Below is more specific to what I said about the company having going concerns about its ability to continue. Assuming the company is not some scam it certainly does not read: "we are totally fine". It is this that I spoke of, whereby the company is acknowledging it has significant problems & concerns about the ability to keep going. Therefore, to say "vplm is doing just fine" is definitely fake news, as opposed to what the company said, which is a realistic accounting & assessment of the health of the company. The excerpts I used this time, are from the last yearly report.
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The accompanying consolidated financial statements have been prepared
assuming that Voip-Pal.com, Inc. will continue as a going concern. As
discussed in Note 1 to the consolidated financial statements, Voip-Pal.com,
Inc. has suffered recurring losses from operations and has a net capital
deficiency. These matters, along with the other matters set forth in Note 1,
indicate the existence of material uncertainties that raises substantial
doubt about its ability to continue as a going concern.
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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 4 th 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 (“Digifonica”), a private company incorporated on
September 7, 2004 in Gibraltar.
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 September 30, 2016, had an accumulated deficit of $31,636,143
(September 30, 2015 - $28,162,038). 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 may cast significant
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 significant 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.
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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.
