Voip Pal Com Inc (VPLM)

[fung_derf]

It is always nice to know the attorneys are doing pretty well here.

NET LOSS



The Company reported a net loss of $21,228,298 for the three months ending June 30, 2023 compared to a net loss of $2,595,549 for the same period in 2022. The increase in net loss of $18,632,749, or 718% more than the same period in 2022, was primarily due to an increase in in stock-based compensation and legal and professional fees.



The Company reported a net loss of $22,620,217 for the nine months ended June 30, 2023 compared to a net loss of $3,358,822 for the same period in 2022. The increase in net loss of $19,261,396, or 573% more than same period in 2022 was due primarily to an increase in legal and professional fees.



LIQUIDITY AND CAPITAL RESOURCES



As of June 30, 2023, the Company had an accumulated deficit of $92,696,796 as compared to an accumulated deficit of $69,742,985 at June 30, 2022. As of June 30, 2023, the Company had working capital of $1,750,063 as compared to working capital of $55,715 at June 30, 2022. The increase in the Company’s working capital of $1,694,348 is due to proceeds received from the private placement of the Company’s stock.



Net cash used by operations for the nine months ending June 30, 2023 and 2022 was $2,515,648 and $816,226 respectively. The increase in net cash used for operations for the nine months ending June 30, 2023 as compared to the nine months ending June 30, 2022 was primarily due to an increase in legal fees and professional services.



Net cash used in investing activities for the nine months ending June 30, 2023 and 2022 was $Nil. Net cash provided from financing activities for the nine months ending June 30, 2023 and 2022 was $4,121,600 and $871,500, respectively. The increase in net cash provided by financing activities was due to equity raised from private placements during the nine months ending June 30, 2023.