The fair values of the cash, trade and other receivables, other current assets, accounts payable and accrued liabilities approximate their carrying values due to the relatively short-term nature of these financial instruments. The fair values of operating facility and loans approximate their carrying values due to variable interest loans or fixed rate loan, which represent market rate.

Cash includes demand deposits with financial institutions and cash equivalents consist of short-term, highly liquid investments purchased with original maturities of three months or less. As at June 30, 2025 and June 30, 2024 the Company had no demand deposits and cash equivalents.

Interest expense (net) comprises of total interest income and interest expense for financial assets or financial liabilities that are not at fair value through profit or loss, and can be summarized as follows:

The Company earns interest income from its liquidable money market deposit account to generate steady cash flows and to manage liquidity. The interest rate on the account is variable based on prevailing market rate.



		June 30,	June 30,
	Note		2025	2024
			$	$
Interest income			(242)	(25)
Interest expense	15		3,953	6,270
Accretion expense	8		301	394
Interest expense (net)			4,012	6,639

The Company examines the various financial instrument risks to which it is exposed and assesses the impact and likelihood of those risks. These risks may include credit risk, liquidity risk, foreign currency risk, interest rate risk and market risk.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its obligations. Where possible, the Company uses an insurance policy with Export Development Canada (“EDC”) for its trade receivables to manage this risk and minimize any exposure.


		June 30,	June 30,
	Note	2025	2024
		$	$
Trade receivables		10,631	16,025
Receivable related to working capital adjustment		—	2,571
Proceeds due on sale of VoIP Supply LLC	20	4,500	—
Trade and other receivables		15,131	18,596

During the year ended June 30, 2025, the Company received $982 cash (June 30, 2024 - $3,274) and had a reduction of $1,589 to the sales tax liability (June 30, 2024 - $nil) from the escrow account for the working capital provision related to certain indemnification assets recorded for liabilities assumed on the acquisition of NetFortris. The remaining balance is $nil as at June 30, 2025 (June 30, 2024 - $2,571). The funds held in the escrow accounts were settled in full and all final funds were released during the years ended June 30, 2025.

As at June 30, 2025, the Company recorded $4,500 in respect of the sale of VoIP Supply LLC. (note 20 ), all of which was received subsequent to year-end (note 21).

The Company’s maximum exposure to credit risk for its trade receivables is summarized as follows with some of the over 90-day receivable not being covered by EDC:


	June 30,	June 30,
	2025	2024
	$	$
Trade receivables aging:
0-30 days	9,294	12,229
31-90 days	812	2,995
Greater than 90 days	1,021	2,170
	11,127	17,394
Expected credit loss provision	(496)	(1,369)
Net trade receivables	10,631	16,025


	June 30,	June 30,
	2025	2024
	$	$
Expected credit loss provision:
Expected credit loss provision, beginning balance	(1,369)	(1,566)
Net change in expected credit loss provision during the year	873	197
Expected credit loss provision, ending balance	(496)	(1,369)

The Company applies the simplified approach to provide for expected credit losses as prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables and contract assets. The expected

credit loss provision is based on the Company’s historical collections and loss experience and incorporates forward-looking factors, where appropriate.


						June 30, 2025
						Over 30
			Up to 30 days			days past			Over 90 days
	Total		past due			due			past due
Default rates			0.49		%	8.13		%	37.61		%
Trade receivables	$	11,127	$	9,294		$	812		$	1,021
Expected credit loss provision	$	496	$	46		$	66		$	384

						June 30, 2024
						Over 30
			Up to 30 days			days past			Over 90 days
	Total		past due			due			past due
Default rates			0.59		%	7.28		%	49.72		%
Trade receivables	$	17,394	$	12,229		$	2,995		$	2,170
Expected credit loss provision	$	1,369	$	72		$	218		$	1,079

Substantially all of the Company’s cash and cash equivalents are held with major Canadian and US financial institutions and thus the exposure to credit risk is considered insignificant. Management actively monitors the Company’s exposure to credit risk under its financial instruments, including with respect to trade receivables.

Liquidity risk is the risk that the Company will not be able to meet its obligations associated with financial liabilities. The Company has a planning and budgeting process in place by which it anticipates and determines the funds required to support its normal operating requirements. The Company coordinates and align this planning and budgeting process with its financing activities through its capital management process.

The Company holds sufficient cash and cash equivalents and working capital, maintained through stringent cash flow management, to ensure sufficient liquidity is maintained. The following are the undiscounted contractual maturities of significant financial liabilities of the Company as at June 30, 2025:


	within 12 months	13-24 months	25-36 months	>36 months	Total
	$	$	$	$	$
Accounts payable and accrued liabilities	15,552	—	—	—	15,552
Sales tax payable	4,012	—	—	—	4,012

Operating facility and loans	20,600	18,413	8,887	—	47,900
Lease obligations on right of use assets	1,674	1,676	1,232	4,476	9,058
Other non-current liabilities	—	—	—	1,830	1,830
	41,838	20,089	10,119	6,306	78,352

A portion of the Company’s transactions occur in a foreign currency (Australian Dollar (AUD), Canadian Dollars (CAD), Columbia Peso (COP), Euros (EUR), Great British Pounds (GBP), Indian Rupees (INR), and Philippine Peso (PHP), therefore, the Company is exposed to foreign currency risk at the end of the reporting period through its foreign denominated cash, trade receivables, contract assets, accounts payable and accrued liabilities. As at June 30, 2025, a 10% depreciation or appreciation of the AUD, CAD, COP, EUR, GBP, INR, and PHP currencies against the U.S. dollar would have resulted in an approximate $58 (June 30, 2024 - $46) increase or decrease, respectively, in total comprehensive loss.