS (Tables)
6 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets

A summary of intangible assets as of March 31, 2018 and September 30, 2017 is as follows:

 

    March 31,  2018     September 30,  2017  
VoIP Intellectual property and patents   $ 1,552,416     $ 1,552,416  
Accumulated amortization     (565,766 )     (496,666 )
Net book value   $ 986,650     $ 1,055,750  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS (Tables)
6 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
Schedule of compensation of key management

Compensation paid or accrued to key management during the period ended March 31, 2018 includes:

 

   

March 31, 

2018 

    March 31, 
2017
 
Management fees paid or accrued to the CEO   $ 22,500     $ 22,500  
Management fees paid or accrued to the CFO     21,600       21,600  
Management fees paid or accrued to the President     9,000       9,000  
Directors’ fees     Nil       14,900  
    $ 53,100     $ 68,000  
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE CAPITAL (Tables)
6 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Schedule of share purchase warrant

The following table summarizes the Company’s share purchase warrant transactions:

 

   

Number of

 warrants 

    Weighted average
exercise price
 
Balance September 31, 2016     Nil     $ N/A  
Issued in unit private placement     61,500,500       0.04  
Exercised     Nil                   N/A  
Expired     Nil                 N/A  
Balance September 31, 2017     61,500,500       0.04  
Issued in unit private placement     6,306,000       0.04  
Exercised     (23,650,000 )     0.04  
Expired     (5,000,000 )     0.04  
Balance March 31, 2018     39,156,500     $ 0.04  
Schedule of purchase warrants outstanding

The following table summarizes the share purchase warrants outstanding at March 31, 2018:

 

Warrants Outstanding     Weighted Average Exercise Price     Weighted Average Remaining Contractual Life  
  39,156,500     $ 0.04       0.35 years  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock option transactions

The following table summarizes the Company’s stock option transactions:

 

      Number of
options
    Weighted average
exercise price
 
  Balance September 30, 2016       28,000,000     $ 0.060  
  Granted       11,850,000       0.053  
  Balance September 30, 2017       39,850,000     $ 0.058  
  Granted       18,500,000       0.180  
  Balance March 31, 2018       58,350,000     $ 0.058  
Schedule of stock options outstanding

The following table summarizes the stock options outstanding at March 31, 2018:

 

Options Outstanding     Exercise Price     Remaining Contractual Life (Yrs)     Number of Options Currently Exercisable  
  14,000,000     $ 0.06       3.48       14,000,000  
  14,000,000       0.06       3.69       14,000,000  
  3,450,000       0.06       3.82       3,450,000  
  8,400,000       0.05       4.30       8,400,000  
  18,500,000       0.18       4.92       14,500,000  
  58,350,000     $ 0.058       3.76       54,350,000  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
Nature And Continuance Of Operations    
Accumulated deficit $ (40,960,851) $ (34,246,816)
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
6 Months Ended
Mar. 31, 2018
Sep. 30, 2017
Mar. 31, 2017
Sep. 30, 2016
Accounting Policies [Abstract]        
Cash $ 2,642,693 $ 12,157 $ 90,279 $ 121,115
FDIC insurance amount 250,000      
FDIC insurance amount increase (decrease) $ 2,392,693      
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
PURCHASE OF DIGIFONICA (Details Narrative) - Digifonica [Member]
Dec. 31, 2013
USD ($)
shares
Ownership percentage 100.00%
Cash payment for acquisition | $ $ 800,000
Number of shares acquired in acquisition | shares 389,023,561
Anti-Dilution clause, percentage to be retained by seller 40.00%
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
INTANGIBLE ASSETS (Details) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]    
VoIP Intellectual property and patents $ 1,552,416 $ 1,552,416
Accumulated amortization (565,766) (496,666)
Net book value $ 986,650 $ 1,055,750
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
INTANGIBLE ASSETS (Details Narrative)
6 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Useful life of intangible assets 12 years
Amortization method for intangible assets

Straight line basis.

XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Officers and directors fees $ 53,100 $ 53,100 $ 106,200 $ 106,200
Mr. Emil Malak [Member]        
Officers and directors fees     22,500 22,500
D. Barry Lee [Member]        
Officers and directors fees     21,600 21,600
Mr. Dennis Chang [Member]        
Officers and directors fees     9,000 9,000
Director [Member]        
Officers and directors fees     0 14,900
Officers and Directors [Member]        
Officers and directors fees     $ 53,100 $ 68,000
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
Due to officers and directors $ 227,200 $ 186,700
SHARES TO BE ISSUED (Note 9)   1,063,041
Shares to be Issued [Member] | Officers and Directors [Member]    
SHARES TO BE ISSUED (Note 9)   902,000
Shares to be Issued [Member] | Director [Member]    
SHARES TO BE ISSUED (Note 9) 80,000 80,000
Shares to be Issued [Member] | Digifonica [Member]    
SHARES TO BE ISSUED (Note 9) $ 3,737,558 $ 994,548
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($)
6 Months Ended 12 Months Ended
Mar. 31, 2018
Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]    
Interest paid $ 0 $ 0
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONVERTIBLE DEBENTURES (Details Narrative) - shares
Mar. 31, 2018
Sep. 30, 2017
Debt Disclosure [Abstract]    
Convertible debentures issued 0 0
Convertible debentures outstanding 0 0
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE CAPITAL (Details) - $ / shares
6 Months Ended 12 Months Ended
Mar. 31, 2018
Sep. 30, 2017
Number of warrants    
Beginning Balance 61,500,500
Issued in unit private placement 6,306,000 61,500,500
Exercised (23,650,000)  
Expired (5,000,000)  
Ending Balance 39,156,500 61,500,500
Weighted average exercise price    
Beginning Balance $ 0.04  
Issued in unit private placement 0.04 $ 0.04
Exercised 0.04  
Expired 0.04  
Ending Balance $ 0.04 $ 0.04
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE CAPITAL (Details 1) - $ / shares
6 Months Ended
Mar. 31, 2018
Sep. 30, 2017
Sep. 30, 2016
Equity [Abstract]      
Warrants outstanding 39,156,500 61,500,500
Weighted average exercise price $ 0.04 $ 0.04  
Weighted average remaining contractual life 4 months 6 days    
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE CAPITAL (Details Narrative) - USD ($)
6 Months Ended 12 Months Ended
Apr. 02, 2018
Mar. 31, 2018
Mar. 31, 2017
Sep. 30, 2017
Common stock, authorized shares   2,000,000,000   1,300,000,000
Common stock, issued shares   1,472,796,135   1,142,125,534
Common stock, par value (in dollars per share)   $ 0.001   $ 0.001
Preferred stock, authorized shares   1,000,000   1,000,000
Preferred stock, par value (in dollars per share)   $ 0.01   $ 0.01
Proceeds from convertible debentures     $ 72,500  
Warrant exercise price   $ 0.04   $ 0.04
Shares issued for services and consulting fees   $ 2,810,829 129,700  
Proceeds from private placement   2,936,060 $ 772,000  
Proceeds from shares issued upon exercised   $ 946,000    
Private Placement [Member]        
Shares issued in a private placement, shares   95,497,749   11,566,666
Proceeds from private placement   $ 2,837,940   $ 340,000
Private Placement #3 [Member]        
Shares issued in a private placement, shares       4,336,667
Proceeds from private placement       $ 100,200
Private Placement #2 [Member]        
Shares issued in a private placement, shares   6,306,000   61,500,500
Proceeds from private placement   $ 98,120   $ 1,250,010
Minimum [Member]        
Number of shares issued upon exercised   0.04    
Minimum [Member] | Private Placement [Member]        
Share price (in dollars per share)   $ 0.015   $ 0.02
Minimum [Member] | Private Placement #3 [Member]        
Share price (in dollars per share)       0.02
Minimum [Member] | Private Placement #2 [Member]        
Share price (in dollars per share)   0.0125   0.02
Warrant exercise price   0.04   0.04
Maximum [Member] | Private Placement [Member]        
Share price (in dollars per share)   0.06   0.03
Maximum [Member] | Private Placement #3 [Member]        
Share price (in dollars per share)       0.03
Maximum [Member] | Private Placement #2 [Member]        
Share price (in dollars per share)   0.02   0.025
Warrant exercise price   1   $ 0.05
Warrant - common share purchase (shares)       1
Warrant [Member]        
Share price (in dollars per share)   $ 0.04    
Number of shares issued upon exercised   23,650,000    
Number of warrant exercised   23,650,000    
Proceeds from shares issued upon exercised   $ 946,000    
Common Stock Par Value [Member]        
Proceeds from convertible debentures       $ 32,500
Common shares issued for debt conversion, shares       1,400,000
Share price (in dollars per share)   $ 0.02    
Shares issued for services and consulting fees       $ 231,701
Common shares issued for services, shares       7,747,500
Shares issued in a private placement, shares       73,067,166
Proceeds from private placement       $ 1,590,010
Number of shares cancelled, shares       (900,000)
Number of shares issued upon anti-dilution clause   118,121,352    
Value of shares issued upon anti-dilution clause   $ 2,362,427    
Common Stock Par Value [Member] | Minimum [Member]        
Debt conversion, price per share       $ 0.02
Issued for services, price per share       0.025
Common Stock Par Value [Member] | Maximum [Member]        
Debt conversion, price per share       0.03
Issued for services, price per share       $ 0.05
Subsequent Event [Member]        
Share price (in dollars per share) $ 0.03      
Shares issued for services and consulting fees $ 7,500      
Common shares issued for services, shares 250,000      
Issued for services, price per share $ 0.03      
Subsequent Event [Member] | Warrant [Member]        
Share price (in dollars per share) $ 0.04      
Number of shares issued upon exercised 5,100,000      
Proceeds from shares issued upon exercised $ 204,000      
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHARE CAPITAL (Details Narrative 1) - USD ($)
6 Months Ended 12 Months Ended
Mar. 31, 2018
Sep. 30, 2017
Sep. 30, 2016
SHARES TO BE ISSUED (Note 9)   $ 1,063,041  
Issuance of warrants (shares) 6,306,000 61,500,500  
Warrant exercise price $ 0.04 $ 0.04  
Warrants outstanding 39,156,500 61,500,500
Weighted average exercise price (per share) $ 0.04    
Minimum [Member]      
Warrants to purchase common stock (shares) 0.04    
Private Placement #2 [Member]      
Shares issued in a private placement, shares 6,306,000 61,500,500  
Private Placement #2 [Member] | Minimum [Member]      
Warrant exercise price $ 0.04 $ 0.04  
Private Placement #2 [Member] | Maximum [Member]      
Warrant exercise price $ 1 $ 0.05  
Shares to be Issued [Member] | Digifonica [Member]      
SHARES TO BE ISSUED (Note 9) $ 3,737,558 $ 994,548  
Shares to be issued (shares) 32,125,001 57,826,653  
Shares to be Issued [Member] | Management [Member]      
Shares to be issued (shares)   21,281,903  
Shares to be Issued [Member] | Accrued Professional Fees [Member]      
SHARES TO BE ISSUED (Note 9)   $ 1,058,320  
Shares to be issued (shares)   23,353,846  
Shares to be Issued [Member] | Cash Received in Advance [Member]      
SHARES TO BE ISSUED (Note 9) $ 4,721 $ 4,721  
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION (Details) - $ / shares
6 Months Ended 12 Months Ended
Mar. 31, 2018
Sep. 30, 2017
Options, Outstanding [Roll Forward]    
Balance at beginning 39,850,000 28,000,000
Granted 18,500,000 11,850,000
Balance at end 58,350,000 39,850,000
Options, Outstanding, Weighted Average Exercise Price [Roll Forward]    
Balance at beginning $ 0.058 $ 0.060
Granted 0.180 0.053
Balance at end $ 0.10 $ 0.058
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION (Details 1)
6 Months Ended
Mar. 31, 2018
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options Outstanding 58,350,000
Exercise Price | $ / shares $ 0.10
Remaining Contractual Life (Yrs) 3 years 11 months 12 days
Number of Options Currently Exercisable 54,350,000
Options 1 Outstanding [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options Outstanding 14,000,000
Exercise Price | $ / shares $ 0.06
Remaining Contractual Life (Yrs) 3 years 5 months 23 days
Number of Options Currently Exercisable 14,000,000
Options 2 Outstanding [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options Outstanding 14,000,000
Exercise Price | $ / shares $ 0.06
Remaining Contractual Life (Yrs) 3 years 8 months 5 days
Number of Options Currently Exercisable 14,000,000
Options 3 Outstanding [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options Outstanding 3,450,000
Exercise Price | $ / shares $ 0.06
Remaining Contractual Life (Yrs) 3 years 9 months 25 days
Number of Options Currently Exercisable 3,450,000
Options 4 Outstanding [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options Outstanding 8,400,000
Exercise Price | $ / shares $ 0.05
Remaining Contractual Life (Yrs) 4 years 3 months 18 days
Number of Options Currently Exercisable 8,400,000
Options 5 Outstanding [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options Outstanding 18,500,000
Exercise Price | $ / shares $ 0.18
Remaining Contractual Life (Yrs) 4 years 11 months 1 day
Number of Options Currently Exercisable 14,500,000
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION (Details Narrative) - Incentive Stock Option Plan [Member] - USD ($)
6 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Sep. 30, 2017
Share based compensation authorization percentage 10.00%    
Pricing Method used Black-Scholes    
Risk-free rate 1.62%   1.25%
Expected life 5 years   5 years
Expected volatility 117.60%   112.00%
Dividend rate 0.00%   0.00%
Weighted-average grant date fair value $ 0.14 $ 0.04  
Intrinsic value of options exercisable $ 1,538,525 $ 0  
Compensation cost $ 2,651,050    
Compensation cost per share $ 0.14    
Number of shares vested and exercisable 14,500,000    
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
SEGMENTED INFORMATION (Details Narrative)
6 Months Ended
Mar. 31, 2018
N
Segment Reporting [Abstract]  
Number of reportable segment 1
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONTINGENT LIABILITIES (Details Narrative) - USD ($)
1 Months Ended 6 Months Ended
Oct. 06, 2016
Feb. 29, 2016
Mar. 31, 2018
Sep. 30, 2016
Jul. 02, 2015
Mar. 24, 2014
Loss Contingencies [Line Items]            
Performance bonus (percent)     10.00% 3.00%    
State Case [Member]            
Loss Contingencies [Line Items]            
Name of Plaintiff     Locksmith Financial Corporation, Inc. et al.      
Name of Defendant     Voip-Pal.com Inc.      
Description of legal suit    

On March 24, 2014, the Company resolved to freeze 95,832,000 common shares that were issued to a company controlled by a former director (the “defendant”) in fiscal 2013 and accounted for at a cost of $1,443,000. The Company resolved to freeze the common shares as the Company believes that the shares were issued as settlement of a line of credit that the Company believes to have been legally unsupported. 

     
Common shares in dispute           95,832,000
Value of common shares in dispute           $ 1,443,000
Federal Case [Member]            
Loss Contingencies [Line Items]            
Name of Plaintiff     Voip-Pal.com Inc.      
Name of Defendant     Richard Kipping, et al.      
Description of legal suit    

On July 2, 2015, the Company filed a case against a former director, a shareholder and the company controlled by a former director. The Company alleges that the common shares issued in the State Case and an additional 7,200,000 common shares were fraudulently obtained and that the shares have been unlawfully transferred to other entities. 

     
Common shares in dispute         7,200,000  
Federal Case 2 [Member]            
Loss Contingencies [Line Items]            
Name of Plaintiff     Voip-Pal.com Inc.      
Name of Defendant     Apple, Inc.      
Description of legal suit    

In February, 2016 the Company filed patent infringement lawsuits in the United States District Court, District of Nevada against Apple, Inc, (Case No. 2:16-CV-00260), Verizon Wireless Services, LLC, Verizon Communications Inc., and AT&T Corp. (Case No. 2:16- VC-00271). These cases are seeking a combined $7,024,377,876 in damages. On May 9, 2016, the lawsuits were officially served to these companies.

     
Damages sought   $ 7,024,377,876        
Federal Case 3 [Member]            
Loss Contingencies [Line Items]            
Name of Plaintiff    

Voip-Pal.com Inc.

     
Name of Defendant    

Twitter, Inc.

     
Damages sought $ 2,699,256,418          
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